Member Info for Serif

Based on past timescales we should get some responses from DCCAE to the Providence and our requests for site surveys over the next two weeks or so.

The Providence annual report is out and worth a read in terms of describing the challenges of operating in Ireland at present. They seem to be pressing ahead although with some delays.

No Selfish, that was my point that events happen which are unpredictable and all you can really ask of a company strategy is that it adapts to these (e.g. disposing of Holmwood, focusing on Inishkea gas, looking to broaden portfolio) - so I think they are doing what they can, which is why I am invested here, remain positive about the opportunities and do not blame them for what isn’t predictable. But I sincerely hope that the CEO and Board do consider themselves responsible for setting and executing the strategy, because if not then I would be worried!

Giblets I agree that the responsibility for the strategy does rest with the CEO and Board, but as the recent PET chairman’s statement shows and the frustration at PVR, the whole sector has been caught out by this rapid shift in political tone - it is not unique to eog. I am hoping that the emphasis on Inishkea and gas is a sensible approach for the immediate future - at least until the debate moves on to a more balanced assessment of effective responses to climate change. Not that this does much to stop the frustrating drift down of the share price at present as the time between every stage of development seems to get longer and longer. I guess I am not alone in thinking that a bit of unexpected positive news would be nice for a change!

Yes that’s the one, it has an entry for Hugh. Wondered whether there might be any report or clip from the conference, but can’t see anything yet. Was curious to hear what eog said about Morocco prospects and how Hugh ended up on this panel. Had thought it might be a prompt for an announcement as we must presumably be getting some benefit from participating.

Anyone heard anymore about this appearance at the conference? Does seem a bit odd to be speaking on a panel about Morocco when there is no deal yet announced. The deal has been imminent for several months, presumably this is another sign of it happening, but would like to see something formal!

Which probably explains why there isn’t a line of majors signing up, however good the geology, until they get a clearer sign from the gov that they will be able to proceed. As the PET chairman says there are over 200 other countries they could invest in.

Yes I am optimistic with the recent Irish Gov statements and Iolar getting the go ahead - particularly for gas related activity. But IMO the political climate is uncertain and I suspect any major will have legal/political advisers who will want to be very sure that they will be allowed to go ahead and develop any resources before committing fully. I am guessing that this is what was being hinted at in the interims statement and that’s why I think the progress of the current consultations could be an important signal.

2 consultations end this week which IMO should give further indication of the level of political support in Ireland. Exola for Barryroe site survey, after many delays ended yesterday and looks like it should go for a decision (seems to take usually 2-3 weeks), and our Inishkea survey consultation period ends today. On past examples this year it seems pretty common for additional requests for information to emerge from DCCAE over the next two weeks or so, which then triggers a further extension to the consultation period - so I guess we may have to wait beyond this for the actual survey go ahead - but at least it has gone past first phase.

Welcome Trebor18 and thanks for joining in. Am hopeful that over the next year we shall finally get some of the answers we are looking for on Ireland!

That made me smile Heidelberg. Here’s hoping that we all get an upgrade to first class soon (or at least by the end of the year)!

The more that contribute, the less that any one perspective will come to dominate.

Personally I thought the tone of the B.B. had improved over the past couple of months (in terms of fewer personal digs etc) until now, so let’s not go back.

It’s a good point Tacuma, but I guess everyone is looking for possible explanations for the length of delay by their HO and speculating about possible events that could lie behind this. Are EOG being drawn in by a “great offer” which others can’t easily match, but which the major is playing long to wait for Iolar results? I guess only Hugh knows, but it might be hard to walk away at this stage if it’s everything EOG want and perhaps accept some less good offers for individual pieces, if these are available.

Can anyone explain why we had a couple of these extensions last night? I thought they were usually linked to unexpectedly high trading volumes, but that doesn’t seem to apply in this case.

Agreed. Others are also already committed to exploration in the area later this year and next, so Iolar is not decisive.
Re cash - none of us know what UKOG will be worth in December, but whatever it is (higher or lower SP than now) the shares can then be sold for cash.

Good to see this deal has now gone through. Should mean we have access to the money by December, should we need it then. A relief to be finished with this IMO - and to come away with some cash at the end, nothing no doubt compared to the costs, but at least something in hand that can be put to some better use!

Plus we should see more progress on setting up activity for next year - hopefully sign off on Inishkea site survey by end of the month, registering of the two other site surveys for consultation into July, and a new Propect inventory for the Cairn farm in licence scheduled for H1 I believe.
The potential major farm in remains the big unknown - is it Iolar linked or might the recent signals from the Irish Gov be enough to move it along?

Despite some heavy selling depressing the sp this has been a good 2 weeks of positive news for EOG. Inishkea gas site survey has gone in for consultation, Iolar drill got the go ahead with potential for significant derisking of EOG prospects, and now we have Irish Government confirmation of the importance of gas to the economy for decades to come. Finally some things going our way!

Another CNOOC site survey has appeared on the DCCAE site, this time for the Slyne Basin. So that makes 4 applications for site surveys currently under consultation, more evidence for the increasing focus for activity around Ireland. Also notice that it took about 3 weeks for the application to appear on the site from the receipt date, so this may explain delays to the other eog surveys appearing.

Finally a buy has resulted in the ask price going up rather than down all this week! Hopefully something has cleared.