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So all going well at Wressle 1. 680 bopd achieved after only 4 days of incremental increases, because of EIA limitations until 14 Dec (why didn’t Egdon reveal that before?). Should presumably be able to go back into 700s as before, although some caution re best end flowrate figure for well - less so in UJO rns which reads more bullish. CPR now being finalised for early Jan - finally!
Remember when I got these at 3p, and I thought i was getting a good price. ffs
Fwiw Egdon told Broughton Town Council that detailed planning documents were being submitted in January 2024.
I think the proposed three wells are firstly pennistone then a second ashover production and third a waste water well
It may be clearer when the planing application goes in sometime when EDR can get around to that..dream on.
If the CPR justifies that...when we finally get it...
why would you want to buy in at 1.1p with an immediate loss of 22.22% is the share price about to move up a bit. the forever awaited cpr should hit any day now. why spend money on a second well into the ashover grit when it's already recovered the full estimated oil reserve. dose the new cpr show a much higher reservoir, it was still pumping from memory something like 750 barrels a day under the jet pump. dose anyone know if these 2 wells into the ashover grit can be utilities and used in the *****tone flags at a later date.
But why would we agree or want a sales or takeover now as Ireland is about to be settled one way or the other, unless that takeover priced in a successful farmin.
Hi Hydras. I can readily understand why the EOG board should be chasing Heyco. But Reabold? Unlike UJO, we don't share any interests with them, so what would be the point, except for our board to find out how to handle an EGM request!
Serif, what you outlined is really no different to what PB wanted, except he was willing to look for a merger or trade sale as well. They will appoint 2 new non execs and that might be the only change. If the share price doesnt increase, we will be back with the same revolt in 6 months time.
Serif,
That makes sense, let's see if they act. I have lost my patience so I need to see them respond to shareholders toute suite.
The big problem with the present management is that they could not care less about the shareholders and the sp and are only interested in clinging onto their highly paid jobs for as long as is possible and doing the bare minimum. They need to be chasing HEYCO and Reabold every day and formally reporting back to shareholders on at least a weekly basis on HEYCO progress until steady flows are obtained again at Wressle. What do we get from them ; NOTHING. ABSOLUTELY NOTHING AT ALL FOR WEEKS AND WEEKS!!
UJO had to apply to the High Court so they could pay a divi or buy back shares. It's my understanding that Europa would also have to apply to the HC before a divi or buy back could take place. Considering EOG have a lot of cash with very little capex, I'm surprised they havent started the ball rolling to do the same
30 August 2022 Union Jack Oil plc ("Union Jack" or the "Company")
Capital Reduction Effective
UJO a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that the Capital Reduction exercise that is being pursued following the passing of a special resolution of the Company at its AGM on 23 June 2022, has been approved ("Capital Reduction").
This follows the confirmation of the Capital Reduction by the High Court of Justice, on 30 August 2022. The Capital Reduction will become effective once the Court order has been registered with the Registrar of Companies, which is expected to happen on 31 August 2022. Subject to the filing of the Court order with the Registrar of Companies, the Capital Reduction creates additional reserves to the value of £21,553,557. This provides the Company with further flexibility to deliver shareholder returns in the form of dividends and/or share buybacks.
That’s clearly the most important factor for the business, trouble is that’s in Ryan’s control at present - and they are clearing lobbying hard but he holds the cards on progress…. They ARE in total control of reward and shareholder relations so can take action on that now.
I think the ceo main job is to get a substantial partner for inishkea within the next 6-7 months. If he fails in that,even the main shareholders will ditch him asap. If successful, the Share price should hit at least 3p.
I agree they should act now and coherently (see below), but I also think memories/behaviour on AIM is very short term, so one bit of excitement and suddenly people change their minds at the prospect of making some quick money.
If it was me I would:
1 - work with UJO to force Egdon to report back better or lose operatorship
2. Buy a big chunk on release of CPR
3. Appoint new Non-Exec commissioned with first task to report in 3 months having consulted with shareholders on ways to better structure reward to relate more clearly (in part at least) to SP performance.
Can’t see what they would have to lose from such an approach - and it would be a first step to winning back broader shareholder support.
Serif, I guess the key word is eventually. Eventually could be many years unless the BODs act now.
Well I wish you luck there am holding what I’ve got has the energy policy been devolved ?
Share price here is clearly heavily sentiment driven for all the reasons and more that people have been talking about. In my experience sentiment will change - may be not this week/month - but for one reason or another eventually it will - and then people will look at the SP/assets/cash and react accordingly.
Well I have been topping up, I'm hopeful we will have Wressle production data next Wednesday. top end 900bpd very low end 500bpd - my modest expectation is 600-700bpd, any more is a bonus. 200bpd net more than justifies the current mcap imo
Yes think your right
I think so many people have lost faith that everyone will sell as soon as they can, me included
Chas no hold quite a bit but should have sold a while ago this is awful to watch no point selling now just hope to get somewhere near my original investment then am gone tbh
I don't think Bubble is trying to talk the share price down, he is just being realistic and saying if things don't change very soon the price could be 0.5p.
You may have an average of 1p and can withstand these share price levels but if you look at the trajectory in share price it is consistently down. There are serious concerns on how the company is going to get a massive boost to lift the share price beyond where everyone will sell. You, yourself, only need the share price to be 1.5p to make a decent return. That is probably the position of a lot of people and it is a real drag on share price.
I like this post...
Europa & UJO issued Wressle updates as follows:
Wed. 18/10
Wed. 08/11 +21 days
Wed. 29/11 +21 days
Wed. 20/12 +21 days - next update?
Are you looking for a cheap entry bubble? Sounds like it.
It’s not looking good, at least lower quartile Will will still have done all right out of it and have a good Christmas on us.