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Desmond45,
Yes, I didn’t forget the Parta gas as this Project is also very well documented. It is “high probability” of a gas find as you say. The first target PA IV already flow tested 1 Million Cubic Feet per day in 1989.
That’s roughly 28,250 Cubic Meters per day, grossing c£5k or £1.9M per annum. They think the flow will be better than that, with the modern kit they use today.
That zone will be encountered within days. As Masterbaker stated below, Monday was a wiper day. So clearing, cleaning and setting casing as they go. They are proceeding at caution as at 2,400m the previous well was not designed to deal with high pressure kicks. All good stuff and a good approach.
What interests me more is the “Basement” play at 2,600m which seismic suggest is an oil target, similar to fields 12km away.
Steady as she goes in Romania.......
Jack
Excellent write up JD. Although you forgot that there’s a high probability we will have gas at parta which will be announced on Monday! Happy days here at Reabold.
Oh deer,
I see you are persisting with this flawed point of view. Just to put the record straight, I did not say that Chris Oil & the PI's following of UJO "diminish the value of the WN asset". I want WN to successfully prove up, as you quite rightly say RBD has a 25% interest and has deep pockets.
UJO have essentially 2 bagged on thin air and PI sentiment, until WN EWT is confirmed. You will easily confirm this as you state "only show in town (for UJO) at the moment is WN". During that time UJO have raised £1.75M on 20/03/19 increasing the shares in issue to 10,784M & £2.25M on 28/06/19 increasing the shares in issue to 12,108M. I'll let you work out the discount to the Market and dilution for these two fund raises.
I would direct you to the RBD website to take a look at RBD projects, which are all near term news events. As you will see we have many "shows in town" ATM. We also have the support (55%+) of Institutional Investors and the ear of the capital Markets, should further shows come to town!!
I see UJO has a 27.5% interest in Wressle and when it gets into production and estimated to produce 500 bopd Gross (137 bopd net to UJO - please remind me when that is likely to be!). In comparison our existing West Brentwood field has VG 3 & VG4 already producing 750 bopd Gross and we have a 50% interest of the licence area with plenty of running room.
UJO must have some other producing Assets as they did post £165k of Revenue last year with a Gross loss of £26k. RBD Revenue for the same period was £194k but the Gross Profit was £111k as we invest in near term, highly profitable assets. RBD Revenue this year will be in the £M's with a tasty GP.
RBD Cash in the Bank £6M+, whereas UJO will need another fund raise before xmas as they are only funded for the EWT!!
Last exit of a UJO project £112K for Holmwood, paid by the equivalent number of UKOG shares. We have not exited a project yet, but all are value accretive and will be in the £M's and we now have the capital structure to return funds to shareholders or invest in larger projects.
In a nutshell both SP's could do really well but have a completely different risk profile to the average PI. For the above reasons and many others, Market comparisons at this stage are ridiculous as you are comparing UJO Apples with RBD Coconuts.
I could go on, but I'm getting really bored....................Let's take this up again in 12 months time !
Jack
Jack,
Just because UJO have a large holder or lots of PI's doesnt diminish the value of their WN asset.
We are all fully aware of the different projects they have, however the only show in town at the moment is WN.
Before WN gained traction RBD's mcap was double that of UJO, 20m to 10m. Anyone see the flaw in the RBD bagger argument given UJO have 2/3rds of the WN comparable asset.
Jack. Your post is spot on.---I am in both companies,for different reasons,other than WN there is no comparison,also to keep on bickering about which share is best, pointless exercise.----Iam sure both sets of shareholders will do well in the fullness of time, just need patience.
I think the comparison with UJO is quite frankly ridiculous. Both companies have entirely different projects, other than WN ? Why would anyone expect a prorata increase in both Market Caps based on the WN %.
Have you considered the 12,108M shares in UJO, with one significant holder of 7%. On their website all other significant holders are Nominee accounts (ie Joe Public). Whereas 4,064M in RBD with 55% plus held by Institutional Investors who have time on their side.
The strategy of RBD is miles away from UJO, the only similarity is they both want to make cash. If RBD off load a Project at £x, the SP will move accordingly.
I wish both Shareholders the best of luck but current Market Capital comparisons ?
Jack
Tageneris,
A true reflection of the WN effect would be and disregarding all other assets and just based on WN.
If RBD had a mcap of 50m, UJO based on its license percentage would have a 33m mcap all things being equal.
Today as I write RBD c51m mcap and UJO c35m mcap, UJO is slightly ahead because more people can access and buy UJO shares IMO. No doubt it will even its self out over the coming months all going well.
YEah I guess you're both right, we should be happy with 80% and more to come indeed.
Using April is rather misleading - UJO's price was heavily depressed at that time. RBD was a little down too but nowhere near as much. These hypothetical 'rise over time' arguments really depends on when you entered the market.
I guess that all depends on your timeframe and if you are in it to see the top prize, rather than second, third or runner up.
It is a bit upsetting that since April UJO went up 244% whereas RBD is about 80% up, despite the fact that RBD has many more opportunities in its portfolio.
One for a quiet day
PDFs now appeared on Companies House. Rathlin are going about their capital reduction in a different way to Reabold. Rather than cancelling the share premium account, they have reduced the nominal value of their shares from £1 to 10p which explains why the Statement of Capital had reduced massively and will release c.£8.9m. They are also cancelling the requirement for any unpaid sums for shares to be paid c.£1.3m which will offset. So a net £7.6m added to their distributable reserves.
Don't believe there is any advantage/disadvantage to taking this route as opposed to cancelling the share premium account (which for Rathlin is c.£12m). Same end, different route and cleans up the balance sheet.
Clearly a comfortable 20+ shareholders to see that on paper their shares are now nominally worth a 1/10th!
Looks like Rathlin are following the RBD lead and going through their own share capital reduction process - Statement of Directors / Solvency Statement / Special Resolution - filed today at Companies House.
Will add to this thread if anything of note in the PDF's when they appear
(Looks like someone at Companies House has got the decimal point in the wrong place on the Statement of Capital - should be the same as at 08/05/19)
https://beta.companieshouse.gov.uk/company/06478035/filing-history