Member Info for Serif

@Tacuma. Good luck with whatever route you are now taking. Sorry to see a decent poster go.

@Torino - agree on the potential, especially re Sarawak where we should hopefully learn more about their findings at the upcoming investor webinar.
Think Dunrobin - if it is to farm out - will happen much quicker than end of year. They started farm out campaign in January and as the report makes clear (page 7) they are looking to make a drill or drop decision by July.

@Baffyman. Just my view - UPL wont want to pay to drill Dunrobin, they will either be seeking farmin with full carry or sale of asset. Their focus is Sarawak, where the licence they are working on adjoins the Brunei oilfields. Sarawak oil industry has been underdeveloped but recent political changes have resulted in formation of new Sarawakian oil organisation Petros, and the Sarawakian Government is determined to show it can succeed, so there is real impetus and political will to develop it. Funding currently is as you say, plus the $1m bond released from Tunisian licence. When the potential in the licence is clarified by UPLs work this year (they are issuing monthly updates - next one due any day), then funding for next stages will be needed - maybe from Dunrobin, Sarawakian finance/partnerships, shareholders - or all of them! But we need the licence results first to know what we want to do next.

Just noticed that Longboat announced yesterday that they had taken part of a licence just off the Sarawak coast. Perhaps further signs of the growing interest in the area.

Good report should give some impetus to attracting that farmin partner, which is where the real value gets crystallised.

Probably just someone’s trading strategy. Doesn’t change the fact that we are expecting news on Dunrobin from Boil sometime in next 2 weeks and the monthly update on Sarawak progress.

Last time the $1m increase was announced by UJO at such speed (July), oil was over $100. So sounds like a significant increase in Wressle rate has already be achieved and if upgrade is still ongoing perhaps more to come from the micro turbines.

CFQ - looks like this might have been reason for SO tweet.
https://twitter.com/offshoreireland/status/1621493706506522626?s=46&t=_xu-HrOPmQdv_ZECySpWAQ
Thanks again to Tommy on the other board. It’s the formal submission by the IOOA with a pretty devastating analysis of the obvious mistakes and bias in the Irish energy review and points to Corrib extension as objectively the most environmentally friendly option.

Not that I’ve seen. This is slow even by Egdon’s standards.

@bobbyb. One for Mr Ryan’s energy security review I think! Worth a question to him in the Dail about what he would do when UK responds to Norway cutting power.

Decembers update was rns’d on 17th Jan - all very positive progress. Also mentioned that they would be running an investor seminar on Sarawak in near future - date to be announced.

@HDT. Suspect Corrib production decline rate indicates it’s not drawing on another unexpected reservoir of the-scale Inishkea would be - if they ever get the chance to confirm that the gas is there.

Having followed oil price forecasts over past few years seems to me that no one is able to predict prices reliably beyond a couple of months - just too many variables at play. It looks strong at present and if longer term trends play out it could well strengthen further, but if in 3 months time world economists decide Chinas slowdown is greater than expected, it could retreat. Your guess is literally as good as mine and as good as any of the “expert” predictions IMO.

I don’t think these other blocks are nearly as advanced as EOGs in terms of defined prospects. The block that is interesting is the one with the adjacent Edge prospect which we were acquiring from DNO but which they have now surrendered as Ryan never got round to signing it off. Anyone know what could now happen with this surrendered licence?

This session from last week has now finally appeared on YouTube:

https://www.youtube.com/watch?v=Z51Ld19ypy4

https://www.youtube.com/watch?v=Z51Ld19ypy4

Thanks to Tommy on the other board for flagging it up.

This share has become very jumpy of late since it’s revival. As soon as it starts to move forward there seem to be a rush of buys which often shoot it up - maybe to drift back a little before the next jump. Long may it continue!

Interesting update on EDR website re Wressle which seems to back up the recent statements from EOG re drilling for Pstones this year. Also mentions that recently installed micro turbines may increase oil production rates by up to 20%.
Quote:
Threemicroturbines have been delivered to site and installation and commissioning isongoing
· Themicroturbines will generate all site electricity and are expected to enable upto a 20% uplift in oil production
· 3D seismicreprocessing completed and new field interpretation being finalised to confirmfinal target locations for future appraisal and development drilling
· New CompetentPersons Report to be commissioned incorporating the new field interpretationand exceptional production performance
· Planning andpermitting process for *****tone Flags development has commenced
· Drilling of a *****toneFlags development well is planned for H2 2023, subject to receipt of regulatoryand planning consents

And FWIW he’s upgrading his prediction for the likely rise.

Let’s hope so - but don’t know how prompt they are at uploading. Tonight’s presentation now available on EOG website
https://www.europaoil.com/wp-content/uploads/2023/01/220112-Proactive-FINAL.pdf

Nothing we didn’t know from RNS but still nice to read those cash figures - this is EOG we are talking about!

Hi HDT, can’t see anywhere that it is live streamed, but I think it should appear on the Proactive YouTube channel later on - so don’t know of any link as yet.

Yes let’s hope they wow their audience and get a few people to sit up and look again at what’s on offer for this price.