Member Info for Serif

Just to remind everyone, amongst all the negativity, that our main asset of current value was still producing over 500 BOPD gross as of end of March, based on the latest data we have - so should have plenty of life in it still. Wressle consultation ends this month and despite serious, but easily resolved objections (Historic England) and irrelevant objections (Bird Trust) is more than likely to proceed with local support, hopefully with drilling H1 next year.

However frustrated - don't believe that any holder recommends strong sell - that just plays into the hands of anyone hoping to short the share further. Someone is still making those large round figure sells - and as others have said there are not many holders here who are willing to sell at this price.

Twin brother here, Tony?

Agreed G. This is an investment decision. They make a call and get it wrong, then they should take the consequences. We make an investment decision and get it wrong, we take the consequences.

Can't see that the EGM argument is going anywhere, as its widely agreed to be a grey area in the law (thats why Aimshame is right to be campaigning to get it changed) - so because its grey those who wanted the EGM feel they were wrongly and illegally deprived of one, and those that thought in view of the AGM vote it was going to fail, will think the company acted sensibly and appropriately if they were not legally required to call a vote of confidence in themselves. No amount of arguing over the legal niceties is going to resolve a grey area or I suspect change anyone's opinion at this stage. The fact that it keeps coming up partly shows how angry people were at the time, but is mainly happening because the company is providing absolutely no evidence of progress at this stage about which we could talk more usefully. I sincerely hope that they are making good progress and all will be revealed soon - but we have gone for 5 months now without meaningful progress updates which is partly why the SP is down and we are attracting derampers.

Logical, but this is now purely a retail market so need some excitement to get people to invest- and as yet WH has yet to deliver clear progress on anything which could attract people.

UPL said this

“Whilst the audit process has yet to be concluded, the Directors have been advised by PKF Littlejohn LLP that the audit is substantially complete and that there are no material audit issues causing this delay.”

Not sure what details they could usefully add at this time until Littlejohn give them a date for completion.

Tovoc. Holding your breath here would be a death wish - even if they are on to something it’s such a laborious process. Still it’s the nature of this type of investment that nothing happens, nothing happens until one finally does - and I’d rather travel in hope than despair!.Life is too short - although I agree that at times it can feel like a life sentence here!

Nice one, BobbyB. I think that they said the analysis of EQ was half complete at the end of March session, so I suspect further news on what else is on the Licence can’t be far away - maybe this has determined date of next knees up at the pub. Could we actually have found a licence that someone else might be interested in?

Thanks for the summary Flombo. It’s always seemed a bit odd that Sinn Fein would be happy ideologically to be so dependent on British gas. But sure they won’t say much in public before an election as they will want to attract as many votes from the Green supporters as they can.

Gerry - Looks to me that WH is buying roughly every 2 months - so next purchase probably June on this pattern. Would be nice to see one of the new NEDs buy some as it would indicate they liked what they saw (as well as the NED remuneration!)

After that last very unsuccessful attempt to spread fear and doubt to investors on this the Board, I suspect the AQ handle is “dead in the water”. Probably time for a new loyal but extremely worried poster to appear - perhaps a woman this time in view of AQs concerns re gender balance?

Sounds like your learned friend likes to indulge in speculation just as much as the rest of us. But as the answers will now only merge with news and the completion of the audit, we might as well wait and see what actually happens.

@Aimshame. I thought your summary last week of situation was well measured and to the point - pretty much agreed with all that you said then - if perhaps a little more hopeful on Ireland.

WH was appointed CEO 15th March 2023 - not Jan 2023. In any case at the time everyone was getting excited about the licensing round. What a relief that they haven’t gone for anything. Guess if people knew then what they know now, pretty much no one would have shown interest.

Gerry - if he makes enough claims and predictions on enough days, one day he will be right by chance and then he can tell us all how right he was and how he told us so and that we should have listened to him etc....

Roughly as many buys today as sellers - so maybe the buyers know something we don’t. (Used exact same type of posts on UJO last month)

Agreed. I think that’s always been their aim - a drilling campaign not a one shot gamble. The money just gives them much better negotiating leverage in the farm out discussions to maximise percentage and funding for a campaign.

After ice creams on EQ beaches don’t you think Scarborough might be a bit of a come down? Still a picture of a full cone followed by an empty one would at least be some evidence of their ability to progress an activity. Question is -would they have time to reprocess it 3 times before it melted away?

Stuart, we can’t really be surprised by an attempt at a shorting attack - it’s immediately post a placing - isn’t that what usually happens?

And while we are on depressing news, don’t know if people saw the Deltic rns today - basically sealing the coffin lid for small company offshore UK exploration imo. Have to admit an element of relief that it presumably kills off Serenity, as by now I was more concerned that attempts to exploit it might only drain our resources more.