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It isn’t shown as ending in June. We only have copy of project plan until then when the engagement is still ongoing. As PSC negotiations have been going on for a couple of months, showing that this “engagement” only starts in Feb indicates that it’s for the phase of the PSC.
Comment by Buck 1939 on the other board - who I hope doesn’t mind me posting it here, but thought it was helpful info and I hadn’t known the reason for BKs interest in EOG
“Bo Kroll is WA's brother in law and the brains behind WA's fortune. WA invested $300k in Bo’s business (most of that $300k coming from a dowager aunt in New York) and they pocketed $30mm each when they sold out to a hapless US software company just before the dot com crash. Apparently the two of them haven't such a good relationship currently“
Interesting - he had been my top pick. So that leaves our 2 iis - although I still doubt they wouldn’t declare as they went through thresholds or it’s several sellers either operating separately (an odd pattern if so) or in concert for some reason - or it’s some form of shorting although I don’t claim to know how this could be delivering profit at the range of buying and selling we are seeing.
GP - yes I think it’s in a national park, but they seem t believe they can access it from a site outside (yet to be announced). Original reservoir was as you say rubbish in terms of commercial extraction. Do you think they might be right in their view that technological advances can change that now or are they “barking at the moon”?
@Hydra - I agree with you about being suspicious about Heyco’s motives on Wressle development timescales - but why does the extent of the watercut concern you as from what I understand there are contingencies in place to manage this?
I agree that long term it’s the progress on assets that will drive the SP not the sentiment. But as essentially a small PI retail share this is likely to be affected by what people read on boards if only to make them postpone buying or jump in - which is why you get traders ramping and deramping across all these small retail shares.
Short interview appearing on Proactive today summarising the way forward on Inishkea.
https://www.proactiveinvestors.co.uk/companies/news/1040514/europa-oil-gas-outlines-benefits-on-licence-extension-icymi-1040514.html
VL - if this is an attempt to suppress the SP prior to takeout bid (and no idea if it is), with the regular selling starting in Jan it could just as well be a Vermillion. The cost of doing so would be peanuts to them and potentially save many millions in any offer.
Thanks for analysis GP. I imagine we will see a steady increase in water, but as this is now licenced for disposal (in an eog site?) can’t see this should really matter. They have referred a couple of times to managing the well to prevent water coning, and so long as they do this seems ok. Doesn’t wychfarm operate successfully on a 98% watercut? As for reduction in gas is that not also what we would expect at this stage? Also wonder if Nov may not be a reliable month since it covers the restart period.
Good clear update on where next with Inishkea. May be “1 month’s reprocessing work” but actually clear that the 2 year extension is all about getting the farm in partner and seeing out the current political blockage if necessary.
Hopefully they will be introducing themselves to some of the local managers etc of major players in the area. Getting noticed and building these relationships quickly could be key to getting potential partners interested.