Member Info for Serif

Good to see some trades coming in after very quiet morning considering the placing shares hit the market today. Personally am looking for near term news in next 2-4 weeks to help shift these shares - based on talk about “closing” deals in last rns, the latest round of licences in Sarawak prob being announced by end July, recent first mention of Brunei and creation of expert “panel” for Tunisia opportunities. Must have know that the placing was going to succeed for at least a couple of weeks, so feel it’s now time to start delivering on first round of these.

Every little helps and you also have to take into account cost and profitability as well as quantity. Wressle helps fund further activity, its not one of the infamous “company- makers”.

See that the raise is sort of 2 raises in one - with warrants at 1.30 set to provide about another 450k once these become attractive (presumably at 1.50 plus?). Is this a common pattern or a clever way UPL have come up with to ensure funding stream without constantly having to organise and announce new raises? It does look like a good way of potentially accelerating the company’s growth if we can build any significant momentum here.

On the downside who likes a placing and the price seems very heavily discounted to the closing price. Also have they raised enough to really push things on? On the plus side, the CEO has made a chunky personal investment and raising on this timing I’m hoping means positive acquisition news is imminent.

Agreed seems odd and not sure how much longer this will go on (we had a quick jump to 1.7p the other week) - but then EDR seem to be in same boat. I am sure there are many factors why we are at 1p (chunky seller, Irish situation clear as mud, Morocco a long way off, unknown management) all of which contribute, but maybe some people also look at the SP current pattern and the Wressle timetable and think they can get in nearer to production at little risk of sudden surprise announcements or big price rises?

Actually DH “Last of the Doom Mongers” is a pretty cool title and might make a great BB handle or Hollywood movie blockbuster in the future! Glad to see your confidence returning in this share.

On the 7% rise maybe we are all just holding our breaths waiting for something concrete to happen? It’s all guesswork at present.

Maybe it was posted by mistake on the wrong Board, as no obvious link that I can see to activity here.

In most cases it’s just a sign of commitment and confidence that the Director is literally invested in ensuring they leave the company in a better state than they took it on. It also helps them think at a very personal level about the impact on shareholders of any dilution - so other investors know that they really do have the interests of shareholders at heart. If all the Directors invest I don’t think it spooks the market if one sells at a time for whatever personal reason.

Do we know if there are trigger points for releasing tranches of the funds under escrow or is it only a lump sum at the end of the whole phase? Just thinking that this might be relevant for completing particular work steps on current Saouaf licence - and if we might be in line for getting some money back soon! Am I right in thinking we have $1 million sitting there in escrow?

Amnesic, great read - thank you for sharing your thinking and research. Very encouraging both because of the possibilities it raises and to hear about some of CPs thinking and work. Have felt too much in the dark about this (no interviews, few RNS etc.), but these possibilities look a lot more exciting and potentially achievable. Would presumably need to sort out the funding for more acreage but that has always been the case and so far we seem to have had very committed investors behind this company.

Are you thinking that we might be in the running for one of these additional blocks to be announced before end of July?

Keep it up, Tacuma, always worth a read - and you never know you might get a job offer as an economics correspondent! Re Irish Gov attitude, suspect you may be right, but could take a few months of the new Gov looking hard down both barrels of the economic situation to let go of some of the more “virtue signalling” positions. In the very short term (at least rest of July) I think we should expect all kinds of wild Green statements and posturing as the new Minister responsible slugs it out with his deputy for leadership of the Green Party.

Hi Amnesic,

Thanks for your comments, much appreciated again. Seems clearer to me than the rns in joining some dots. Think this company has some really interesting potential in Tunisia and Malaysia in particular - just wish they would spell out more clearly what they are planning to do and when and rely less on the very occasional communication which as you say nicely “may have hinted” at something or other!

Not clear to me from reading rns what progress has been made here since early Jan update around creating a work plan. Where are we with that plan - next stages, timescales etc.? Anyone got better insight on this and what comes next here and when?

It’s only for new licences, exactly the same as the previous position on exploration for oil, so not applying to our current licences.
Presume that leader of the Greens will be new Minister responsible for signing off on our survey permits which will be interesting. They should now be sitting on his desk waiting, so we should soon know where this is going and how this Government will respond to their responsibilities. If they get signed off, then it gives a positive signal for developing these gas resources. IMHO it’s much better to have this addressed than continuing with the avoidance by Ministers to decide anything which has been going on for the past year because of the politics.

Thanks, Brezhnef. Still waiting for confirmation re Ireland politics though - won’t know til Friday, when the Greens vote, if we have a Government.

Just to clarify - looking again today at maps in eog presentation the Edge Prospect is shown as totally within our newly acquired licence area. So am guessing that CNOOC as operator on this licence originally made application for the Edge prospect survey, but in the last 6 months have withdrawn from the farmin and handed back to DNO - and we have now acquired 100% of licence from them. DCCAE have continued doing (and redoing!) the permit application - with no additional input it appears since Nov 2019 - and it is now ready for Ministers approval. Does this make sense or am I missing something? Surely there can’t be two separate “Edge prospects”.

I am confused about where the CNOOC survey is meant to be taking place, because the only licence they are shown on around Corrib on the DCCAE map is 3/19 - and many although not all the blocks they reference in their application are listed as part of 3/19. If their planned survey is not within the area we have just acquired then where is it? Can anyone help out with a definitive answer? Just trying to make sense of the maps.

Being a bit clumsy with language which won’t help any confusion. It’s licence 3/19 which is listed by DCCAE as containing the blocks you referenced in the CNOOC Edge application.