Member Info for Serif

I can’t really believe S.O. is going to make a pitch for investors at a Proactive event next week when his only publicised achievement since the raise some 4-5 months ago is to “reinstate” (I.e. double) his salary! It is time for an update on at least some of the things he has been doing to add value to the company. With POO high and rising, profitable production and time to work up some of the leads advertised in Feb, it’s reasonable to expect something more compelling.

@Delph. Agreed. The delay in Sarawak is down to Malaysian politics, Petros and COVID, but Petros are now fully in charge of O&G (I believe they were due to be given full control by central Government on 1 June), so once they get back to work things should start to move and we can then judge how well UPL have positioned themselves.

Nothing that I’ve seen, but then Sarawak has been in lockdown in recent weeks, so nothing seems to be moving there. Due to come out of lockdown this coming weekend, although still seem to be struggling with the pandemic. When it does restart presumably Petros should then be ready to announce the licence outcomes.

Eog already producing c90 bopd before Wressle (although production costs on these higher than $17). Wressle has already added presumably c30 bopd, so total of c120 bopd as of today @$71. Think with overheads cost cutting from last year that should already be producing a nice profit, although everyone seems to be waiting for Wressle full results before valuing this in. With Wressle PS should add another 120bopd to that, with all Wressle quota (total 150 bopd) at $17 cost. So within next month could end up nearer 240 bopd.
If EOG could provide a positive update on any of their own projects (increased production from current wells, new venture in North Sea, Morocco exploration or even Ireland gas) for which they raised funds in February, then think this could get interesting.

That works. Thank you MrBB.

GP my links never seem to work on lse! But if you go to Twitter #eog and scroll down you will find them under a sharetalk tweet. You need to go down til you see the tweet with the meeting attendance list showing for the full minutes posted about 16 hrs ago.

These in full seem very positive. Preparing local community for increased tanker movements post PS, only a couple of operational preconditions still to be assessed and signed off by the EA rep (seemed to be routine stuff in the way EA represented it) and then PS to go ahead and full results to be clear in a week. Egdon staying deliberately vague over precise date of PS presumably for all sorts of practical reasons, but they give mid July as the latest date by which they should be able to say if it hasn’t succeeded and they want to side track. IMO a PS in w/c 14 or 21 June looks a strong contender, seeing that the last rns indicated a June date, all seems to have fallen into place with permits and they said back in March that it would take about 2 weeks to set up. Seem to be doing a good job in working positively with the liaison group as well.

Think it’s exactly the same price as when you last commented about it going down!

If true it will be interesting to see who comes in to buy it, as they would presumably have a strong interest in extending its life.

Yes finally all coming together nicely on Wressle, boosted by a good strong oil price. I am guessing that we can expect the squeeze to happen over the next couple of weeks, based on the March Egdon guidance to the community liaison group.

@Copper3. Like you I have struggled to find a clear statement of the full planning conditions around Wressle - and I have searched through the inquiry report etc. - so if someone can link or paste them, would appreciate it.
My best guess at present is that the 500 bopd was a deal with council to reduce tanker movements, as it seems set in all RNSs. I am also unclear - despite various claims on these BBs, that planning permission is limited to Ashover Grit reservoir. Based on earlier plans in previous broker note, I think that we could access Wingfield Flags without needing further permission (so extend life) and even PStone Flags, although issue here seems to be that Wressle 1 is not optimal for this reservoir so we would need planning permission to drill further well.

@Copper3. Looks like the IEA plan has already run into a lot of opposition from many of the developing economies that see themselves hardest hit by its proposals. Suspect there would need to be a lot of negotiation, economic support, searching for alternative paths and compromise before many countries would readily sign up to a report they seeing being forced on them by the richer nations.

Small amounts at full price currently.

Guessing the energy review will come to the same conclusion in more “political” language! All helpful to prospects for Corrib assets.

It all reads like potentially good news for us and signals clear hostility towards any LNG options - fracked or other. Final note also looks significant to me
“The review will inform whether it would be appropriate, or not, to develop LNG terminals in Ireland and, if any such terminals were to be developed, whether they should only be in order to provide a contingency supply in the event of failure of existing natural gas supply infrastructure.”
Sounds as if there is a natural path to keeping the existing natural gas infrastructure working -which is where Corrib could fit in neatly.

Looks like the JV partners all think there is a stronger story to be told on Wressle than has been got across so far. Still waiting for some flesh on the bones of the “broader portfolio”, but at least raising his visibility with shareholders.

@Tac. Not as bad as it looks on lse. Many buys showing as sells throughout the day, for instance after 1130 anything at 1.40 or higher was a buy (confirmed by dummy buys). Steady build hopefully.

That should change if Simon delivers on his promises for this year.

@PB2 - agreed, really encouraging rns and looks like we won’t have to wait long now to get the financial boost from Wressle - and this presents a great opportunity to build up some proper momentum. Wressle is Egdons work and our guys have now been free for 3 months since the cash raise to move on with Morocco, looking for opps to maximise current production and identify an acquisition “in the North Sea” (if I recall rightly). Would be good to show us something soon, while Wressle is gaining attention, to interest investors in EOG’s projects.

No - I think that is a Rathlin, RBD and UJO joint venture.