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For what it's worth, I've been looking at the Wressle Gas / Oil Ratios since the NSTA first published their production data for July 2022. I can estimate the average monthly GOR which was a fairly constant 650 cu. ft / barrel (approx) from then to Feb '23, . The GOR jumped to 716 in March '23 but it has has declined a lot since then. The latest GORs are: March '23: 716, April: 695; May: 687; June '23: 675 and July: 545 cu. ft / barrel. I've assumed that March’s GOR increase had nothing to do with the water coming in because, according to the NSTA, water production only started in perhaps late June ’23. However, the lower GORs may indicate that the reservoir pressure is beginning to drop off. This may explain why the daily oil production fell from an average 778 bopd in June to 619 bopd in July. But IMO it should make the gas flaring issue a bit less of a problem in the future if the trend continues once we're back on stream.
GP, another aspect to consider is at what point does it become uneconomic to build a pipeline? with gas pressure falling away and the price of gas well below the recent peak, it may already be uneconomic in which case Egdon will quietly drop GTG just like it has dropped the gas-engine. Perhaps they are waiting for the CPR and post jet pump data before ruling GTG in or out
sorry, should have said perhaps it's "uneconomic at the moment", once they drill the *****tone flags it may well become worthwhile but currently it seems to be typical egdon can-kicking
Https://x.com/UnionJackOilplc/status/1711726609479201256?s=20
Gas prices bouncing good sign for eog/inishkia
Might see some movement heading towards Friday news imho
Hi itsawrap. I agree that a pipeline for the Ashover gas alone isn't likely to be economic, especially at the recent GOR. But once the P'stone flags come on stream with their more significant gas content, that will make the case IMO. However, Egdon never surprise me now with their regularly missed deadlines. Have they ever finished anything early?
Https://x.com/UnionJackOilplc/status/1712047768036868419?s=20
At last signs that they are fitting the pump for real. Guessing that they had to wait longer than expected for the equipment - Egdon probably forgot to order it in time!
Visual progress with the kit on site.
What do we think production once steadied will come back on at ? 700 bopd gross liquids would be perfect. WH reckons another c.500k barrels recoverable. Can we drain economic reserves without a second Ashover. Exciting again.
Restoring production to somewhere near the 700-800 level would be very good - but the really interesting bit will be the long delayed CPR and future drilling plans - which should emerge on completion of this work.
hi vernetles
lots of updates and pictures coming through on x re progress. although seemingly quite a wait to get to this stage. in your experience is there a chance any other work could have been carried out before they started work on the pump ? for me as long as the pump is ok they won’t add another well into ashover and get on with *****tone drills, ta
Hi Treasures,
I'm no petro engineer so I have no idea tbh.
I just know the W1 well is our bread and butter income that will fund the growth prospects for EOG going forward.
I have a lot of faith in Will Holland to make a success of Europa over time.
My view is that Inishkea is already funded to drill subject to Deccs licence extension approval and i think we will align further with i3e to go after Tain and the 13/23a licence.
Once W1 production is back up the current valuation becomes a complete nonsense.
Les good spot re kit some signs then at last!!
We still expecting news on Friday ?
Friday is not the best day for annual reporting bubble. Better the Monday. July cash position will be very healthy.
Imv the SP is undervalued by atleast a penny.
Dyor
Les yes that’s true Monday would be better usually is for news
Yes agree re undervalued
Thanks VL - got to agree, Will Holland does seem very compétant and I do like that he is a finance guy. I’m in this for Ireland but a huge bonus the other assets like Wressle. Looking forward to 2024
Https://x.com/UnionJackOilplc/status/1712424999540097163?s=20
Production restart next week imv
Full yr accounts will show £7m cash on the balance sheet and current mcap £11m
Unbelievable really
Indeed it is Les ,will find out tomorrow or Monday I guess