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This explains the delay of the CPR.
Now the following questions arise:
1) What happens to the plan to bore another hole into Ashover Grit?
(This was expected to happen relatively quickly!)
2) How fast the water content is increasing per month; is the increase fast or slow?
(3% suggests this is relatively fast!)
Unfortunate news; the news gives the impression that our gold goose seems to be running out of steam but hopefully still has much to give.
We need GOOD news on Inishkea!
IMHO
I suspect the CPR has been released to the directors of each company, (this was expected to have happened over two weeks ago).
I was hoping that once the CPR is released to the directors we would see a bounce as news steadily leaks out.
Maybe this is what has happening now!
IMHO
Https://oilprice.com/Energy/Crude-Oil/UK-Energy-Minister-We-Will-Produce-100-Of-North-Sea-Oil-And-Gas.html
Ireland need to follow suit; for exactly the same reasons!
IMHO
Sad to see another long timer go, but fully understand you reasoning.
Europa has been a thoroughly disappointing share; I'm 70% down on my considerable holdings.
I'm hoping that we'll have a bounce soon maybe hit 3p based on CPR and increased production by end of this year, or more probably end of next year! Europe always fails to deliver on their project timing.
Good luck matey, your choice may have been a very good one as we continue to slip!
I know as soon as I sell the share will bounce, lol
IMHO
In addition to what Serif said.
Corrib is producing less and less each year, (with the reductions being met by foreign energy imports) with Corrib expected to cease production in early 2030's.
This will make Ireland fully dependent on "expensive" imported energy.
When Corrib shuts down the pressure of it being offline should hit home and predict the future; this will be an excellent reminder for Mr Ryan and the Irish.
Also the Corrib infrastructure which cost 100's of millions of pounds to build will be wasted come early 2030.
@Grey I was hoping that Egdon hadn't seen the CPR, as there takeover price valued them at only £27M or so.
If this had been with access to the new CPR then it would imply the CPR added very little additional value to Egdon, which follows that the CPR wasn't much cop!
So going on that premise that the CPR hasn't been seen and their deal is done, we, (Europa) have the good fortune to see the full value of the CPR added to our company's worth!
I really hope it's in the multiples of 4/5 or more to the previous estimate.
We'll know very soon in anycase, once the CPR is available and news leaks we should see a bounce in the next couple of weeks.
IMHO
The question I have is that if Egdon's sale was agreed without the CPR being ready or even viewed would this potentially supper the Egdon deal especially if the CPR reports far more oil than previously estimated?
We know for sure Wressle has more oil than previous thought but we don't know by how much or (finger crossed), by how many times!
The CPR could/probably lead to a revaluation of Egdon's worth and hence our price too!
IMHO
Great news on EOG's $12M income from Wressle.
But the better news is that we are producing at far greater rates of bopd and should be on a downward spiral at Wressle by now based on the initial CPR. But instead we are increasing production limited only by our gas flaring conditions.
There is still no water contact which adds to our our good fortune.
This indicates that the initial CPR was terribly wrong which I think suggested that Wressle had approx. 2.1M total from all three layers.
So this raises two questions:
How much will the new CPR suggest we will have? I'm hoping it's at least double the initial estimate but would love many multiples of the initial estimate!
How can the initial CPR be so wrong?
All looking very positive with much more positive news to come.
IMHO
Extract from bobbyBee --> tommy 241:
"cpr. eog to get first look in approx. 2 weeks; public release at some stage following this, approx. 1 month away?"
No doubt we will see a boost upwards once released to EOG, news will leak!
Also a further boost in a month or so once open to the general public.
Good news, lots going on; finally I see a chance of a substantial SP gain in the very near term.
IMHO
The Wressle CPR that is due will probably increase the retrievable amount of oil by multiple times, let hope it's many times that of the original estimate.
If this was not the case they would not have decided to drill another hole into Ashover Grit layer; so they must have an inkling already to what the new estimate is.
IMHO
@hasiba the price of the SP settling at is all dependent of what is causing the rise.
I suspect/hope it's on tangible good news yet to come; If it's a farm-in then 3p would be very cheap more like 5p to 10p!
IMHO