Member Info for PERPETUALOPTIMI

If current Iolar drill is commercial it may be close enough to be first past the post to develop and "refill" the Corrib plant That could have major implications on the Inishkea schedule. Iolar is LO16/7 and Inishkea LO16/20. If CNOOC is indeed the Major then the exploration portfolio could be governed by this. At least the development schedule.

But why wait for lolar? Simply do a deal which is conditional. Back out or stay in.

14 January statement. Now nearly June. On all fronts...Promises, Promises, Promises.
Soon be Xmas.

New Ventures

As previously reported, we are close to finalising a petroleum agreement in Morocco. Europa is in the final phase of discussions with ONHYM (The National Office of Hydrocarbons and Mines), and we will shortly be meeting with them in Rabat. We look forward to updating investors later in Q1 2019 following licence award, as we look to add a third leg to our portfolio of licences. In addition to Morocco, we continue to be active in new ventures within our established areas of interest.

If front line candidate fails then even though others in the wings it is surely likely they too will withdraw. Front runner will withdraw for good reason which will become same constraint for others. Political issue or dry hole from this years drill is common hindrance to all potential farmees. What other issues prevail that might single out the current front line major.

As they say in the opera world; It's not over till the fat lady sings. Now in a prolonged interval so enjoy a few beers or ice-cream till the next act is ready. Normally, Fat lady will either die or live happily ever after. Nobody will know till the end. Bar stays open after the final curtain for champagne or ???

Still jam tomorrow; no doubt EOG has potential, but the real benefit will only come when the drill bits hit TD, and prove up the success scenario. In the meantime the news flow will attract minor returns for the short term in and out investor; but at least reinforce the "worthwhile" probability of a significant return for the long termers..

This review of 3D seismic is surely now overdue. Cairn are the operators and EOG undertook the review with results expected by end 2018.

There is something historical re EOG staff taking a pay cut and issued shares in lieu. Includes all staff from top to bottom. Statement is somewhere in historical results narrative.

The one comment that sticks out is " Europa is confident of drilling work commencing on all assets during 2020".
Perhaps suggests any farm in is subject to outcome of planned drill in 2019 of adjacent prospect. EOG is otherwise flat lining till any news emerges re the land developments. Or a JV emerges before then. Remain optimistic!! But don't hope for much upside in the short term.

Of course news flow would be welcome; so far EOG have been blowing their own trumpet re their seismic analysis. The downside is that there are no takers who agree with their interpretation. Be prepared for the flip side of Hugh's analysis. No takers- no money- no drill. Sooner or later the coin will be flipped and the news will land one way or the other.

Just to reiterate; in 12 months either EOG has been sold off for 6-8p or it is at 12-15p with a spud date, or even drilling in the Irish sea. How long can shareholders hold their breath?

After so much bowing to planners, why have these licences not been renewed? What is behind refusal?

Wherever this is in 12 months will dictate the future. No sense in flogging a dead onshore horse anymore; everything hangs on a partner agreeing with Hugh's amazing interpretations offshore. As long as they don't go the same way the French plans went, there is still hope. 12 months!!

About 5 minutes into the interview mentioned in a couple of chats back is mention of Cairn. October is muted.

Let's just hope the "farmers" are as excited as Hugh when it comes to data interpretation.

Looking at the presentation it all looks very favourable....but not for many months. Looks as though the SP will continue to languish and probably drop as investors realise there is little potential for further short term gains.

It all comes down to whether any potential farm in partners agree with the conducted analysis. Support the view that many will be reviewing where the "biggest" potential lies. The jam tomorrow perception cannot last forever. Sooner or later the money has to be put where the mouth is. As long as partners are forthcoming with ����.