Member Info for Serif

@PP - clearly anyone expressing unpopular alternative views is either SO in disguise, the PR dept, on drugs or a liar - or perhaps all of these. I disagree with 50% of what you say, but good on you for challenging the current line.

Can anyone explain why Egdon (supported/pushed by the JV partners) haven’t got a planning application in for next phase of drilling at Wressle? What could be a higher priority or more beneficial for all 3 companies? There will never be a better time to go for it. For once EOG let’s not miss the boat. As CCF points out the clock is ticking and you have already let 18 months slip by.

Come on Board - get your act together and issue some kind of response to the AGM results yesterday. We can all see that you have lost the confidence of a large proportion of shareholders and we now want to know what actions you are going to take to rebuild that trust and move forward to make the most of the assets we have. Lack of response is only going to make it worse as the SP performance today shows.

Last week Ryan was saying Ireland was to be fully powered by new waves of solar panels - he’s just sounding increasingly desperate - the less power/control he has, the more noise he makes. Roll on the reshuffle, then let’s see what we get - it doesn’t matter why Ryan gave the extension, we have it - it only matters if there is a new Minister for Energy and what he does.

So you believed Mr Ryan? And did he give a date by which he was reckoning Ireland would be “over producing” energy from wind!!! I think they are perhaps falling just a little short at present!

Well if the Board (not just SO) don’t recognise from that vote that they have mishandled their shareholder base and quickly come up with a better aligned approach from now on, then they’ve all got their eyes shut and hands firmly clamped over their ears.

Agreed CK - an explorer without drilling is probably pointless, although that doesn’t always seem popular. Just to say no one has shown interest in our Irish licences is not true though and if the politics shifts as it might Inishkea could well attract a farmin offer as before - but it is all very unpredictable as always.

Bill Oddie for CEO - well I’ve read worse ideas here!

Izstar - totally agree with last sentence, seems such an obvious strategy for progress from here. With regular sizeable votes against his re-election needs to recognise that he is appearing tin eared to shareholders concerns. Wouldn’t be hard to do something about this if he doesn’t just ignore it again.

Didn’t Kosmos farm in to Irish licences at some point? And Cairn? And an unnamed Major lined up for Inishkea before the Green election killed everything off?

Moving forward Irish Gov reshuffle in next 2 weeks could see Ryan lose Energy brief, which could start to open things up again.

Always thought O&G exploration was a high risk business - and that 30% CoS was considered a reasonable prospect? That’s why it’s high reward on success which always seems to attract investors. Seems reasonable to hold SO to account for the timing of the raise but not for engaging in drilling - unless we want an explorer that doesn’t drill - what was the CoS of Wressle flowing 700bopd plus?

No problem, Tovoc, I had to dig it out of the EDR report. I think Egdon could do a lot better in terms of producing a clear project plan/timeline on Wressle to share with everyone.

Hi Izstar, I think the “free trade” apps encourage people to buy such small amounts of shares. The apps then make their money on offering widest possible margins which is why you often see the small trades going through at the extremes of the quoted spread. So nothing is ever really free!

Wrong drill - the post was about Wressle.

Hi Tovoc, according to EDR the gas monetisation at this point is a 2 step process. Step 1 is installing a micro turbine for site power to be installed by year end, Step 2 is installing a gas engine for converting to electricity to feed a local private network (date dependent on sourcing equipment). So think we will see more gradual step up of oil production - which of course depends as well on managing the well sustainably. Stage 2 should then focus on (probably) putting in a pipeline for Pstones reservoir.

Whichever route taken all looking positive in terms of progressively increasing production and revenue this month and in following months. Pretty amazing well when you recall what some of our experts were predicting before the drill.

From my reading it is “carried over losses” that are excluded (as big companies were using these to avoid tax liability). I am presuming that the normal production/overhead costs in year are still being allowed to offset against revenue from sales, but if that’s not right then grateful for reference. Either way EOG are being in effect sheltered from this tax by Serenity expenditure.

Hi Tacuma, do you have a reference for that because all I can find on line is a GB news item about Brindex which clear refers to their concerns on the “energy profits levy” and not turnover, so wouldn’t have any affect on EOG post Serenity. They seem to be campaigning to set a higher threshold for profits for smaller companies before they get taxed to cover costs of decommissioning etc..

@Tovoc. They certainly have cash in hand as is clear on reading the report. However I don’t see it being earmarked for buy backs. What the report does make clear is that they intend to acquire further appraisal type assets - it’s mentioned in 3 of the 4 “Reasons to invest” given in the report. As CCF says, acquiring more assets is probably the only way to move the SP significantly - beyond waiting and hoping for the Irish politicians to get their act together. So love it or hate it that’s the route set out.

Mind you even 2.3p doesn’t sound too bad from where we are sitting at present!

Broadly agree CCF, although I suspect a farm in would have a fairly dramatic impact on the SP and we wouldn’t have to wait for planning to reap some of the benefit.