Member Info for Serif

Agreed GP. To average 656 over all the upgrades when as they say the daily limits are 700-725 looks pretty good. Good chance we will have been improving on that in recent months and we have our other production to add on - will be interesting to see what this is when they give the figures. Must say that EDR seem to have been incredibly slow to move on the site gas to power generator which I think was first mentioned over a year ago.

@Tovoc. Yes any work would need a permit. It’s chicken and egg though. Don’t think we will get a farmin partner signing on the dotted line until they are confident the Irish Gov will permit development - but if we do get a partner then I think we can be sure the Gov has agreed development, so permits shouldn’t be an issue, whoever is the Minister.

GP - I suspect it’s just the site survey - but you probably have to make it sound more substantial in the application and you probably can’t put down “waiting for a farmin partner”!

@Tovoc. Good questions. In fact don’t believe there are any other outstanding permits, they all lapsed some time ago. Is this enough in itself to get a bigger company to show interest in Ireland - prob depends on behind the scenes conversations as they will want some assurance from Gov of no more obstructions or more dirty tricks (see recent PVR issues). There is some hearing in senior chamber of Dail coming up where Ryan risks being exposed for misleading statements about Corrib (I think our Chairman was leading the charge on this), so he’s under intense pressure. This is probably just a forced concession from him, but that in itself is a very positive sign for us. In addition with the licence extension date this Coalition Gov with the Greens will now have to survive 2 winters of fuel shortages before it’s up for renewal again - wouldn’t give them great odds on that!

Huge surprise, Ryan clearly feeling the pressure. First concrete sign that the blocking policy is giving way. Becomes even more illogical now not to allow further development on this licence.

Full year results were published by RNS late Friday pm. Timing a bit odd when the accounts appear to look fine, especially with such low running costs in terms of Directors fees. Serious rebuild of the company seems to be progressing which looks more promising in terms of getting Sarawak moving ahead:
“ We have strengthened our team with the appointments of John Forrest as CFO and Gerard Murray as Chief Strategic Officer. Gerry is a long time Upland shareholder and supporter who has a MSc Oil & Gas Management from the University of Aberdeen while John is a CPA who came on to assist with the completion of the 2021 audit and re-listing of the Company’s shares in June. The Directors are delighted to add Gerard and John to our team. We have also identified a UK-based Technical Director and are working out the final details. With his past experience in the region, he will be a very important addition as the Sarawak Technical Study commences in earnest.”

Agreed LP. But personally glad they didn’t just extend the placing and create more dilution. Let them buy in at a higher price I say!

Agreed HDT a pathetic answer at any level, but it certainly didn’t come across as a ringing endorsement of this current policy. As has been pointed out it doesn’t in any case even cover our licence which is purely being ignored at present by Ryan. Predict the water will get hotter for him as everyone else shivers.

Perhaps end of next year to fund phase 2 of Sarawak? Or maybe they could just buy on the open market?

Yes glad it’s out the way. Should be enough to see them through until Sarawak first phase completed towards end of next year. May also get extra boost from Tunisia extension confirmation in next couple of weeks - and all the while we await BOIL to report back on Dunrobin by end of this year.

This SP went up about an hour ago - but nothing showing here.

There was an RNS on Wed with comments and suspect we won’t get an interview until after the Final Results - he will want to speak to something concrete and positive. IMO better to start next week with news than put it in a “Friday” RNS! Might also be waiting to include an update on Wressle gas (promised by MA by start of November) and perhaps clarification from HMRC re offsetting costs on Serenity etc? As Izstar says below it’s probably about trying to rebuild momentum now with some news.

Ryan might borrow the following for his next press release:

“Pretending we haven't made mistakes, carrying on as if everyone can't see that we have made them, and hoping that things will magically come right is not serious politics. I have made a mistake; I accept responsibility: I resign”

@Selfish. It’s an uncomfortable truth for Ireland that only indigenous gas can provide energy security during the “transition period”. LNG is highly vulnerable as it requires transportation halfway round the world and supplies will disappear into China with any crisis, pipelines from foreign countries - even friendly ones like UK will be unreliable during any widespread shortages even without the threat of Russian terrorism. Renewables are nowhere near ready to fill the gap and will always require backup. Where have all the grown up politicians gone?

@Selfish. Certainly hope not and think we are a very different outfit from RBD with tangible assets. Still it always pays to stay alert and make your own mind up about what’s happening. Just think we need the Finals to land as soon as possible this week as a base to move on more positively.

OK happy to be wrong. Just not seen a single trade making a 10% margin on recent activity here - certainly not any of todays trades.

@Oilanalyst. I agree BGF would have notified if they had dropped below other thresholds - and certainly a lot of last Monday/Tuesday would be retail. But my understanding of much shorting is that you sell to create downward spiral/expectation, then buy some back at lower price to sell again to keep downward momentum. Sells will also cluster at start and finish of day to “set the tone”. We have mirrored this pattern last few days. And it doesn’t require anyone to cross any thresholds. Who knows - I am undecided, but what’s happening at RBD and the curious patterns here are worth noting.

Yes some very odd goings on. Don’t they hold here too? Anyone know if it’s possible to short EOG shares as I’ve read somewhere it isn’t, but our trading patterns over last few days look very much like it. I can’t come up with MCap at this low level when I add together just our cash holding and production assets, so could make a juicy profit for someone if pushed down low enough.

Volumes look ok, there is just a sense that the SP is getting pushed down atm, which I would guess may intensify tomorrow if someone can make some money by such a drop and subsequent bounce - would look for rise next week perhaps with the Final Results confirming very healthy cash position.

Hi Tac, I guess the Titanic could have changed course to go south to avoid the icebergs, but what’s the alternative route for EOG if it’s going to maximise the say 2 year window that has opened up to get near term projects up and running, before funding for long term oil production gets tight again? I’m naturally cautious - ie don’t spend what you haven’t got, especially when it’s other peoples money (!) - but until Ireland swings we will only be a slow but steady prospect with Wressle, not great for raising an SP on AIM. If there is a better risk/reward strategy around that works long term I’d be all for it - just not sure what this would be.