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By accident or design Heyco could have saved themselves at least £5m in any takeover bid by booting the Wressle CPR back to some now unknown “later date”.

With current SP if you deduct our cash held from MCap, that now means that Wressle and other eog production assets are being valued at less than £3m - if you attribute nothing at all for potential of Ireland, Serenity, Cloughton etc.

Not sure why there is much excitement in new licensing round - how do we avoid several years of technical work followed by futile attempts to farm out under increasing hostile investment environment?

From my understanding Operators lead on the activities - so in this case Will was saying EOG would carry out the further technical analysis on Cloughton and do the tricky legwork to get the various local authority/national park people on board. Presumably Egdon would not have bandwidth for this work at present. Further down the line I believe the operator (with partners general agreement) can control activities, timelines and news updates (as Egdon have with Wressle) and get costs covered by partners for operating expenses incurred.

As you say GP calculations pre-Covid get muddied by changes in role. But when Chairman for 2019 SO was paid £40k, so it would appear that Brian’s pay for that role has actually only risen 2.5% over past 3 years. Let’s hope that the same is broadly true of the CEO!

Which if they were significant shareholders they would get - and we would all think that was fair. That’s why shareholders like BODs with high shareholdings.

@Tovoc. Agree with 90% of what you say. Simply pointing out that restoring pay after a temporary pay cut is not usually described as a percentage pay increase to salary.

Not sure I understand the 20% of MCap maths. Not defending the CEO salary level, but does seem unfair to criticise a percentage rise because of taking a pay cut during a crisis. It was probably the best thing SO did during his reign!

It’s a progress report, as promised. Some very positive statements on volumetrics and Petros overall response. Seems reasonable to conclude that a PSC is shaping up for signing and a drilling campaign is being formulated for more formal agreement. Looks to me that they are aiming to roll straight on with this from end of JTS - scheduled Nov at latest (although they actually seem to have moved ahead in some areas faster than originally planned.)

GP - to be fair a word of caution on percentage rises - they had halved their salaries during Covid which is why they seem to increase in 2022 when they restored them. Another question altogether whether the CEO of a company EOGs size should get such a large salary. We don’t yet know what Will is getting.

Don’t understand why ERCE can’t just provide a range of water cut percentages and publish the report now, so that we can get on with everything else - eg gas pipeline, Pstones etc. Egdon could monitor the flow themselves and draw the appropriate implications. Delaying doesn’t look a sensible approach when there are other things to progress - unless it suits Heyco agenda to have report published after takeover complete etc.

People get bored quickly on AIM and sentiment fades in a couple of weeks. Don’t think there has been anything to significantly change valuation of business since then (so still think we are madly undervalued), but the wait for updates on current projects seems to drag on longer than necessary - and perhaps instead of hearing about the next great project (pres. Cloughton) would prefer to get more info on any of the ongoing projects: Wressle, North Broughton, Serenity, Ireland, upgrades on other production assets. EOG is great at starting projects, would like to hear more about successfully finishing them.

Personally I see a project progress report posted on the company website as an update - but more interestingly let’s see what comes in the second half of this month.

“Update on further progress” is what the RNS said - and we have had some of that this month with the project progress update. So seems in line with RNS to date and half the month left still for further (and maybe more exciting) updates.

Been quite a lot on company Twitter feed, not price sensitive info but an update on project progress and more background briefing on Brunei - worth looking at as it fills out the picture more about what they have been working on and what we might see in the promised news over the next couple of weeks.

As for flurries of RNSs - we had four days in a row at the end of July, so they have history!

@Itsawrap. Helpful data. Of course none of this would really matter if they just got on with the gtw or even better gtg! Let’s hope in the meantime that the extra revenue from the recent strength of the OP covers any temporary drop in production - how many years can it take Egdon to acquire a gas turbine for gtw??

I see another poster on the UJO board was talking of environmental tankers presumably to take away the water, so at least encouraging that they have sorted out disposal of waste.

@GP - would you think the water cut behaviour significantly affects the future drilling plan? I’m just bewildered that they keep putting this off waiting endlessly for the CPR - it’s almost as if they want the planning application to run into a General Election period and so get further bogged down!

@itsawrap. See there is an email from MA showing on UJO board confirming water was present through all of July - so not a sudden influx. Not sure why people so concerned re water esp when largest producing onshore well is said to have a 96% water cut - it’s what you get and doesn’t mean the death of the well! Question MAs answer raises for me is why if they have known about water all July is the CPR report still being delayed? What’s going on behind the scenes?

@Ishty - I’ll try but I can’t guarantee that this is all the news or that it will all arrive in August - although from what UPL have said some certainly should.

- MOU with engineering company

- Rig decision

- More specific target volumes

- JV partnership arrangements

- Brunei collaboration agreements

- Drilling programme

Wressle was always the life line but turned out to be a money spinner which has transformed our finances. We now have the cash to make the rest of our assets deliver without having to resort back to the begging bowl. Now get Ireland away and with the excitement that potential would generate we could suddenly be centre of attention - rather than the dusty folder at the back of the cupboard.