Member Info for Serif

Finally today have DCCAE posting up the additional info required from EOG on the Inishkea survey permit, so the additional 2 week extended consultation starts from today. They have also come back on the other 2 survey requests - about 8 weeks after the closing of the consultation - and asked for the usual extra information. Slow by DCCAE but at least some movement finally.

Agreed Bonum - these Boards work best when they avoid emotive headers, emotional rants and hysterical outbursts. Welcome on board and I hope your investment does well for you. Look forward to future reasoned and factual debates.

As I read it he has increased his holding in eog from 4.73 to 5.76. That’s a lot of shares - haven’t worked it out exactly but it must be around 25 million mark!

Perhaps best not to respond repeating these headlines. I fell into this last night and as a result the alarmist headline filled most the page! It seems unlikely to be accidental.

In fact we were slightly lower than this price on Monday.

I thought “historical” was used to flag up its not simply delayed in day, but as shown with this one was carried over from an earlier date, in this case yesterday (21st)?

Well for the time being they seem to be cushioning the Iolar impact. From memory we were around this price a few days ago..

No clearly a buy at 3.4, just takes a second to check, the sell price has not exceeded 3.15 for a while.

Did you not see the Iolar report? The reason for the selling was obvious and not in the background! The reasons behind the large buys is less obvious - whether it is significant or not.

Does anyone know whether there is a clear read across to Wilde (3/13) from Iolar? It wasn’t targeted for a survey in what looked like an eog plan to exploit success there, but it is one of the licences in the negotiation with the major. It is also listed as a Cretaceous fan play rather than pre-rift in the presentation.

If CNOOC have gone public our major must surely have all the information they now need to make their decision, so it would be good to get this and move on. In particular if they are also not interested in Inishkea, we need to move quickly to turn our discussions with other interested parties into negotiations and get this key prospect funded.

Think the trade was from yesterday, which is either the buy that has been pushing up the price finally coming through, or a sale in which case there is presumably still an even larger buy in the background which is why the price is still edging up! Seems positive whichever way.

The Vemilion additional information was upload on the DCCAE site today (requested 31st July) to obtain their permit so they are still working despite a couple of weeks of silence! Don’t know what’s happened to the EOG additional information which has yet to appear although requested earlier on 24th July. Also no visible response yet from DCCAE to the survey requests for Edgeworth/Kiely where public consultation ended as long ago as 8th July. Surely we should get something on all of these soon now?

Thanks for sharing the guidance, Wraith.

On another point am a bit surprised we haven’t seen the eog response to request for more info on Inishkea permit yet. Every other company this year seems to have got back within a 2-3 week timeframe with their reports, we are now 3 weeks plus. Would have thought it good to get this all done and authorised before the new political season restarts in Dublin.

I think they had said 100 days for the drill - presumably a round figure estimate with some contingency built in. It’s taken about 80 days, so may be the drilling was slightly easier than expected or there was little/no loss of time to bad weather? Not sure what to conclude from this - but may be we will get an answer to our farmin quicker than waiting weeks beyond 5th September, the scheduled completion date.

That’s what we all want to know! But what if any assumptions can we make from this? Would it have a reason to stay longer if it was a success rather than a duster? Or would they need time to analyse the results before deciding one way or another? Anyone able to throw any light on this?

Or a standard update on a licence extension?

Yes, that was the missing piece! We had the positive statements, but now they have actually signed off a permit. Makes me confident that so long as we respond promptly to the requests for more information we should be able to get the Inishkea survey underway in September - and this is the main one for us. Hopefully the other 2 permits will also get sign off that month, although how quickly we choose to pursue them I suspect rests a lot on the Iolar result.

Yes agreed re it seems to point strongly to the farm in being tied up with Iolar - so presumably it’s one of these 2 majors. No real point in saying anything about the survey as it is no more or less delayed than every other permit request to DCCAE! Felt the comments re Wressle were very positive - looks like some good things coming down the line but it’s certainly a long waiting game - longer than we had hoped to quote Hugh!

Just note that we do seem to be getting a higher proportion of positive rns recently than over the past couple of years, which is good to see.

Great to have this licence in the bag. Might have been tricky if the bill to refuse all new licences had still been alive. So long as the permits are now issued in due course this looks IMO like one of the most likely assets in Ireland to be progressed.