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0.9p share price!
Heartbreakingly low :-(
Share buy back is the need of the hour; at this price even one months of Europa's earnings put towards a share buy back would have a meaningful impact on the number of shares in circulation.
IMHO
@fairdealer I agree, Serenity was a very poor play and a total waste of money; this I believe was proven by the fact the next door Tain licence was surrendered and also both companies wanting to develop Serenity are relatively tiddles and both don't have the resources to develop the field.
Ireland could yet surprise us, I say this becasue of the close infrastructure nearby that cost a fortune to build and will simple rot if not used and Ireland needs gas and electricity for it's ever expanding data centres. Although, the Irish seem oblivious to this, so I'm not holding my breath; this saga has been going on for many years already!
Further development of Wressle and Africa is our best hope; Europa should look for projects outside Europe; we seem to all be fooling ourselves that importing oil/gas from the US and Saudi somehow makes us more green than developing our own oil/gas locally which would ironically save millions of tons of CO2 emissions!
Does anyone know how many barrels of oil Europa is producing now?
IMHO
@Bubble That's mouth watering!
Wouldn't it be wonderful if we finally got a farm in partner. That's approx. $600 M for Europa assuming 25% stake plus a few million in initial costs for work already done!
If only!
IMHO
With the news today in the UK powering up gas stations and this article; things really are looking good for a farm-out for Europa.
I suspect the farm out partner will be Vermillion if it indeed does happen!
At least the needle has move somewhat in our favour!
IMHO
Got it!
https://www.lse.co.uk/events/focusir-february-2024-webinar.html
Very encouraging article :-)
https://www.bbc.co.uk/news/business-68225830
I think you have answered you own "surprise".
Europa has always been loaded with potential but alas with no tangible material outcomes; projects get stalled in a forever holding pattern; hence no SP rise!
If something actually happens, a farm out of Inishkea, we'll see the dam burst!
IMHO
@Term
I think most shareholders would "really love" this company to be sold, I would myself for one.
I suspect I would take a massive loss even with this happening; by break even is 4p.
Secondly you mention a share buyback would be incredibly short sighted but I would argue that taking a combined salary of £600K for three directors is far more short sighted especially with the facts you yourself suggest, one such fact you put forward is that we have probably £2m-£3M available; surely £600K is far too big an expense when compared to these figures!
You also mention their salaries are not unreasonable compared to other companies, which companies are you choosing for this comparison?
Have these companies you compare their salaries too seen their share price collapse and their shareholding be diluted from 250M(approx. 8 years ago) to almost 1B shares? When is performance taken into account when salaries are awarded; it seems performance is not even a factor here nor is the fact that the company size is relatively very small.
£600K of £3m is 20%; just going on salaries!! We simply can't afford such salaries!
Yes, reward these directors but reward them when the share price hits 3p, 6p etc with share incentives.
These guys are simply taking the pi**!
They are in no rush to get anything done, all the directors are getting very well paid regardless of any RESULTS. Our share price has crashed our shares diluted, yet our directors get bigger and bigger renmerations.
There is no rush for them, I don't believe they have enough work for a full week!
Half the time I suspect they are down the golf course, with only one issue for them, that's its getting colder to play!
IMHO
I don't see Tain/Serenity happening for at least four/five years, if it ever happens at all which is the most likely scenario.
The question I would be asking is WHY the Tain was abandoned and handed back?
Inishkia has failed to get a farmout partner so we have to ask Ryan for another extension on the pretext of further processing of data, if we have a very very bad winter and fuel prices rocket we have a chance this may go through, but our chances don't look good, we have gone through one of the worst energy crisis last year and still we couldn't get a farmout partner!
We are a one trick pony and that is Golden Goose Wressle! This is where all our efforts should be put and get production up by tapping into the other layers to get as much oil/gas out while prices are high.
Sentiment agains oil/gas is very bad today, it will only get far, far worse, we don't have the luxury to wait years.
A share buyback is my preference in the very short term with the best medium term option being a company buyout.
IMHO
Https://www.youtube.com/watch?v=MXUje_Jh58E&ab_channel=ProactiveInvestors
@Term https://www.europaoil.com/wp-content/uploads/2021/05/Irish-Exploration-Licence-Awards-17.10.11.pdf
I'm not anti Europa, I'm still very much hoping we get that elusive farm in; I bought in when Kosmos was talking of farming in which around 2012/13, not sure on the exact dates.
Two rounds of awards took place. The first had a TAX rate of 45% on the blocks given and the second round was 55%.
Inishkia Block has a Tax rate of 45% so must have been awarded in the first round.
Maybe Gray/Serif can confirm better.
IMHO