Member Info for Serif

@Tacuma. They are listed on EOG website - AGM circular of 31st Dec.

Yes still waiting for regulatory sign off on 3/19. Well at least presumably we won’t be having to pay any licence fees on this, if Ryan can’t be bothered to sign it off.

Swings and roundabouts. If you look at the charts for the last week, the shares have risen the same amount overall. We shot up and have now fallen back a little, Egdon have risen more slowly.

@AJED. It’s a Drill and Drop story from early Jan, so you can find it there. If it’s still a “draft” (and the story is now 2 weeks out of date) that is presumably Egdon’s choice as the applicant - suspect it suits everyone not to have it signed off unless needed. The difference between this job and the large scale hydraulic fracking that so concerns people was made very clear at the Inquiry, which is why the protestors position did not carry weight here.. However the Council might still be sensitive to how campaigners might seek to present it. Suspect wouldn’t take any more than a call to turn the draft into a formal submission, which as the planning officers have had a preview, could then be quickly signed off.

Quite a number of companies are holding closed agms at present - so I guess it’s legal and there may be practical reasons for doing this. Some companies are inviting questions by email from shareholders with a commitment to respond to these where possible.

@Tacuma. On Ireland Paul Griffiths of PRD did an interview on Friday (you can find the link on their BB). He was of course promoting PRD but he covers in some detail the energy challenges faced by Ireland and how these are worsening fast. Found it encouraging as it brings home that this issue can’t be ignored much longer - and from our perspective what more secure, sensible and accessible solution to the transition challenge could there be than Corrib gas? Don’t think Ryan’s “do nothing” policy can hold much longer.

You are well connected GP! Thanks for sharing. Just a few more days and happy to wait for the RNS results (and the AGM in this case), although some I think have suggested it may be a case of gradually increasing the flow to 500 bopd to manage production at first. We will see, but I hope it’s sooner rather than later, as the shouts of “50p tomorrow” or “fundraising imminent” that usually accompany these events can get tedious if it goes on too long!

Yet “in excess of 500 bopd” is what the Egdon reservoir analysis concluded and they had access to all the relevant drill data. So what grounds have we got to recalculate it? And that is of course if your mate (who I think you said isn’t actually on the ops) is totally right about it being only Ashover Grit at this stage.

Always alternative explanations - just comes down to the knowledge of the company and potential insights offered by different posters.

New tweet with photo of Wressle site from Europa, confirming we are on track for end of Jan production.

OK that’s way to complicated for my tiny brain, so you may be right or wrong in your speculations. One clarification, EOG are probably cash neutral at present oil prices - hence the loan “if needed”. So Wressle revenue is not insignificant at around 1.5-2 million and probably enough to fund current projects on the table. They have no debts (except 8k to a non exec for the loan!) unlike some companies, so no more or less likely to be looking at raising cash than any other AIM company, that is if they have a new project in their sights.

Times are hard when you have to manage on only 95k a year during a pandemic. They need to find a permanent downward adjustment to these inflated salaries rather than simply bumping it up to the full whack again come Wressle income.
Seems to me a clear message from the market reaction to a Non Exec loan that this share would get a massive boost in terms of sentiment if Simon and Brian bought some shares post Wressle announcement and they might earn those warrants! Am presuming Wressle is probably going to happen next week, so they will be out of any closed period. Great opportunity to announce this at the time of the delayed AGM next Thursday.

Just pleased to have a positive rns - not been many as well received by the market in recent times. Good for sentiment and astute timing from the Board to get some much needed publicity and attention for EOG “the silent partner” at Wressle with a 30% stake.

It’s just like having an overdraft facility at the bank - we all hope we don’t need it to cover monthly outgoings before payday, but need it in place in case we do. Much more reassuring than a last minute scramble for cash.

So an update finally and at least confirmation of licence extension and that the etap meeting has happened successfully. Best bit for me is end sentence:
“We are extremely pleased that our partner ETAP backs the technical results reached so far as our work continues on exploration and de-risking of the Saouaf Permit and we look forward to the publication of results in the near term."
Let’s see if they can publish some new results that back up the promise of the area.

Yes, best option available and generous of William.. No broker costs (way more than 8k), no dilution, no death spirals and a cushion for any slight delays or hitches. Exactly the sort of planning for emergencies you would hope from a Board. So immediate cash flow concerns put to bed and we can look forward to Wressle news.

Some bigger buys starting to go through today, as we move into the third week of the workover operations. Also see that the price of Brent Oil has bounced back up to $56, so looking a bit more lively here.

Good find B. Should at least get people to start focusing on the realistic options. But I also noted this:
The review will include a technical analysis and a public consultation, which is expected to be completed by the end of this year, he said.

So really springing into action with all speed to tackle the climate emergency!

Agreed GP, let’s stick with egdons 500 bopd - whatever reservoirs this refers to no one has better data on which to talk it up or down, and it’s the planning limit at present in any case. Hopefully we will know soon what actually comes out the ground!

An obvious question but do councils even give permission by specific reservoirs rather than well sites? I can only see reference to producing oils and gas for 15 years from a particular site - so not specifying particular reservoirs. Pstone Flags is mentioned separately in rns’s because it can’t be accessed optimally from current well so will require additional permissions.