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@Tacuma I'm so sorry to here this; I too have been here for almost as long as you. I fully understand your frustration; I am currently down 70% on my considerable investment. Wressle gives me some hope and I am hoping too that with the current oil/gas crisis in Europe, Europa's fortunes may finally turn.
I'm ever the optimist!
Good luck to you matey.
IMHO
@minimil Yeah, I am in total agreement, the wage packets of the seniors at Europa are far too high and simply based on the fact that Europa is a tiddler of a company.
The directors should be paid in share options based on share price increases; this is a better incentive rather than creaming of large pay-packets.
Also the SP has performed dismally which is a separate point.
IMHO
Agreed, Inishkea is the prize!
If a farmout partner is found yes I agree at last 10x increase in SP probably more.
Imagine this all happens then we actually hit then we are probably looking at many pounds per share; remember Inishkea has enough gas to supply Ireland for 17 years, thats a lot of gas!
"This time next year we could be millionaires"
One can dream, some dreams do come true!
IMHO
When we talk of Inishkea it's fair to talk/speculate of its potential value; I don't think this is silly at all.
Yes, there maybe no gas there or as @Herbert thinks the gas could have been used but until it's drilled we won't know and that too, if it gets drilled at all? (Mr Ryan being a blocker).
After all, what is this bulletin board about if we don't speculate at the potential of our prospects, because that's all we can do in the absence of actual facts.
Serenity had greater potential then the initial 20M barrels of oil already confirmed, but after the drill we know this is not the case.
I'm inclined to think Inishkea will be a hit based on all that I have read and where the field is but I'm also inclined to think it may never get drilled as the Greens in Ireland are very powerful; we will never know until a drill happens.
Until then we can only speculate!
SO was hoping we would find a farm in partner this year!
What I don't understand is whether Mr. Ryan can still stop us as we have the permits to go forward?
IMHO
@iamrich managed to find the post:
Okay this is my calculations:
A Trillion cubic feet (1 Tcf = 1,000,000,000,000 cubic feet)
To convert to BTU 1Tcf x 1100 = 1,100,000,000,000,000 BTU's
Cost of 1 BTU = $0.00000875486
So 1,100,000,000,000,000 BTU's x $0.00000875486 = $9,630,346,000
Approx. $9.6B for 1 tcf!
1.5tcf is worth $14.4B Gross.
I'm very unsure on these calculations but I think these are more accurate than the millions previous suggested.
Can someone with better knowledge confirm or correct; I could be grossly wrong!
IMHO
What was very interesting which I had forgotten and mentioned by the fellow in the front row was the TAX rate on Inishkea which was set lower during the first phase of block releases.
I think for Inishkea block the TAX rate is set at 40% on the second phase of blocks it was set at 55% which is a considerable advantage and material gain of 15% :-).
Also the fact that Inishkea gas can be supplied to the UK and hence Europe is VERY positive and could produce further income for the farmout partner.
I really do think that SO should not be presenting, as a presenter one must sell the prospect with all its advantages and have a positive presenting style.
SO's presenting style is very POOR; one can fall asleep when he presents, the fact he left out so many positive points about Inishkea could be the difference between a farm out happening or not.
Thank goodness for the fellow in the front row who mentioned these additional advantages and was far more positive and upbeat about the Inishkea prospect which any potential investor there would now be fully informed about.
I myself didn't know about the possibility of feeding gas to the UK and had forgotten about the Tax advantage.
IMHO
Probably because Europa has always promised the world and failed to deliver or delivered very little many years later then they stated. To be fair NOT all of this is their fault; they are also at the whimsy of local councils and indeed governments.
Unfortunately this all reflects in the confidence of the Company/Management itself.
IMHO
@Serif It does say you can view the event after its finished, so maybe later tonight?
https://www.proactiveinvestors.co.uk/register/event_details/393#
Going on the premise we have £8M to £10M in cash and if we get the GAS turbines running eminently and lets say we produce another 200 bopd from Wressle thats 60 bopd to Europa.
That's approx. 283 bopd at $75 per barrel. thats approx. £500K per month to Europa gross.
The point is that in two years we may have up to £18M in cash probably a lot more if we reach full production of between 1200 to 1500 bopd. Plus oil prices are expected to increase once China comes out of it's horrid COVID situation.
So the question is can we go it alone with Inishkea? Is it worth the gamble to go it alone?
If I remember right, Inishkea would need $32M about £27M odd to drill.
IMHO
@Joyride: Yeah I did notice that it was only 29% efficient; it seems an awful waste but Egdon obviously failed to get our gas connected to the main supply even though it is only 600/700 meters away; there must be a good reason why this option failed to materialise.
Anyhow I'm hoping that we should make a little money selling some energy back to the grid (assuming this has been setup).
The best news is that we should be able to start pumping much more oil hopefully our full whack of between 1200bopd - 1500bopd.
IMHO
@cash Brilliant post. good news.
A bit more on the C65 Microturbines:
"The C65 is part of the Capstone range of clean and green turbines, which are scalable from 30kW to 30MW and can operate on a variety of gaseous or liquid fuels. Capstone turbines are the ideal solution for today's distributed generation needs."
Each generator can produce Electrical Power Output 65kW,
From the picture from @cash's post (twitter pic; we have three units delivered/installed so we could be producing between 130kW to 195kW. (3 x 65kW being the max production)
I don't know if that's per day or per hour? I'm very poor on the electrical units.
IMHO
So if we have earned $9M from Wressle since August 2021, (when Wressle started up); that equates to approx. £7.2M (at $1.25 to the pound conversion)
We must have at least made £1.5M from our existing production West Finsbury etc.
Plus we raised separately £7M for Serenity which we got back £2.2M
So that make an approx. cash holding of £2.2M + £7.2 + £1.5 = £10.9M Gross
Minus all expenditure for the year, wages, rent, insurances etc lets be over generous £3M leaving us with a grand total of:
£7.9M in our coffers!
IMHO