Member Info for Serif

Yes and you’ve breathed a bit of life back into this BB. Since you joined this week, Brushless, we’ve had more posts than over the previous 7 weeks. Hearing something, even if it’s sometimes only sharing the pain, is a better than posting into a black hole!

And at least there are some of us left who care what happens!

See Wressle as bringing more value through impact over medium term as EOG makes use of additional resources - could add more value than many think if wisely used. Short term not sure that it will be produce a big spike by attracting a lot of people looking for quick profit - for that to happen there has to be a belief that the SP is going higher and higher on Wressle news - and I don’t see that level of optimism here yet.

There you go Brushless, two perfectly timed simultaneous posts with different perspectives! Sums up the potential pretty well -dark horse or no hoper?

Still here Brushless, and glad to see someone else posting! Definitely a “dark horse” this one for me. Seems to have gone through a couple of very slow years, but it also now seems to be promising movement on 3 fronts, which could make next year very different and a turnaround. Timescales and newsflows is always the challenge with these small companies - it just seems a given that everything will slip.

Maybe simplistic but I just read it as: Morocco is early exploration (say 10 years to production) Ireland mature and ready for drilling phase (say 5 years to production); third leg a nearer appraisal/production asset (say 2-3 years?). I think this sort of asset was mentioned in some earlier rns - but it all seems a long time ago.

Not of the same vintage but your poem still rang some bells and brought back some happy memories. Who said nostalgia just ain’t what it used to be.

Last rns left us with Simon saying “we are evaluating the effect of this new schedule on our cash flow and are examining financing options to cover any potential shortfall” 2 weeks after announcing this predictable delay its time to let us know whats been decided - if we’re ok now til end of Jan (as we should be) with Brent at $50 that’s great, if not then what’s the plan? Uncertainty on this can only be acting as a further drag on the SP.

@Copperpot. Yes definitely time for an update on Tunisia - at the very least on timescales having floated November in the zoom conference. Have a good break and here’s hoping for a much better 2021.

@brezhnef. Agreed, it’s always good to see someone having success onshore UK after so many recent disappointments - and who knows, perhaps some of it could rub off onto the rest of our Board. Here’s hoping we are all smiling again end of January!

Looks positive to have high hit rate.

Graphs still available on Eog site investor tab, if you are missing a game of “fantasy investing”. Apparently still have an 80% chance of exceeding 17p shareprice - admittedly on a 2017 expectations graph.

@Amnesic - “mundane” could this signal an interesting development?

In fact 29th October was also a national holiday in Tunisia, so unlikely that meetings would be arranged for Friday 30, as probably long weekends etc.. But not totally sure I buy this explanation for such an extended delay - if there was a problem meeting end of October I suspect Roberto would have known that end of Sept? I had hoped that the apparent change in approach had signalled better comms about what was going on - but there has been a deathly silence since then across the board from what I can see. If anyone knows anything about what is/isn’t happening with Upl, please share it!

LoS I agree completely, which is why it was so appalling to have spent the money from the last raise on overheads and not ring fenced it for project work. This company has had reasonable revenue for several years and a well run company would ensure overheads were always covered by this in good years and bad. Not enough responsiveness and belt tightening - suspect it’s because they have generally come from a corporate rather than small business background.

Hi Tac, who knows for sure, but even the edr rns refers to equipment still being delivered and installed during December, so I thought that indicated they continued to work and it was delays on supply side and not wanting to mobilise the rig over Xmas period, as both said. For what it’s worth had also read some twitter comments earlier this week from someone who had been to take a look at Wressle. They thought it was all going well but that there was still a lot of surface installation work to complete and that production might therefore have to shift to January. Whatever the cause we now have a “new” end date - let’s just hope it’s the last.

LoS they have already followed your advice and got rid of Porter Street as of December - and they have got rid of their FD - so they are part the way there!

Not sure what you mean by an operational shutdown. As I read it the rns says that work is continuing through December on the installation of surface equipment as it gets delivered, indicating that supply chains for some of the equipment have been disrupted by Covid - and site pictures still seem to show items missing and installation work to be done As a result they are moving the subsurface work to after the Xmas break.
While I hate that edr have delayed it (and I can’t think of anything you’ve left off your second currently blank page!), they mustn’t allow anything to risk messing up the subsurface work as we need to get that flow going well from the start.

Of course in the bonkers world of Aim this share could end up rising on the disappointment today!

I’m sure they have. I’m just hoping that the unexpected early rise in oil price may be encouraging them to take another look at best options.