Exactly, Fire - that's what I said in my last post... we used (expensive) oil-based stain on our new shed, at the shed company's suggestion. It wouldn't be possible to get decent coverage using a water-based product on top. And if you look at the photo of @Burtsnest 's "black", recently painted fence, you can see tiny spots of pale wood showing through even at that stage...
Since 2019 I've lived in east Clare, in the west of Ireland.
I've never painted, oiled or stained any of my fences, ever. I like the faded look of old wood and I'm lazy! This garden's too big for me to even contemplate painting the fences. Reckon they last the same amount of time as painted ones. Last lot were up for 13 odd years before some panels needed replacing. It's usually the wooden fence posts that rot quicker in my experience. Only wood I paint is my arbour and one bench.
It's probably becuase it's not drying quickly enough at this time of year. We used to use cuprinol mixed with used motor oil (available from the local garage) on our fence. It works a treat and lasts an age. I bet slugs don't like it either. Another thought is to use some copper tape or similar to stop them getting to the new paint.
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Another thought is to use some copper tape or similar to stop them getting to the new paint.