Member Info for Serif

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?

What does this market know about the date on which Indonesia, Brunei or Sarawak authorities will make a decision? Nothing. Seen this type of drift on shares before (esp in exploration shares) where everything seems to take an age until sudden there’s a contract and the SP shoots up. From my research I think it looks probable, but everyone can read the report and make their own minds up on risk/reward equation here - the market knows no more and drift is always present, so wouldn’t read too much into it.

If you are going to argue that this share is going to be worthless and it’s all so that the chairman can take a £300k bonus, then it makes absolutely no sense that he just put £500k into the company - unless he wants to throw away £200k in some grand gesture! Their clearly seem to believe they can move to delivery this year (see their last newsletter) and have backed it. If they do anyone invested here will be delighted, if not I’ll be joining your Derek (but just not coming back here regularly to post about it).

Agreed Adam - this is all distraction from the key point - they either deliver on one (or more) PSC in the next 6months or they don’t - who sells what and guessing why in the meantime is just the stuff of traders trying to push the SP in their favoured direction - they’ve got the support and funding they need and the award of a PSC will determine the value regardless.

We can’t know what individual circumstances or politics are driving any of these changes, and with people trying to spin narratives I prefer to wait for evidence rather than hearsay. What we have is the position as of mid March - happy to wait and see what develops - even if there is some continued friction over Sarawak/Malaysian politics, can’t see it impeding Indonesian and Brunei awards.

Yes, KM had sold out (as expected after DWs departure), Norza had dropped to a mere 150 million, and Tune hadn’t sold any (despite some of the stuff put about) - while Board members from Sarawak/Malaysia had all increased their holdings. No clear pattern.

@ Oscar. Agreed the waiting is very tedious - just hope the patient get their reward. On the plus side Indonesia sounds closer and I recall reading somewhere that on previous rounds (sometime ago) Brunei started to award licences 3-6 months after closing deadline. If they follow similar process this time that window opens in May. 🤞

Two items from page 56 - Events after the reporting date- in case not everyone gets that far!

“ Also in February 2026, the Company announced the signing of a Memorandum of

Understanding (MOU) for participation in Block MY1 and Block MY2 in Aceh, Indonesia, in

collaboration with PEMA, the Aceh provincial government-owned energy and mineral

investment authority which is now progressing to binding Heads of Agreement (HOA) on a

direct award Production Sharing Contract (PSC). This development represents a key milestone

in the Company’s regional expansion strategy.

….

In recent days, the Company has received positive notification from ESDM regarding its Joint

Study proposal in Indonesia, subject to customary completion, reflecting strong momentum

toward a potential award of a large scale discovered resource.”