Member Info for Edgein

Flombo,

Interesting find! Especially with their connection to Corrib and EOG's assets a stone throw away. Especially as Will mentioned a Canadian entity, royalty fund, connected to the UK assets. Perhaps Vermillion are interested in Ireland or EG. There could be a lot more going on we're not aware of. Certainly if EOG are successful in EG and become a gas/condensate producer it could strengthen their hand on other assets.

Regards,

Ed.

SD,

My guess is their logic is along the lines of EOG are expecting farmout agreement with a major energy company and perhaps well service and rig contracts to follow in short order, Will's current trip to EG, and they've likely a balanced book at present (little stock to fill orders hence NT). Like old Ed here they're probably anticipating a Tsunami of trades if the farmout agreement successfully ends on good terms to EOG. They have a sign up at the moment that reads please sell us some, I've a sign up at the moment that reads F*** O**. :)

Regards,

Ed.

SD,

Absolutely, market has heated up again. Some explorers valued lots higher. Similar companies with large prospective assets with higher risk expo like SEA (£47m), CEG paper deal (£45m), even CRCL high risk expo too circa £28m recently. Little EOG, reserves and production, development and appraisal potential and lower risk teir 1 expo just £13m cap. The only one in advanced talks with an major energy company, somethings gotta give. Will in EG talking with SLB so focus is very much on drilling EG. Exciting times.

Regards,

Ed.

Blowdog,

That is an interesting link, very productive day, hopefully Will can give us some details from these discussions soon after his return. All eyes peeled for the next update.

Regards,

Ed.

As AoF says this is a low risk target in a prolific area. Its the quality and scale of the asset that's attracted the major, also its not a deep water frontier asset where we need a major. TRP are drilling quite a similar but smaller scale well, its in similar jackup rig range, similar TD too and they got a jv with Prime Global that do 5-6kboepd. So likewise we don't need a major to fund this well, but if we get one due to the quality of what's on offer then thumbs up. EOG aren't hard up, Will has already dropped hints about that Canadian backer, more of Wressle could be up for grabs. TRP got a deal worth $15m carry plus $4m in cash for a 42.5% farmout where they retain a full carried 57.5%. Its part appraisal and part expo. That is from a moderate sized company. Their asset is nowhere near the scale of EG-08/Barracuda. So I'll quite happily stick to my numbers for this well.

Regards,

Ed.

AOF,

Possibly, but that would be a lot to sell off that this stage for a single shallow well. An energy major wouldn't mind paying for Antler if its a really successful discovery so therefore ending up with 80%. Will be interesting to see who is closest to the end result. Since this is the biggest well in the history of EOG, I've been in and out of these multiple times right back to the Paul Barrett Romanian days, I can't see Will giving too much away for what is a relatively shallow cheap well.

Regards,

Ed.

Only,

Good to see Will over in EG. I have to say I'm not as pessimistic on the license as you are. Personally I think the minimum is likely to be around 10% net but more likely to be around 15% net to EOG, perhaps even as high as 17% net indirect interest. That will be based on full free carry and may also include cash payment to Antler.

Regards,

Ed.

Hopefully they'll get these permits and get on with drilling soon. Be nice to get some more updates on the Austral JV too.

Regards,

Ed.

1408,

Yeah great to see the initial results and the visible gold in samples, its chalk and cheese to the results mentioned by the likes of the hyped stocks like GEO and WSBN. Interesting that the DD holes are on average over 100m (1800m for 15 holes). Two rigs drilling from the end of the month should give very regular drilling results and assays throughout this quarter.

Regards,

Ed.

D220,

It sure is, especially when its high grade and shallow too, best type to be finding when the gold price has taken the tiles off as its shot through the roof. Hopefully get some results here soon as the cap doesn't reflect many ounces at the moment!

Regards,

Ed.

Joe,

Yes volume is up nicely again, must be about time that they received the sign off for the farmout and extension. Hopefully all this drill planning will come into action in the near term. Eyes peeled for that approval and a large cheque from Prime Global.

Regards,

Ed.

Well done all, great to see the licence extension come in a very timely fashion. No heel dragging from the authorities. Serif, agreed, great to read Will's comments on the progress being made with the farmout to the energy major. All eyes peeled for the transformation. Great to read too about the well preparations being made, these guys won't be hanging around after the farmout it'll be drill baby drill!

Regards,

Ed.

SD,

Good find, interesting write up there on Cloughton. 3D seismic potentially this Q, hopefully they'll get a speedy farmout to a larger company and the focus can be mainly on EG. Would be great to get all these assets carried, we've yet to hear more about the non-dilutive funding for Wressle. But this is good news that they're looking for a carry for the 3D and drilling at Cloughton.

Regards,

Ed.

Serif,

That is a possibility, similar is happening at TRP too, they're currently awaiting a combined licence extension and jv approval sign off from the president of Cameroon. Hopefully EG will work a little faster in our case, but you could be correct they may do a combined extension and approval, hopefully still this side of Christmas for EG-08.

Regards,

Ed.

ANR,

The CoS at 80%, the expected multi-Darcy permeability the fact that its updip from a well with gas and condensate and the volumetrics (P50 circa 900Bcf, P10 circa 1.5Tcf and P1 circa 2Tcf+) makes a compelling drill target. The fact that its in a prolific region for commercial oil, gas and condensate discoveries is a big bonus too, this isn't a frontier Atlantic margin well. No wonder EOG are in the final legal docs stages with an energy major. One thing that can be guaranteed is that the next 12 weeks won't be dull.

Regards,

Ed.

Izstar,

Some cannot catch the bottom and missed the best boot filling period they could have caught with EOG. People are certainly not buying here at present for the circa 100boepd that Wressle is doing, some may choose to ignore the multi-Tcf elephant in the room even if it steps on their toes. My focus is going to remain on what happens the licence extension period and the talks with the major energy company for EG-08 between here and year end. Its re-rating due to that and pretty much that alone. My EOG are currently nailed into my portfolio, cold dead hands etc. I like others here are looking out for the details of the free carry. RNS watching every day between now and year end. Those who are still waving from the docks will be watching relentlessly in case they miss that RNS.

Regards,

Ed.

Great to see Chevron and ConocoPhilips so active in EG. What a great time for Europa to be in the advanced stage of a farmout to an energy major. As Will suggested Barracuda could potentially be a straight forward tie in to the Alen field. Exciting times for sure.

Regards,

Ed.

Justone,

Cheers for your comments and feedback from the AGM. We should have a very action packed Q4 with the resource upgrade, ML, permissions and funding all due next Q. We might even have more drill results in the coming Q too. Now that the company is sitting on around $5.5m in cash the continuous drilling should help sustain our momentum. I'm certainly looking forward to see what the MRE upgrade does to our already large NPV.

Regards,

Ed.

Scaff,

Yeah interesting comments regarding Lanka minerals too. Be interesting to see what the share price does on the upgraded MRE now that the cuff-off is lowered to 2% as well as all those 600 deeper holes. Dredging permission would also be very positive and it sounds like they're working towards that too.

Regards,

Ed.

Its certainly nice to see EOG starting to head up towards fair value, seascape energy are valued at £49m and we've better assets than they do! So a long way to go yet! An update on the EG licence extension and farmout to the major would go down well around now. But at least today's rise will highlight the opportunity here for some new money to come in.

Regards,

Ed.