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@Biggleswerf - agreed. Most shareholders will put up with a lot if they believe that the BOD are properly aligned with shareholders interests. Any number of ways to do this - performance related pay, shareholdings, focusing on shareholder returns, reducing impacts of dilution as much as possible, knowing the SP (!), acknowledging rather than dismissing shareholder disatisfaction (see last AR which dismisses votes against BOD in 2021 AGM as reflecting “no specific shareholders concerns”.) Just face into the issue rather than ignore it.

Well if you have to lean heavily on something for your valuation you could do a lot worse than Wressle!

Btw PiratePete, just seen your comments re SO on other board. Agree the CEO role is seriously overpaid for so small a company, but the apparent increase in his salary is only because he took a 50% cut during Covid.

Well he’s a better presenter that’s for sure. You could argue that the update is about budgeting forecasts etc so he was a natural lead, but either way it’s a better outcome. Some more clarity re a Pstones appraisal well this year and seems positive re Serenity and Ireland.

GP - all good points re space at Wressle. It was just the reference to 2 wells for Pstones that made me think, and that one of these was scheduled for this year with no reference yet to any new site. It was always said that the current site was not optimal for the Pstones reservoir, so just wondering if it might make sense to tap the Pstones initially from current site as infrastructure all available and then move on to second site for maximising production in 2024? Perhaps SO will elaborate tomorrow - if anyone is going who is happy to report back?

Hi GP, I think it’s just the one well in 2023 and the rest in 2024. Delivery on timescale is always the problem as they all seem to feel they have to promise it tomorrow or no one will pay any attention. The way it’s written does it look to you that the first well may be from current site (so timescales more possible) and the second bite from another, more optimal site?

Thought that was a fuller update than expected. First time I have seen some clearer timescales given re next steps on Wressle and the Capex earmarked to get the work done. Would expect to see planning request go in soon from Egdon if this is to happen as outlined, but could seriously ramp up our production this year. Only point missing for me in update was the geothermal progress which we were meant to hear about H2 2022.

Sounds a great new appointment. Particularly like the Brunei experience which seems to fit with what’s going on around the Sarawak licence. Building what looks like an impressive team.

@Tovoc. Always better to spread the risk. More chance of success if you have 25% of 4 drills than 100% of one. Am sure that 25% of Inishkea gas (if their estimates are right) would make EOG (and us hopefully) wealthy beyond any dreams!

You are warmly invited to participate in the Proactive ONE2ONE virtual investor forum which is taking place on Thursday 12th January from 17:45 onwards at The Chesterfield Mayfair Hotel (35 Charles Street, Mayfair, London, W1J 5EB).
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With thanks to Stas20 below.

EOG presentation at Proactive investor forum.

@donalb. I suspect Ryan has had to give ground on permitting some progress on fossil fuel Energy solutions in exchange for killing off the idea of a separate Energy Dept. Am now waiting to see what else moves beyond current sign offs. Presumably there are some behind the scene discussions, with officials if not Ryan, so maybe SO will have at least some words of encouragement to share on Thursday!

Agreed Copper. Seems likely that the potential buyer will be the one to decide if the data is good enough to part with $80m or whether they want further confirmation beforehand. Doubt that SO will be able to add anything substantial beyond what the operator has said.

Not sure what he is going to say on Thursday about EOG as not seen any RNS developments recently and everything else is wait and see what others do. Perhaps he will acknowledge the dissatisfaction shown in the AGM votes and put forward a plan to address shareholder concerns better in future.

I think most have written off the Serenity cost minus any tax relief to come, so the valuation put on the remaining Serenity reserves looks like a real positive - we could still come away with a decent profit from this adventure, albeit in 2-4 years time. No expenditure this year while we wait for the Tain decision seems like a bit of a relief.

I’m hoping that with some careful accounting after the Serenity costs we will only end up paying the marginal 9% in tax, so tax shouldn’t be too much of a loss (which is part of the rational for going for development projects now). However based on the figures in the last accounts, and the various overheads for the last 18 months and additional development costs of Wressle, I think we have a healthy cash pot but more likely in £5-6m range. On going revenue stream looks good, and could get even better soon if they fix the gas utilisation.

You would think EOG should bounce back - and fingers crossed we may have started to crawl back up! But am still surprised by some of the 400k+ sales we are still seeing which are probably at a loss - would have thought people would have largely sold out by now if that’s what they want.

@itsawrap. Thanks for posting. Finally something seems to be happening. Hopefully they have now got them installed and we should get an rns on new flow rates soon. EDR did promise end of year to get this done.- just a week late would not be too bad with their record for keeping to timelines!

@cfq - these are the only 3 “negatives” out of their 14 point risk check - so balance is very positive - as they see it at least.

Great way to end the run up to Christmas. Just thinking where we were this time last year, the company have really turned things around and next year should be all about creating the filling for that pie!

@GP. Here’s hoping we see that kind of forward thinking from Egdon!

@Tony. Actually I recall trying to get your views a better hearing here by suggesting if you put them across in a more polite way people might respond more positively. But if I have been rude to you please repost it here and I will happily apologise as I think rudeness adds nothing to the debate.