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Great news, so it all depends on the flow rate now achieved. 500 bopd is the target, but anything over 350 adds 100 bopd to EOG and more than doubles current production. EOG finances should look very different after this. Fingers crossed!

Not sure about that, Brushless. Considering the lack of any news, selling v buying looks pretty sporadic and light to me. There can’t be many here who don’t feel that an update of any sort is well overdue.

Doubt EDR will confirm anything until the squeeze has taken place - why would they? Various reports and pictures on Twitter of equipment coming in last week - which if they are the long awaited convoy would seem to indicate a squeeze this week or next, with final flow results a week after that.

If they can come up with a credible plan to get off the coal and peat that doesn’t use gas but only renewables, the rest of the world should copy it! Once they spell out that gas remains the least bad transition option for Global Warming, then some of the harder questions can be asked about gas from where, and at what financial, environmental and security cost. Just sincerely hope that we don’t have to wait until 2025 for this!

Isn’t the Irish Gov Energy Review meant to come out this month. This could be a step in breaking the indecision logjam - but not sure anything moves fast in Irish energy politics.

Thanks for the link Mrbb had missed that. Seems that they are looking to extend the cooperation with Causeway if things work out from the desktop analysis.
On Wressle was very upbeat about current performance -“field performing better than expected pre PS and flow rates still increasing” - on timescales says specifically that the delay in start of PS operation is 2-4 weeks from Now.

Half the value of what? Seems sensible to allow a company that wants to experiment with this technology to take the effort, costs etc. while we host them and get some spin off benefits. Why would we want to divert all of our time onto this unproved technology at this stage?

That looks like a win/win. Makes use of old assets, promotes green energy credentials, presumably low or no significant cost to us, ties in Chairman’s new interests clearly with EOG and may in time lead to something of value if positive outcomes. Would be good to have someone - perhaps our Chairman? - say a bit more about what’s involved in the project.

Same over at edr - think people want to see it delivered after so long a wait. Then after a rise I suspect we will only get full value recognised when Simon shows how he is delivering on some of our projects to improve the whole package.

You want to see THAT much of Simon by the pool?

Yes, from the minutes mid-July looks very much like the latest date we should know - given in terms of holding the next liaison meeting -while avoiding giving any precise date for the squeeze. That said GP if you are right about people coming from Central Europe to do this then everything will be in the hands of COVID travel restriction and current import delays, so timescales are likely to be unpredictable.

I’m not sure what we expect eog to promote about the Irish assets that hasn’t already been said. Data rooms are now open, but can’t see anything moving anywhere until the Irish Gov energy review is completed in I think July. The LNG application is more evidence that everyone can see they are going to need gas transition for some years, so all jockeying for position prior to review outcome. The really activity needs to come in the lobbying around the review. Think the presentation (less said the better) was simply an attempt to announce that Morocco was looking good and up for an early farmout. I would have liked a bit more emphasis around the plans to extend production and how bopd at $75 plus, rather than $60 when the last forecasts were drawn up, was making this all highly profitable.
Re Brian’s new venture, Chairman of EOG is hardly a full time role! Better to have an active Chairman who is bringing in some fresh thinking rather than simply plodding along the same tramlines as everyone else.

@ccf. Any explanation being given for why it’s taking so long for what was said to be a two week set up?

Not sure what this proves except that eog haven’t produced their company maker - which we know. Wouldn’t this be similar pattern in most small o&g Aim companies?

I think Plan A is to avoid another endless project and try to cash in on Morocco fast (by end of summer I think he said) presumably to release some money to pay for the new acquisition to give the company some momentum. Alongside this build a steady increase in production to provide a very strong financial platform for next 5 years - see presentation slide on this. Ireland is frozen until results of energy review in July, but that may then trigger movement, which is why they are marketing Inishkea and Edge now so any interested parties could move quickly depending on review outcomes. Involvement in geothermal is bubbling away somewhere - just hope we can seize any opportunities here at the right time.

Trying to erase my memory of that event from last night, I would say that Simon has steered eog through a difficult year and there is still time for him to leave a positive legacy through delivering a farm out and decent new project this summer. In the meantime, as our finances have improved, the Board should be identifying our next CEO to bring some better energy, fresh thinking and understanding on how to position eog with shareholders in today’s environment to take the company forward after that.

Wrong presentation for this setting, poorly delivered - could keep this for the virtual data room. Interviewer sort of said it all - you’ve got all these interesting things going on but you are not talking about them - Morocco farm out interest/timescales (rather than simply going through too many over technical slides to cover), involvement in new thermo energy initiative, progress with new appraisal project. Can’t understand why when there seems to be all this going on (as he seemed to concede when she squeezed him!) they can’t find a way to get excited about it and communicate this positively. I suppose that at least we learnt that both data rooms were opened/opening to seek farmouts - but what a missed opportunity.

SP is looking low in terms of our current production with the price of oil touching $74 and rising strongly. We should get further production from Wressle in next 2 weeks and if we reach our full quota then at these prices it should truly transform our finances. This is a golden opportunity for Simon to generate interest to show why EOG should be worth more than its baseline assets. IMO to take us beyond being a 2p share he needs to show investors that EOG are making tangible progress to unlocking projects which credibly add value across the next 18 months. Then we could motor.

Well I would love it to be something new and environmentally friendly which could also help unlock our Irish assets. But it’s not “the North Sea” so I wonder if it might just be a Brian thing? Or may be we are putting more than one iron in the fire - wouldn’t that be nice to see some new energy and imagination around EOG. Imagine what a sound financial platform from Wressle could enable us to do then.

Presumably the 1 million sale now showing at 1.18 price is what took us down yesterday.