Member Info for Serif

Looking at the applications, DCCAE seem to be working through them in time sequence routinely asking for further info for the EIA (and sometimes AA) some 5 weeks after end of consultation. It should be the turn of Edgeworth and Kiely applications next week. It seems to take companies 2-3 weeks to provide this extra info, which starts a further 2 week consultation, before determination by DCCAE and going to final decision by Minister. Exola are at this point but still waiting for Minister’s decision - when this finally comes we should see whether the political statements of support are converted into actions.
By accident or design it is looking likely IMO that our permit decisions may coincide with Iolar drill completion.

Thanks, Amnesic, for taking the time to reply in such detail. Very helpful in getting me clearer on what’s going on. From what you say the actual on the ground work programme has to wait for the law to be published (expected any time soon), so while a “formality” it may unlock some additional seismic activity to firm up on the best prospects and we could perhaps see a programme of work then which would help set expectations on timescales. Meanwhile the focus is probably on farmins and other potential assets.

Have been following your wide ranging research on saouaf for sometime. Always makes for an interesting read - good to have.

The saouaf work programme is referred to in the Dec 2019 presentation as a near term driver of news. Has this programme been shared anywhere? Are there any known phases/milestones/timescales to look out for? Curious to know if upl are now 7 months into this (and if so what has been completed) or does the 2 year initial award start with the recent formal award? Anyone know any more about this?

Probably just being cautious and as eog current production has dropped below 100 last year, it is probably safer to predict that Wressle will take it to “over 200”. The main point is that it’s would be a lot more regular income and as current production roughly covers all overheads, it will enable additional opportunities to be taken and funded from this pot.

Isn’t it great when something good happens!

So far July has been a good month for EOG, particularly with the change in sentiment around the Irish assets. If there is something in these Wrestle rumours - which seems like unexpected good news after such a long slog on this asset - that could turn it into a great month IMO!

Don’t think anyone was farming in to anything when the politics were potentially making it pointless.

They took their time asking us for this, but at least there is some progress - and I guess we are simply following the pattern of other recent applications. Hopefully it won’t take us too long to get the additional information together as it must have been fairly predictable.

You have to look at times of the trades to work out if they were sells or buys, as large transactions are delayed reported by 1 or 2 hours depending on size and sometimes if very large by a day. So the 3 large trades showing up this morning in a group for c300 each were probably sells (someone getting rid of 1m),if you look at the actual time of transaction and the price at the time. The sell/buy colour coding is misleading.

Good to see DCCAE completing the assessments for the Exola/Providence survey, now ready for Minister’s decision. IMO looking at sequencing, Inishkea could be next in the very near future - which would be real movement on our Irish assets.

Thanks Anthony, really appreciate your update and getting new perspectives from those at the coal face! Like you I had formed a less positive view of DCCAE, and its good to hear that it’s not a case of foot dragging - although everything does seem to have gone very quiet from them for over a month now - not even requests for new information to comply with these directives. Let’s hope it’s an indication of something positive coming this way.

Yes, in particular waiting to see DCCAE’s next move.

I think we should take it as a sign of our good standing with the Klingons and that we will shortly be invited to their home planet to sign a deal - possibly one of our longer term prospects.

Still reasonable volume, so good interest in this share, and may be we will see some more late big share sales/buys appearing tomorrow (as on previous days) to explain the shifts? Hoping that we may very shortly get some response on our application for survey on Inishkea - coming up to 4 weeks since consultation ended and nothing yet from DCCAE. Perhaps may have been tied up with handling the money message statement? But now this is out the way, and as the Dail starts it’s summer recess, could be time finally for some significant decisions and movement here.

There were actually from yesterday! And appear to be a mixture of buys and sells - real pain working out which as have to keep going back to find the exact time of trade. No idea why this happens but it makes it very hard for us ordinaries to have an accurate idea of volume and movement trends at the time.

Well let’s hope they sail through because then there really will be no political doubts to cause delays to the farmins - and then we should be flying after a long and patient wait!

A couple of thoughts on the site surveys, Anthony. Not sure we will get our ones this week, every other application in past year has had delays based on requests for more information. If we go straight through then eog have done an amazing job that no one else has managed so far. I don’t think this is a negative just an expectations thing on timescales. I would think we are more likely to see the Exola/Providence survey go through, which would be evidence enough for me that the Gov was following up its statements with definite actions and would make me extremely confident about eog getting approval. I think it also happens to be the last week of the Dail sitting before summer recess, so there might be a political temptation to delay any announcement to next week?

Re Morocco - yes let’s hope the banking arrangements get tied up and we get things moving forward here. Two really good days for eog - let’s hope for many more!

Well that was a good end to the week with a rise at last based on real news in an RNS. This should send a clear signal to all potential farminees and remove a lot of the doubts that were hanging over operating in the region. A pretty unambiguous political statement, so looking forward to how things now develop from here over the next few weeks - Morocco, survey permissions, farm outs?

Gov response now out (can see it on Brid Smith Twitter). Clear explanation of why the bill is being stopped as unhelpful by a “money message”. Seems a very positive step for EOG - and there is even a reference to the declining Corrib as a key resource, so it’s on people’s minds!

Probably best not to comment until the Irish Gov have made their position clear formally. The bill seems flawed at several levels - not least in prob having the Opposite impact to that intended on the environment - but perhaps it is helpful in forcing the Gov to make their position clearer and reducing the political ambiguity, so that those operating can get on and work within clearer parameters.