Member Info for Serif

Thanks for researching it Flombo - makes sense as why would they permit money to be moved before its confirmed that it there is definitely something to use it on? Now no doubt it will be going through endless subcommittees and local bigwigs to make everyone feel important. Can't imagine Fuhai would have wasted any time going down this route unless they were confident it would get approval.

@only - not sure why you think an extension needs to be applied for - the PSC only requires Antler to notify EG of a drill or drop decision by the October deadline to move into the next two year period of phase 1. As the farmout deal that EG have recently approved is clearly a notification to drill I can't see that another extension of the initial 2 year period of the 4 year exploration phase is necessary. Once the Chinese authorities approve we can move straight into the next two year period.

If one individual has made a decision to sell on a pretty arbitrary date - what does it matter to other investors, they’re not one of our 5% holders! OK so they’re trying to make it seem more of a significant date/event with “countdowns” etc - but who’s buying into that?

Don’t know the truth of it Aimshame, but companies believe they can strike a better placing price if they can raise funds quickly than by going through the EGM route. The balance for shareholders may be a slightly worse placing price for some (at least notional) control of what they are raising money for - although after the last experience here not sure thats worth anything in practice. And to keep the retail raise cheaper some shareholders get unfairly diluted by those who can access the wrap retail offer so lose out twice.

While usually true - on this occasion the company have pledged the following in the notes to the resolution. (No help to me, but anyone who benefitted last time should be included again)

This resolution gives the Company the best chance of raising equity at the highest

price possible and thereby minimising dilution. However, as with the equity placing announced on 10 February 2026, it is

the intention of the Company to follow any institutional placing that may be secured as a result of this Resolution 6 passing,

with a retail offer on the same terms.

Posters are still talking as though the company had indicated the need for extra funds by putting down this resolution. They haven’t - it’s just a resolution every company puts down to give them the freedom to raise a limited amount at short notice if some emergency or unforeseen opportunity arises. For a couple of years we (unusually) deprived the board of this standard flexibility, but all they did in the end was raise money then call an EGM to approve it, which many shareholders then seemed happy to vote for because they too were offered a few cheaper shares. End result is that it seems pointless to me restricting them in this way - it just end up making it more costly for them to raise the money this way which helps no one but the brokers.

Mtfw - every company at their AGMs since the beginning of time has asked for leeway for a raise on 10% (sometimes 20%) without need to go to shareholders. It’s a contingency fund - it doesn’t signify that a company is going to use it. Whether shareholders decide they want to allow it or not is another issue - but it doesn’t mean the company is planning to raise more money - in fact at the last recent raise they turned down extra cash from shareholders as they had no identified need for it. So this is a red herring and they have signalled they have the funding they need for now. In addition the unexpected 50%+ extra income from oil revenues this H1 will go a long way to cover overheads for the period, leaving the cash already raised untouched.

Don’t wish bad luck on anyone who has been invested here - whether they have got bored or not - just think that MBs off the cuff remark means he expects something imminently not “sue me if it hasn’t happened in 30 days” - not worth making a mountain out of a molehill.

Shall we all do countdowns here until we next plan to buy or sell some shares - or would that be a little tedious?

Market sentiment - bit early to call that on a couple of trades! Think the price bounced straight up a couple of minutes later. Suspect there’s many traders around looking to make margins on these swings.

Marc Bruner seemed a bit excited about some of these “crumbs” coming our way in the next “30 days”! Doesn’t look like these offshore blocks (those awarded to the larger internationals) are the blocks we are pursuing, so maybe just a sign that Indonesia are in the process of awarding from the last round and more announcements to come?

ABM - not sure about that and why he would keep any - I suspect he was linked with Dixon W. - expected him to leave after Dixon was moved off the Board. As Dfg comments -the publicised departures prior to March are outweighed by Lost Soldiers new stake (and of course Directors and Managers have taken a lot more as well). What it shows is that there is still plenty of interest from investors elsewhere in Malaysia as well as Sarawak, so presumably they are still expecting the politics to be resolved or at least they like the look of the other jurisdictions UPL is also pursuing.

All happened prior to March as shown in AR.

Thanks. LP. Based on those figures which show no sells from major holders since the 10 March numbers in the AR, all those claiming that there were major shareholders out there offloading were probably telling porkies, presumably to talk down the SP. Bur I doubt that is a real surprise to anyone.

Not sure I can think of many criteria on making money from the oil business that doesn’t have Marc Bruner as a success story in the US. Perhaps you can come up with some evidence to show that he hasn’t been?

As soon as posters start giving you targets you know they will lower them if the SP gets near them!

Agreed. A month ago this was at 3.3p. Not seen any substantive negative news since then to justify this type of move, so tend to see this as likely opportunistic momentum trading. Explorers are always vulnerable until they sign that contract - and I’ve never experienced a time when it doesn’t go through a “it’s never going to happen phase” - which I’m sure we’ve all felt at one time or another. Wouldn’t be surprised to see comments in a couple of weeks about how we are oversold, the pscs are nailed on and technically we could hit 4.25p! Won’t believe that either.

No idea if it was a condition or not (as you suggested before), but it doesn’t change the fact that they still chose to take a path which involved them putting a very large amount of their personal money at stake. Not something you do unless you think you will benefit from sacrificing a year’s pay - you won’t get it back if your share is hollow and you will end up having to work for years to recoup the lost income that you had already earned. Not seen any credible reason for why all the UPL team would be willing to do that - apart from the obvious one that they think the share will pay them back (handsomely!).

For those going on about the bonus, if you look at the figures the Directors and senior management put more money into these shares in March than their total collective remuneration for the year including bonuses - before tax! Not only does it show they are willing to put their own money on the line for these prospects, but its an example of commitment and confidence that Directors of many other companies on this market would do well to follow.

Have all his posts disappeared from this BB? What’s happened there?