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@GP - not long winded at all, just very informative! Thank you for taking the time and effort - that sounds like a very positive appraisal from you, accepting the usual risks that come with this kind of exploration - so most encouraging. I was thinking that the sheer cost of this well to drill might change the proportion EOG could expect to keep in a free-carry, but with the potential size of the prize even 20% of this would be massive.

(On the other matter did you get the chance to catch up with the RBD guy you knew and get any feel for progress on Dunrobin?)

Good to see Will getting out there and doing the interviews - seems a refreshing change in openness. All the talk is of developing current assets - and Ireland is sounding very positive.

Because they cut costs during Covid. Could argue whether offices and a CFO are really necessary, personally prefer them to have CFO, not sure about offices.

That’s more like it! Key takeaways:
- Ashover Grit so good that now seriously considering a second well into it, as well as Pstones - all from the same pad. Will update soon once decided, but fully funded for all such work
- Ireland, very positive re progress now with Varadkar’s commments about our assets near Corrib
- Serenity in discussions with Repsol, should be able to come to market over next quarter to update on outcomes
- and at 23 mins “And we have no plans for an equity raise” - well he’s said it!

Seems to be a pretty straight talker.

A few points from MA briefing this morning
- micro turbines have produced 10% monthly uplift (wonder if I and others were somewhat mislead by Jan update which talked of 825 daily production - not monthly average?), but there is also an expected increase in gas to oil ratio over time. Hope to nudge that percent up from turbines over coming months
- CPR to be delivered in June and this will trigger planing applications (pre-application doc already in to North Lincs) Significant increase in Ashover Grit. CPR will also look at other reservoirs noted but not included in original CPR
- GtW work continues said to be advanced in sourcing gas engine and going well on the accessing etc of private network
- still targeting drilling this year with application in by end of H1 and allowing 4 months for planning process, but accepted that quite likely with Environmental permit to move into 2024 Q1, but trying to get started earlier

Lack of any real news in Interims. Wressle still highly profitable (and that’s probably the most significant medium term point), but waiting to hear what MA has to say about apparent overall lack of increase in production despite micro turbines.

Certainly seems to be interest here ahead of next week’s Sarawak progress report.

That’s great GP, thanks for offering to give some feedback on the event etc., especially as it’s your hard earned - and it not a cheap event!

On a separate point if you happen to be at the RBD presentation on progress re the Dunrobin farm out which is on the same afternoon, I would be interested in any thoughts you might have.

As well as the Proactive event, EOG appear to be doing a presentation on Inishkea at the BEOS event on 26th April.

“FEL 4/19 licence offshore Ireland. The Inishkea and Inishkea West prospects – Infrastructure led exploration on TCF sized prospects. Surely Corrib isn’t an only child.

Jamie White, Europa Oil and Gas”

https://www.beosevent.com/programme/

Yes different councils, GP, but just look at the comments from councillors re making more sense to have our own oil and gas rather than import it etc. Wouldn’t have heard that a couple of years ago from any council - general attitudes have clearly shifted in our favour and the nimby line is now getting stronger pushback on planning committees.

https://drillordrop.com/2023/04/17/councillors-vote-for-new-lincolnshire-oil-site/
Report on granting of recent planning permission - not for us (unfortunately) but generally tone of committee comments towards the end of article look a lot more positive than in previous cases, so perhaps could get an easier ride with the next stages of Wressle in current climate - that is if Egdon ever get round to seek planning permission.

@Isdeer. Interims is an opportunity for Will to set out his strategy for the way forward. The previous strategy which appeared to be “ we commit to diluting you with no regard for shareholder interests if a 50/50 chance comes along” has weighed too long on the SP. There must be a way he can “balance” this approach better with some assurances to shareholders about maximising use of current funds etc. without closing down his options too much.

“focusing on ensuring that the full potential of Europa's existing assets can be rapidly realised as well as supporting the CEO on further building the Company.” I hope that this at least means EOG are going to put some serious effort into making sure EDR get the next stages of Wressle properly underway. The longer it takes them to progress it, the more likely something will occur to delay it further. There has also been talk in the past of increasing production from older assets - might be worth doing now with current OP predictions.

Think we are just trading in a narrow range at present, presumably while some of the placing churns and we await further news on either Sarawak or Dunrobin.

Kroll has been a holder here for several years. He used to have a little over 5% and this TR-1 confirms that he has taken his share of each placing along the road. Some confusion caused because he hasn’t entered his previous position on the form, but at a guess he sold a few before the drill and it has only now been picked up (end of year review?) that he dropped just below the 5% level. However, still a major investor it appears.

Think it was Hugh’s - although your testing my memory it was so long ago! He was certainly the CEO who spent all the time (and money) on Ireland to work up the prospects there.

Wressle may be “bits and bobs” compared to a North Sea well, but it’s still nice to have a success story that’s already produced enough profit to fund planned Capex this year and the next stages of drilling the Pstones etc.

On Ireland, Hugh McKay was the CEO who led that charge (although it did for him in the end when the Greens got in the coalition). Simon tried to double the acreage there a couple of years ago but Ryan wouldn’t sign off the deal.

Finally Vermillion are due to close their deal on Corrib tomorrow after many years of effort. Could be relevant to us as they have a large interest in extending the life of that asset so likely to be involved in some way with any development of Inishkea. Worth watching.

Hi GP - optimistically I take that only to mean he has good contacts in the business, it was the then CEO who was chasing that particular rabbit, so I am not holding the current one responsible for the bad timing of the decision and the cavalier dilution. Even if he did the leg work, I see nothing wrong with going for a 50%+ CoS opportunity so long as it’s not going to knock you flat if it doesn’t work out - and that was for the then Board and CEO to decide. Will has bothered to buy shares on the open market, so fingers crossed that he will at least show some awareness of shareholders concerns.

Challenge is that any buyout commands a premium and at a guess would have to be at least above 3p to get the remaining iis on board - that probably puts us beyond range of UJO size.

There does seem a lack of ii investment in the sector, perhaps Thursday will address some of the hesitation, but we are now principally at mercy of retail investors on Aim who seem often to be either rainbow chasers not excited by steady returns from the likes of Wressle or traders looking to run down SPs to make a quick profit on the bounce back.

Have to hope that our new CEO can navigate this successfully, without staking all our cash on red to try to be the hero. Putting a rocket up EDR to get a proper plan out there and making a serious attempt to work to the deadlines would be a good start and something he could do at no extra cost. Keeping the Interims on previous timelines would also give him a chance to talk to shareholders and make some clear commitments about how he is going to take us forward more effectively than in the past - more of the same “rebalancing” just won’t cut it.

IMO worth keeping a close eye on political signals from Ireland. Recent months have seen our licence extended, praise from Varadkar for indigenous gas, and the Greens losing influence in the coalition. Vermilion finally complete their deal on Corrib end of this week. This looks like the most positive alignment we’ve had since the 2019 Iniskhea farmin was killed off by the Greens’ agenda.

Also would not be so quick to discount impact of further news on Wressle. Expect that we might see new flow rates, drilling plan and possibly CPR before the Egdon presentation on 24 April.