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Same sentence since Q2, little changes then. The electricty prices in Spain are tanking, in Q3 they presented the revenue in AUD instead of EUR, from €1 million in Q1 to €0.8 million in Q4, peak was Q2 with €1.4 million. Then you have to substract opex, G&A and taxes, so I doubt they made an income above €1 million for PXEN, and most of it went, and will go, to the solar installation. Wholesale electricity prices in Spain keep tanking, so 2023 does not look as good as it did 3 months ago. Let's hope that there are no more delays in Italy and Po Valley gives good news regarding the progress.

Great read! The gas portfolio is the opposite to the oil one

Carlos Mora wrote an entry in his blog about the RNS
https://moram.eu/blog/

sorry, I was talking about 36-2

Proper reservoir management requires some restriction on the flow, to prevent damage and extend life. Never confuse the result of a flow test with actual production rates. We still have to see some data after the situation with the 16-2 well is controlled.

Every neighbour has objected, many cite that they don't want more oil because the country is shifting towards clean energy. But other also complaint about the proposed solar plant planned bext to Glentworth. Some responses are actually quite funny, such as a neightbour that doesn't want oil or solar, and he/she has a solution: "What is wrong with burning coal like we are already doing." I'm sure this neighbour will also complaint if there is a coal mine projected in Glentworth.
Most of the points regarding the road not being suitable for HGV are on point, the Glentworth parish submitted an objection with pictures and I don't understand how the current site was approved with that communication. I think the company should have to propose the construction of an alternative route, maybe the northern road.

The wholesale electricity prices in Spain have recovered

Despite all the objections from neighbours, yesterday the Environment Agency sent its position: "we have no objections to this application".

It has added to its letter a series of interesting items:
- We confirm that the operator has already submitted an environmental permit application to the Environment Agency for this development, on 28 October 2022.
- an appropriate hydrogeological assessment has been provided
- There is a good hydrogeological assessment taking into account the need to protect the water around the site.
- There do not appear to be any documents submitted within the planning application that refer to waste management.
- The plans do show that there is an understanding of protecting the water course by creating a bund around the drilling area, which will also hold the oil storage and chemical storage.

It seems this new site is going on track.

Some neighbours have responded and presented their objections. It is weird to see people living far from Glentworth to object, as well. The two main worries are "we're moving green, baby" and "excessive trucking", the latter being a fair point, but with 16 HGV/day during operation, it does not seem high enough to cancel the project. I guess iGas could spend some money on Glentworth roads to lessen neighbours' reluctancy.

Be careful, wholesale electricity prices in Spain below 50€/MWh, reaching peaks of 0.65€/Mwh.

The sale of Crinan and Dandy has lowered the risk of a placement, but it is not zero. United O&G has sold a field for £5.7m in total, including all contingent payment. If that figure is compared to the 5 million barrels that will trigger all the payments, the equivalent royalty would be 1.7% at a price of 80$/boe. However, Orcadian's sale included a royalty of 2.5-4% with significantly more reserves in place (27Mboe vs 6Mboe).

UJO should buy EOG and then EDG, it is inneficient that these 3 companies share Wressle's production as most relevant asset.

Another round trip flight for an helo, this time to Blythe, for those who are or have been working in the industry, how common is that?

A new satellite picture is available but everything is covered by clouds.

Remember that when IOG resumed production from Blythe and Elgood, they didn't announce the restart immediately but after a week or so. If we follow that same behaviour, Southwark A2 may be producing as of today, but the company would release the RNS by the end of this week. They announced first-gas in mid-January, that doesn't mean the RNS will be published on the 15th.

No new images in Sentinel-Copernicus yet. Vessels seem following standard operations with a recupply to the jackup. I have a positive vibe for this, I hope we can have the RNS released soon.

No flare can be seen today in the Sentinel images. Large waves can be seen though, could they have stop operating aboard the Hans Deul for security reasons?
https://cdn.discordapp.com/attachments/890218609941553212/1063556427848896622/image.png

Blythe and Elgood are much lower than that. Don't trust old estimations

It is a picture of the ongoing tests, it doesn't mean the RNS will be available on Monday, but everything is progressing well, do not give it for granted though

Try this link: https://cdn.discordapp.com/attachments/953400981939429507/1063075549955768441/image.png

The Copernicus satellite images show flaring at Southwark on the 8th and 11th