Member Info for Serif

All looking good with licence and EG farmout progress.

Based on what we already know this is what the statement could say - we have applied for the licence extension and await the Government formal response. What would be the point of issuing that - we know that already and we know from past experience that licences stay live until the Gov, responds.

How on earth after that advice would you know that selling wasn’t just a deliberate attempt to deramp or short the price? Irish Gov took ages after licence endings to announce extensions. I agree stay alert but to all possibilities.

On AIM I would rather get an rns on a Monday than a Friday! But still think they won’t be able to say anything until the Gov informs them officially - whenever that is and however much we want confirmation.

What’s clear is that eog have applied before October deadline, but it’s always up to the government when they choose to announce - and if farmout completion is near might they want to delay until then and so not build in an extra year to get going quicker?

Licence renewal date is 4 October - and we’ve plenty of experience here of governments taking their time on announcing extensions!

I came across an article on the weekend from the Independent saying that the Trump administration were giving an exceptional visa to the VP of EG as part of a push to support US oil and gas interests, partly to counter Chinese influence there. This is presumably part of that push.

You can’t do a placing below nominal and in any case they lost the ability to carry out a placing without holding an EGM first (see results of last AGM). One of the few companies on AIM where that line won’t work at present.

It’s not complicated atm. If they complete EG farmout, Eog worth a lot more (improved cash and assets). If they don’t - it will decline. Just depends on how likely farmout completion looks to anyone based on what we know now.

If there is any investor who hasn’t seen the presentation yet it’s here

https://www.engageinvestor.com/event/68ba92cadee51391431b5f5d

Nice summary of where we are at and what we can expect on each of the 4 main assets.

More specifically WH presentation at c38.20 confirmed the licence was for 2 years plus 1 year extension - application for extension made - said couldn’t give too many details about what this involved, but would be announcing something in very near future and would need to be done before Oct (!).

Suspect therefore we may hear something next week (usually if Gov doesn’t respond in time the extension period stays open - at least that’s what’s happened previously in Ireland). Not sure why he couldn’t say more about application at this stage unless it perhaps refers to something on the farmout discussions?

Agreed - a much better launchpad for any EG news. And shareholders have the votes from last year’s AGM to protect their investment!

Thanks, GP. At the very least seems a positive move for lths that they are exploring the full range of options for funding future Cloughton progress.

Hi GP - that’s interesting - presumably they are looking for farmins once they get planning position to get the finance in place - which would be a great result if achievable. Are you any less sceptical about their likely success in getting commercial flow rates here from what you’ve heard more recently? Tbh I had always been very doubtful about this project with its political and geological obstacles, but they seem to be increasingly confident it could fly. Do you think they might get farmin interest?

2026 more realistic!

If the Major presses ahead for an EG drill in 2016 I would hope that we could be looking at a lot more than that with this level of COS.

Yes good presentation. My takeaways

EG on the legal stage, to be completed before Xmas, hinted strongly that will include full carry and that we could probably work out percentage left to Eog and value in the proposed deal

Wressle development to be debt funded - seemed confident that it was available but nothing would be agreed until,planning permission

Cloughton - looking strong for approval in next few months - when they move into next stages (presumably later 2026) will need funding from some source - said he wouldn’t be diluting himself, chairman and other shareholders unless the price and progress gained was right.

Ireland on back burner until Gov offer Majors more running room than one project.

Intrigued by reference to who was behind the RSA and how all would be clear about secrecy when it was revealed.

@Adnatrob - agreed - as expected by those who follow Eog, no nasty surprises. Only thing that matters now is EG farm out deal and then look at Eog financial position after that. There will be a lot who want to buy in before any rise on news, and I suspect people looking for best entry price. I’ve no idea on likely timescale and I follow this closely, perhaps we will get some more hints on Thursday.

Thanks, can see that now.

Aimshame where did you see that title?I can’t see it on the RNS unless I’m missing it.