Member Info for Serif

I can only see 2 exactly 1m trades today - one sell and one buy looking at the time stamp.

Keep seeing posters wondering why WA bought some more under 1.5p. Don’t think it’s a mystery. Either Ireland comes in and he makes many multiples or we are a likely target next year for a buy out because of Wressle income, the additional gas and drills in which case he’ll likely get 3p or so based on Egdon.

It may not work out for him but it looks pretty good odds with strength of OP and the lifetime of Wressle ahead, which is not going to stop making us a lot of money because of the inevitable water content - see CCFs and GPS comments below.

I don’t know legal position on licence surrender - but DNO surrendered the Edge licence which is also a Corrib gas play previously operated by CNOC when Ryan wouldn’t sign it over to us and I’ve seen no mention of it being back up for sale. Equally we would presumably still have possession of all the technical data on Inishkea so anyone else would want/need this. I suspect if we surrender the licence because Irish Gov blocking, then it will just fall away.

Yes this is all about Sarawak - and UPL’s great positioning in a potentially huge project with regional significance.

We had one last week as well. PIs sell for a few days then someone is coming in and hoovering it all up. Someone clearly has a different view of how things are progressing!

thanks copper3.

probably one of those movies where they’re trialling 2 different endings. final frames either - we”re all sitting by the pool with ****tails after a glorious sept where wressle, ireland and serenity all come in - or the bailiffs are shown driving away the car as we join the latest just stop oil protest.

@Copper3

“if your still awaiting Wressle CPR , old Will H says its held up in writing and hopes will be released in coming weeks”

Hard to believe that’s the full explanation. We had changes re Cloughton last week - more to come perhaps following takeover of Egdon?

Not sure why they can’t do the deal “subject to Irish Gov approving next licence phase” - a bit like a mortgage offer “subject to survey”. That would be no risk for partner and certainly test the word of the Irish Gov. If they did approve then whatever Gov followed would be bang to rights legally if they tried to block it.

@Copper. On the grounds that companies don’t usually issue positive RNSs on Fridays, I was hoping that they wanted to get this news out the way to leave next Monday free for Wressle etc! We will see. Btw - wouldn’t put too much trust in the assigning of buys/sells today - I suspect it was seen as a mildly positive/neutral move, much in line with GPS comments.

Thanks GP. Presumably that is why the asset hasn’t been developed to date and the EOG research will be about establishing what needs to be done to get the gas flowing at good commercial rates.

“Should” get this next week, along with usual UJO $1m landmark rns - unless there are bigger moves re Wressle going on in the background.

@Isdeer. Good point - this move should leave edr with more time to spend on Wressle - which will also benefit EOG. Think they will have plenty of income over the next couple of years to cover Cloughton if costs are in the region given by Gold below.

This is the bit that really caught my eye

As part of our strategic planning UBO does not envisage raising capital by issuing new equity to fund wells, additionally the company is well financed to meet its operational commitments into 2024.

Must presumably have something up their sleeve in terms of partnerships.

Need to look into Cloughton in more detail, but looks like a very sensible way to increase our active development base without splurging a lot of money on a new farm in. Good to see that they are moving to exploit current assets and targeting gas.

Suppose it’s always possible it will conclude the same as the previous 2 CPRs and say we ran out of oil a couple of months ago! Whatever it says, it is going to inform planning application for the next drilling steps - which is why they just need to get it out and move on. Oil and gas out the ground is better than any report on hypotheticals.

Someone else clearly like the look of this at the current price with a £25k buy.

EOG held £5.1m cash end of January and forecast adding £350k FCF per month, so should have over £7m cash by now.

Current MCap £12.95m, so Wressle, other production and opp for Serenity and Ireland valued at under £6m - which is about 17months worth of profit generated by Wressle et al at current rate!

This suddenly seems to be moving much faster than expected with talk about a drilling rig. With all the Brunei connections sounds very big - looking forward to seeing some of the valuation data, which could really get this share changing gear.

If WA bought because he thought the share undervalued because of price put on Wressle by buyout of Egdon, and/or he thought Wressle would improve, and/or he thought Ireland would get farmed out, he is probably working on a longer timescale than a month since he bought! Since then seen no negative change on these possibilities, only Egdon buyout confirmed and EOG saying mood music improved in Ireland.

Wressle is a great well, but Egdon constantly disappoint with their endless slippage in terms of moving things on. I had hoped that was why they got bought out - we’ll have to see if that makes a difference, but it seems to have come too late to help get the CPR out promptly. This of course knocks on to planning permissions, drilling etc - so you’d have thought it was a top priority.