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@BobbyB - thanks for posting - very helpful of Tommy to summarise meeting. It’s sounding really positive over next period, and some of our big shareholders clearly think so too!

Or perhaps it’s just bored PI sells getting regularly soaked up by other(s) buying in chunks.

Another 6m in trades at the end of the day, presumably hovering up anything left around 1.5p

Thanks. I agree with you on timescales - MA did say they were targeting this year but seemed to accept that this could get pushed back by application process to early next. I think a refusal is unlikely after the last round and what it cost North Lincs - this is drilling from same site, with a couple of years evidence of good safe operation, moves to eliminate all flaring, funding for local community etc, so there would have to be some new exceptional grounds for refusal you would imagine.

@itsawrap. Good find. If this is a precursor to the main planning application and usually takes about a month, then all looks good for the Wressle CPR coming in June as planned, leading on immediately to the formal planning application end June/early July for drills and pipeline later this year (or Q1 next).

Interesting to see UPL talking to Brunei again about “mutually beneficial opportunities”.

https://twitter.com/Uplandtweets

Looking at the work plan and what is being completed, the update in June could add some firmer detail to what they are finding on SK334.

@itsawrap. Noticed that - if someone wanted to acquire stock here they could get pretty much what they want for under 1.60p and then rely on PIs to sell it back - and then repeat the process at the same price again the following week!

If I was a company going to make an offer of 3p plus I would try to buy as many as I could for under 2p first if there are sellers about - why spend more than you have to? So would expect to see some chunky buys first if that was going to happen.

Seems a bit like a slo-mo rerate, presumably based on the Egdon/Wressle revaluation.

Rather one for the politicians - excepting Ryan! Good to see Brian out there making the point - let’s hope that Ryan showing his hand at this point might still work in our favour if it gets the others to react.

Edit - “net worth to exceed financial commitments 3.5x…”

Thanks BobbyB. The financial requirement for company net worth to exceed expected expenditure is an interesting clause - and shows why EOG couldn’t “go it alone”. So any farm in from a mid-major company should easily meet the threshold and give Ryan a headache as he can’t refuse on grounds of “energy policy”. Would have thought that even if no one else is willing to farm in by December because of political uncertainty re the coalition, it might be tempting to Vermillion to put up the money to extend life of Corrib and wait for Ryan’s departure if he continues to block - they could always then farm out further to spread the risk once he’s gone.

Thought Will H was pretty clear at Proactive event - there is interest but they are having to work hard with the Majors to persuade them that the Irish Gov won’t just block it. So Barryroe announcement (predictable though it was) won’t help the “mood music” - but at least the ensuing row may lead to some further clarification from Varadkar etc re position on domestic gas and Corrib..

Clearly hoping that the gas gets go ahead this year and farmout achieved because Varadkar follows up on his latest statements. Just thinking options in worst case scenarios whether we could beat Ryan at his own game. If we followed similar path to BEY we could say in December that we want to move to drill phase and then essentially out “delay” Ryan in terms of the process of permissions. Would probably only require a few months of to and fro (at little cost) to keep the licence alive into next Government- the BEY decision has taken almost 2 years to get to this point.

@ Brezhnef “it’s only a matter of time” and I think we have more time than the current Irish Gov if they do fail to move this year. Probably an election next year or by March 2025 latest - considering how long it’s taken to get any decision on Barryroe, Ryan would be gone long before any appeal on extension/next phase is completed. So worst case we should be able to sit him out.

Eyes wide open that Ryan is committed to doing all he can to frustrate Irish O&G. He has always been the main obstacle to Inishkea potential farm out and it has always been a case of forcing his hand. Barryroe was more oil than gas focused and don’t think Varadkar talked about it positively. We have to keep working on the other senior coalition politicians re Inishkea - the relative carbon impacts report re the massive advantages of locally developed gas (that EOG published) seems to have hit home - and gas is still clearly the Irish transition fuel for decades. Whenever the continually delayed energy security consultation comes out (due last Feb?) Ryan will now need to find a clear answer to “why not use our gas?” and his coalition partners have the ammunition to put the questions.

@itsawrap. Agree on prospects. Personally after this week’s developments think we will either fly with an Irish farm out or be a potential takeover target by end of year. Still doubt that this will get support for selling below 3p as haven’t seen evidence of even our IIs being willing to sell below this level so far - despite some of the comments made here over the months re them selling off.

Copy of tonight’s presentation now on website

https://www.europaoil.com/wp-content/uploads/2023/05/20230518-EOG-Corp-Presentation-FINAL.pdf

Video recording of event usually appears on Proactive site in a couple of days or so.

An update covering March and April progress has now appeared on website

https://uplandres.com/wp-content/uploads/2023/05/Monthly-Progress-Report-for-Shareholders-Ending-30Apr2023-V.2.pdf

Past the halfway point now and should hopefully get some further firming up on those prospects from work scheduled over May.

Think you’ve misunderstood! $15m is UJO’s 40% share of Wressle - we have a 30% share of Wressle - so Itsawrap is correct with $11.25m.