Member Info for Serif

Ireland - not Iceland - but maybe that’s our next destination!

Yes that’s what I’ve read - but only here. That’s my point - nothing wrong with a 50/50 deal, but SO should have passed because they couldn’t afford to do several of them and so stack the odds in favour of success. As a result 1 failure wrecks the company’s finances. Don’t blame WH for that, 50/50s are decent calls but will fail half the time whoever is in charge!

I think FDs point is key for me - WH now needs to show hunger for success - which is why I want some project dates. He’s improved the presentation, he’s kept Iceland alive and I think he’s improved the portfolio, but now he has to show he has the drive and determination to get some of these projects through value adding points - which is the hard graft required.

One point on Serenity - WH was not the management at the time - - that decision clearly sat with SO. If WH brought a 50/50 option to EOG fair enough - they are the ones who should have said it stretches our finances too much.

People don’t give away producing assets at below value - you end up in an ANGS situation. Merger is one thing (may or may not help), but changing overall strategy is another. Why invest in a high risk/high reward company then say you want them to become a low risk/low return company?

Well there were £23k of buys today which is a definite improvement. Question is - have we yet got rid of our persistent 1p seller setting the level - and is that maybe why the mms moved it up so readily? Sure there must be others who have been waiting to see the back of them before investing more. Profit taking as the SP rises is only to be expected, but that constant hammering of the SP until a week or so ago has been very frustrating..

Gp - Thanks for the interpretation. We also have the 15th Jan RNS which gives more up to date and higher flow rates. Will be interesting to see how well these match the NSTA info for January when it emerges.

Good looking portfolio - now we need some dates for progress to deliver against to keep sense of momentum. So let’s have timescales for:

- planning application as opposed to EA permits) for Wressle

- completion of extra work on Ireland and relaunch of farm out process

- completion of more detailed analysis on EG prospects and launch of farm out process

- identification of Cloughton well pad site and an overall project timeline

They must have in-house schedules on all these, so why not share them and then bust a gut delivering against these. Then we’d know we had turned a corner and were getting real about delivery.

Agree absolutely PB2. Main positive I took away was that we have more live projects now than can remember at any time. So using eog maths that should give us at least a 91% chance of one of them coming in this year! Feel that if we do get some significant development then the SP could motor once people start to look seriously at the rest on offer.

@Gerry. Couldn’t say if it’s finished or paused. The pattern of selling has made no sense to me unless they were an II, but as you say I think one of these would have TR1d a long time ago. . Overall though constant large sells seems to have slackened off and will hopefully be fully reversed by more buying from the likes of WA and BK. Wonder who took that 2 million last Friday?

“next phase”

It isn’t shown as ending in June. We only have copy of project plan until then when the engagement is still ongoing. As PSC negotiations have been going on for a couple of months, showing that this “engagement” only starts in Feb indicates that it’s for the phase of the PSC.

Let’s hope their mutual love for eog shares brings them back together again and they start competing over who can buy the most!

Comment by Buck 1939 on the other board - who I hope doesn’t mind me posting it here, but thought it was helpful info and I hadn’t known the reason for BKs interest in EOG

“Bo Kroll is WA's brother in law and the brains behind WA's fortune. WA invested $300k in Bo’s business (most of that $300k coming from a dowager aunt in New York) and they pocketed $30mm each when they sold out to a hapless US software company just before the dot com crash. Apparently the two of them haven't such a good relationship currently“

Interesting - he had been my top pick. So that leaves our 2 iis - although I still doubt they wouldn’t declare as they went through thresholds or it’s several sellers either operating separately (an odd pattern if so) or in concert for some reason - or it’s some form of shorting although I don’t claim to know how this could be delivering profit at the range of buying and selling we are seeing.

GP - yes I think it’s in a national park, but they seem t believe they can access it from a site outside (yet to be announced). Original reservoir was as you say rubbish in terms of commercial extraction. Do you think they might be right in their view that technological advances can change that now or are they “barking at the moon”?

@Hydra - I agree with you about being suspicious about Heyco’s motives on Wressle development timescales - but why does the extent of the watercut concern you as from what I understand there are contingencies in place to manage this?

Look on the bright side - maybe not losing the licence at Cloughton or the licence at Inishkea could be a positive.

Nice early renewal of licence for Cloughton, removes a possible concern and leaves them with plenty of time to see if there is some way of getting at the gas that will make it commercial.

Decommissioning costs? Wow you must be confident on the quality of the asset if you are already thinking about that!

I agree that long term it’s the progress on assets that will drive the SP not the sentiment. But as essentially a small PI retail share this is likely to be affected by what people read on boards if only to make them postpone buying or jump in - which is why you get traders ramping and deramping across all these small retail shares.