Member Info for Serif

I wasn’t nec thinking Chevron but where one Major is chasing blocks others tend to follow.

Https://oilprice.com/Latest-Energy-News/World-News/Chevron-to-Boost-Exploration-in-West-Africa.html

I don’t understand how item 8 differs from the 2 special resolutions - anyone know?

Are there no better options here than either giving them all the thumbs up and freedom to raise at will or voting them all off and leaving Alastair Stuart in charge?

Hi Tovoc,

I think they should be looking to slow down cash burn but figures not as bad as you feared.

Wressle off line for 3 months last year which hit revenue as well as the upgrading costing

Payments of $3m for EQ - now completed - see finals

Additional cost of Wressle drilling estimated at c3.7m not 10m - but in any case clearly going to be delayed.

Other senior members of the Gov such as Simon Coveney (stepping down unfortunately) were reported as supportive of eog proposals.

Eog have a lot more experience and better contacts (ie our Chairman on Nephin board) than Prd. So think eog more cautious statements are simply more grounded than the bullish talk (as always) coming from PRD CEO and posters. As said before it makes no sense for a company to go for one licence and not the other, so prd have a good chance of being included in any deal that may get struck post election.

VL - I hope that the current SP rules out a placing, except for the criminally insane and those that would like to see this company fail!

While a Director buy is always good - fair to say that we were hoping for something a bit more exciting in terms of actual progress. Wonder if AS will be signaling that he has confidence in his decision making as a Director rather than just collecting his salary as an employee of the company?

Based on last year's timings the AGM will be before. But if I were them I would want to be making a case for support before the AGM - so hoping there is significant positive news before then, or I think they are shooting themselves in the foot by talking to shareholders after AGM votes - at least come out and try to make a case for continued support for this management team and in particular an expensive Ops Director (who doesnt invest) doing what exactly that the CEO cant do?

If nothing else we should continue to deprive them of the ability to raise without consultation at the next AGM. I am happy to give a company that flexibility but not when they use up all the revenue generated from Wressle for expansion through too high and too many salaries for this size and value of company - and seem to show no regard for this. Small businesses (and large eg Volkswagen) reduce salaries when their company is looking at cashflow problems - why not EOG? Whether I vote for or against any reappointments depends on what WH produces prior to then.

Sentiment - a lot of posters clearly demonstrate that negative sentiment here because of years of emptiness. Until WH shows that he can break the cycle and deliver something it’s just words - ok all investing is about looking forward trying to see future movement, but you can’t ignore past performance as a guide to credibility. People want proof.

I’m sure I’m not the only one who has noticed the absence of Will buying this time. He’s been buying regularly for the past year, except when in closed period and then he’s bought the day of the announcement (see interims and the 2 EQ rns). But this time nothing from the man who “Cannot overstate how exciting an opportunity this is (EQ)”. So either he’s given up hope too or something is probably happening.

They should cut costs today and ice Cloughton for the time being - then cash flow should be positive for next 6 months while we await farmout news. Why are we spending and employing people for such politically risky long term projects when money is tight?

If EQ takes the SP back to 3p, I’ll happily over-react.

Probably depends if you think people have been selling off in advance in anticipation of the results (and perhaps hoping for an over reaction) - when they have probably come in as expected. Yes EQ remains an IF - but I suspect many here would be happy with a 0.75-3p turnaround.

Itsawrap - I really hope I’m right too! Its not not based on anything more than we are not broke yet and these AIM companies do placings on the back of positive news.

Itsawrap - the extreme downside scenarios that ware given as accelerating the need for a placing are Brent averaging at $65 and Wressle flowrate halving. Don’t think we are close to either as yet - we should see next Wressle figures very soon. Otherwise with Wressle expenditure deferred to later next year doubt they would want to do a placing before they know what they can get on EQ and/or Ireland both of which should show something in next 3 months.

Think it looks exactly as expected with what has happened with Wressle and dropping of Serenity. Don’t see any nasty surprises.

Thanks, Flombo, that’s interesting. I just wonder how much this is about talking up PRD - so pinch of salt. Historically the now gone DNS licence got a farmin and we had a farmin awaiting signature at same time - don’t recall Corrib South getting the same interest. So that’s were majors have put there money so far on the geology.