The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
This issue we have in connecting/linking to X or Y is the difficulty in getting permits and permissions.
Didn't we try to connect to the local Mains GAS pipe which is a few hundred meters away and we failed to sort this even.
IMHO
@itsawrap Thanks for all the info.
I think what we have to look forward to is the potentially doubling of production at Wressle to approx. 1200-1500 bopd once the Gas issue is sorted. This should now be relatively soon. This for shareholders is great news in itself.
The production of the other layers looks like years away unless we can drill on our existing site! It's taken over a year for Egdon to sort the Gas issue out which still hasn't been done but we are close!
Only other potential big win is Inishkia if this comes in!
INHO
oh dear; if this interpretation is true; and we are looking for a new site entirely then we are defo looking at least 5 years at least before the other two layers are drilled.
It took years to get Wressle up and running!
IMHO
I don't mind SO but what worries me greatly is his pay-packet and remuneration; for a small company like Europa is very unfair to the shareholders and especially as he has obliterated the SP.
The others directors would be taking large salaries too! It rather looks like they have their hands in the till!
It is very wrong.
I know I sound like a broken record but:
I worked out Europa is getting approx. £571k per month Gross, based on 2022 averages:
Average monthly production of 245 bopd for Europa.
Average Brent crude price per barrel $93.4 (I used $92 per barrel)
I used $1.2 to the pound.
I think we must have around £6m-£8M in the bank!
Remember the £7m raised for Serenity was raised separately NOT from our existing income and we should be getting back approx. 2m from early finish of Serenity drill.
IMHO
1) We should be able to increase production to between 1200 and 1500 bopd by end of this month.
As we have found away to convert the excess Gas to electricity and sell it on adding adding more revenue.
Equipment being installed now.
This may double or more our existing production and hence double our revenues.
2) The European Russian oil ban comes into play ; 05 Dec 2022, four days from now!
This will probably push the price of oil up substantially, (we are already close to at $89 per barrel) and may back fire entirely on Europe. There are lot of articles that suggest we could see oil spiking to upwards of $130 even upwards of $250, if Russia decides to stop all exports altogether.
Fill your cars up today!
IMHO
@Tony I don't know.
I was thinking that it must apply to UK companies but I don't know whether if these companies drill in foreign lands whether it applies but the same UK companies must pay TAX here in the UK so I would of though it would apply at least to that portion of TAX paid here?
@Stas another positive point about this TAX break/incentive to invest should make it easier for Europa to get a farm in partner too.
Better for an oil company to go for a drill project with a good chance to hit big than pay the same amount of money to the TAX man!
IMHO
I never thought Morocco was going to be developed within two three years. So not a bad thing we are out. The reason was good that we can't afford to drill without a0 partner.
At least we get £300k back.
I still say we should do a share buyback!
@Serif I'm not blaming SO for Serenity; initially I was very sceptical and disappointed especially with the share dilution (of 390M; not 500M thanks @Bobbybee for correction) allowing us to farm in but later after reading many posts here I came to the conclusion it was worth the punt. If Serenity had hit we'd all be singing a different tune but it didn't and we are back down to just above 1p; it's because of this the frustration that many including myself are venting!
Wressle is our Golden Goose and will keep us going until our next project.
IMHO
@brezhnef My point is that in the last year there has been no tangible movement in any projects apart from Wressle.
Yes, we have another project Serenity yet to be developed, (that cost us 500M additional shares in circulation); Inishkea yet to be developed (waiting for over 5 years now) and Morocco which will take a few years to get going.
Our best potential project is Inishkea but Mr. Ryan has managed to hold out on what must have been tremendous pressure; yes we have been granted an extension but all this does is put us back to where we were at the beginning of the year and Mr. Ryan is still in place to slow everything down and provide enough uncertainty to any potential farm-in partners.
I hope Iniskheas comes in as this is our company maker but it looks gloomy to me!
Wressle is our golden egg and has much more to contribute to our balance sheet.
IMHO
We have had some great news but all from one project Wressle; otherwise the year has been a let down no matter how one summerises it.
Nothing new has been added this year; all profits are because of Wressle in the most part.
What we have added this year is almost 500M additional shares which was a gamble we lost on Serenity leaving us with almost a billion shares in issue.
We are a one horse company and that's Wressle our golden goose; in two years maybe we could be at 4p after Wressle is fully developed.
Unless our relatively high paid directors pull a rabbit out of a hat!
I still believe Europa should use surplus monies to do a share buyback otherwise we will see the surplus go in higher pay packets and benefits.
IMHO
The only way the SP will rise is on tangible growth in income.
Hopefully we should see production increase to between 1200 and 1500 bopd once the gas issue is resolved which should be very soon now at Wressle. This will boost our income substantially.
Not sure about Inishkea as we have been waiting on this for years already.
Most of our eggs are in one basket and that's Wressle which keeps on giving but not enough so far to raise the share price as we now have 1B shares approx. in issue :(
Inishkea would be the company maker; I can only hope this turns a corner at some point before I die or just sell up; it's been 10 years for me.
IMHO
@spa Yes I am aware companies have costs, that's why I put down GROSS!
How is your comment relevant to Share buybacks?
We have plenty of cash with very little movement on our existing projects Inishkea or Morocco.
So our day to day cost will be minimal compared to the monthly income of approx. £500k.