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RNS Maybe you missed the word approximately i am talking about the UJO ONLY not interested in any other than Wressle
it is in testing and it will go up and down in production on testing as you have read 700 800 but they cannot keep that up as there is planning restrictions on the approval of it. so today price is 70 dollars a barrel it would be breakeven at 18 dollars a barrel or that is what one RNS quoted so in 2022 all testing done and a run the max UJO can get is 200 barrels you can use a calculator and as the price will rise if covid XXX does NOT do its worst, and there is no requirements for oil then it should be at todays price No COVID XXX a very good year next year and BIs and WN get sorted who knows but Bis more important than the 16% of WN
So Gwynn me old mucker…”Total 2.8 million pounds a year at the above profit once the steady flow is setup after testing 2022 will achieve that
oh but then its chicken feed to you and you do not have a share in it haha.”
So after the Calmar £2.04mm that’s £750 k “profit” for the year is it? That’s less then the normal outgoings so are you suggesting it’s not profitable next year?
I think it’ll be a bit higher that that myself…
Hi Gunwyn, you miss understand my post, it was a cut abc paste of what MickBee had sent to you as he was denying his previous misleading post on production being capped (hence me copying his post) . I agree Wressel is very material to us as a company and is a great asset and will drive value going forward!!!
Jimmybob so over ten thousand dollars a day is chicken feed to you and that is only approximately at 50 dollars a barrel profit is more at present and rising .
Total 2.8 million pounds a year at the above profit once the steady flow is setup after testing 2022 will achieve that
oh but then its chicken feed to you and you do not have a share in it haha.
regarding production at Wressle, Proactive interview of 11th May 2020 DB said:
"...we could get a 1000 plus out of that well but we have agreed with the council to limit it to 500"
this year DB said there is no limit, although I am not aware if, how or when the "agreement" was changed
The Wressle cap on production is the amount of produced gas it can flare under planning permission. Now the gas to electric plant has been installed there should be no uper limit on the oil production, IMO, but we will wait and see.
GLA.
MickyBee
Posted in: UJO
Posts: 2,943
Price: 12.50
No Opinion
RE: Thick or lies03 Dec 2021 13:07
Gwyn , yep only allow 500 barrels , 200 to UJO , really bust the bank that will. ???????? You sure Mikey Mick ;-)
Mickybe can you read where did the company say they would produce read part of this RNS below note the full production.
Executive Chairman of Union Jack, David Bramhill commented: "I am, of course, delighted with the outcome of the proppant squeeze operation which has enabled the Wressle-1 discovery to deliver the expected production rate of 500 barrels of oil per day from the Ashover Grit reservoir, the lowest reservoir interval in the original discovery well.
"At a full production rate of 500 barrels of oil per day, Wressle, at current oil prices would transform the economics of the Company with a materially positive impact on our revenues and operating cashflow.
No I asked what is cap on production , was hoping someone knew
Mikey I think it was you that was stating the flow rate is capped at 500 bopd by planning consent? Have you changed your mind yet? It’s looking likely to already be well above that don’t you think?
Not a 1000 BOPD as some rampers stated ?????
Based on today's AGM statement from Europa, it seems Wressle contributed 165 boopd net to their 30% interest in October. This indicates that the entire field averaged 550 bopd gross for that month. Here's the relevant bit of their RNS:
"Following the successful, incident-free proppant squeeze at Wressle, the Europa team and the PEDL180 joint venture partnership should be commended on helping to drive Europa's net Wressle production, post our financial year to 31 July 2021, to 165bopd (October 2021). This resulted in total production for Europa of 240bopd for the month of October 2021. When set against an estimated break-even oil price of US$17.6 per barrel for Wressle and current oil prices of cUS$71 per barrel, the Wressle asset has delivered meaningful revenues to the Company. With well flow continuing to "clean up", we are confident that Wressle has still to reach its full potential"
So, if you assume there is probably about 10% "down time" while various well site work is being done - and this is just my guess - then Wressle's average production could be as much as 550 bopd /divided by 90%, or about 610 bopd. IMO, of course.