Member Info for GreyPanther

I think persimmon is correct. If Rathlin aren't able to say something similar to what he suggests, there's no way that serious progress is likely to be made at WN soon, and CS seems to be going nowhere fast. I wish a plague on both the Rathlin and the RBD boards!

Finder Energy is reported to have acquired several of Timor Leste's offshore oil discoveries and has entered into conditional sale agreements with Eni International and Inpex T.L. to acquire a 76% interest in, and operatorship of PSC TL-SO-T 19-1. The PSC contains four undeveloped oil fields, including the fully-appraised Kuda Tasi and Jahal fields. It says this will enable rapid progress to production with additional upside provided by low-risk appraisal and exploration opportunities.

20% of the 50 voted had an average price of under 18p. So how does Heid know that none of those 20% (10 voters) has an average price below today's 17p SP?

Hi VernetLes. I agree with you that the capital allowance is very important in connection with the EPL. Judging from our latest interim accounts, we are not yet paying any EPL thanks to that allowance. However I think it will be really interesting to see what the next / full year set of results have to show. They were published in late October last year.

Under the heading 1 positive draft said a few days ago "At least we are not exposed to Labours' attack on north sea oil". Does s/he think that Wressle is somehow exempt from the EPL (Energy Profits Levy)?

The government's announcement that the EPL rate (Energy Profits Levy) will increase from 1 Nov '24 bringing the headline rate of tax on UK upstream oil and gas activities to 78% isn't the kind news we need. We ought to thank David Bramhill for getting us into the USA. My personal guess is that the two Andrew wells combined could produce more net UJO bopd than we are getting from Wressle, and at a much lower tax rate. So thank you for a great decision Mr B.

I see Heid says that she has cut her posts back "...at everyone's request ..."

So how come she has still managed to average more than 6 posts per day over the last 30 day period. Do tell!

R

The application document seems clear that Egdon are acting as the agents, as shown:

"Agent: Egdon Resources UK Limited

Agent's Address: Suite 205 450 Brook Drive Reading RG2 6UU"

This makes sense to me as Egdon have prepared many drilling applications over the years and they and Heyco are 60% partners in the Cloughton licence.

Thank you Serif. All the best, GP

You might like to have a look at the Drill or Drop website. There's some news on the Cloughton drilling location and about the proposed proppant squeeze which appear to have been taken from EOG's application to the local (North Yorks) authority.

I'm not yet convinced that Biscathorpe is completely dead. All that has happened so far is that the Judicial Review process regarding the successful planning appeal by Egdon has fallen foul of the Finch case at the Supreme Court. IMO the latter's decision is based on some dubious logic regarding where the oil products are used, and for what purpose. For example, any products shipped abroad from the processing refinery will probably not count towards UK emissions. I realise this is a bit of a long shot, but what would stop Egdon and UJO submitting a slightly revised application to Lincs Council which incorporated some extra documents about where the local oil usually goes, and something about what the refinery's products are used for? Well, it's a thought.

Urgent request for Heid. Please give it a rest.

There's an interesting sentence in today's RNS: "This up-dip (located up the slope) offset well to Andrews 1-17 is expected to encounter a similar reservoir above the oil / water contact seen in that commercial discovery well". IMO finding an oil/water contact in the first well suggests that not only are we producing gas along with the oil, but we may be producing some water too, and this will have to be disposed of. Presumably it will be going into a suitable nearby well, all of which costs money. But we will get additional income from the gas when the work has been completed which will be useful.

Hi VernetLes. I'd be most surprised if Heyco were were mopping up EOG shares prior to bidding for us. That's because, IMO, Heyco already held a commanding, more than 50% interest in Egdon before they bid for all the remaining shares. Whereas with is they presumably hold no shares yet, or maybe only less than a disclosable 3% interest.

Hi TAC. Even if I'd attended the AGM, I suspect I wouldn't be much thanked here for a detailed report . Sorry, GP

Why would UJO let Mrs Wamp attend their AGM? Judging by her posting history it's most unlikely that s/he is a shareholder

Is anyone able to be there?

Over 2.25 billion shares have been traded so far today. Maybe that's not such a surprise given today's very discouraging RNS. IMO it confirms what I've been thinking for quite a while now, that the reservoir was much poorer than Beacon's original log analysis showed, and the board were "drunk on their own whisky" in the early days.

PS. to what I said below about drilling Cloughton from outside the National Park. They've identified a suitable well site which wasn't shown on their maps for obvious reasons as EOG are negotiating the legal terms for access.

Hi Serif. Cloughton is now looking more interesting but IMO it's still not really attractive from a reservoir POV. Core pictures were shown from Cores 1 and 2 which were probably in the best reservoir, and which consisted mainly of low porosity quartz sandstones, some with a few quartz cemented fractures. Jamie White, their Chief Geologist, said that this was a good thing as it should prevent water encroachment if the well was producing gas. But, and again it's only my opinion, the reservoir is a "tight as a tick" with the best tested flow rate being only 20,000 cu. ft per day. So water is unlikely to flow through the reservoir in huge volumes, but only up any open fractures. They are planning a proppant squeeze of the best reservoir in the next well at Cloughton. A pre-condition of this is that a 3D seismic survey will be required and the well will have to be drilled from outside the North Yorks National Park. It will therefore be a deviated well, which only adds to the complexity. So I'm not expecting any drilling in the very near future. But I really liked Equ. Guinea and it ought to be relatively easy to farm out. Bit only in my opinion!