Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
licence holders in the slyne basin region include europa, providence, serica and faroe not discovered much info about faroe's licence but the prospective resources for providence and serica's LO's were much smaller than europa's 228bcf for PVR and around 438BCF for Serica meaning europa potentially is the holder of the largest prospects in the vicinity of the corrib infrastructure
what about the irish government banning oil and gas exploration? the main opposition party voted to ban them. the next general election must be before 2021, if not earlier, what if they get voted in? when is the committee stage vote? there was also talk about watering the bill down though. there was also press articles about a new LPG route being opened up from USA to cork. we need some clarification on this.
Rns Says the holding is in part a long spread bet! Long term committed shareholders then? What happens when it is closed? Seems strange though as who would take that bet? Whoever laid the bet must need a total wipeout at eog to win unless not laid at current price but then you'd just buy shares Any thoughts?
relaunch the south porcupine farm out process? i think other junior players have bigger prospects than 700m which will be higher in the pecking order to our, such as providence where the prospects are in the billions the interim report reads the same as 5 years ago. corrib looks good however providence, faroe and sercia also have similar licences with faroe already farmed out to nexen. plus nexen being canadian have the link to vermillion this share was worth a punt because the UK assets underpinned the share price and cash flow but they are struggling to get these moving. the turning point for me was parliament voting to ban oil exploration in ireland whether it actually is banned or not its going to make farm ins far less appealing all imo
dunderhead you could apply you hypothesis about the market not agreeing the seismic is great to providence resources for example they have only recently farmed out to Total yet data has been available for years i think it just come down to timing and other opportunities available
o&g director solely to improve oil production? a more diverse team? how would these change the outcome at wressle and holmwood. the outcome would still be the same imo remember eog and partners carefully work with the planning departments at these councils and work up perfectly acceptable applications. the planning department then recommend them for approval. the people at the council that eog and partners work advise them what they have done is inline with planning policy etc. then the councilors vote against it must be like banging your head against a brick wall. i dont see how different people at edr, eog,upland, and celtique would have made any difference.
its easy to throw the word mismanagement about without adding any substance to it EDR are the operators of Wressle. If you want to attribute some blame to EOG board then you have to do the same for UJO, Upland, Celtique and also the consultants so that is 50 people. The problem is the UK planning regulations and the timescales involved. Its not necessarily a problem that applications may be refused or that they require further information but once you're into the planning process and appealing it takes ages, in all industries. We all make our own investment decisions but some decide to point the finger at others when things don't go their way but the reality is that they should take responsibility themselves for making an investment in a company and under estimating the nature of the beast that is UK onshore and associated planning.
look on the bright side if we hadn't had the delays then europa could have drilled holmwood (before ukog drilled) aiming for the portland only and missed the kimmeridge like everyone else did. europa would then have had to spend more money getting the rig back up there!
in order to farm out you need someone to farm in you always need a bit of luck on your side. you can be doing all the right things yet sometimes things just don't go your way and vice versa. we have had a bit of luck with the kimmeridge for example. the bod already did farm out fel3/13 to kosmos. then got a bit unlucky with the oil price meaning kosmos refocused.
I don't think you need to worry about anyone. don't forget we are not operators of all the assets. work is also outsourced to consultants. it is clear 100bpd only covers overheads. the strategy is to farm out assets. its a waiting game but this applies to all small explorers. need to be realistic I would class a successful 2018 as bringing wressle into production and drilling holmwood. securing 2 farmouts for ireland, one for corrib north and one in the porcupine and also news from 3d. Then also hopefully some developments on the other UK assets such as planning applications however of all the uk assets we are only operators of holmwood and pedl181 (kiln lane licence) so this is in others hands. Also maybe a new venture. We will also benefit from news flow of what others do in terms of ukog and angs and farmouts and drilling scheduled for the porcupine. I expect it to be more of the same for 2018 and 2019. However slowly its gearing up though and the foundations are being laid. I believe a successful strike in the porcupine by anyone and all hell will break loose with majors drilling 6 to 10 well programmes. its politically stable country. I think the company maker will be corrib north in 3 to 4 years. we just need a bit of luck
Tacuma I have to agree with you the board are doing a very good job and in line with their published strategy. They are effectively balancing the risk/reward of assets and are disciplined in relation to costs. Delays are irritating however they cannot control operators, planners and councils however they handle the delicate situations well. On one side shareholders want plenty of action from new assets but also moan when there are share issues and dilution required to fund them. I think it is prudent to sit tight for a little while longer until wressle is in production and holmwood is resolved and then the BOD will have some foresight in terms of revenue streams to replenish the asset base. Also keep Ireland ticking over with steady progression until the majors are ready to move.
I have just re-read the EY report commissioned by UKOG. It is a useful reminder of the possible weald basin potential assuming full development of the basin this could lead to peak DAILY production of 330,000 barrels of oil. This was a conservative estimate based on modelling of HH producing 440 barrels per day. Production turned out to be 3 times as much at 1365 barrells it is worth a read