Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
@Flombo let’s hope so on Ireland. Also I haven’t seen anything yet to suggest that EQ won’t pay off - as Aimshame flagged up earlier others are taking up licences in the area, so the interest is clear. As for Wressle - I think some were on UJO last week predicting dire results for January’s flowrates until they turned out fine on the NSTA results that Itsawrap provided for us. So I am happy to wait and see how accurate GC predictions are - Wressle has usually surprised to the upside so far.
@itsawrap. Interims are out later this month so we should see then how much free cash has been generated and get a forecast perhaps covering recent months since Wressle has started to flow again. If Wressle is back consistently above 600bopd it seems likely that at current OP of over $90 it should be healthy enough to fund development of all current projects and give us some spare - so let’s get on with it.
So Whisby looks the best of the bunch - on an average of 32bopd about 21bopd to EOG.
That makes the total production from assets other than Wressle about 38bopd. That’s a fair bit higher than I thought and at current OP still worth having in the background.
Thanks for all your research Itsawrap.
Just seen this on website
https://www.europaoil.com/wp-content/uploads/2024/03/27th-March-Main-Stage-9.30-9.45-Jamie-White-Infrastructure-Led-Exploration.pdf
Seems to say that 30Hz is completed on Inishkea - and that the EQ work programme to identify additional prospects is half completed with a farm out launch planned in Q2.
Very, very, very modest, I believe. I think they said it was more a case of managing the decline than looking to exploit further. But fwiw the website says they have 100% of West Firsby and Crosby Warren and 65% of Whisby W4 - would be pleasantly surprised if this was still producing more than 30bopd for EOG in total.
I think all the partners came out with that figure from Egdon - not just Bramhill. I am sure that they will have picked the best days up to the RNS date in Jan - although as we know they were still increasing the rate gradually up to then to avoid “water coning”, the average for the month would presumably be lower. I was just curious that the NSTA data always seems to lag daily flow rates in RNSs and wondered if this was them always overegging the figures or simply a feature of inevitable slowdowns/stoppages for regular maintenance and upgrades?
There are two strands to this application - the local planning application which as it says on the forms Egdon have worked closely with the planning officers to prepare this - so from a technical planning (as opposed to councillors) should meet all requirements - and the other strand which is the application for an EA permit, which WH explained involved an informal pre application and then the formal application which would usually take between 6-9 months to grant. In last video he said that they were meeting with EA imminently to progress this, so I was wondering if the submission of the local planning application indicates that they have also got the nod to apply formally to the EA as well.
@itsawrap. Thanks some progress there at last. See consultation lasts a month - so maybe go to planning committee during summer (before likely election). Do you think it might be an indication that they have heard something back yet from the Environment Agency?
CCF - glad you did take the time to respond- as someone who wasn’t invested at that time found it an interesting read. Personally don’t agree with the views of a poster on the other Board that we are too polite here and should instead be hurling abuse. - whether that’s at each other or the Board.
No grudge here. I suspect we agree on a lot more than we disagree. But you don’t need me coming in here every other day saying how dire SP performance has been/is - it’s there in black and white on every graph and every time we check the current SP! Yes I like everyone else here want the SP to rise which is why I focus more on the potential of what’s coming up than past disappointments, because only one of these is going to affect the SP now. You can’t ignore experience but it doesn’t always tell you what’s going to happen next.
I think we disagree most on timescales - I think you need to give a CEO 18-24 months to assess them - it takes time to get projects moving in this business - so I’m giving WH the benefit of the doubt until Nov - and I have been encouraged by Inishkea renewal and EQ but these now need to be progressed.
As for raising pay in response to poor pay performance - dreadful. But I fear Execs across AIM and companies in general have lost the plot around properly rewarding performance (just read some of the other BBs) - so maybe I don’t feel so much outrage re EOG itself, but I will be looking for him to raise SP performance significantly to prove he’s worth it.
Anyway here’s to good fortune for all of us whatever our current perspectives. Perhaps we should all pray for a miracle - perhaps Eamon Ryan becoming a petrolhead!
You’re making all sorts of unjustified assumptions about what I am or am not thinking. I welcome and supported removal of SO and Paul’s efforts in crystallising this. I have no evidence that Paul would be better than WH in role at present but keep an open mind. What I am against is a continuing “war” if it doesn’t have clear majority support - for which you need to show at least some active support from major holders. That’s all.