Member Info for Phoebus

I forgot, TW will be droning on about Kefi again instead of looking for value elsewhere. Come on Tom, about time this pair of unloved oil desperadoes had some much deserved attention.

If Share Pr_phets call UJO a buy today on the back of this news but fail to mention EDR and EOG again I'm going to do my fruit. News is way more significant for EOG and EDR, yet they never get a mention.

EOG has 30% not 40% with EDR 30% and UJO 40%.

https://investegate.co.uk/europa-oil---38--gas--eog-/rns/wressle-achieves-500-bopd/202108240700035267J/

Brent Crude is continuing to rebound nicely. Now back over $70/B.

The lack of liquidity will only magnify the move when it comes. Maybe the MMs are hoping to move them quietly higher as they have no stock. They will move when you least expect it. Keep a close eye.

Agreed. Using last production figures for EOG and EDR and 500 B/D for Wressle I get total net production of 236 B/D for EOG and 242 B/D for EDR. With market caps of £7.9M and £7.1M respectively and recent placings under their belts the two stocks look way too cheap. Throw in the Morocco blue sky upside for EOG and Resolute asset for EDR and the current situation is just silly IMO. At some point these stocks will re-rate and in a very material way.

Agreed. Using last production figures for EOG and EDR and 500 B/D for Wressle I get total net production of 236 B/D for EOG and 242 B/D for EDR. With market caps of £7.9M and £7.1M respectively and recent placings under their belts the two stocks look way too cheap. Throw in the Morocco blue sky upside for EOG and Resolute asset for EDR and the current situation is just silly IMO. At some point these stocks will re-rate and in a very material way.

I have NAV at 174p so looks cheap at these levels.

Very odd behaviour.

Why on earth would you sell? This has two top class partners Shell and Cairn on seven of its licences and more projects to farm out. Next year DELT has one definite though almost certainly two Shell operated wells with high to very high COS in UK waters with DELT carried on one and with cash in the bank for the other.

Despite UK gas prices being through the roof, if you crunch the numbers you will see that DELT is extremely cheap on a market cap to risked BOE basis for these drills and is much cheaper than many other oil explorers.

Furthermore, DELT now also has Cairn funding work on five licences until drill or drop decision so there should be a pipeline of additional drilling opportunities to look forward to. If the market is stupid enough to drop this back, don't expect it to be easy to accumulate as it's very hard to buy in size here and I for one will look to add to my already substantial holding. This is an oil explorer stock for connoisseurs and they will be staying put for big rewards.

Why on earth would you sell? This has two top class partners Shell and Cairn on seven of its licences and more projects to farm out. Next year DELT has one definite though almost certainly two Shell operated wells with high to very high COS in UK waters with DELT carried on one and with cash in the bank for the other.

Despite UK gas prices being through the roof, if you crunch the numbers you will see that DELT is extremely cheap on a market cap to risked BOE basis for these drills and is much cheaper than many other oil explorers.

Furthermore, DELT now also has Cairn funding work on five licences until drill or drop decision so there should be a pipeline of additional drilling opportunities to look forward to. If the market is stupid enough to drop this back, don't expect it to be easy to accumulate as it's very hard to buy in size here and I for one will look to add to my already substantial holding. This is an oil explorer stock for connoisseurs and they will be staying put for big rewards.

I think the mistake was failing to release a Wressle shyte-coin with no intrinsic value whatsoever. Had we done that, the SP of all three partners would have ten-bagged in the last two hours. It's a travesty that real assets with real cash flows are being ignored over imaginary hot air. Still, it creates lots of cheap investments for those willing to look.

Ah. I think you mean they can produce up to 500 B/D, but no more at present. How ridiculous.

Thanks Rubey. What are they allowed to produce at and what steps are needed to allow for a higher rate? And why all the faff? Seems well OTT.

I haven't seen a Notice to Mariners issued for Sapote-1 yet, so it must be going elsewhere.

I haven't seen a Notice to Mariners issued for Sapote-1 yet, so it must be going elsewhere.

What do we think the odds are of Tullow announcing drill plans for Orinduik next month. Will they give the nod or kick the can again? I think we will get news and drilling will be Q2/3 next year.

EDR already has production of 92 B/D from other fields so even if Wressle is only 500 B/D that gives a total of 242 B/D net to EDR or £4.5M per year in revenue, which is over 60% of their market cap. Today's RNS indicates that the ultimate production rate will be even higher. At the 1000 B/D suggested by BMD, that would put EDR on 392 B/D or £7.3M per year in revenue, which is the current market cap. To say this is bonkers cheap is a major understatement.

But today's RNS does seem to be suggesting there will an RNS indicating the final production rate for Wressle, which will be higher than 500 B/D. BMD did mention 1000 B/D.

.