The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Vermillion should stop or reduce production until the tax situation is sorted with the Ireland government. What an odd shower of s*** the Irish government are. The Irish people who use energy in their homes will end up paying dearly for this tax, tax, tax on the producers. And the imported dirty gas from the UK will increase so the greens will go backwards just like the Irish like it. Living in the past all the time? Never learn!
UJO changed strategy from investing in UK oil and gas development to USA with a partner that is producing oil and gas and has extensive experience and knowledge of the producing oil from similar types of Wells being developed in the area. Also they have invested the shareholders cash into already producing oil fields with Royalties which gives regular assured income to the company with extra benefits if other wells are successful. Extremely important and WISE tactics employed by UJO. THEY CHANGED STRATEGY FROM BEING A UK ONLY OIL AND GAS DEVELOPER to spread their wings and EOG must do something similar to survive and thrive otherwise demise!! Get it?
My prediction is that if they continue with their current strategy of high risk and very costly adventures they will eventually run out of cash and fall into liquidation so sp will disappear. Is that what the shareholders want. Kamikaze directors?
Definitely a great time to top up the account holdings in Block Energy. SP has gained another 5% up to now today and it is just taking another breather until it builds up steam again for the expected next rise to above 2p. Still cheap as chips!!
Serif, think about it logically. My investments are spread over many different companies and if I see any that I consider are underperformed then I will obviously say so on the BB. It is obvious that these directors are making extremely poor and ill thought through decisions with the shareholders money. Not just once but 3 times, with Serenity, EG and Ireland. All the same mistakes made on extremely high risk ventures, that are several years away from possible payback, if ever at all. The directors need to learn lessons instead of making the same costly mistakes again and again. You must be fully aware of the insanity of persons who attempt to do exactly the same thing over and over and over again and expect a different result? CHANGE STRATEGY - LEARN !!
After seeing all the work that has been done in the UJO team over the last 6 months to bring the company and the dismal SP back from the dead, I can't help but think that the EOG directors are NOT earning their crust and are looking for the easy "pie in the sky blockbuster" play which takes the least effort, on their part, to falsely pretend to be improving the companies fortunes by splashing the shareholders hard earned money on far out projects never likely to get a very rich backer. What a waste of time and good money on elusive far away projects, which haven't a hope in hell of obtaining the massive funding needed because of the sky High risks involved. Directors must change their strategy and see reality and not live in a dream world. Come back to reality!!Please!!
SP taking a well earned breather so we can all catch our breath before the next onslaught begins. Shares are still relatively cheap considering the future earnings of this small cap company. I would not be surprised to see a positive RNS appear this week. Hold on to your seats shareholders!!
Sellers extremely scarce still, so I can see the sell sp increasing again to attract more punters to get rid of their shares to fill the many hungry buyers. I can see 2p sp soon as buyers are still very keen on filling their boots at this rock bottom price!!
Seems that documents are being prepared for approval and possible release and certain administrative personnel are leaking information which is not yet in the public domain, but will be soon? Worth a punt now obviously!!
SP momentum is growing nicely and should reach 2p by end of week, and it would still be a great investment at that price. More rises to come in the near term. Still cheap based on the value of assets held. It is a must to get in now. No brainer!!
I fully agree Aimshame, the present BOD have more than enough time and spent more than enough money on useless, none cash generating, pie-in-the sky, over the rainbow type, ultra high risk investments which are not in the same league as EOG financially. They have to change strategy big time and take a leaf out of UJO book and go for far less risky, very near term cash generation which will provide real revenue returns within months rather than chasing blockbuster projects which take years and years to get off the ground at a massive cost . They have now wasted well over £7 million of the Wressle money on Serenity and EG and Ireland with not a hope in hell of getting any return on these stranded useless assets in the next 5 years, which may look good on paper but no one seems to want? Learn a lesson EOG BOD, invest in something that will provide a concrete return on your investment near term or get into bed with or merge with a larger oiler who can afford to develop the asset rights that are held by EOG. Present strategies are NOT working and soon the company will run out of cash as Wressle will not last forever!! WH watch out at next AGM.
Serif, I would expect the Wressle flow rates to steadily decline from 600 bpd through February and March to around 500 bpd at best and April again drop to approx 450 bpd as predicted by the GC report which has proven to be fairly accurate to date. So WH ought to get his skates on as the spare cash for future development will soon disappear. Another source of income is desperately needed to keep the company afloat. I don't see anything else on the horizon so Outlook is pretty dire and needs urgent attention!!
It seems all the revenue earned by Wressle, possibly in the order of 180 bpd, to give EOG an average income of about 180x75x30 $ = 400 $ per month, is near enough splurged on directors and employees astronomical wages, expenses for directors, HEYCO costs for work on site, renewal of licences, press adverts, etc. So that doesn't leave a lot for any future development work. If they want to develop the future of the company it will almost certainly mean more millions of shares issued at a price of around 0.7p as far as I can see. Ireland will not go anywhere and neither will EG. They must change direction to more certain oil and gas assets which are producing now or about to produce or form a merger with a large oiler with money to develop the fields that EOG have the rights to. WH needs to change his strategy otherwise EOG will be going nowhere with Wressle just paying the directors wages and vast expenses. Not good to look at, from outside the company.
Pboo, yes GC were quite correct it seems, even though UJO management said that the Wressle W1 was performing much better than predicted. Whoever is preparing the 2023 EOY accounts have seen the true figures and predictions for 2024 and word has leaked out as it normally does. Why didn't DB inform the shareholders by RNS of this change in flows when he was told by HEYCO? MAL ADMINISTRATION BY UJO DIRECTORS???? Not good sign for the future. The shareholders should have learnt when he didn't inform the shareholders immediately when water breakthrough first occurred at Wressle, it took DB over 3 months before he actually admitted to shareholders what everyone in the site team knew!! Not a good ship to be onboard ?? May drop again on lack of transparency and trust of Directors, whatever shareholders get told about Andrew1 being a great find ??
SP dropping like a stone. Bad news leaking out obviously and has spooked the market. If rumours say the flow rates are that poor then obviously there are some investors out there, that know from friends of Directors and HEYCO employees the real Wressle oil production, and naturally are offloading shares desperately before they go lower? If it is now about 500BPD then that is only around 200BPD for UJO and at approx $70 PB net to UJO income, over 90 days is around 90x70x200 = $1,260,000 = £1 million approx since Jan 1st ??? Big drop in income from the cash cow Wressle and could drop more during the year. Not a pretty picture as possible total Wressle income for 2024 at around £4 million?? No dividends or buy backs from that income? Need Andrew1 to be a great success for sure!!
DB's mouthpiece granddaughter preparing the shareholders for the worst at Wressle with the following statement.
"for those who appear to be very vocal on the bulletin hoards about wressle, the flow rate will surely be intermittent as it is still under test conditions from what i can glean and will be adjusted and readjusted to counter water ingress. i did not see a sizeable water storage tank in the pictures taken there recently which is good to note."
What a give away by K9 saying "from what I can gleen" . That points to an average flow rate far, far lower than that given in the RNS, over an unspecified period (a misleading peak value I would expect). Still testing!! Who are they trying to kid, themselves no doubt? From what K9 has said, reading between the lines, my guesstimate would be that the average flow rate of pure oil produced from Wressle from January 1st 2024 to now will be in the order of 450 and 550 BPD ? All IMO. We shall see for sure after Easter break ? Anyone worked out the cost for the next development phase at Wressle yet? How many millions to complete? Pay back time? Shareholders dividend returns to be included in costing? Nothing has been seen to confirm the development is worthwhile?
Just responding to comments on Zephyr Energy by CT. No BB law against responding to remarks made to me directly is there? Why doesn't someone count the number of oil tankers leaving the site ? Easy enough to do, it is not rocket science? It's a quite road to the site? You should know approximately next week if HEYCO have submitted the figures properly.