Member Info for FabPhil

“We are excited about the outlook for Europa as we enter 2023”

Simon, does your £37k holding from your £250k+ salary display your excitement?

PG, executive chairman, with 40 years of oil and gas experience talking about farming out…

“well I’m not giving away 50% of $1.3 billion potentially at this stage, I ‘m prepared to take the risk and so should you be”

Everyone has their own risk appetite but can someone remind me of the current market cap?!

26.23
https://youtu.be/e25SVlLdo3s

Corrib South makes alot of sense when you hear the SEAI Energy in Ireland Report 2022

https://www.youtube.com/watch?v=2Z3RPbNgtfc

From 7 mins …
“What really pops up from a page on a plot like this is really just how dependent we are on the import of energy. We import very significant quantities of oil, gas and coal. When you calculate Ireland’s import dependency of energy, we find that we import 80% of the energy we need in 2021 up from 74% in 2020 so we have a very high import dependency and it's getting higher.

Specifically around gas, we import 71% of the gas we use in the country and that's heading up to 74% in 2022”

Will the new Irish Prime Minister, Leo Varadkar see the obvious solution?

From today’s SEAI Energy in Ireland Report 2022

https://www.youtube.com/watch?v=2Z3RPbNgtfc

From 7 mins …
“What really pops up from a page on a plot like this is really just how dependent we are on the import of energy. We import very significant quantities of oil, gas and coal. When you calculate Ireland’s import dependency of energy, we find that we import 80% of the energy we need in 2021 up from 74% in 2020 so we have a very high import dependency and it's getting higher.

Specifically around gas, we import 71% of the gas we use in the country and that's heading up to 74% in 2022”

Will the new Prime Minister, Leo Varadkar see the obvious solution?

Inishkea.

Indigenous gas; carbon footprint is reduced, near existing Corrib infrastructure and provides security of supply and cheaper energy to combat inflation, helping solve amongst other things, your housing crisis.

It’s not rocket science, I am expecting a shift in policy in the next few weeks!

Oddie pays himself an eye watering £258,000 (July annual report)
How can he justify this?!?
No growth in SP
Not operating Wressle or Serenity and ditched Morocco after failing to find a partner.
He has only 3,3384,615 shares at 1.1p valued £37,230.
Buy some shares Simon or do the decent thing and go.

Don’t forget about Morocco …

Nice mention in todays Morocco World News

“In April, British exploration and production company Europea Oil&Gas reported the discovery of one billion barrels at an offshore oil exploration platform in Inezgane, near Agadir, southern Morocco. 
The discovered oil reserves are valued at $100 billion, which is close to Morocco’s GDP in 2020, $112.9 billion.”

https://www.moroccoworldnews.com/2022/11/352345/moroccos-oil-exploration-attracts-euro-25-million-in-investment-in-2022

Irish licence granted for EOG

Could this be a turning point?

RNS this morning …

Simon Oddie, CEO of Europa, said:
 
"I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner. FEL 4/19 contains the large, low risk, Inishkea gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland. Gas from the Corrib field, adjacent to the Inishkea prospect, is one of the lowest carbon-intensity gases in Europe, much lower than long distance pipeline gas from Norway, the UK or the Russian gas piped to Europe. Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants. Inishkea, if successful on drilling, could provide a highly secure source of indigenous gas for Ireland, and play a key role in the transition to renewable green power.
 
We look forward to working constructively with DECC as we seek to progress FEL 4/19 to drilling, and to attracting additional partners to this prospective licence."

Good news this morning..

This memorable quote was from the Investor Presentation, Sept 2021 regarding "MOU-4"

"More importantly thicker sands because the prospect is close to where the sands are coming into the basin, so the potential to find very thick sands is significant... but pretty excited to drill this well to be honest because I think based on MOU-1 there is so much upside in MOU-4 that it doesn't even bare thinking about."

PG from 40.15
https://youtu.be/qIfk-nGiCNI

Another confident and impressive interview from PG.

Below some notes from the Moroccan section…

It’s a win win all round!

Fully funded for up and coming drilling and testing.

75% ownership.
Debt free.

Most important job is to try to delivery value to share holders.
PG largest shareholder.

Guercif nothing like it I have seen in 30-40 years in the business in terms of having all the metrics for success.

Strong gas shows in MOU1, over pressured.
NuTech identified new zones to be tested and perforated.

30 km squared fan to appraise.
Can pick and choose who gets the gas.

No corporation tax for 10 years, best terms you’ll ever get for gas in virtually the whole world.

295BCF recoverable in P50 case and 708BCF recoverable in the P10 case, so than is a hella lot of gas for a CNG market.

168m targeted at MOU2

What we have here is far more than we need. Even at 50mm cfgpd that is only 18BCF per year. So clearly there will be a lot of gas available … we can sell that excess gas … for gas to power.

Also another prospect a few km away 324BCF ?

And several other prospects in the same play.

Lots of running room here!

License equivalent to 60 North Sea blocks.

Moroccan industry will become highly competitive again with a secure supply of gas.

You don’t have to be a brain surgeon to realise the scale of the opportunity.

https://youtu.be/e25SVlLdo3s

Jacob Rees-Mogg was appointed Secretary of State for Business, Energy and Industrial Strategy which should be very good news for EOG.

“He is unashamedly pro-fracking, is in favour of extracting every last drop of oil out of the North Sea and has decried “climate alarmism”.

https://www.theguardian.com/global/2022/sep/07/rise-jacob-rees-mogg-fossil-fuel-fan-charge-cutting-uk-carbon-emissions

The below was written by David Attenborough in 2020. Maybe Minister Ryan should take note.

“Outstanding issues remain. There is still a storage problem. Battery technologies are not yet adequately developed. Nor are renewables as efficient as they need to be to provide fully for the task of transport, heating and cooling. On such occasions we have to bridge our shortcomings with temporary fixes that will help us get around the problem. Sometimes, these bridges come with what Paul Hawken of Project Drawdown describes as “regrets”. It is likely that we will bridge our current shortcomings with nuclear power, large hydropower and a prolonged use of natural gas … “
Page 140
A Life on Our Planet

This was updated a few days ago on 12 August, I am not sure which bits were updated but on the whole it seems positive for Mag Mell and existing licenses.

https://www.gov.ie/en/publication/3bcaf-policy-statement-on-petroleum-exploration-and-production-in-ireland/

NewMed Energy is another farm in possibility...this from Feb 2022... "NewMed Energy is in an advanced process for the receipt of exploration licenses in Morocco as a leading partnership in its field with considerable professional knowledge and a proven track record in regional activity. NewMed Energy has identified Morocco as a country with tremendous potential in both geological and commercial terms. The Partnership's Board of Directors have authorized NewMed Energy's management to act, and the Partnership is currently in advanced negotiations for receiving exploration licenses in offshore Morocco, in both the Mediterranean and the North Atlantic Ocean." https://www.petroleumafrica.com/delek-drilling-changes-name-to-newmed-energy-sets-sights-on-morocco/

https://www.rte.ie/news/business/2022/0526/1301421-old-kinsale-head-gas-field-pipeline-could-be-reused/

Thanks PrivateTesla for the info and well said John003.

https://twitter.com/john003/status/1529036174848929792?s=20&t=V6P85G1p3q4rmWEoIllXTA

IMO Ryan’s current “vision” will take Ireland back into the Dark Ages and will cause unnecessary pain and suffering.

Physical meetings also coincide with the T&T Energy Conference, 31st May - 2nd June.
All the players will be there.
https://energynow.tt/ttenergyconference2022

The most important thing in communication is to hear what isn't being said…

Here is the CV of Tom Evans, our new non-executive Director taken from his Pennpetro Energy plc web site.

Note the “after working on several hostile takeovers” which is strangely missing from the otherwise almost identical PRD version of his CV.

I wonder why they left that bit out?

“Executive director
Thomas Evans started his career as a financial executive with Extel Financial Ltd, before moving to Corporate Broking at Barclays de Zoete Wedd Ltd; after working on several hostile takeovers Tom transferred to the Global Resources lending team of Barclays Capital Ltd project financing resource projects across the globe. Tom returned full time to London with RBC Dominion Securities Limited, as a specialist resources equity salesman before joining CIBC World Markets Limited as a director focusing on resource equities from an institutional sales and trading perspective. Tom founded Bishopsgate Capital Management Ltd in 2000 dealing in institutional fund management and hedge fund strategies for CTA funds; Bishopsgate was merged with Athanor Capital Partners Ltd where he assumed the role of Chief Investment Officer, expanding all the combined entities FSA regulated permitted businesses. Established TME Consulting creating UCITS compliant umbrella structure to be marketed to both retail and wholesale clients. CEO and founder of the Caplain group created to acquiring stockbroking and wealth management entities and Aerarius PCC Ltd (Guernsey) fund structure for European investment strategies.” https://www.pennpetroenergy.co.uk/about/team/

Then compare to the PRD version…

“Tom has 33 years in the industry and the City starting his career as a financial executive with Extel Financial Ltd, before moving to Corporate Broking at Barclays de Zoete Wedd Ltd; before he then transferred to the Global Resources lending team of Barclays Capital Ltd project financing resource projects across the globe. He moved to London with RBC Dominion Securities Limited as a specialist resources equity salesman, before joining CIBC World Markets Limited as a director focusing on resource equities from an institutional sales and trading perspective. Tom founded Bishopsgate Capital Management Ltd in 2000 dealing in institutional fund management and hedge fund strategies for CTA funds; Bishopsgate was merged with Athanor Capital Partners Ltd where he assumed the role of Chief Investment Officer, expanding all the combined entities FSA regulated permitted businesses. He established TME Consulting creating UCITS compliant umbrella structure to be marketed to both retail and wholesale clients. He was CEO and founder of the Caplain group created to acquire stockbroking and wealth management entities and Aerarius PCC Ltd (Guernsey) fund structure for European investment strategies. “
https://www.lse.co.uk/rns/PRD/operations-update-and-directorate-changes-m4pn1ml6h9x10pl.html

From SDX’s 18 March presentation,
the Morocco drill has an availability window from mid July to end Aug 2022.

From PRD’s 17 March RNS
the FIRST highlight mentioned was “Secure option on rig to drill within a definitive time window.”

Then note the words “primarily intent”
“Use of Proceeds
The Company is primarily intent in the near-term on expanding and executing its planned 2022 drilling operations in Morocco as issues relating to security and cost of gas supply are set to be critical factors during the Energy Transition influencing the ability to deliver affordable energy.
The strengthening of the Company's financial resources facilitates the exercise of an option to drill using the Star Valley Rig 101 within a definitive time window following all regulatory, environmental and partner approvals. A rig inspection will be carried out shortly by the Company. The option covers drilling up to three wells in 2022.”

If 2+2=5 (Nineteen Eighty-Four by George Orwell) then it looks like drilling from mid-July to the end of Aug.

GLA

https://www.seattletimes.com/business/finland-estonia-eye-floating-lng-terminal-to-ensure-supply/

Ireland & Morocco to follow?