Member Info for Serif

@Flombo. Do you know if this grouping have any settled views on energy policy?

Looks like he has demanded a place on the Board, as his holding pretty much exactly matches the change in vote between the Chairman’s re-election and the other non-execs. Welcome an active shareholder on the Board. Don’t buy this as reason for AS to stand down as he was an Exec Director - presume it wasn’t working out for him and better sticking to technical stuff - don’t disagree.

Aimshame - I think we are in agreement on what WH needs to achieve in near future, but don’t think posting here “keeps them to account in” in any way. We are talking to each other on these boards, and I suspect that if companies read these boards they probably don’t trust what they say as they are anonymous posters with any number of agendas. I doubt that direct contact will have much impact either, but at least you would know that your concerns had been read and you might get a response.

@G. You left out the 3p investors who still live in hope of a "double"!

Chairman resign just as we finally have a chance of getting a sniff on the Irish farmout - push out our best contact on the Board of Nephin? Why would someone who invested in eog want that - however angry with past performance.

Thanks Itsawrap. So ignore Sept figure as a repeat and there is a 3 month gap all year until this latest report. Even if last 2 dates a bit flexible we have had a $2m increase over past 4 months - so it looks like a definite improvement in H2.

Good point - will keep a look out - although we will probably get encouraging noises rather than production figures! Still it looks like a positive boost.

If you dyor on ujo rns’s the detail is all there. $21m reported 29th October.

That looks like an extremely big jump in production - not sure about that as we have had no reference to workovers etc.! I would guess that maybe the previous figure was reported late by ujo - but either way it looks like production is improving or at least staying very healthy at Wressle.

@3littlebs - thanks for that, I had read it was going to be delayed, so that’s really good news. During acquisitions things tend to get put on hold, so now we have ConocoPhillips as an active player in the region and hopefully management there will be keen to show what they can do.

Circumstances as good as they could be for Inishkea - opinion polls looking good for pragmatic coaltion without Greens, Gov just spent Apple tax windfall on budget giveaways so will need more tax revenue idc, cost of gas high, environmental case for local gas clearly made in report sponsored by eog, Corrib decline getting critical - if not now then when?

It’s not one permit - it’s a permit for each stage of activity. Even when you have done all the seabed analysis, calculated the migration paths of local dolphins etc and got approval to shoot 3D or drill you then have to get final sign off to start the operation. It’s how Ryan killed the DNS licence - and why any potential partner will want to know they can get gas flowing (as then it’s a done deal) rather than still be laying pipes etc. Think a new Gov greatly raises our opportunities but it’s still a long journey - we have experience of this as does Vermillion - not sure about PRD.

It’s all about signing off the permits for activity. There is no ban on developing current licences but Ryan has simply not signed off any permits. Even under favourable gov in Ireland this is a very slow business - but if a farmin partner comes quickly we can just about get gas flowing before next GE because we have all the 3D processing complete. That will take PRD approx another 2 years to achieve under Irish systems, so with similar time for drilling and development if (successful) Corrib S is exposed to the huge political risk of change of Gov. Another reason why Inishkea would likely be first choice.

True but it does mean other companies also think there is money to be made there.

Unless they deliver an EG farmout or come out with a convincing argument before the AGM I suspect they will lose the special resolutions. Who is going to vote to give them carte blanche to raise more money when they haven't shown that they can do anything to add value with the last lot yet? They act as though last year's vote never happened and everything was jolly with their shareholders. If they lose any of these votes it will be because they have failed to recognise the issues and have made no attempt to take preemptive action and make a convincing case.

Thanks Bobby - this looks like potentially good news and signs of them working on the Cloughton application in a sensible way. But why on earth are we reading all this here and not on a company communication - what don't they understand about engaging PIs interests by telling the story as they go along? No news equals no excitement, no anticipation and therefore no buying. And probably no support for their special resolutions unless they give PIs more confidence before the agm.

Looks like the decimal point is in the wrong place - nice though it would be to stand at 135p!

Agreed. Latest projections I have seen suggest a comfortable FG/FF majority - with Greens on 1 seat, which suggests that even if they recover in the campaign they are likely to be irrelevant to any coalition.

Haven’t seen the webcast but this is the associated presentation which is very positive about opportunities in European gas

https://www.vermilionenergy.com//wp-content/uploads/2023/01/Vermilion-Energy-Corporate-Presentation-November-2024.pdf

Slide 25 worth a look for future acquisition strategy.

My concern with giving them fundraising authority is that they will be off chasing another golden opportunity before they have proved that they can sell on what they already have. I would usually prefer to give any company I invest in that freedom, but the lack of delivery here for so long while chasing one “fantastic opportunity” after another means I want them to prove it first - just once!