Member Info for Flombo10

I wouldn’t use the word desperate . In their latest accounts , i recall the net loss was about £700,000 but much of that was non cash expenses like depreciation and especially decommissioning provisions which alone was over £450,000.

Yes , the situation is not great esp with the dollar down about 12% against sterling and lower oil prices but desperate , at the moment,no. What is worrying is the constant selling over the last few days .

I have to say I am getting nervous about my investment here .The market ain’t buying this revenue swap. The ramper ( probably paid) shielded the share price from its effects. I especially don’t like the fact that the investor was not named. Solid reputable investment companies don’t behave like that.

We need a proper update from the company about future strategy and Not pie in the sky about Cloughton,which is a couple of years away investment opportunity.

Inishkea, we were told by WH was hindered by political situation. That’s excuse is now gone . In fact , the government would probably welcome the exploration now. Predator talk openly about their provisional agreement with vermilion. Nothing from EOG.

EG , we are told has a 80% success chance , yet if there was something potentially happening there , it would definitely be leaking into the share price which is now falling to dangerous levels.

So we need a proper update from the company and not pointless tweets.

The dept of environment who make these decisions will not be in recess .

Absolutely. Extremely disappointing RNS.

Maybe we will have a RNS tomorrow that the money is in and we get more details .

Serif , Opex is operating expenses . We learnt it with capex. First capex, then opex.

I was just responding to aimshare comment and used his figures as an example . I am not saying they are accurate.

But the math relationship still stands .

So say oil at $64, getting oil out costs say 12 , then 4.5% gross revenue of wrestle 1 equates to about 18 1/2 % of net profit per barrel going to the investor.

If oil fell to $50, the investor would be getting over 25% profit per barrel.

The point I was trying to make is that EOG could easily have raised a run of the mill loan at much better terms , therefore I think and hope , this is just part of a much bigger arrangement. Hopefully we will hear more next week and that they name the Canadian investment firm behind it .

Hi serif, I was responding to previous message using that figure as example so I don’t know if it’s accurate. I would imagine , on reflection $25 figure would seem more reasonable, which would work out at 25% net profit per barrel going to investor . What would you estimate it is?

I would hope and I would expect

( the lifetime 15% rev swap which equates to 33% of net profit per barrel at current oil price and opex of $35 )

is part of a bigger deal, whether a Jv for redevelopment of wressle or to maintain healthy balance sheet for upcoming farm outs . I expect it is , but if it is squandered on salaries & GA then both Bo and Will positions would be untenable .

Oil falling to €50 does not bear thinking about .

It looks like 4.5 % of total rev -

“Europa will pay an amount equating to 4.5% of the gross revenues resulting from the oil production of the Wressle 1 well”

So that works out at 15% of eog rev from wressle 1 . If not , eog need to clarify .

4 1/2 % gross of wressle rev and eog has 30% of it

Yes,from that interview , that would seem to be the case . Mind you, these things often happen at arms length via intermediaries.

Why mention the nationality at all??

Anyway as the Canadian investment firm is getting 15% of Europa gross rev from wressle 1 for life , this money needs to be used for productive returns and not just GA. Also WH must have got an agreement from them for follow-on funding mechanism - e.g., Wressle 2/3 etc .

I think,in the follow up RNS , when monies are received, ( strange it was announced before receiving funds???) the market will need to be given some genuine news or solid future plans for the use of these funds or the view will persist it just for wages ,damaging the share price .

If it turns out our Canadian investment firm is linked to CPPIB , then we are good to go for inishkea farm out . Then it’s just the terms . And if it’s them , this financing shows they want it , so 20%+. I had also written off future developments in the U.K. , but there seems to be a welcome sea change in attitudes there .

Yep,Canadian investment company is really interesting !

I was talking to an experienced well connected FF activist ( and a former minister of state) at the weekend, who basically said- the ball is in EOG court . They have the licence and as long as they cross the T’s and dot the i’s, he does not foresee any resistance from this government , unlike the last . They will just use the “ legal argument “ against the green activists.

BUT , for what it is worth, he has not heard any rumours re any deals involving EOG.

So I think with the share price at these very low levels -allowing somebody pick off EOG for peanuts , we need an update from the board asap on inishkea.

It would finance the wressle development , which could double output. Add that to a comprehensive plan of cost cutting /salaries reductions and then sell off for €10 to €15m

Agreed. Like a well paid sports manager ,he needs to be judged by results only and then face the consequences.

I don’t share people’s positive attitudes on this share . And unfortunately, to make matters worse , in the coming weeks ,Rte to screen a documentary on Larry Goodman .It will bring back all the memories of how his connections with leading Fianna Fáil politicians brought down 2 FF led governments. It is political naïveté in the extreme to think a FF led government will entangle themselves with him again over an oil licence .

They have nothing to gain but a lot to lose .

I think our only hope here is an rto by predator, with then seeing the possible legal action as a hedge asset .

Nearly a year since last update . Disgraceful way to treat shareholders. No doubt, very soon, we will get an RNS telling us that again .that a select few have again diluted the other shareholders ( in a tone that we should be thankful and grateful for their generosity) but don’t worry, we are making steady progress blah blah blah.

Nearly a year since last corporate update . The board are treating shareholders disgracefully. My understanding is there is no hope of them getting legal funding in the near future . So all seem to depend on a tie up with PRD , who seems to be in free fall at the moment . So it would be nice if SB could actually spare a few minutes from prd and update shareholders of lansdowne on what is happening.

But agree with your sentiment.