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Tbh I'm only here for a buy out from Ineos for Egdons E. Midlands shale assets. That being said they have plenty of interesting conventional fields to be moving fwd. Their site p. 1929 (A Prospect) is a potential game changer however they need to get on board a large partner via farm out. They can afford to sell 50% of the site and still get their hands on a good qty of oil that would change our SP considerably. Wressle has a weight of only 0.6p but look at what it's done to the company SP and also credibility! Fair enough oil was cheap and I guess they have done relatively well in avoiding taking on debt however they did rely on PIs backing them at 13p. I bets a lot of you would take that 13p and jump ship if had the chance now? I'll wait to see what their response is to Wressle and then see what their plans are for 2018 before deciding to hang around any longer. Their management had a neutral weighting however I would suggest this has now swung to vastly negative. Perfect time for bigger fish to swallow us up, although they will wait to see if they can do anymore damage to their SP first, if they see the tide turning they'll be more interested.
Anti frackers also lost their last chance in court for PNR site.
If you have been invested in a company for any considerable time and follow the results you begin to build a picture of progress or in this case lack of progress and what went wrong and what should be done to mitigate losses. As an MD I fully understand the fundamentals required to operate a successful company.
I don't buy that tbh. First of all there should have been a contingency plan already established on the basis it was refused. The fact there wasn't one is not good. The reasons for refusal are easily rectified, both require money and time. Unless the other partners are having difficulty in meeting the extra financial costs I don't see the need for anymore delay. The market is seeking guidance and without it you leave yourself wide open to attack. I truly hope this will give all these small O&G players a boot in the nuts to play a better game.
Jeez this is doing my head in. Oil price has more than doubled, Cuadrilla have just announced positive fracking findings yet we are sitting on a pathetic SP due to stupidity from both sides. We need a statement from Mgmnt ASAP on Wressle.
Think the rise is to do with positive Cuadrilla news. https://cuadrillaresources.com/media-resources/press-releases/cuadrilla-completes-shale-rock-sampling
At this MCap it'd be sweetie money for Ineos, I'm not sure why they haven't already taken us out tbh. Anyway I just want the TE site to get go ahead now as starting to take the ****. Found out via that disaster of a reshuffle by May that Clark is a 'ditherer'! Explains a lot.
Everyone is waiting to see what the heck the Government is actually up to. The TE site is key to unlocking the shale rush (exploratory stage). May is a pathetic PM who is pretty anti business in my book. Talk of replacing Leadsom isn't good, Clark hasn't really done much so I don't care if he gets the boot. The Torys are taking the pi** with their core voters in trying to appeal to Corbyn fans whom will never vote blue. Our issue is we can't threaten them with not voting cause we know that means the the end of the UKs privileged position in the world. Once Corbyn kicks the bucket we can return to normality but right now the whole country is a shambles. Try visiting Singapore etc and you'll see how backward we have become.
No it won't go to court. The inspector has given enough time to remedy issues and resubmit new application. It's just another delay but at least we know what dealing with.
Costello maybe try and use that brain of yours to bring something worth reading to the party. Yes it's been a total boot in the ***** but we had to go through this long winded route to find out why exactly the planning was refused in first place. And even then it's a different reason as the original councilors that refused simply didn't want it in first place. So they bully us we bully back. You'll find that we now rectify the two issues thrown up by Mr Williams and submit new application. The LPA won't refuse again as all other issues had been dismissed by inspector. Ok so it was amateurish of us to get it wrong in first place but lesson learnt and off we go. My big issue at the moment is lack of activity on other sites. That being said it's only been recently that the price of oil has moved into a tastier position. With oil over 60usd you'll see things slowly turn around.
Bags of support but the MMs are holding it under 7p. It'll break eventually. This stock is sitting rock bottom for one main reason and that is the government pussy footing around shale. Oct 2016 was the go ahead for Cuadrilla yet here we are none the wiser due to... the government! They are clearly timid in losing voters however I would put it to them that the ppl they will upset will be Corbyn fans anyway. The only reason I'm still confident is that Ineos have real lobbying power and have invested heavily in shale so they will put up a strong fight. Jim just needs to pull the plug on Grangemouth to bring the SNP and United back into line. The left are actually running this country at present through the back door of fear in the Conservative Party. I didn't invest in EDR due to Wressle! Wressle is a minnow, although it would take care of overheads in meantime. Check Egdons portfolio and you'll see it's got a lot going for it. With the oil price heading north and looks to be sticking there then interest will re-emerge from bigger players whom we need to go into JVs with to realise our full potential. UKOOG need to be hammering the door of No.10 though to get oil & gas into Infrastructure Act. The government can literally transform this industry overnight if it just grew a pair.
The story of Wressle is the perfect example of why decisions such as energy resources should be taken out of the hands of councils. Firstly the government issues licences to explore for oil but then let's a local council decide if it should go ahead? That's always going to cause problems going fwd as more councils believe renewable energy answers all the problems and they don't have to put up with the green numpties shouting from the gallows. Wressle has been a bizarre case. Firstly the site had zero issues with original planning permission. Then with the political headwinds changing and everyman and his dog researching 'acidisation' we faced a vocal (albeit small) outcry. The councillors originally voted only by two in favor of rejection however, they did not make clear what their reasons for refusal were. This led Egdon to try again, the second hearing was even worse than the first as the Councilors simply didn't look at any of the new evidence Egdon brought along. So when it was refused for second time we were none the wiser as to why rejected. This then led to the 2x appeals. The problem with the appeal was that the inspector started to look for his own reason to backup the council in their reason for refusing. The analysis of documents presented by Egdon came under further scrutiny. It then transpired Egdon had slipped up on the level of ground cover (30cm used instead of recommended 60cm) and the lack of initial groundwater report. The EA should have flagged up the missing report which would have sent Egdon back to the drawing board prior to submitting planning application. The level of ground cover is a stupid mistake in today's climate but it is easily remidied. It's taken a year to basically find out the reasons application was rejected and even then these reasons differ from the councilors. The inspector must have been of the mindset to reject from outset as I see no reason why appeal couldn't be upheld with built in conditions ie sort the ground cover and issue groundwater report. The only positive is that all other reasons for rejection were thrown out and Egdon can rectify the two remaining issues. If it were to submit a new application covering these points the council would know they couldn't refuse this time around.
The planning inspector I don't think was ever going to pass it as he has cited two relatively minor issues as his basis for refusal. When the layer of stones came up I knew this could prove an issue as it makes it easy for the council to show that Egdon had been lazy. In reality the stone layer is not anywhere near a big issue but it has just cost PI's a fortune. I am not sure if we can take this to the SoS to overrule, it's just a pity May lost her majority as this decision today simply would not have happened as planning for oil applications would have been taken out of LCC' hands. It is clear that NIMBY' have too much of a say for a decision that should be deemed for the national good. In terms of Egdon, there is enough money in the bank at present to keep moving fwd however, they will now need to crack on quickly with turning other assets into cash generators. All I have heard for the last 2 years is Wressle and that is very poor management indeed.
Unbelievable! I am literally gobsmacked at this but nothing should be a surprise anymore, who would have thought a numpty like Corbyn would be a valid candidate for PM a few years ago! So much emphasis has been put on Wressle it is killing the SP far greater than it should be. It is now up to the BoD to pull their finger out and get on progressing their other assets ASAP or I think a call for a change in management is needed.
Not good news, gobsmacked, the Wressle appeal has failed.
GG yeah it has been one heck of a long slog, last year might as well have not existed as nothing seemed to be happening. However, we have to be mindful that the industry has won every major court battle thus far and this is setting a precedent for future. We are basically just waiting now to see the government put its money where its mouth is and we are off. TE getting the go ahead is the milestone we are all waiting for. Leadsom has also indicated that the govt are planning to designate shale under the infrastructure act which will be a huge step in the right direction for the industry.
I'd have liked to have seen it at 10 before the appeal verdict. Last time it reached 16 so it's a long long way down. Oil price is looking good and exchange rate is good for us oilies too. Third is inevitably going to get the go ahead any day now and their results could transform Egdons SP. It's gotta be a buyout target for Ineos due to location of shale sites.
Wressle appeal result will be on or before 10th Jan at noon.
Few decent buys. Wressle appeal verdict early Jan. Oil price looking healthy and I imagine decent draw on reserves as US chills over winter. China reducing reliance slightly on coal creating demand for LNG. Government poised to announce boost for shale planning regs. TE site about to get go ahead. More positives than negs.
Lol you've made one post and it's a load of baloney. Care to enlighten us as to why it will fall off a cliff?