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@Grey, from the video presentation,( previous post link given) it seemed that it wasn't so hard to do this. They showed the existing Wressle pad and indicated how much space was still available for a second or even a third drill hole.
They were waiting of various reports before submitting the application form.
The difficulties in doing so were not alluded to, maybe this was kept back on purpose?
IMHO
They are planning to add at least one more drill hole to the existing Wressle pad which should be easy enough.
Once we sort out the Gas issue we should be producing between 1200 to 1500 bopd thats 360 to 450 bopd to Europa.
A second drill hold would ideally double this to 720 to 900 bopd to Europa.
They may add other drill holes to the existing Wressle pad too, hitting the other layers.
Hopefully at least one should be added by the end of the year.
We really need to sort out the Gas issue which would yield results the quickest and increase production with very little work needed.
I'd be happy with a 4p/5p takeover offer; which would still be a cheap buy, considering what our Golden egg, Wressle, is currently delivering and what will be delivered in the near term and medium term.
IMHO
This is good and bad for Europa:
If they win this would give the go ahead for companies to start drilling and I suspect Ryan would have to resign, loosing such money is no small deal.
If they loose in court it would make our lives a little more difficult as we would HAVE TO find a major with such assets to pursue this development.
IMHO
@Serif my understanding was that we must make a decision to drill the site by around December or January for Europa to get an extension and keep the licence?
If we don't get a farm in partner we would have to return the bloc to Ireland.
Is this not the case?
IMHO
@isdeer I truly wish you are right and a deal was being worked out on Inishkea but I'm far from optimistic, simply because if we haven't managed to get this through in the last 10 years why would it happen now? Even with gas prices high there seems to be very little movement.
Ryan and his Greens have snookered us and that's the sad fact of the matter.
Wressle is our best hope in going forward and has far more potential then any of us could have hoped for, I would be happy for a 3p takeover, we generate more oil than Egdon!
Hoping YOU are right and I am wrong!
IMHO
We have approx. £5M in the bank and are making approx. £5M/6M a year.
Wressle production will only increase once we sort our GAS issue.
Our production will increase again once a second drill hole is put into Ashover Grit layer.
Even more when we start on the other two layers yet untapped!
So, if we don't get a farm in partner we may have no choice but to go it alone!
So with all our assets could we? I think yes, by borrowing on our assets but the risks would be huge, with the rewards being equally huge!
IMHO
That's not bad $11.25m for Wressle, approx. £7.5M plus maybe another £2m from existing production for the same period.
Around £9.5m in total.
If we can get production up by adding another drill hole and sorting the gas issue out that would be even better and sooner rather than later.
I have just seen the video below, (about month old) about Europa's Inishkea prospect:
https://www.youtube.com/watch?v=GcTqdqTaVrE&ab_channel=ProactiveInvestors
**We only have until Jan 2024 to commit to drilling Inishkea which is part of the conditions for a further extension; in which case we MUST get a farm-in partner by then!
So I take it back, I would hope the executive are working their butts of trying to get that elusive farm-in partner.
Either way the Inishkea story will finally be coming to an end, hopefully a very positive end for us all at least until we drill.
IMHO
What right direction?
We have one success which is producing well for us and has been for two years. That's it!
In the same period we have seen our share price collapse and shares diluted to close to 1B in circulation.
Our executive are so over worked they have:
Egdon managing Wressle.
Inishkea managed by a third party company.
What exactly are our well paid well rewarded executive doing?
All I can see them doing is some basic admin and attending a few Zoom meetings here and there.
At least the local golf course and pubs must be busy!
IMHO
We were expecting an RNS regarding the GAS turbines months ago and it still hasn't dropped!
Let's face it guys we are a one horse pony and that is Wressle!
Inishkea has been going on for years and years now; still waiting!
Best chance for Inishkea to go ahead has been since the Ukrainian war but we are still waiting!
Good luck!
Still hoping for a share buyback!
Europa must be raking it in!
What are they spending the money on? Very little, the biggest expense is wages for people who are forever in a holding pattern, waiting for things to happen on Inishkea and Wressle both these projects are controlled/managed by others.
To save costs we should put our directors on half time. I just can't see they have anything to do, a bit of admin here and there!
All the while the SP slide DOWN, Down, down!
We should do a share buyback!
IMHO
I really do think Europa should buy back at least £1M shares or put the shares in a kitty for later use or dissolution!
£1m would remove approx. 100M shares if the latter option is used then Europa could sell some of the shares should the price go up if they need money?
IMHO