Tony Craven Walker kicked off meeting with the AGM statement which is here:http://www.investegate.co.uk/Article.aspx?id=200906251122484909U. It's a good summary of Serica's past year and current situation, I'll pull out a few bits, but it is worth reading in full:
The Company's business is the growth of value through the combination of technical skills and the management of risk and this can only be done against a growing and changing portfolio of properties....
I am told that we are basically putting finishing touches to all the [Kambuna] equipment in preparation for the commissioning process....
we are now able to move the Columbus Development Plan forward and we shall be looking at ways in which we can accelerate the value which we see in the Columbus area.
In Ireland, we have made a most interesting oil discovery [my bold] in an area which is largely known for its gas prospects. The significance of this discovery is that it potentially opens up the possibilities for serious oil accumulations in a basin which is very under-explored. The knowledge that Serica and its partner RWE of Germany now have as a result of this drilling is unique and is the reason why we have not released much more information. A full analysis of the drilling results and of the oil samples recovered is now underway but is very likely to result in further drilling by Serica in the area....
The various resolutions were passed with no questions.
Paul Ellis gave this presentation :http://www.serica-energy.com/downloads/pdf/presentations/090625-Serica-2009-AGM-Presentation.pdf. My comments here include points made in questions during the meeting and also afterwards when TCW, PE and the other directors all stayed around for half an hour or so talking to the investors. The following aren't the most important sections, but where additional stuff was diiscussed that wasn't on the slides:
slide 6 - the two Vietname exploration wells are in addition to the one currently being drilled. PE mentioned that they are looking to pick up more acreage in N Sumatra
slide 7 - healthy growth in 2P resrves despite sale of 15% of Kambuna because the Kambuna resrves were revalued upwards and the submission of the FDP for Columbus allowed those reserves to be booked. The following comments aren't necessarily the
slide 9 - FDP was delayed because BG kept saying it would drill NW of Lomond to…
