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Agree, it looks like a bit of a flap! Volume is high and it explains why we have paused at this level. Personally not surprised that any big holder takes some off the table now, why take all the risk - if Serenity comes in I am sure they will more than meet whatever returns they are targeting with a reduced holding. I think they are still considerably down on their original investment point here.

@Tovoc - current well is costed at £15m so 25% would be less than £4m. In any case can’t really believe anyone is worried about Serenity being a success! Is anyone frightened of a placing at say 3 times the current price??

@Tovov. Agree. Also after the first appraisal well our cost liability on Serenity drops to 25%, so imagine a second appraisal well should expose us to a lot less costs.

Agreed. And then it’s a question of individual judgement how much these will be upgraded and underpin the SP once the GC report is published (expected any day now) which will reflect the clear over performance of the Wressle well since the modelling informing the Tennyson figures, and the likely reservoir upgrades (possibly including previously unidentified reservoirs). It’s the big unknown - will it be a small increase and leave us still exposed to some extent in terms of SP current level to Serenity disappointment or will it back up the SP and essentially give us Serenity (Inishkea and the rest) as great opportunities on top.

As also an I3e investor I personally wouldn’t mind if they decided to postpone any of the good news on Wressle and Serenity until after I get my next dividend through on this Friday/Monday!

And it had a recent update on production figures that was lower than the market expected - bit of a market over-reaction in my view.

It’s seems very sensitive to the oil price as it has a lot of production in Canada.

Thanks, Selfish, do you know when as the DECC site is still listing it as a DNO concession in their latest (June) update..

Clear reference to Edge and Inishkea as the two developed licence prospects adjoining current Corrib. Anyone know what’s happened to Edge since DNO took it back?

Wouldn’t need to wait for production. The prospect itself becoming a live project would provide a very substantial boost to the SP - much as Serenity will hopefully do.

Not sure what to make of that final large trade. These usually get delay reported until following day - see the other 2 large trades reported at the end of day which were actually sold Friday. Wonder if it might have been some kind of balancing trade between MMs as it was at mid price. What looks like the actual last trade of the day seems to have been at 1633 and was a buy of 100k shares @3.049p, which is a lot more encouraging for tomorrows opening. All the delayed reporting certainly does no favours to us PIs trying to work out what is actually going on at any time.

VHB - think common sense will prevail when current Irish Coalition collapses. Can’t see it lasting the winter with all that’s coming - Ryan has made it too easy for the others to make him the fall guy when things get nasty.

A committee with a Green Party Minister, Green Party Chairman and Green Party Senator asking some of the first questions - and all the officials trying to say “it wasn’t our fault”. Suspect cabinet discussions are slightly more robust and to the point. Will be interesting to see what sort of a ride Ryan gets in the Dail where it is anything but stacked in his favour.

Looked like desperate attempt by Ryan to say we should talk about the much more important issue of international,gas prices (over which he has no control) rather than the security of supply issue (for which mess he has total control/responsibility). If you lose your job because companies won’t invest in Ireland, probably doesn’t make much difference whether your energy bills are 2k or 5k - you still can’t pay them.

Any speculation about fracking seems to drive up the Egdon price over past year. Agree with you that the practicalities and likely local opposition still may make it difficult to work. Seems to me our SP is rising slowly but steadily which avoids spiking- not really any evidence about the markets belief or otherwise in our management. I suspect the market will think they walk on water if Serenity comes in!

Yes and maybe even a Wressle update of reserves from the GC report so we can work out how much it is likely to be worth to EOG. At present we are all still working on out of date model, which is clearly falling well short of the mark based on how the well is performing and what has been already been produced without any drop in pressure!

Also a mention in the Irish version today re Corrib in an article which shreds Ryan and the lack of a coherent Irish energy policy.

https://www.thetimes.co.uk/article/energy-crisis-is-of-our-own-making-not-putins-8tbmcngbt

Both articles are copied in full to the other discussion board. All good publicity at this time to a much wider audience.

This looks promising comment from DB in their rns:

“Since the last production update published during July 2022, another impressive production performance from the Wressle-1 well has been recorded and the trend remains positive”.

Hi SelfishM, I suspect you are right that the open publication of the GC report is going to link in some way with UJO getting go ahead for Capital Reduction. Wouldn’t be surprised if it is being shared by them already with some ii’s, hence BMD getting hold of that rumour about the contents. Final High Court hearing is scheduled for Tuesday (Monday is a Bank Holiday), so expect we may hear something very soon after. We are also due the latest UJO confirmation of Wressle revenue, which I imagine could be the first “good news” of the week on Tuesday. Plenty to watch out for in next couple of weeks with Wressle, Serenity and Ireland finally waking up - September won’t be dull!

Anyone interested in the complete unravelling of Irish Green Party policy in Gov in Ireland should have a listen to this:

https://www.rte.ie/radio/radio1/clips/22136281/

Minutes 14-18 are particularly relevant to EOG and Corrib

I think the point is that Ryan opposes all these options equally - so Gov splits are looming and presumably politicians are positioning themselves for the GE that will follow if the energy crisis hits and the Greens resign or are given the heave ho.
Re LNG solution itself - no doubt the US will be lobbying Varadkar hard to support this option, but other senators are also asking why the Gov aren’t extending Corrib. It is of course not an either/or. LNG terminal may help with security of supply in a crisis, but it will do little or nothing to help with rising costs if Ireland is having to bid on the open market for supplies. It would also be a lot less “green” an option as some commentators are pointing out.