Member Info for Serif

Would it not be helpful and good practice to indicate the cash sums for which the shares in lieu are being proposed? We would then have all the information we need to make an informed decision on whether offering this amount of shares in lieu was a good deal for share holders as well as directors?

WSC - I’m with you that rewards should follow delivery of success and not come first - cart before horse here atm! But unfortunately I don’t think we are being asked to vote on a bonus or not - merely whether they get it in shares or cash - for both of which we will also presumably be paying substantial NI in addition. Tbh if 300k a year and share options doesn’t motivate someone to do their best for the company is another 80k really going to make any difference? But I know that this level of award is now the norm amongst these remuneration committees and eog is not exceptional - although it makes no sense in terms of improving performance.

Only - let’s wait and see - ideal scenario is we get enough cash from jv for any further activities/desired acquisitions in H1 - so can then wait until next AGM and reconsider then. But they will need to deliver that JV before 24th Dec so we can see exactly where we are.

I agree - I don’t see how you can call such an egm without crashing the SP before you start the fund raise! So I think they will need a fund raising ability - would just prefer it to be resolution 7 only ie directly via shareholders first rather than us having to buy the placing shares off bucket shops for the following 3 months! When it comes to bigger money perhaps for Wressle in H2 they may need to raise funds more widely, but hopefully by then with drilling in EG ongoing the SP will be much higher as a baseline.

Edgein - you make good points and the company will need wider financial freedom to maximise these opportunities idc - but none of this will be an issue before H2, so we simply don’t need to give them this authority at this AGM. My concern is that they would use the opportunity immediately to grab another EG type deal which will take at least another 2 years to mature - if at all (considering how hard it is to farm out anything nowadays). Let’s get some success and funding under our belts before going full tilt for the next big idea. As you say they have done well this past year but that’s been under fund raising constraints - I suspect they might have taken the easy option of a quick raise earlier this year if they had had the option - which would have been much worse for shareholders than the rsa.

There has to be another AGM before the end of June on our new financial timetable, so we can give them these wider permissions to fund raise then if we choose - as neither Cloughton or Wressle are likely to need development funding until H2. Last time they were successful with Wressle they went at once to bucket shops for the over-hasty and dreadful Serenity project. Let’s encourage them to play it more carefully this time and vote against Resolution 8. I would still happily take part in a shareholder placing for a great project if there is one they really have to go for in H1 - but this inevitably has to be better thought through then just offering a massive discount to get the flippers involved.

Well the announcement better come before voting date (24 Dec) or they won’t have delivered as claimed and on that grounds I will vote against (I will vote against resolution 8 in any case as it seems to me to offer only harm to shareholders as they could raise money through 7 without going to bucket shops.

But does success in farmout justify this size of payment to the Chairman? If farmout successful its current £156k will be massively more and if unsuccessful he doesn’t deserve any of it. For context last Chairman took 48k salary.

Why delay AGM announcement to last possible day (Monday) unless they want to tell us something more at same time? Hopefully they expect signature by then - PIs working this out could equally explain any rise without the need for a “leak”.

Thanks for update, Flombo. As there have to be 21 clear days for the notice (so not including date of posting or date of meeting), if they get it out this week it could be 29th Dec at the earliest or if they leave it until Monday it has to be 30th Dec - unless New Year’s Eve is technically possible although no doubt it would be an unpopular choice!

Really helpful summary. So much coming together around UPL - drilling company, unconventional expertise, will add strength and credibility to their Brunei bids as well.

I still can’t see a good reason for delaying the AGM unless they think that the farmout signing is close and want to have it done before meeting.

Itsawrap - do you have a link to the NSTA monthly production figures on their new platform?

Good to get a 5 year extension then - the last one appears to have been only 3 years. Any idea of production levels needed to turn it profitable? Think there had been a slight recovery in production here in recent months (NSTA have revamped their platform and cannot now find the figures).

I think it’s clear our councillor doesn’t know what he is talking about! I am not aware of any plans to change the law on hydraulic fracturing to include propane squeezes as despite the attempt by anti fracking interest groups to confuse and conflate, the issues/techniques are significantly different. Secondly, the law is the law that currently exists, not something that your “mate” says may happen sometime in future!

Delaying agm just makes me think they want and expect news out before then. Otherwise pushing it back just it just makes it harder for them because investors will be more frustrated and less likely to give them the resolutions they want.

The percentage CoS is spelt out for each prospect clearly on previous presentations eg last AGM presentation as shown on website. They are individually in the 70-80% range, giving such a high CoS.

I thought WH gave a date of by Xmas for the farmin - and presumably he knows the actual process this particular Major is going through. Hopefully he was being cautious and it will come in November, but its timescale certainly won’t be affected by EOG short-term SP movements. “Our SP has run out of steam, Major, you have to move quicker” doesn’t sound that great a line.

This is not new news even to Drill and Drop - just another attempt by this “independent” outlet to drum up more anti protests by publishing a “fact free” article to try to increase fears without providing any balancing arguments to help people make informed choices.

I agree BF and this consolidation as profit takers leave and new buyers come in at a higher price looks healthy after last week’s rises. The SP has absorbed the sells and managed a small rise into the bargain - solid progress and all without news.

Friday 2pm not a usual time for issuing a positive rns - with a new video uploaded and all ready to go - makes me wonder if they wanted this all completed in time for something else that’s happening.