Member Info for Serif

Worth a listen - I would say extremely confident on Wressle, both in terms of the oil quality and quantity already produced, the proppant squeeze happening in the very near future and the probability of it producing the 500 bopd.

“Prefect” - was that a deliberate mistake ??

Just a thought on possible reasons for delay in OGA decision. As a Government Agency they may avoid giving decisions during election campaigns in case it impacts on local results. We had this before with the planning appeal decision on Wressle which was postponed because of the GE.

Some positive buying this morning, including a chunky delayed reporting 500k.

Thanks, Rubey. Even better then.

@Tovoc. I believe the granting of the permit simply relies on the EA approving the plan for the squeeze. Planning permission is in place, they just have to sign off on the actual plan now submitted. No time limit, could literally be any day.

Not sure why you believe Simon isn’t going to do anything - I think it’s more a question of the timescale. But in the meantime at least the oil price is looking strong again - as we wait for Egdon to get their Wressle squeeze permit okayed.

Licence bidding process has been closed for a few weeks and still awaiting announcement by Petros of awards. There has obviously been some timetable slippage - it was due in April - but Sarawak has been into some form of lockdown with a COVID surge.

Worth looking at the Egdon minutes from their community liaison meeting on Wressle on 3rd March. They confirmed that the oil was flowing roughly in line with testing levels (which fits nicely with the capacity of the 3 tankers a week reported regularly on Twitter by protestors). They also propose organising the next liaison meeting for about 6 weeks time when they would be getting ready to go ahead with the squeeze. So at the start of March they seemed to expect permission to come through anytime now - but I haven’t seen that a subsequent meeting date has yet been fixed.

Really good to see this SP keep on rising. Am guessing that some people must be thinking that we are very close to news on Sarawak or Tunisia- or both!

Share price continues to creep up and still the chunky buys continue - all without any apparent news. May be something is about to happen at last?

Maybe yesterday was last of the placing shares churn - which has been in part driving volume last 2 months. Think there should have been enough trading over that time to see them out. SP has held up well. Suspect we are now at a crossroads. If EOG can produce some positive news in next month (Wressle/Morocco/UK asset/Irish sign off - there’s enough options!) then we should be able to keep a fair proportion of new shareholders. If not then we may sink back into the “always too late to the table” cycle that has so frustrated some Lths.

As you say Rob it’s early - best to look at volume end of the day - especially after 6-7 million was traded yesterday!

Seem to remember there was a song that went with that story, Tacuma. But really can’t see what it’s got to do with EOG at this point in time. But then maybe I’m just one of the dumb towns folk!

Yes good sound interims. Confirms EOG resilience to survive last years horrendous oil price and COVID delays - with at least something still in the bank! Now with $60 plus oil, office savings kicking in, extra Wressle income and £1.44 from cash raise, should be in a very good position to press ahead with plans for this year.

Guess there must be some substantial buying in the background for this to move so suddenly and quickly.

We got just under 26 million ukog shares in 2019 for Holmwood licence. Think they were still there in last accounts, but who knows if they are still - may be there will be something relevant in the Interims which are due at any time.

@Copper. With all the cost cutting in terms of office and salaries I would hope that the current 90bopd (excluding any Wressle output to date) comfortably covers overheads and provides a little petty cash as well.

Yes 35million shares is quite a commitment in the company. Interesting timing coinciding with possible developments in Tunisia and Sarawak.

Let’s hope you both have the magic touch for this share!

Interims were completed this time last year, so if they stick to the same timetable that may give us an update this week on any progress.