Member Info for Serif

No not from my experience - anyway prefer to let a management team get on with the job and stay arms length. Would like more comms on the way forward but that needs to be something official from the company - and I would hope we get fuller comms from Simon once the raise money is formally secured.
Bottom line - I think the current team still need to prove themselves in terms of taking EOG forward, but if I thought they were incapable of doing so, I wouldn’t be here.

@Cloves. Also interested that you are getting positive responses from the company. A common complaint is about poor comms and lack of replies - and the management team been extremely low profile to date, which in the absence of movement on projects over the past year leaves a hole to be filled. Perhaps this is a sign of renewed vigour!

Hi Cloves, the only thing I would add on Ireland is that they clearly are faced with an energy shortfall and have to address this - renewables are not sufficient under any foreseen plan - and gas has up to now been seen as the supporting transition fuel. The current DCCAE Minister Ryan is also leader of the Green Party, so has an “anti” position, but has kicked off an Energy Review to report towards the end of 2021 - this should provide some political cover for whatever decisions they go on to make. In meantime he recently signed off a survey on a current PVR oil and gas project (not purely gas). This does not appear to have caused a major fuss and is a very encouraging signal that his position is more flexible than has so far appeared. Don’t see why we shouldn’t therefore get approvals for licence transfer and surveys Idc for Corib area - and that’s the key to EOG success. That’s my reading of things anyway.

So extra revenue for EOG of some 40k from Wressle in Feb then - for starters.

Take away these 4 there are still 6 other holdings over 3% listed on the website - but not to named individuals, so not sure how this works in terms of TR1s.

I was wondering if the lack of TR1s was actually a sign that some of our bigger investors had taken more in this placing (which would be a good sign for the SP). Only had one TR1 so far from BGF showing they are not taking more as their percentage had dropped with the dilution. Does this mean other of our large shareholders have bought more - avoiding dropping through a notifiable percentage point? It’s 5 days since the first tranche of shares hit the market - can’t remember how long people have to notify.

@Tovoc. Hope you are right, but in my experience a lot of selling tends to happen around the placement price. The investment groups often buying these shares are happy for a quick 5-10% overall profit - as if they can repeat this 4 times a year they are making at least 20-40% returns with minimum risk. What they don’t want to do is have capital tied up for more than 2-3 months and so miss other opportunities or big losses if SP drops with unexpected developments. Can look strange to PIs but the maths works for them and their clients.

Suspect our SP is going to be determined more in the near term by the 120m shares that will have come to market at 1.30p by 8th March. I am guessing that many of these will be flipped in the 1.20-1.50 range, so that is where we are likely to be for the next few weeks/months depending on turnover.

@brezhnev. Agreed. I am a bit puzzled that Ryan has recently signed off on an OIL and gas project, but not on a simple licence transfer or a solely gas focused survey such as Inishkea which predated the Barryroe survey application. Suggests to me that PVR must have done some effective lobbying, but I suppose it sets a helpful precedent anyway.

@brezhnev. Can’t see anyone signing off on major investment until Irish Energy Review is completed and adopted by Gov. So while we might get partner lined up before then if there are enough leaks and signals of Gov intent, looks like end of 2021 is the earliest signature date to me, which is why presumably the surveys are now planned for 2022. It’s not a question of patience or being happy about it - it’s just political reality.

@Rob35. The Dec 2022 date is when the licence phase runs out - so the work needs to be done before then so a drill or drop decision can be made. Think that as they have raised money to do the work now it should get pushed along quicker, and of course it’s all about getting a farm out partner before then or it’s not going anywhere.

At least anything coming out is worth selling with Brent almost at $65. Not too bad revenue on current production too, should be easily covering our running costs on that alone. With Irish review ongoing the longer we tick over successfully and eat up the placing the better as Ireland remains the real key to success on our current portfolio.

So they have raised just under £50k extra from the broker option.

@Copper3. The Dec 2022 date is Morocco, and there is also a reference to the Irish surveys now scheduled for 2022 on page 4 - which I guess makes sense in terms of Ministerial sign off and the getting a farmin partner or using income to pay for these. From the note it seems that they are impatient to get on and place more focus on exploiting near term production opps to balance Morocco long term research. So things should be happening even if they are relatively small scale.

The Turner Pope Investment research paper on EOG published on line by Sharetalk makes an interesting read. Gives a more detailed review on where things are at across the portfolio and what is being planned to spend on what - especially the field rejuvenation work. Looks like a concerted effort to go for maximised output from current assets, so presumably they think there could be some relatively quick payback there. Also seems to suggest that the Non-Exec loan may get paid back early. Worth a read - a lot more detail than was in the RNS.

Think it’s fair to criticise Brian and Simon on this, but William holds a fair whack, so it’s perhaps not a Board confidence issue.

Well let’s hope for your and my sake that they can get over the line on fumes!

Let’s hope so - they have some big shareholders who I am guessing would not be too keen (as well as us!) and seem to survive on very little since Chris P stood down. Nice to see things move on here - at least we will now see what others make of our licence.

Looks like good outcomes from the detailed analysis of the area - with 2 very interesting prospects/leads so far - Pyrite and Halite - both with great potential. This licence has looked very promising from the start and now at last we can move to the next stage, open a data room and seek a farm out for the seismic. This will be the real test of how interested those companies are who were said to be breathing down our necks!

Thanks, LoS, for brightening up a Sunday morning. Classic clip.