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Good point mate .. the deal on the table is for the three drills .. fair enough .. however the other interested parties are presumably only looking at Inishkea. A nice sweetener if Hugh can produce a couple of partners for the Oil Major as well.

Be a transfer to ISA

2% of the company traded in the last couple of trading hours. Not many people own that many shares to sell and I doubt BGC are selling at a loss.

Why sell this morning? Take the seller away and this would be at 3.5 already. Hopefully the order will be filled soon

Investing in EOG at this level is a no brainer. Inishkea will be drilled. The application for the site survey has been completed and a placing last year raised the funds for that. All that is needed after that is the standard well application process which Nexen/CNOOC started for their drill this year in November so plenty of time to grab a farm in partner or two or three. If you buy EOG shares at this level now you would be mad not to sell some at a considerable profit prior to the spud of the well. There will be plenty of takers willing to have a punt on the success of the drill so plenty opportunity to sell some and have at least a free carry on such an exciting prospect.

But by November you will also have the Big Plus of Wressle should the inspector decide in our favour - do you really think our SP will be 3p of that goes our way? Of course not.

And just to make matter even more exciting we will have the Iolar well drilled later this year on a prospect where success will ensure our licences are real farm in prospects.

Oh - I forgot - there is an Oil Major waiting to farm in to our Inishkea prospect as we speak - what is not to like about this share .. the only downside I see is the crap from one poster on here .. soon as he is gone this share will take off.

Of course this could be called a ramp but it isn't one without some justification. There is a farm out in progress and news of that will send the SP soaring .. so better to soar from a higher starting point in my opinion. I have averaged down over the couple of months and will continue to accumulate as funds permit. Happy to see my average increase as well in due course.

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Serious Buyer meets Serious Seller .. who wins ?

As per the announcement for the placing ...
"The Company is currently negotiating farm-ins to three of its Irish licences (LO 16/20, FEL 1/17 and FEL 3/13) with a major international oil company which is active in North-West Europe, with such agreements subject to final approval by senior executives at the head office of the potential farm-in partner. The Directors currently expect the Company to be fully carried on a well on each licence, whilst retaining a material interest in each licence. The major terms of the farm-out agreements have largely been negotiated and the Board is confident in concluding the farm-out agreements in the short to medium term. However, there can be no guarantee that the current negotiations will lead to a completed farm-out agreement."

The devil is in the detail as they say:

a) this would be a three well commitment over a number of years but in total an initial commitment by the prospective farminee of close to £150m (pure thumb suck on my part but won't be far off)
b) contrary to speculation on here about board approval what the announcement says is sign off by senior executives
c) time frame for sign off is stated as short to medium term - how long is a piece of string - but Hugh wouldn't have said that if there wasn't the prospect of some delay in sign off - perhaps waiting for capex budgets for following years who knows?
d) fullly carried is significant and as the terms are agreed also a 'siginifcant' interest in the licences retained - 15%? Jersey Oil ended up with money in the bank when they oversold their Verbier licence so the 15% becomes a saleable asset if need be. 15% of £150m = £22.5m Makes you wonder why these oil majors don't just put in an offer for the whole company and offload the stuff they don't want.

Not many punters get the chance to buy in to a share with an announced imminent farm in deal that would (if it is approved) shoot the SP sky high. Of course it might not get approved - recent sells are worrying - but even if it doesn't go ahead we have the Nexen Iolar well coming up regardless that will boost interest in EOG without a doubt.

Just wondering if maybe there might be even more interest in us given that there is no real direct way of investing in the drill itself via Nexen or Exxon Mobil as success will hardly cause much movement in their SP. Last time a lot of money went in to PVR ..

Just realised how to filter someone here so filter on. My apologies for recent posts but it was doing my 'head' in. A nice clean positive sounding board will help us all.

One of the interesting things happening this year will be the Nexen drill. As a discussion point how does everybody see the impact of the well i.e. the media and investor attention it will attract affecting our SP?

Excellent Summary Serif - another positive poster which this BB desparately needs. Just a warning though - your points will be savaged one by one by a prick on here who always wants the last word because he is desparately arrogant and thinks he knows everything and wants to protect people from investing in shares he allegedly invests in and all the time, even when the links are provided to him does absolutely no research of his own - of course he doesn't need to because he knows everything - even how to be a tosser.

Even stranger - looked back at your posts and nothing suggests you are who you say you are - this from November ..For sure frontier plays are high risk and you need a portfolio approach - ie drill lots of wells in the hope the geology is kind in the end (Chariot take note - doesn't always work!). But the Porcupine is a proven oil system and the fan canyon systems on the EOG slides do look very compelling. I don't really understand why nobody has taken the bait and farmed-in when wells can be drilled in the current market for sub-$40mm, which on some of these prospects is less than 10 cents a barrel finding cost.

So if Porcupine is so compelling and you are who you say you are why give up your licence?

Strange - are you Paul Barret? How would I know that and more importantly how would LSE know that and even if you were I haven't posted anything that is not public knowledge. Companies House and DCCAE have all that information on their websites. So if you are PB why did you relinquish your porcupine licence - just curious.

Well here's the thing ... you sell shares for several reasons but I would like to think in this case it was because they had to. January is pay month for tax and the 5 million looks (but I can't check anymore) as a completed order trade which would explain why the SP has been so low for the last month - MMs took it on at 2.25 and made a healthy profit while I took the opportunity to buy some more.

Research last night indicates only a few people with that kind of holding to sell such a large amount including a Paul Barret who was MD of this company some time ago. He appears to have given up his licence in the Porcupine as well/ Not saying it was him but the last set of accounts he filed indicated a fairly hefty creditors account and not much cash.

Sure we will find out soon enough and I may be wrong and it was a trade accepted yesterday but that would be highly unusual for a MM to accept such a large amount of stock

I added too .. I know who I hope the seller is ..

https://www.ineos.com/news/ineos-group/ineos-calls-for-government-to-end-unworkable-shale-policy-or-end-shale/

http://www.ukoog.org.uk/about-ukoog/press-releases/227-ukoog-response-to-ineos-statement-on-the-government-s-energy-policy

Bit of a disaster this morning over at ANGS - I think investors over there need to start looking at the finance arrangements they just put in place if they were thinking that income from Brockham might help repay the loan in 12 months time.

However there is a bit of news of interest to EOG from their RNS

"Extensive geochemical analysis and modelling of the Weald Basin conducted by and on behalf of Angus Energy, including innovative work on the effects of organic content on measurements of historical temperatures, indicates that the Kimmeridge is mature enough to produce oil over an area which includes Brockham"

Horizontal drilling may be the answer to producing from the Kimmeridge but the Brockham licence area is quite small (9km2) compared to the remainder of the original licence which includes Holmwood (91km2) It has been mentioned before but if they want to drill horizontally from Brockham they will almost certainly want to drill in to the Holmwood licence area.

Meanwhile EOG awaits news about the farm in to 3 of our licences off Ireland - each of which will bring a well commitment. Also coming up later this year is the CNOOC/Exxon Mobil well at Iolar where success will have a significant impact on our interests there and our SP.

Cash in hand now and with production income to boot although we wait also for news on our innovative workover at West Firsby where it has already been announced oil is flowing from an interval that hadn't seen oil flowing before.

2019 is looking very bright indeed for EOG and prospect of multibagger potential cannot be ignored at this ridiculously low SP

One thing about Corrib is that even the serious environmentalists recognise that renewables alone cannot provide a secure energy supply yet. Gas will be in demand for a long time and analysts believe that the demand will grow over the medium term. In Ireland the move to renewables is dogged by intervention from another branch of environmentalists - pumped storage installations have been delayed by objections, wind farms objected to and history tells us from Corrib that getting anything done in Ireland takes a long time and is expensive. This article just published highlights the concern of the Irish over their strategic energy supplies in the face of Brexit https://www.breakingnews.ie/business/offshore-wind-can-blow-many-benefits-our-way-902042.html

He's a prick - I just ignore his comments.