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Can anyone with experience/knowledge of such things provide even an extremely rough estimate of what it might cost to sidetrack immediately on Serenity in a success case? If the original 30 day drilling programme is costed at under £15m would extending to drill an additional sidetrack likely add something in the order of £5m, 10m or £15m?

Apologies if this article from Irish Times of 5th Sept has been before but I missed it in all the noise last week.
https://www.irishtimes.com/business/2022/09/05/corrib-shareholders-look-to-harness-power-of-renewables/
This approach of tying in renewables and further Corrib exploration looks to me exactly the way to take things forward as it enables any politician (excepting the ideological diehards) to put forward a clear energy transition plan while allowing further exploration and development of Edge and Inishkea.

Oops now we will have the McDonald’s lawyers on to us for brand theft!

What do you read into this appointment?

To appeal to the Irish then?

So which of our licences were you thinking we would be rushing to frack?

@Yanis. They did several raises last year but didn’t spend the money - all a bit odd as it trashed the SP at the time, something people seem to forget when they now look at its recovery. Still it works in our favour as they can give us the loan and the interest is nothing in the scale of things especially as their are no arrangement fees, pay back penalties etc.

@Yanis - I think it’s mainly Wressle and a couple of other financial instruments. But the amazing way their SP has risen over the past week without any obvious reason makes me wonder if a company share buy back has started there on the quiet.

“Where is all the revenue going” - The loan gives flexibility it tells us nothing about how much cash they may have at present or what they intend to do with it. Tony below gives a reasonable cash estimate - I suspect it may be slightly higher than this including all our producing assets. How much would a side track cost on Serenity success? What would the SP be then if we could move immediately to unlock more reserves? If Serenity flops what might the added capital flexibility allow us to do with our cash resources to rebuild quickly? Personally I think it’s SO showing some forward thinking.

@Breznef. I agree. The Serenity case hasn’t changed because EOG have taken an insurance loan out against Serenity success (yes that’s for Success!). Also gives them flexibility over capital if they want to do something else quickly - seems a positive to me. SP is frustrating but then with all the buys going through suspect we are seeing BGF clearing - quicker they go the better now.

And if UK does start to frack and feed into the pipeline that would mean the Irish Greens preferring to take fracked gas over indigenous conventionally produced gas. Looks untenable. Think this could be the biggest benefit of fracking change to EOG.

Perhaps a sea?!

Think that’s a bit confusing. This is a new well on the Serenity field which we know has oil and which the operator says is already commercial from the first well. This new well is to appraisal the size of the field, essentially to see if it is large enough for a stand alone development if that was desired route to commercialise.

Think part of the issue is that people hear the word “drill” and recall the frequent disappointments from exploration drills. The key difference here is that is an appraisal drill which is why the geological and commercial COS are so much better.

Think EOG has always been more of a conventional than a fracking outfit (unlike Egdon). Until we actually know what “getting local agreement” actually means not getting excited by fracking headlines. We have plenty of conventional stuff to get on with.

Depends how much can be salvaged from the existing reserves found at Serenity and how much Wressle is upgraded. We may end up higher or lower than before despite the dilution.

The value of Wressle and the potential value of Serenity haven’t changed. If Serenity flops than the SP once stabilised will reflect the value of the upgraded Wressle and other producing assets, if Serenity succeeds then the SP over the next month doesn’t really matter. If investors are frustrated because they wanted to derisk at a higher price then that is exactly the same strategy the ii has followed, so it’s hardly a surprise that they have sold some.

A timely reminder of just how good Wressle is and that we can expect the news on an upgrade on reserves etc later this month.

Yup over 22m traded today - and that isn’t even counting the 11m in trades from Friday only showing up now!

Sold - showing now as a delayed sale from last Friday.