Member Info for Serif

Why do you think any company would farmin to Corrib South before Inishkea? It would make sense that any company going ahead with Corrib extension would farm in to both - why half your chances of success on such a high cost/high value project? And why farmin to the less developed prospect first?

A successful farm out on EG would improve sentiment and the upcoming drills would then be significant drivers for the SP. Success on drilling would have a big impact on SP in terms of where we are currently - even if it won’t transform us all into millionaires or erase all concerns about the company. The deal with Antler looks a good move (and well structured) but it’s all depends on IF the prospect can be farmed out.

Apparently Irish coalition partners meeting this coming week to discuss date of GE. Looking at polls FG would be mad not to go now - and if the Greens are up for it despite heading for losses - should be a done deal for November.

Pay cuts is fiddling while Rome burns. Need to prune the Directors - so one less exec and non- exec to feed. Unless WH can point to the value add to the SP of this sized board?

Tbh - just want to see a positive update on EQ now based on WHs last comments on Twitter that he was “looking forward to providing updates in the coming days”! It’s time for him to show he can deliver.

Itsawrap - agreed in part. But even if Wressle revenue has now restabilised, with this likely delay WH needs to show leadership now in taking tough decisions that all small businesses have to do, to cut costs before they run us into the red - rather than saying in 6 months “oh we’ve run out of money”.

Odd that NLC gave permission when this outcome was always predictable. Not clear on length of extra delay as we were already waiting on environmental permits. Key message is as VL says - don’t waste any money on Cloughton in current situation. So if we are only waiting on EG and Ireland does this company really need a director of Ops?

Its a long time since I looked at the PRD asset at South Corrib, but from memory I thought Iniskhea was a better prospect and a lot more advanced in terms of mapping etc.. It also did have a farmout lined up before the Greens scared off all the majors, whereas I am not aware of there being the same interest in Corrib South at the time. I would therefore expect that a major investor would farm into inishkea and South Corrib in that order. It would also give them 3 goes at 30% CoS projects, which tilts the odds in favour of success.

So why do you think there are funds still buying at current price? On the argument you put forward they will fail to get cash swap and the shares they hold will have dropped further as all the holders end up with the shares they don’t want and try to sell.

Why wouldn’t an ii or Gte itself be intending to elect all shares - would only take about 20% to cover everyone else going cash? If they don’t it would leave the SP hammered with desperate sellers and leave their much larger holdings stranded. Surely makes more sense for them to cover those who want out and stabilise the SP, allowing Gte to reap the benefits of a cheap acquisition and then sell on a rising SP later?

FF/FG coalition without need for Greens.

PRD are saying the same as eog. Depending on election result extension of Corrib is on the cards and both parties will get farmin partners - presumably Vermillion/Canadian Pension Board. After last weeks giveaway budget the election must be very close. Have to hope that SF and Greens do as badly as in the locals, then we’re in business.

Plenty of evidence of their direct lobbying of Irish politicians over past year, so think it is case of wait now for election result. Still wonder what they actually do all day as on most of their projects they are waiting for others to take action. I just hope they are not dreaming up new projects to splash out our money on, before they prove to us all that they have the commercial ability to sell on/farm out something we currently have.

Thanks, itsawrap. Based on the figures that eog gave in their last presentation then the August figures should be similar for Wressle. This suggests that the well has stabilised at around 390bopd (perhaps downtime in June?), so around 117bopd to eog.

Yes Europa have dropped it and a good thing too. Suspect that if I3e weren’t about to be taken over that there shareholders wouldn’t be too pleased at paying for an extension.

Because taking up the PIs shares stabilises the SP - so not a mad selling scramble. Those pushing for this merger and continuing to hold shares can then value the business in its new shape without all the baggage of what value i3e or GTE had individually. Clearly there has been pressure from various parties for this to happen - and presumably it’s not because they are all getting golden goodbyes or trying to lose money.

PIs maybe - but it probably only takes one of the larger iis (or perhaps Gte itself depending on final holding) to elect for all shares to cover the cash needed with this ratio.

Agree it does sound a large amount of money altogether -perhaps they will get it done for less.would be interesting to see a rough breakdown of the figures to see where the big money gets burnt.

Tovoc - eog estimate £3.7m net cost for their contribution to development - si it’s not cheap. We don’t know if that’s still the budget or whether some costs already covered in getting process to this stage.

They have confirmed that production will continue throughout as the expanded well site allows room for this.

Or Heyco could just relieve its partners of a few extra percent of Wressle? Maybe that would be a good reason for selling down the shares of both - to reduce funding options.

Or use EQ cash obtained on farmout (and not splash it on some new adventure when they know there are costs coming down the line)? Can’t see them needing major Wressle development funds much before Q2.