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Most European countries with gas resources are actively encouraging locally produced gas for domestic use (including data centres) and because of energy security needs.

I suspect Ireland will follow suit at some point soon and we’ll get movement on Inishkea.

All being well, Europa will get the Inishkea extension.

Interesting post

Regarding EG, do you think management will somehow screw up the rise in the MCap if Barracuda is good? Surely it’s in their interests too to maximise the MCap?

I get what you’re saying too

I think I’d have preferred WH to have been on a lower base salary and then have the current incentives.

But I still believe he needs reasonable ‘incentives’ given the directors he is working with and the fortunes they could make off of his hard work.

Will needs to feel like he has a reasonable stake in this outcome. He’s working with a chairman who owns 7% plus of Eog and with the Antler directors who could very well “earn” hundreds of millions of ££££ from successful drilling of Barracuda, Cardinal & Arrowhead. He needs some reasonable skin in this game or else why would he bother? A nice salary isn’t sufficient imho

Personally, I am pleased that Will has 25m share options in Europa as those options will keep him keen to look after Europa’s shareholders’ interests rather than just taking a fat salary or possible defecting off elsewhere or working for Antler directly.

Will needs big incentives to push this large piece of work forward - it’s not an easy gig he has now. Would any of you like to be traipsing out to EG and doing the hard yards he and his team now face?

Looks like we’re back testing support at 1.8p

The circus has moved on for the time being

Back on 30/12/25; 9:10am, Edgein posted this:

“ However there was a plan that cost $53m that I would like clarification on. That plan was to drill a well to Barracuda and two side tracks into the other two overlapping fields. We should get clarification on this in due course imo now that the farmout is signed and EOG are operator. The Chinese have to follow at our pace. TRP fro example are drilling just over the border in Cameroon at a similar depth and have a well cost of approx $15m budget. The $53m budget suggests that EOG will be keeping the rig in action a little longer! :)”

I rewatched the recent interview with Will, Jamie & Alastair. Something Jamie said caught my attention…

At 7:06 into the interview, Jamie talks about other prospects and covers Cardinal & Arrowhead. He then talks about another prospect called Dentex in the southwest and says it’s ‘one which would be followed up with in the years to come’.

Although he didn’t say it, it made me think that Cardinal & Arrowhead may be in the drill plan with the Barracuda well as Edgein mentions in his post.

I’d like to see EOG help fund the Antler 5% drill cost by getting at least 7.3% more of the equity in Antler, ie, become the majority holder. (Yes, it will mean raising money most probably.)

However, that 5% drill cost won’t be needed straight away so the ‘concert party of 2’ mentioned in the previous post probably don’t need to sell any of their equity at the moment.

Going forward, future partnerships with Fuhai should be where Europa has a bigger slice of the action, imho … not just 17.2% at the outset.

To be fair, Messrs Antler did go out and secure the licence and then shopped around for a suitable potential operator/partner. I don’t know whether it was competitive but Europa board must have pushed for more than 42.7% that they ended up with.

Out of my hands other than how much I’m prepared to invest.

If it is a two-way partnership between Fuhai and Antler alone, then it may be viewed that Europa is underselling itself as only having 42.7% of Antler yet providing huge amount of technicals, operatorship (effectively), etc.

42.7% is better than 32.7% or 22.7% but I think 42.7% may be a bit cheap now that Europa is ‘at the table’, so to speak

Future participation in other EG blocks would be amazing.

From what WH said in the very recent interview, I couldn’t tell if the future partnership was two-way between Fuhai and Antler alone or whether it was three-way between Fuhai, Antler and Europa.

Interesting that Europa is not mentioned in this agreement. Europa is there as 42.7% shareholder of Antler.

Isn’t Europa rather underselling itself now ? Shouldn’t Europa be dealing directly with EG gov & Fuhai or, at least, have a larger equity stake in Antler (bought at a favourable rate) ?

… but he’s built his holding up to 0.9% of the issued share capital using some of his £300k pa salary plus £80k bonus

Having a very well-funded Chinese company as a business partner means easier ‘opening of doors’ in EG

Antler will be taken far more seriously by the EG government which then means access to the better licences

Good point - I see it as very significant and I’ll buy more because of it

Bobby,

Indeed he has 👍

Bo’s just been given a shedload of shares free - saves having to use real money to buy

Not clear, but the guy behind Antler is a multi-millionaire…

Morning Ed.,

The spectre of dilution …. it may be what has knocked the price back a touch this morning.

Hopefully you’re right and other funding models are available, though I’d always be wary about selling off any more of Wressle - it’s a lucky well.

It will be interesting to see how Mr Antler funds his % of the 5%.

Does EOG need to raise the full amount of its share of the $53m right away, I wonder?

I added more this morning at 1.85p 👍

It’s dilution but it’s not big. Hence the minor drop.

The other view is that the Chinese were willing to pay more because they want the gas and see the potential.

(I’ve seen other Chinese companies outbid western companies before - so not unusual here)