Member Info for Serif

Any trade below the midpoint (1.125 today) will be shown in red and any above in blue - regardless of being sells or buys. Just ignore the colour given by the computer system and look at the trading pattern for the day. Today any trade of 1.12 and above was a buy.

Lets hope the markets are a bit calmer and more positive next week.

Because until something concrete happens most people will just ignore it. But there have been a few chunkier buys going in this week.

Looks like they have got across the message re indigenous gas - that’s a pretty high level positive political signal. Will be interesting to see how the DECC Minister takes up the point!

Just a great sign of a different attitude and potential alignment to shareholder interests. Makes a statement however much he is actually taking at this stage. Wressle seems to be taking its time to maximise the flow with micro turbines, but update reassuring - no water etc.

No mention of recruiting, but surely he could do both roles in a company the size of Europa and save us £15k a month? The finance team managed for 18 months recently without anyone with CFO experience..

A chance to reset relationships and sentiment. When he became CFO he bought some shares in the market - doing the same now he has become CEO would be a way of showing that he backs himself and “gets” shareholders. Then he needs to pressure EDR to get planing done for Pstones - he said drill this year, so probably needs to go to council by Easter. Let this slip much more and could hit problems as next year is likely GE so nothing at all contentious will go through.

Would have thought that they will want to speak freely with local community tomorrow, so should RNS most up to date info before this - but then EDR don’t always seem on the ball.

Promising summary today from the new Technical Director -

“ To date, the Joint Technical Study has identified that key elements of a working petroleum system are likely present on Block SK334. Immediate goals are to constrain the critical geological risks; our data and comparisons with analogue data indicates that mature source rocks and active hydrocarbon migration occur, and that recognised seals and traps are present and analogous to onshore and offshore fields and discoveries."

Egdon have apparently set the next community liaison meeting for Wednesday 15th March, so seems likely we will get the long awaited Wressle update start of next week.

@Isdeer. Good point and we should hear literally any day now about the first stepped increase in production with the completed installation and commissioning of the micro turbines. 10-20% increase on Wressle production is what they were suggesting.

So we can all agree that is one decision the Board are getting right?

https://www.youtube.com/embed/GcTqdqTaVrE

Missed this yesterday. First time I have seen Brian presenting for EOG - sensible to have an Irish voice as this is clearly aimed at Irish politicians - and he has a nice straightforward approach. “And the case against gas from Inishkea is …..?” !

@Donal. Agreed - as Brian O’C makes pretty clear the obstacle to farming out Inishkea is all political. Companies won’t invest unless they get some assurances from the Irish Gov that they will be allowed to take any discovery into production. The prospect got taken up by a major in 2019 so we know it passes the “any interest” test and its commercial attractiveness has only increased significantly since then with the gas crisis and Irish rising demand. Let’s hope this report gives Ryan his “get out of jail card” for any announcement.

@itsawrap. Last figures given by CFO were for production at c850 bopd. EOG presentation gives current (January) Free cash flow estimate as £350k a month, so a 10-20% rise in production (best guess 950-1000 bopd) should increase that to £400-450k a month - as should be no significant extra overheads from increased production. Decent income, which should increase substantially further with Phase 2 gtw next quarter.

They may or may not have changed the precise location but both companies were using it as an appraisal well for the extent of the reservoir, so they would have been looking in the same approximate zone and so presumably got the same result.

Here’s the plan which shows which activities are maturing and could lead to reports

https://uplandres.com/wp-content/uploads/2023/02/Monthly-Progress-Report-for-Shareholders-Ending-31Jan2023.pdf

We will get a Feb progress update sometime this month, an investor seminar is promised shortly and the meeting with Petros listed in the action plan for mid March may produce something extra.

Much better presentation than we are used to - knowledge, conviction and confidence shown in prospects. A lot of positive events forecast for next 6-9 months, starting with Wressle shortly with regular programme development, then Serenity deal and Inishkea farmout maybe H2 with intention to drill next year. Direct answer that they would still raise more money if they saw good risk/reward opportunity (as opposed to turning it down?) - although suspect I am not alone in hoping they intend to get several of those positive news events under the belt before they seriously consider raising any more. Overall company seems in a strong position for a very good year if they focus on banking some of that potential shareholder value.

UPLs first CEO and founder was Steve Staley, ex-Cove, who was involved in identifying this area of Sarawak as a target. Suspect there has always been an ex-Cove network interest, just been waiting for something to develop.

Suspect they will want to put all that info out with the Wressle upgrade rns, which must surely be due this week?? Hoping for something c1000 bopd - ie doubling of original expectations - with further upgrade once the gtw is installed. Would also like to see Egdon get their planning request in, if they are serious about drilling the first Pstones this year.

Says a lot about the level of interest in the company to get a placing above current SP by more cornerstone investors (on top of current Tune group investment), and that the directors were willing to give up their placing allocation at 0.25p to take part in this higher level placing instead.