Member Info for Serif

Good note, well worth a read - gives confidence on financial underpinning. One quibble - not sure how they get to current figure of 250bopd. Even taking lowest point of Wressle flowrate range gives 700bopd, so I make that 210 + at least 60 from other production, so total likely in excess of 270.

Latest PRD RNS today indicates that they are planning to fund a data room for their Corrib South licence, suggesting renewed interest in the area. Another very positive indication that things are looking up for our (much more advanced) Inishkea prospect.

This is what it says:

UPL "Our second cross border meeting with neighbours in Brunei, discussing mutually beneficial opportunities, with a strong focus on advancing developments with SK334."

Followed by a couple of nice pictures!
(Think you can just do an internet search on Uplandres Twitter and see their tweets without “doing Twitter” - if you want to see the pictures. The new website also records recent tweets etc, although this one doesn’t seem to be up yet.)

Very interesting tweet from UPL re meetings with Brunei over cross border opportunities on Sarawak licence. This project looks more substantial by the day.

I thought we went over 3p after the Serenity deal?

It was a Hugh folly not an SO folly. Briefly as we came out of Covid it looked as though all these North African plays might have value. Suspect it became pretty clear soon enough that there was no appetite. Personally always sorry to see assets go - but I’ll make an exception in this case.

Thanks GP - hardly a hanging offence! Can’t see it makes any real difference, although we can now track production and therefore likely revenue month by month (3 months late!), if we want.

Thanks for the info GP. Do you know if there is always a 3-4 month time lag in reporting or is that because Wressle has just started formal production?

Nice solid production figures now showing on NSTA site for Wressle. 770bopd in July, 710bopd in August (pres. some downtime). So average over 2 months is 740bopd or 222bopd to EOG. Add in our other 66bopd = 288bopd which looks perhaps at the high end of current expectations. If they get phase 1 of the gas monetisation completed as planned in the next month, should see production rising healthily into the 300s.

Ryan potentially to lose Energy - that would be very encouraging indeed! See the rotation date was set for 15th Dec but may slip a couple of days - could all look very different for further progress on Inishkea by the New Year.

No love for SO, but seems to me he gets attacked for projects he has inherited that aren’t going anywhere and told it’s nothing to do with him when they are successful.

BGF sold some at just over the price they originally paid for them of 3p a few years back. Entirely logical to reduce their holding a bit without loss going into a drill (just as everyone else seemed to do). No evidence that they have sold substantial amounts since, or that they intend to sell more.

@Gerry - I think they are standard flexibilities which are renewed each year (but if I’m wrong someone please correct me). And on the issue of SOs salary have seen claims that it’s a massive increase. It’s not - it’s simply that in the previous year he cut his salary in half due to Covid. Still paid way too much IMO for company size, value and performance of EOG, but then so was his predecessor.

@LoS - yes and there was another farmin lined up if you remember which was then killed off by Irish GE result. So people are interested in the prospect, what we need is the politics to align enough to give confidence that there won’t be continued political blocking.

I’d happily be a broken man on £258k a year. I guess we all see what we want to see but not sure your observation stacks up.against the very upbeat tone of the Annual Report.

Interesting that with all the Wressle success he chooses to lead on Ireland and talks about receiving assurances from the regulatory authorities there in terms of honouring existing contract conditions “up to production”. Different mood music.

Great link donalb. Especially like the following which shows that others in the Gov are thinking past Ryan:
“ Vermilion has plans to continue extracting natural off the west coast for a decade longer than expected after privately briefing Taoiseach Micheal Martin on their proposals during a meeting at Government Buildings during the Summer.

Vermilion is planning a €20m investment in new technology which will allow them to go deeper in search of more natural gas and Vermilion told Mr Martin they believe the life expectancy of the site could be extended to 2038.”

Can’t see why you can’t just publish the accounts then add any good news later - such as Serenity offset etc. Only positive reason for delaying publication that I can think of is if for some reason (eg final stage negotiations) they don’t want to declare their precise financial position. They have made extremely clear that it’s their strategy to continue acquiring late stage projects while the tax implications are so beneficial re Wressle income - so wouldn’t be surprised if there was something in the pipeline - however unpopular that might be with some.

Seems to have come to life since the placing.

Thanks for the link, Bobbybee. If I understood him right MA says the on-site turbine which they are planning to get in by Christmas at Wressle could enable them to increase oil production by “up to 20%.”. Anything close to this would be a nice New Year revenue gift!