Member Info for Serif

Hi Edgein,

Am also keen that Wressle proceeds as it looks like a good long term cash earner from these new wells. Unfortunately we are not on the NEL agenda for this month - so maybe Feb?

You’ve left out Wressle 2 which will happen a lot quicker than Cloughton and looks a very good bet. Bonuses look more appropriate to me when the oil/gas actually flows and produces added value rather than for completing all the paperwork that precedes. Remind me what the ceo salary is meant to cover?

We didn’t have a choice of voting against the bonuses only whether they could get them as shares rather than cash. At least if they are “greed led” then choosing shares over the cash indicates that they are confident that the shares are going to rise significantly and will sustain the increase until they choose to leave and can sell up.

Decent figures of 305bopd for October after the partial close down to replace equipment in Sept.

I can’t see that anyone is going to have a problem raising the relatively tiny amounts that Eog/other antler member(s) are going to need, when you consider the risk/reward ratio is so incredibly positive for this sector. What do you think will happen to Eog sp once the drill date is set and the funding secured (by any means)? I suspect they could even be bold and do a 150m placing above current SP amongst current PIs as we all know that once they have the cash the SP will race up, so would likely be a hot prospect. We could then even lend Antler the necessary cash at a very health interest rate!

Don’t forget they will need to hold another AGM within 6 months under their new accounts timeline. Could hold it anytime they are ready after 1 Jan and could easily roll it into this if they need more flexibility than resolution 6 gives them.

But special resolutions 7 and 8 didn’t pass, so from my understanding no bucketshop placings and any raise is limited to 20% of current company value and must be offered to shareholders first.

It all points to everyone being really keen to get this drill done asap - rather than sitting on an asset for ages as can happen with others. Remember that Eog is only exposed to less than half the Antler costs on any item so small exposure I think for controlling the drill.

I’m hoping that this £10 trade (not even showing on lse) doesn’t mislead the casual observer- but it does mean that even if we hit a new multi year high of 2.25 we will appear to have remained flat. You’ve got to wonder why else the MMs are bothering with completing such a tiny after hours trade. Heres hoping they get swept away tomorrow!

Momentum killer - as we will probably open tomorrow unchanged but showing a 0.07p drop on the system based on this UT.

We’re also getting some consistent 500k buys to balance it out.

Also noticed that we keep getting these late full price UT buys, which trigger the pricing computer to regularly show us making a false drop every morning. So while unchanged this morning at open we were shown as 0.08 down and tomorrow if we open at our closing price we will be shown 0.05 down.

Just a reminder that if you want to vote on the AGM resolutions (esp resolutions 7 and 8 re placing authority) and you hold shares via a platform you may need to get onto them today as they can take several days to register the votes. I think these need to be in with Eog by 24 Dec.

Maybe for traders, but think the newsletter was aimed at investors and potential investors. Just compare UPL from Dec last year with what the company can offer now and where it’s actively hunting. It’s a significantly more attractive partner for licensing authorities across the region - whether that’s Sarawak, Brunei or Indonesia.

Yes news of farmout expected by company by Xmas and all on track from last statement. AGM now timed for 30 Dec and looks like it has been timed to allow for this news to drop first.

13th Jan is the next relevant planning committee - and it looks like they will now have to follow the law and grant or go against legal advice and waste large amounts of council tax payers money, for a bit of short term Green pressure group populism.

WH explained in previous videos that legal protections against cheap buyouts put in conditions for entry to data room.

Need to be careful we don’t undermine their ability to operate efficiently and show potential investors that they could raise in a crisis. 20% of capital as an ordinary resolution has become fairly standard and they had this authority last year and did not use it. This is what AI says fwiw

While the Companies Act allows for the disapplication of pre-emption rights (the right of existing shareholders to be offered new shares first) via a special resolution, this can dilute existing ownership. The Pre-emption Group's Statement of Principles provides a compromise: it recommends that companies seek authority for non-pre-emptive allotments up to a certain percentage, traditionally 10%, through an ordinary resolution, with a recent increase in discussions around a 20% threshold.

2 of the 3 are up for election - Kroll and Ashby-Rudd.

Unfortunately we are not being asked to vote on whether they should get these bonuses - only whether they can take them in shares at some unspecified share price ratio!

Have already said my piece on this - but the consolation is that if they fail to deliver EG their bonus shares will be worth very little, so I suspect they are confident which way this is going if they agreed to have the shares in lieu of cash!