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Here's a reminder of the statement from RP on the 24th
Http://rheinpetroleum.com/
Heidelberg/Riedstadt – In the coming days, a drilling rig with a tower around 35 meters high will once again be on display at the Rhein Petroleum drilling site in Riedstadt-Goddelau. The Heidelberg company is installing an approximately 100 meter long branch in the lowest section of the existing “Schwarzbach 2” borehole. This ends a few meters further west in the same structure as the existing borehole.
“The tested production rates from the existing well do not do justice to the proven petroleum reserves in the Pechelbronn layers. The drilling fluid, which consists primarily of starch, has too tightly sealed the rock pores through which the oil flows into the production line in the immediate vicinity of the borehole. Therefore, the expected quantities of oil are not coming through,” explains Rhein Petroleum managing director Peter Appel. That's why a new entrance is now being laid at a depth of around 1,600 meters. He makes it clear: “The natural porosity, i.e. the permeability of the rock, is good. We are confident that the new short branch line at the end of the well will result in a flow rate that reflects the quality of the reservoir we encountered last August,” emphasizes Appel.
The drilling rig now in use is identical to the rig that was also used in the summer of 2023. The system is expected to be delivered and set up gradually in the first week of May. The actual drilling follows immediately and takes about two days. “The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump. Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024
I wonder if Europa will "do a Bramhill" and follow UJO into the US market, anything to create some interest in this company and to find another income stream. UJOs finals are out later this month so we should have some transparency on how successful the foray into the US market is / has been. If the US proves to be a great success, perhaps UJO could make a bid for Europa, cash & the 6.3m Treasury shares.
Https://tradingeconomics.com/commodity/eu-natural-gas
the Euro45 kwh they used in October for the Euro11m pa estimate was during a spike - imo it was just to con shareholders into believing Colle Santo was far better than it's likely to be.
"The average forward Italian PSV gas price for the years 2025-2030 is currently approximately €30 / MWh. "
so, not the Euro45 mwh they used in the October presentation to forecast E.11m-E.12m pa, strip out the 10% they don't own, scale it down to Euro30 mwh and Euro11m pa becomes Euro 6.6m pa
RBS pledged to return £4m to shareholders, they have spend about £550k on buybacks so that leave £3.5m or thereabouts.
Rathlin is about £3.6m short for funding their 4/6 of WN. I say forget about returning the £3.5m to shareholders, instead use it to do a deal and get WN drilled asap
Https://find-and-update.company-information.service.gov.uk/company/03542727
methinks 30th June not May
Reabold has £9m cash (less lifestyle payments), Rathlin has about £3m imo and UJO is fine - the money IS there to develop WN, clearly the chuckle brothers dont want to commit their cash to WN...oops I do of course mean our cash.
"...pre-application guidance had been given to Egdon Resources in March 2023." “Contrary to our advice, the applicant has not submitted the results of archaeological field evaluation with their application.”
considering Egdon's track record I would be surprised if there wasn't a delay...however they have been preparing this application for over 2 years and they were warned about the requirements.
"...but in reality it is hardly a major issue." ...rose tinted glasses?
what it may mean is several months delay before the planning application is put before the planning committee
Http://rheinpetroleum.com/
Heidelberg/Riedstadt – In the coming days, a drilling rig with a tower around 35 meters high will once again be on display at the Rhein Petroleum drilling site in Riedstadt-Goddelau. The Heidelberg company is installing an approximately 100 meter long branch in the lowest section of the existing “Schwarzbach 2” borehole. This ends a few meters further west in the same structure as the existing borehole.
“The tested production rates from the existing well do not do justice to the proven petroleum reserves in the Pechelbronn layers. The drilling fluid, which consists primarily of starch, has too tightly sealed the rock pores through which the oil flows into the production line in the immediate vicinity of the borehole. Therefore, the expected quantities of oil are not coming through,” explains Rhein Petroleum managing director Peter Appel. That's why a new entrance is now being laid at a depth of around 1,600 meters. He makes it clear: “The natural porosity, i.e. the permeability of the rock, is good. We are confident that the new short branch line at the end of the well will result in a flow rate that reflects the quality of the reservoir we encountered last August,” emphasizes Appel.
The drilling rig now in use is identical to the rig that was also used in the summer of 2023. The system is expected to be delivered and set up gradually in the first week of May. The actual drilling follows immediately and takes about two days. “The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump. Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024
I disagree with cancelling the treasury shares, they could be very useful in the next couple of years for part of a deal. The 6.3m shares are theoretically worth over £1.6m, fast forward to a 50p sp and we have a war chest (theoretically) worth over £3m
"On 30 January 2023, Novacyt announced that the UK High Court had directed Novacyt that the hearing of the case between Primer Design Ltd / Novacyt SA and the DHSC has been listed to commence on 10 June 2024 and is expected to last 16 days."
...we know when and for how long, but should we expect a decision at the end of the hearing or will it be decided weeks/months later? thx.