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@chas - the trades over 1.84 this pm look like buys on the prices quoted, which to balance the books presumably means there is a late reported sale to appear, probably tomorrow now I would guess.

Positive follow up on last weeks comments from MasterInvestor
https://masterinvestor.co.uk/equities/small-cap-catch-up-featuring-air-rwi-and-foxt/

Hard to tell as the spread has narrowed so much with the increased liquidity. At a guess, if you think the date/time stamps are reliable, I would say two sales under 2p and two buys over. The large single sell might explain why the consistent buying hasn’t lifted the price significantly more this week so far.

I think we are all just waiting for the next Wressle update now. So far Tuesday has been the most common day for updates - I guess it gives them time to analyse flowrates over the weekend and agree an RNS with partners. But who knows if it will be this week or next …..

New CPR is key - everything from Wressle has so far been big ticks for the greatly improved flowrate. Let’s not forget too that whatever it’s initial decline rate Crosby Warren is still producing and providing a nice little revenue stream after 35 years.

Apologies - hit the wrong calculator button! Only £7m profit on 1000bopd, would need the full 1500bopd to roughly equal MCap in a year. Still not bad revenue from one asset and our other production will be highly profitable at these OP levels as well.

@Tovoc. At today’s oil price it would only take 1000bopd from Wressle for EOG to make more profit in a year than its current MCap!

Just listened to the Varadkar clip and it sounds like an unambiguous restatement that in the Irish Gov view current licences still stand and that if exploration in these licences discovers more gas it can be brought ashore - but they won’t be issuing more exploration licences because these probably wouldn’t be producing gas for 30-40 years. Based on this statement can’t see any grounds whatsoever for Minister Ryan not to sign off the various permits on his desk for our current licences. While politicians may speak with forked tongues, on the face of it this would look like Inishkea/Edge should be game on - although perhaps we may have to wait for the Energy Review to provide Ryan with some political cover.

@Mr BB. If that is an accurate summary of what Varadkar said then that’s fantastic news for EOG! Let’s hope we see more along those lines as it looks like serious politicians may now be willing to put their heads above the parapet to address the gas issue in Ireland. Come on Mr Ryan let’s hear your plans for managing the huge gas shortfall!

Just to remind everyone that all of the SP gains this week have come from people recognising the value in EOGs assets and not from any news release. We are still due a Wressle update on CPR, flow rates gas handling etc. The RNS last week was on the downhole pressure analysis from data taken in early December. Our last general operations update was 6 weeks ago and they had a lot of plans to upgrade gas handling and explore the potential for flowrates subsequently. Think good possibility for news next week - especially as it’s the Anniversary of first flows on the current Wressle operations - slow but sure!

Thanks - sounds good to me - although I see oil has just gone over $90 and who knows how good the news may be from Wressle!

@Mrbb - do you know what he said about the SP as can’t access the site?

Nice buying, great volume - looks like the additional publicity may have attracted some new investors. Hopefully the next little surge (perhaps from Wressle CPR/gas handling update/new bopd flowrates/FDP for other reservoirs?) will take us over 2p.

Quick short summary on EOG assets for anyone new:

Production - historic non Wressle production c75 bopd broadly covers company running costs. Wressle production (exceptionally profitable) exceeding all expectations and last reported at 200 bopd for EOG, but downhole pressure results suggest this could rise to nearer 365 bopd for EOG at optimum flow rate (higher rates may be possible). Delay in testing full flow is caused by the unexpected bonus of significant amounts of gas and now looking to find ways to handle and monetise this appropriately. Two further reservoirs with oil and additional gas to develop and a similar prospect in adjoining licence to progress idc.

Ireland - needs gas for transition strategy, but own reserves running down. EOG have 2 key licences and drill ready prospects next to main current gas field (Corrib). Currently held up by Greens in coalition, but crunch time is fast approaching. If we get any kind of go ahead this should be huge for EOG - see Tovocs comments below.

Morocco - large licence, many targets, now looking for a farmin partner. Favourable country and others active in area, but unclear how much appetite there is at present for farmins in general. Awaiting news.

Geothermal - working with Causeway GT a separate company set up by our chairman looking at new clean energy geothermal techniques. Suddenly got very interesting when Baker Hughes turned up as a collaborator with Causeway, and one of our older well sites has now been chosen to test out their technology as a preliminary test site for Europe.

Cash in hand - debt free and been making good profits from Wressle since mid-August. Perhaps c£2m now in cash and adding about £300k profit a month from Wressle alone at current OP and 200 bopd flowrate.

This short summary inevitably doesn’t cover all potential opportunities or risks, but recent RNSs will cover most of these points and dyor. If something significant is missing about current assets maybe someone could add it?

@Tovoc. The Irish Gov Energy Review was pushed back from last year to H1 this year - so due anytime from now on. I don’t think the Review paper itself will say Ireland needs its own gas as I think the Minister has stacked the TORs to stop it doing so, but I think the debate that follows the report taking into account the global energy situation and Russian control of gas supplies will push the door open. If the Gov can put aside the Mininsters outdated Green ideology, by signing a couple of bits of paper Ireland can probably guarantee its own gas supplies for the duration of the energy transition, while raising enough tax to fund a world leading renewables industry and subsidise Irish energy bills to attract new investment and protect the poorest in Irish society.

Nice write up on EOG being tipped for a promising 2022. Link courtesy of Spangle93 on the other board.
https://masterinvestor.co.uk/equities/europa-oil-gas-a-penny-stock-due-for-a-further-uplift/

While digging back into old Wressle RNSs I came across this extract from the 2016 CPR

“ Broughton North Prospect

High Geological Chance of Success of 40% to 49% assigned by ERCE to Broughton North which is in a fault block immediately to the north-west of Wressle STOIIP for Broughton North is 3.43 million stb across the Ashover Grit and *****tone Flags with Mean Prospective Resources of 0.51 million stb of oil plus 0.51 billion standard cubic feet of gas.”

Based on Wressle successful outcomes this looks even more attractive now, and could offer life after or alongside the Pstone Flags, recognising that this would have to go through all the planning and permit hoops first, so wouldn’t be quick.

GP - useful data, thank you. Do you think it’s reasonable to consider that if the Ashover Grit can go from 80 bopd to possibly 1500 bopd with a PS(!) that the recorded flow rates from these other reservoirs also had skin issues from drilling and could potentially be increased by a similar proportion?

Full use of the approx 2000 barrels of storage capacity was granted by council see RNS of 26 May 2021. Not clear from wording of RNS to me whether this is limited to 2000 barrels or they could add more storage.

I think we should really look forward to the other reservoirs being brought on line as it’s sounding very positive for equally good results, but I don’t think it has ever been the plan to run them all at top rate simultaneously. If you look at the diagram on page 28 of the EOG AGM report you will see that the other reservoirs are planned to be brought on stream as the Ashover Grit begins to deplete. And realistically while I hope that Wingfield Flags might be brought on stream as soon as EDR choose, *****tone Flags is probably going to require more planning permissions and drilling, so my guess is that is 18 months minimum. The revised CPR should help guide us on potential depletion rates, but better to have 6 years plus of consistent production than some boom-bust cycle.

The good news about that diagram is that we now probably need to raise the overall target level of production by some 150-200 bopd to take account of the Wressle success!

GP - good point re gassy challenges on other reservoirs, presumably this is why they are looking to sort out a long term solution to the gas handling at this stage. If they get this right it could presumably be another nice little earner.

Here you go just found the extract from the FinnCap note of June 2020 which we discussed last January:
“The current development scope includes the re-entry of the Wressle-1 well, recompletion of the Ashover Grit interval and perforations of the Wingfield Flags. These two reservoirs will then be comingled, with the produced oil trucked to market”