Member Info for Serif

Hi Brushless, that’s pretty much what I was thinking as well. I hope they are still working out a way forward, as said below they have had ample time but then they had ample time before the suspension date I would have thought. Must be about securing finance somehow and presumably they believe there is a way forward which is why CP says they are still working on it. Only time will tell and from what I understand these suspensions can be quite long but are not necessarily terminal!

MMs seem to me sitting on this today and only offering buys at full Ask in £500 parcels - not sure why.

GP good to hear your giving a thumbs up for Corrib.

Just a thought - wondering if EOG official Twitter would really want to brag “no doubt that Simon is the man for the job” unless they were making some significant progress on some of the EOG led projects? Seems a bit presumptuous if not - as all our recent success has been down to others.

Yes I took it as a joke! I think you are right about someone buying chunks though, I can’t get an online quote on even 30k now.

Makes you wonder how much doesn’t ever get reported on trades. There was clear selling pressure end of last week and some 3-4 million extra reported buys unmatched by sells, but I’ve seen no late reported sells of this size this week. And now the trend seems to have reversed completely and we are moving up, but it’s still hard to read from currently reported trades.

See they are selling above the mid price again today - maybe someone has bought another million. So only another 168m share buys for UJO to reach their target presumably!!!?

Put his picture on Twitter and someone buys a million shares. So may be this marketing stuff is easier than I thought!

While the CEOs behaviour may or may not have changed since March, there are minor differences in the oil price - up 50% since then, and the Wressle production flow - up somewhere between 600-1000%, which make this unlikely to be another March spike.

Feels to me that we have started to move despite the sell apparently being worked in the background. Worth noting that Oil is up 10% since Simon announced downhole pressures and almost 30% since the last site update in mid December. This is serious increases in revenue - easy to miss when following daily OP movements but the maths will play out as it’s hard cash flowing in.

GP not sure why you would be surprised if it had risen to 800bopd, weren’t the upgrades over Xmas period meant to help with managing the gas better to allow greater flow? It would in any case still be just below the initial flow first achieved in the summer when they had to choke it back so much.

Very positive to see more construction and progress on site, Presumably it means they are ready to move on to the next stage and that further updates should be arriving in near future. (Roofers Hound used to fly drones over the site, so provided some helpful updates in the past).

The honest answer is no - no one knows! But FWIW here are my best guesstimates:

- Catalyst of further Oil Price rises - depends on Vlad but could be this week
- Wressle update on any or all of Flowrates, CPR, gas handling and revenue - due any day, the broker forecast January, RNSs have said early in the year. End of this week marks 6 months since the PS stimulated the current flow, so it’s looking due although everything on Wressle takes at least twice as long as you think it will!
- Ireland developments - again Ryan could start signing at any time under current pressures, but if it’s link to Energy Review then 2-4 months
- Morocco- this week, next week, sometime, never
- new asset. If they go for one still they should have plenty of cash in hand for Q2

Wressle is great and probably worth a couple of pence or so to the SP, but the big news for me of the last year has been the emerging clarity around Ireland’s commitment to gas for the next 20-30 years and their lack of options to procure this. LNG supplies have been shown to be unreliable during shortages, taking Russian gas is now toxic for any European country (whether they invade Ukraine or not) and demand for supplies from other European sources is clearly going to exceed supply. There is a lack of credible options for Ireland to procure a gas supply for all their new gas power stations that is reliable, secure and affordable except through extending the life of their current gas fields. IMO development of our prime Corrib licences now appears a question of when rather than if. And that will take our SP to a level we have only dreamt of in recent years!

Suspect a large sell being worked all week - often late reported very large sells. Someone must want their money in a hurry! Had something similar a month ago - took the SP down from 1.30 to 1.10. It bounced back (and more) once the selling stopped.

You mean our licences with the prospective 2.7tcf of gas sitting next to the current Corrib gas producing field of a country facing an increasingly dire gas shortage?

There is no Northern Ireland government the DUP just collapsed it, so this initiative is meaningless. Elections in May - simple opportunistic electioneering by the DUP to try to win some Green credentials proposing to ban something that has no realistic prospect of happening.

Referendum - save us please. A picture of a polar bear on the side of a bus would win.

Btw I think you could have chosen a less graphic heading for your post - it just might put someone off their breakfast!

It’s the old Monday morning 9.15 syndrome. Once Simon has come in and read the EDR update, looked up the latest rise in the oil price, and checked whether Causeway have made further progress, what does he do for the rest of the week?!

Actually I think we are in good shape (leaving aside the current SP), but this year it’s been other people’s projects. It’s time to start hearing where we are moving forward the EOG specific portfolio. Ireland is clearly moving into a critical phase - PRD are hammering on Ryan’s door, what about us? Morocco - what’s happening here and if nothing what’s the next steps? We raised money last Feb in part supposedly to upgrade production on our legacy wells - what progress has been made? We presumably have a nice little nest egg of c£2m and growing - Gov is pushing for more licensing on North Sea wells to get them into production - are we ready to make a move?

I believe any update to show what we are doing to add value and maintain investors interests beyond Wressle news would land very positively - and it would demonstrate how Simon and the current team are adding value as we emerge from our long long sleep.

We are down while PRD are up 18% on continuing disquiet in Ireland about chronic gas shortage. Yet our Corrib assets are both larger and more advanced than theirs and I can’t see that their LNG offering satisfies the Greens (fear of fracking/transportation footprint), the Government (no comparable tax take) nor European Energy security ((LNG gets diverted to China with any shortage!). So why do they get a boost from growing clamour to sort out Irish gas issues, but EOG don’t? Odd.

Exercise price is above 2.46 for 30 consecutive days. Need significant news to get near that - Wressle, Morocco, Ireland - don’t see a few warm words bridging the gap and keeping the share up there for a month!

Thanks for the response GP. That should mean that their decision making around maximising gas revenue is fairly straightforward. It will be interesting to see as this develops whether the additional revenue stream that this produces will end up as a bit of handy cash or a significant addition to the bottom line.

7 weeks since the last site update and counting!

Does adding the other two gassier reservoirs do enough to change the equation on the options available?