Member Info for Serif

Brighty - I think you mean “is sandwiched between the two halves of Brunei” - not Singapore!

Stas would have had same gut reaction as you if I hadn’t been watching the company for years. All I can say is research it if you are interested. It’s always been about Sarawak - there’s a National project ongoing there to develop their oil sector specifically for Sarawakians. So UPL chose Main market years ago because they thought it was something that local Sarawakians would feel more comfortable investing with. There’s a lot more which points to why there is such high confidence around achieving the PSC. Re funding take a look at Brunei’s new policy to actively partner and fund regional exploration to offset decline in their own oil production and look at UPL coop with Brunei. There’s a lot to look at and draw your own conclusions. As for the current SP there was a short attack in play before the bid was announced which only seems to have become louder since the bid caught everyone out - so I’m not reading anything with certainty in to its movements at present. Hope this is helpful.

Yes Leafie, and if you look at the warrant holdings of some of those who would have to be involved they would be trashing their professional reputations etc for a 10-15k gain. Is that really likely?

Stas I read you on I3e board so taking your comments as genuine. If the warrants are being offloaded as we are told here as part of an “bs offer scam” and the city boys aren’t buying because they smell a rat, then why isn’t the price dropping like a stone rather than pretty static? Surely both can’t be true.

I suspect Mr Bollinger has a good understanding of UPLs position in Sarawak, of the close political ties, the strong working relationship with the newly founded Petros - and the Sarawakian first policy for developing companies in this sector.

As others are saying - he needs to get a grip of the wage bill as overheads are about the biggest gainer from Wressle so far - certainly a lot more than the SP which remains firmly anchored in doldrums.

Was encouraging on interview to hear him sounding so confident about getting the Irish licence extension, seems like the talks with Ryan’s crew must have gone well - which would also be a positive indicator of softening in DECC ideology.

Wouldn’t higher pressure result in an equal increase in gas which has always been the limiting factor?

Surely it’s just a ploy to see out Ryan? As you say it’s not been an issue up to now or with the previous farmin partner who was lined up then withdrew when Ryan moved in.

GP - they can’t really moan about each other in public! I took the comment more as code for “despite the delay … the operation has finally worked”.

Would be interesting to know what they really thought of Egdon’s project management on all of this! They can’t really think Egdon have been a good operator in terms of delivering against timescales.

Good business. Seem to be a lot of people who want to be in on this company.

Restoring production to somewhere near the 700-800 level would be very good - but the really interesting bit will be the long delayed CPR and future drilling plans - which should emerge on completion of this work.

At last signs that they are fitting the pump for real. Guessing that they had to wait longer than expected for the equipment - Egdon probably forgot to order it in time!

Retail market is incredible short term - if it’s not happening next week or can’t be day traded there’s not much investing going on across the sector. Nothing that was said last night (however promising) provided a short term date or an obvious trading opportunity. If Wressle returns to production in great form that might help - but no one can trust EDR timelines!

Will seems very confident we will get the backers - but personally don’t see why I3e would be interested in this type of play - doesn’t look like the direction they are moving in to me.

@VL while I think it is a very promising sign that we are meeting with Ryan and his officials (I think he refused even to meet with BEY despite repeated requests) - I wouldn’t trust him until he actually signs the extension. That said from what was said last night we should be very confident that a farmin will follow if he does give the extension - it looks like a test of his willingness to engage. Will mentioned that several other Ministers were already onside - so EOG have certainly been working the field hard.

Agreed. By far the best presentation I’ve heard from a Europa CEO. Positive, open and honest responses to questions. Can’t be bad that he was at an Energy meeting in Ireland and was meeting Ryan tonight and his officials tomorrow for further discussions.

Yes agreed he comes across well. Will be interesting to see how he does at tonight’s webinar.

As long as Ryan chooses - last time it was 9 months from application to granting of extension - several months after the licence had theoretically ended - but apparently it stays live until the Minister’s decision is given.

This only makes sense if they are looking for a way around Ryan or at least a way of neutralising his impact by getting an extension beyond his political shelf life. I’m guessing they would farm out if they could, but however good the prospect presumably no one wants to invest £45m in Ireland with a hostile Minister in charge of issuing permits.