Interesting read and at current cash burn they have funds for over 2 years - as such any improvement in income should put them on the road to break even. Hopefully that will mean no more equity fund raising. Then it will be down to the develop,net of all the existing assets to take us into profit and fair value of share price. As such a hold for me. Any contrary views ????
Brian O'Caithlan appointed as non-exec. director.
Don't you just love it when a company in which you're invested appoints someone from a (failed) company that you used to invest in.
Hugh Mackay lauds BO's 'achievements' at Petroceltic International. Private investors including me lost everything under his leadership.
Watch out for RNs's declaring share awards and options to this man.
Makes me sick
I'm looking forward to news on Holmwood where the recent RNS from UKOG on 25 September announcing their acquisition of a further 10% states;
"Planning consent from Surrey County Council is in place to drill and flow test the Holmwood-1 exploration well, which is now scheduled for the coming winter season." http://www.ukogplc.com/page.php?pID=84
From UKOG announcement for Broadford Bridge on 6 September;
"The comprehensive extended flow test programme is specifically designed to gather further supportive evidence that the Kimmeridge contains mobile light oil within an extensive continuous oil deposit, which can flow to surface at commercial rates and in commercial volumes."
"This continuous oil deposit therefore likely underlies the entire PEDL234 licence and a significant area of the wider Weald Basin"
This reads across to Holmwood that is looking to start drilling by end of 2017.
I've also been following PVR who are still drilling Drombeg in the Porcupine Basin and shareholders are impatient for an "overdue" announcement.
Both of these have a significant impact on EOG.
Based on Newfoundland Bay du Nord providence discovery by Statoil and drilling in the Offshore Irish basin on Drombeg currently. EOG has three licences in prospective fields surrounding, so would re-rate IF a discovery was made.
You couldn't make it up, only in an English County Council could a planning committee go against the recommendation of its own planning department and refuse an application that had addressed all the concerns previously raised. This means that the Wressle field and its important revenue will be delayed yet again whilst the Councillors raise a toast to their own importanceÉ
The funds would go directly to EOG to assist with further developing our assets. If you buy in the open market they won't see a penny.
Also it would or has been hard to buy significant quantities at 6p or less. Last day for taking up the offer was today, by the time these shares hit the market next week I doubt you will be able to buy for 6p IMO
and house - broker?? Broker Forecast - finnCap issues a broker note on Europa Oil & Gas (Holdings) PLC
By StockMarketWire | Mon, 8th May 2017 - 10:10
finnCap today reaffirms its corporate investment rating on Europa Oil & Gas (Holdings) PLC (LON:EOG) and raised its price target to 52p (from 36p).
I suppose at some point some people will find their way to this under-researched share?
"WTI $53.83 +29c, Brent $56.81 +25c, Diff -$2.98 -4c, NG $3.07 +2cMarginally up last week but creeping in the right direction aided by the Iranians doing a missile test that was probably ill advised for such a peace loving nationâ¦The Donald ..."
Europa OiI and Gas PLC (LON:EOG) has given a bullish update on prospects to shareholders at its annual meeting.
Activity is picking up onshore UK, said Hugh Mackay, the oil and gas groups chief executive.
Once Wressle, in Lincolnshire, comes online, Europas UK production will increase by 100 boepd (barrels per day) to 220 boepd, which will mean a positive cashflow at oil prices above US$30 per barrel, he said.
Europa is fully funded for Wressles development following the sale of a combined 13.34% interest in the associated licences, PEDLs 180 and 182.
Mackay said the company values its 20% interest at £3.7mln or half of its market value including the proceeds of the stake sale.
In addition, Europa has seven operated licences covering an area of 5,818 sq km, six play types, three basins and twenty prospects and leads offshore Ireland.
The portfolio potentially holds gross mean unrisked resources of 4bn barrels, said Mackay.
In the UK, Europa also has a 32.5% interest in the Holmwood prospect, which we rank as one of the best undrilled conventional prospects onshore UK and that we intend to drill in 2017
There is a 25% interest in the Hardstoft oil field PEDL299 with contingent resources of 3.1mln boe and a 45% interest in PEDL343, which contains the Cloughton gas discovery.
Undervalued only on the explorationist fantasy; that said, it all looks good on paper but only the drill bit will tell. At least they admit the wait is 6-7 years. Shorter term it will be the land operations that might nudge some movement. The French hope seems to be dead in the water.
AGM statement. Seems our trouble is that we are currently off the radar of most.
Softly, softly for the patient over the next 6 - 7 years.....
8 December 2016
Europa Oil & Gas (Holdings) plc (Europa or the Company)
Annual General Meeting Statement
Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland-focussed oil and gas exploration and production company, is holding its Annual General Meeting (AGM) later today. At the meeting, CEO Hugh Mackay will make the following statement:
Against a backdrop of low oil prices, 2016 saw excellent progress made in delivering on Europas twin strategies: growing its licence base in our chosen markets of offshore Ireland and onshore UK; while at the same time actively managing our existing projects to maximise value for our shareholders. Most notably, Europa has become a leading explorer in Atlantic Ireland with one of the largest licence positions and a strong and diversified portfolio. Atlantic Ireland is a rapidly emerging exploration hotspot which this year saw the arrival of majors including ExxonMobil, Nexen and Statoil in the latest Irish licence round. Meanwhile in the UK, we secured two sales and a farmout which will enable us to fund our share of the costs associated with bringing the Wressle discovery into production and drilling the Holmwood well in the Weald basin in 2017.
Following the best licensing round ever in offshore Ireland, earlier this year the Irish Government awarded 28 licences to 14 groups/companies, five of which went to Europa. Today, our Irish portfolio of seven operated licences covers an area of 5,818 sq km, six play types, three basins and twenty prospects and leads. The portfolio potentially holds gross mean unrisked resources of 4 billion barrels of oil equivalent (Europa estimates) and 1.5 TCF of gas (Europa estimates). We already have two prospects which are drill ready and our objective is to generate six drill ready prospects, any one of which could deliver a company maker for Europa. For a company with a £12 million market capitalisation, Europa, in our view, punches well above its weight in terms of our potential exposure to high impact exploration success, an impressive achievement considering the blue-chip names which have recently entered the region.
Our new licences provide Europa with exposure to all the various play types which have attracted the majors to the region: Paleocene, Cretaceous Shelf, Cretaceous Fan, Syn-rift, Pre-rift and Triassic gas. In particular the Syn-rift play, which yielded Statoils Bay du Nord discovery in the Flemish Pass, offshore Newfoundland in 2013 and recently attracted exploration investment of over C$2 billion, is hoped to be developed in Atlantic Ireland. Europa has a range of prospects from deepwater high risk frontier exploration to shallow water, lower risk infrastructure led exploration next to the Corrib gas field. We are currently focused on securing farm-out partners for our South Porcupine licences and at the same time conducting technical work across all the licences to mature leads to prospects and prospects to drill ready. By being exposed to all the major plays and basins currently being targeted in the region, Europa stands to benefit from the success of other operators and not just our own. With Providence Resources looking to drill in 2017, Woodside Petroleum the following year, and with newly arrived majors having already acquired seismic on their licences, we predict an increase in exploration drilling in Atlantic Ireland over the next five or six years. Europa is therefore well placed to benefit from any exploration success.
Activity is also picking up onshore UK. Following two separate sales totalling a combined 13.34% interest in PEDLs 180 and 182, our share of the costs associated with bringing the Wressle discovery into production in 2017 is fully funded, and we will therefore not need to seek external funding to fund our share of these cost
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