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@CCF. Thanks for trying to follow up. Let’s hope the Board are being a little more thoughtful than his response suggests - he seems always to be very tight lipped. Truly a difficult man to love.

Not sure we can interpret MM marginal share movements - they had it up to 1.40 earlier this week but that didn’t seem to reflect a particular buying spree. Think volume over last 2 days has been about normal and based on dummy buys there have been 400k more buys than sells over last 2 days. Still seem to need something more positive to lift us out of this narrow range. Let’s hope that might come next week from the CPR.

I see that BMD has tweeted that the Wressle partners are all meeting with Gafney Cline this morning. I am guessing that this may indicate that the revised Wressle CPR is imminent.

This is a test of the whole Board not just Simon. They have had a clear warning - and I would think unexpected as it’s unusual and apparently uncoordinated - that a significant chunk of their shareholder base is unhappy enough about their collective performance to vote against reelection. Normally you would expect a Board to take action or develop some form of response to that to indicate that they are listening. We will see.

Or perceived lack of involvement with EOG?

Well there’s a pretty clear signal that shareholders expect more from this Board. An 18% vote against reappointing the Chair and over 10% against all the other Directors - normally see votes against under 1% at these AGMs. Board should look to freshen up - my preference would be for a new CEO to inject energy, new sense of purpose and a better understanding of how small Aim companies need to communicate in 2022 , with Simon moving back to Chair if he wants to stay involved.

@Cloves. Suggests to me that this is what they are sniffing around - but not yet imminent - “remains in our sights”.
Re Wressle success - from back of the envelope calculations think they should have a cash kitty of c£1.5m +/-10% by early January. Not a bad place to start the year and if we can get the gas sorted at Wressle by then, this could continue to accelerate very nicely. Having the cash in hand should enable us to move more quickly on any opps.

In that case you might think that some middle-sized company looking at the underlying strength of oil would just take them both over and liquidate all the overheads. Wressle and non-Wressle production alone would then probably pay for the deal at current low Mcaps, which would leave the other UK prospects, Resolution, Ireland and Morocco as freebies.

Can’t see how an EOG/EDR merger wouldn’t help them both now that Shale is a non-runner in UK. MA as CEO focusing on UK ops, SO/Brian on Board to look after Ireland and Morocco now that we are at farmout stage. Doubles the production revenue, cuts overheads and “balances” the portfolio nicely all round.

@Yanis, I agree that a bit more presence on likes of Twitter wouldn’t do us any harm. Just some simple retweeting of significant news on Ireland, Wressle and Morocco would be a start and wouldn’t take any effort (maybe SW could do it for SO if he is the wrong generation for this media!).We’ve been so low profile on these for so long that people don’t seem to know we have these assets when good news comes along, which is frustrating.

Yanis, at one point you also used to use twitter re EOG if I recall right?

Actually 1 large buy and 1 small sell if you look at the prices - am not sure why the MMs bumped the Ask up to 1.40 on Thursday. There has been some better sized buys recently, but still been in the face of several large sells over recent weeks. Volume over several of the small oilers seems to have dropped recently, but still disappointing that EOG got no obvious benefit from Irish news when some others did. Irish decision still good news though - and I’ll wait for Ryan’s next move on how to supply these power stations to see if it turns into very good news!

Giblets - fair enough, like to question assumptions myself if I can’t see the evidence. If you look at page 28 of the Annual Report you will see confirmation of the increase to Directors shareholdings in line with the subscriptions made in March, so we have proof in this case.

@Giblets. Think we can be confident they went through with their commitments. If nothing else William would have to have issued TR1s if he didn’t, as he would have been diluted down through various percentage barriers by the placing - see what TR1s BGF had to issue at the time.

Interesting and positive comment from EDR re Wressle production posted by ldbart on an EDR BB. He says:

Wressle-1 going well. I had the following update from Egdon yesterday:

"Works to de-bottleneck Wressle and manage the gas flows are ongoing and we will update once these are completed.

In the meantime we continue to produce at rates above expectation at Wressle as previously advised”

Agreed.

Irish Government policy statement below. Let’s hope it’s just the start of some refreshing realism in the debate.
https://www.gov.ie/en/press-release/def33-minister-ryan-publishes-new-government-policy-statement-to-ensure-security-of-electricity-supply-to-24-million-homes-and-businesses-throughout-ireland/

Great to have Irish Gov finally accepting the need for more gas for decades in the transition and once the power stations are built they are going to need the gas to run them. So now it’s just a question of how long can they pretend that sourcing it outside Ireland is better for the environment. It may not be this minister who faces up to the issue but someone will eventually do the sums about how to reduce the global impact.

Just had a quick look at charts for EDR, UJO and PVR over last few years - as most similar companies/assets. Their charts look every bit as bad, if not worse than EOG.

I hope you are wrong for everyone’s sake in predicting another lockdown and oil price collapse as in early 2020.

Yes H can’t argue with that!

Personally I am not negative about the Board as I don’t really have all the facts and am willing to give them the benefit of the doubt for steering us through the past 2 years But I agree with CCF and your point about buying shares and appearing invested in the company. Rather than PR I can’t imagine anything that would do more for the smaller PI sentiment around this share than Simon buying a decent chunk!

Picking up on what else CCF said it raises the question for me whether Simon really gets what it takes to lead a small AIM company as things improve for us next year (which I am hoping they do with Wressle income) in particular moving fast and being willing to take (appropriate) risks. Ie is he entrepreneurial enough to fully exploit the opps that next year should bring if we have cash in hand.