Member Info for Serif

Yes I saw the MOU “in process” comment - and noted that there were white flags marking Sarawak AND Brunei - also a washed out one on Malaysia. So many tantalising clues. Let’s hope that the revamp of the website coincides with the news or they will just have caused more confusion by including what has yet to be finalised. But overall it looks as if something substantial should be coming our way across the range of opportunities. Show that they can deliver one and then as an investor I will be thinking the rest should come. And with our contacts and partners in the region that will be very exciting!

Indeed! This does look a bit specific to be just “loose language”. Also struck by the couple of references to UPL “having access to substantial funds”. Not sure what this is - and hope it doesn’t just mean tapping us up for more(!) - but we have some interesting backers and I note your recent posts about Development Banks etc.. Lets hope we get some more clarity next week - we have waited a long time, but hopefully this is a sign that things are now moving forward. Maybe if there is an RNS CP might do an interview to flesh things out - yet to see him do anything in public since arriving.

Is there a separate presentation and if so where on the website? I can only see a few slides that change as the header at the top of the page. And what is the reference on these to a Sarawak onshore licence “adjacent to a prolific and mature offshore area”??!!! Have we finally landed something, but if so why no rns?

On the DCCAE home page is a copy of their briefing for the incoming minister. Pages 71-73 summarise where they see the state of exploration at present. Restates clearly that current licences are not legally affected by the future exploration ban, but that nevertheless almost 50% of licences were relinquished by companies following this statement in 2019.

@Tacuma - interesting. So are you thinking Stephen for SID or are you sensing someone else who may suggest a new direction?
Personally now he’s our permanent CEO I would like Simon to give us a clearer sense of direction - where’s he taking EOG and how is he going to do it differently to get a different result. Specifically what’s happening with Wressle - is it hold, sell or further develop? What’s going to make the Ireland farm out approach different this time and what’s his current realistic timescales on this? What’s the game plan for Morocco and how do we avoid it becoming another decade long Ireland experience? So long as Wressle delivers what we expect in the next couple of months we have options - what’s his approach to get most value out of these? This is a chance for a reset to build investor interest/anticipation - and he’s had the time in role already to know what he wants to do.

Yes Simon is now fully in charge with his own chosen BOD - so our money is in his hands and what happens going forwards is actually all that counts. Doubting that getting an Irish farm out deal signed and delivered is likely until Irish political direction becomes clearer, what else does anyone think Simon could do in the next 3 to 4 months to freshen up the offering, rebuild investor confidence and help us look forward with real anticipation to something?

LoS, while I think you could debate challenges etc around Irish farm outs etc., I think you have them bang to rights on costs - the one business fundamental totally within their control. I have been shocked that so much of the money raised to pay for surveys etc has been eaten up by running costs. I only hope that the cost changes Simon has now brought in outlast the current crisis and reflect a more rigorous approach to spending that treats company spending as if he was shelling out his own money. Then we should be in a decent position to recover properly with the Wressle revenue.

Anyone know what’s behind the sudden wave of buying almost 6.5 million shares in 90 mins - and counting!

I am hoping that Simon is thinking along the same lines in terms of pushing his short term “third leg”, while trying to stem the flow of hard cash out of the business through large cash salaries.

Yes Natural Gas is up over 30% on 2 weeks ago - a very welcome recovery. And as the oil price continues to creep up, this makes Wressle increasingly attractive in the short term.

Not 100% sure I am confident about what this actually means “conditional on the closing average mid market price of an ordinary share exceeding the exercise price by two times for 30 consecutive days.” Does it mean the share mid price must be above 2.46p at close for 30 trading days (or just a calendar month) in a row for the options to be exercised? And does this condition only have to be met once in the 6 year period for all three tranches to become available? Anyone know?

@Copper3 - totally agree. Let’s hope it’s quick, because once the shift is apparent I think we could hope for things to move quite fast. Not sure in the meantime that there is much anyone else can do to accelerate this.

From a dummy buy it appears that anything at or over 1.24 has been a buy today - so mostly buys so far despite the apparent sea of red.

With its connections and backers this company has the potential to do something special - but CP needs to show that some of these leads are in our grasp. It’s been a long wait for anything definite to appear and the credibility clock is ticking louder following the last two placings and the language used. Now is the time to show that the ideas (or at least one of them!) can be turned into reality - as someone else said let’s stop juggling all the plates and start to stack some of them.

Looks like a storm in a teacup. FOI request shows EDR have followed their published project plan - permission for boreholes obtained first as built in 3 month delay for monitoring - granted on 29 April- not on listed council planning committee day so presumably conditions are on delegated authority and can happen whenever. As I read it the other conditions to start surface works have been submitted, and council permission prob not an issue until monitoring data complete - FOI response already over week ago so could even have them by now. Presume rig is last condition that needs to be met as one of final activities prior to production. COVID may have slowed things, esp with Council, but am sure EDR are highly motivated to get this going as soon as possible - and don’t see why North Linc planning dept should be dragging feet when they were never the real issue here - it was the councillors going against their advice and refusing the application on no legal grounds.

Rob95 - SP rise may be in anticipation of Wressle update and possibly moving to next phase of site preparation as its now about 12 weeks since water boreholes were drilled.
Re Ireland - it’s just a judgement call - no definite as I see it. The current licences appear excluded from the ban (as before), and this seems to be the widely held interpretation if you look at others involved in Ireland (e.g. pvr, prd), and some make the case that the ban on new licences make current licences even more valuable. Yet it may be that even current licences will get in effect killed off by a hostile NIMBY environment whatever the legal position. Against this as Tacuma points out there is huge uncertainty in global politics which could easily drive a desire by Ireland to ensure access to national resources rather than rely on potentially hostile countries for supply however cheap at present. Add to that the state the Irish economy will be in because of pandemic shocks and the need to increase tax revenue, plus a case for locally sourced gas being environmentally less damaging than imported - and the variables become endless. Looks to me that there is plenty of factors supporting the potential of developing Inishkea, but no one can be sure.

Ryan was re-elected (just!) as leader of the Irish Green Party yesterday, so now he should be free to get on with his job as the Minister of the old DCCAE and eventually get round to reviewing all the permit applications waiting for him.

Perhaps a reaction to the oil price rise? Good to see a million shares bought over a short 10 min period - not just the pocket money brigade today!

On the face of it the RNS looks like severe cost cutting to get us over the Wressle line without needing significant further dilution. But are others seeing more than this - and if so what?

OTF your are right, but we will also need the money to pick up new stuff, which is why getting Wressle up and running is so critical.