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Very good news today. EOG given a two-year extension on licence. Seems a clear positive signal from Irish Gov. Hopefully enough to give majors confidence to look at investment - or at least time to see beyond current Minister to a different approach.

So only took 11 months and 16 days for the EA to process the request then - shows what a nightmare it is getting the simplest permit issued. Wonder if they are still interested in going down this larger engine route - rather then wait for Pstones drill related fixed gas pipe?

@brightfuture. It’s been made pretty clear that it will come when the Minister can be bothered to make a decision and let us know. Not sure what the company can say until then.

Dont follow that Bubble - what has Stormont NI got to do with Inishkea?

BobbyB - litigation - well that would certain meet Aimshame's criteria for not going anywhere fast!

Personally think that "just a" farm out on EG would give the SP a kick up the backside. Lets face it - it would be the first farm out success for EOG for many years.

Yes, LOS - although the Ryan does not have a good record of responding in time - I think he was several months late last time to renew the license. If we hear nothing from Ryan, the license apparently remains in play until the Minister publishes his opinion. If its a no that's 10 wasted years - in fairness one to put down to HM rather than the current BOD I feel.

Africa? Licence for 34 days including xmas period. Going nowhere fast - how do you know that? I agree with you on Serenity - but probably should hear fairly soon on Cloughton and Ireland if they are going forward in any meaningful way.

FFB - Can’t know the precise day they will announce PSC, but can know for sure that Petros farming up into bigger companies carrying out offshore exploration has nothing to do with timing of them agreeing an internal to Sarawak onshore PSC - completely separate activity. The tweet is there because it highlights Petros’ commitment to rejuvenate onshore exploration - which is absolutely relevant to UPL.

End of Jan is less than a week away now, so think we should learn a lot more by then in company update. At present the SP looks like it’s moving in a narrow range, so clearly as many buys as sells overall.

But at this buy price 20% isn’t very much money to make unless you buy very large amounts - which would then quickly raise the price - it’s not really any different.

Share is being taken down in steps by seller, but doesn’t wait for buys to replenish, so seems not bothered by sell level - almost as if they are looking to take SP down rather than get out with max they can.

Past experience says that pessimistic timescales are more often right than not! Hope we might get a slightly different experience with Wressle as to give Egdon some credit they seem to have won over the local community (see country file report) and it’s a site that has shown to the various authorities that it is well and safely operated. 🤞

Thanks for the link. On this Egdon say they will submit planning by 31st Jan - ie by next Wed. Let’s see if they can hit a target date - would be an encouraging “first”!

@itsawrap. WH recently said 4th quarter this year. Now I haven’t seen Egdon come close to a single target date (!) but why do you think there will be a year delay between granting planning and drilling? Aren’t the EA applications (which seem to be one of the big delays) made concurrentl?

When the price rises so do most people’s ceilings!

Thanks for the reminder Bobby. I never trust the full SP figures they give, but this project certainly has the potential for short term upside and it hasn’t cost an arm and a leg to get into.

@Leafie. Yes you’re right, last specific one of these was issued in November covering the end of the technical study. As I understand it the monthly report backs were based on the initial project plan timings to keep shareholders informed on progress. While some criticised them because they did not always contain new information (they were only meant to be project progress updates), it seemed a good way to communicate work in progress imv. Hoping they may do something similar again once the drilling project plans are published.

Every company is a bit different in use of rns’s. UPL has a history of announcing formation of committees (see most recently technical committee rns on 18th Sept). They seem to use it as marking milestones in progress for shareholders and indicating what they are now working on. They clearly feel that the level of interest they are getting in terms of investment from other parties now requires this particular focus. Reasonable to argue that the rns is in part about internal processes, but this update also has market implications.

Well if they were really that Pleased to tell us I doubt they would have put it out on a Friday! Presuming the 3 year element is meant to be some kind of lock in, so they would lose options if they leave positions. Timing seems crass, but maybe it’s to do with clearing out old options etc before end of year (Jan 31).

Seemed to be buying in 400k chunks yesterday.

Another company I invest in has Directors options and they continue to buy on open market - so let’s see what happens here. At least share options when redeemed, put the money into the company rather than the MM pockets.

You are right - it is very difficult for Directors to sell options in practice as it crashes SP, so if they buy these options they won’t get reward until they leave. Can’t get that excited about it as none of it applies for 3 years - and if any of the significant projects come off don’t plan to be here then! And if they don’t come off these options are worthless. Personally think WA buying is more significant at present.