Member Info for GreyPanther

The latest buy back brings the total to 5,400,000 shares. IMO it looks as if the BBs are starting to have a positive effect on the SP by mopping up a lot of rather loosely held shares, in spite of what some posters feel about these shares being held in treasury. I estimate that UJO has spent about £1,450,950 so far at an average of 26.869p per share. At 30.75p this morning, these shares are worth £1,660,500 which represents a paper profit of just under £210,000. So, I reckon David Bramhill deserves congratulation.

The proppant squeeze was completed on / about 24 Aug ’21. So I make it 659 days up to today during which $16 million was earned by UJO. That makes it an average of about 41.2 days per $1 million, so 35 days to earn the latest $1 million is PDQ.

Malcy's Blog has offered an opinion on the LNEnergy deal. AndI don't disagree with him:

"So Reabold has already increased its stake in LNEnergy, something that gives them a higher stake in a gas field in Italy which needs development funding and with first gas two years away, if best estimates are hit, then revenue sometime in 2025. I need a meeting with Stephen Williams because I really don’t get this course of action. With the huge potential on the doorstep at West Newton the company are taking on an unfunded long term asset in Italy, where delays are not rare, and something that increases its own risk without obvious reward". Well ..... put that in your pipes and smoke it, S&S

Union Jack’s $16 million RNS (issued today) has arrived a bit faster than I'd expected. It means $2.5 million of gross income from Wressle in the 35 days since UJO's $15 million announcement on 10 May. It also means that the field has produced $40 million of gross income since coming on stream, which is pretty good IMHO. The latest $2.5 million of gross income divided by 35 is about $71,430 per day before deducting the operating costs. This is not bad either, since the price of oil and the £/$ exchange rate haven’t exactly been working in our favour lately. The well is still belting it out, not far short of 800 bopd of dry oil. Long may it continue!

UJO’s $16 million RNS has arrived a bit faster than I'd expected. It means $2.5 million of revenue for 100% of Wressle in the 35 days since their $15 million announcement on 10 May. $2.5 million divided by 35 is about $71,430 per day before deducting the operating costs. This is not bad at all IMHO, since the price of oil and the £/$ exchange rate haven’t exactly been working in our favour lately but the well is belting it out and not far far short of 800 bopd. I note that UJO’s RNSs usually say “in excess of US $15,000,000 / $16,000,000”. So maybe we've not received exactly $750,000 in 35 days, but who cares?

Today’s $16 million RNS has arrived a bit faster than I'd expected. It means $2.5 million of revenue for 100% of Wressle in the 35 days since the $15 million announcement on 10 May. $2.5 million divided by 35 is about $71,430 per day before deducting the operating costs. This is not bad at all IMHO, since the price of oil and the £/$ exchange rate haven’t exactly been working in our favour lately but the well is belting it out and not far far short of 800 bopd. I note that UJO’s RNSs usually say “in excess of US $15,000,000 / $16,000,000”. So maybe it’s not exactly $1,000,000 in 35 days, but who really cares?

Heid posted the following on the UJO's LSE board earlier this morning:

"Shell’s exploration well at the Pensacola prospect in the North Sea is a Zechstein play also just like West Newton. West Newton's data is being shared with Shell already to learn about these Zechstein plays with West Newton being the most advanced play. Shell are also on with Angus. Shell also has big interest in blue hydrogen which imo will be the future for West Newton's gas with Keadby, H2H Saltend, Aldbrough all in perfect vicinity".

Geology is not really Heid's strongest point, IMO. An industry source told me recently that, although Pensacola and WN are both Zechstein / Kirkham Abbey discoveries, they don't have much in common, other than having a thin pay zone within the better reservoir section. And of course, Shell managed to get Pensacola to flow at a measurable rate, he added. It's quite interesting that Shell have actually said very little about Pensacola. So I'm left wondering if there will be a follow up well. Maybe that's where the main similarity to WN lies!

What on earth can s/he be on about? "Looks, like today's (Tuesday's) price rise was due to another leak from the office of DB" Could Pboo please elaborate who or what has actually leaked, or is this just another of his / her fantasies?

Sorry! The local planning authority is Lincolnshire County Council, not North Lincs as it was at Wressle.

I don't think we've been told much about the original well proposal but, bearing in mind how hard it usually is to find and negotiate for a well site that's anywhere near the intended down hole target, I'd assumed that NK would be a deviated well. So I'm left wondering if the planning inspector is inexperienced in oil-related matters, or maybe a bit of a twit, that he has decided to decline a deviated well. Let's hope that it doesn't take too long to get a new proposal submitted, and that the local authority - i assume it's North Lincs as at Wressle - will approve it this time.

I don't think we've been told much about the original well proposal but, bearing in mind how hard it is to find and negotiate for a well site that's anywhere near the intended down hole target, I'd always assumed that NK would be a deviated well. So I'm left wondering if the planning inspector is inexperienced in oil-related matters, or maybe a bit of a twit, that he has decided to decline a deviated well. Let's hope that it doesn't take too long to get a new proposal submitted, and that the local authority will approve it this time. i assume it's North Lincs again, as at Wressle.

That "?" after Brixton's "don't think it's ramping" suggests that's exactly what is going on.

Hi Brixton. Most fields, no matter how good they are, will go to nearly 100% water towards the end of their lives. Wressle will no doubt have the same fate, but not for quite a while, I'm thinking.

Hi krull. The continued excellent flow rates without artificial lift so far must be a helpful factor in the forthcoming CPR. But I think new seismic re-processing and interpretation of the old 3D data may also have happened since the last CPR. Depending on how this looks, and whether ERCE also believe Gaffney Cline's deeper oil / water contact, could have much more of an impact in my opinion. All the best.

Hi itsawrap. Thanks, that's an interesting comparison. But wouldn't the NAV of all three Wressle particpants increase, but not by the same amounts? Since UJO have 40%, compared with EDR's and EOG's 30%, I'd expect UJO's NAV to increase more than EDR's and EOG's

The release of the Wressle CPR must be imminent as we've been told it will appear sometime in June. If that's the case, it must already exist as a draft report. I assume that Egdon, and perhaps their partners too, have already been advised how it looks. A delay in releasing it until after Heyco's takeover has been been completed or (remotely possible I guess) it fails, may tell us that it's looking good. If it's not much better than ERCE's earlier CPR then Egdon won't delay it as they'll probably want the Heyco T/O to look like a great deal for shareholders - which IMO it isn't!

The release of the Wressle CPR must be imminent as we've been told it will appear sometime in June. If that's the case, it must already exist as a draft report. I assume that Egdon, and perhaps the partners too, have already been advised how it looks. A delay in releasing it until after Heyco's takeover of Egdon has been completed or (remotely possible I guess) it fails, may tell us that it's looking good. If it's not much better than the earlier CPR from ERCE, then Egdon won't delay it as they will probably want the Heyco T/O to look like a great deal for Egdon's shareholders - which IMO it isn't!

I don't want to brag, but I reckon I was fortunate to pick up 500,000 EOG yesterday at only 1.25p per share. So what did I know in advance of today's SP movement? Absolutely nothing, if I'm honest. But I'd be very interested to know what folk think of today's 20% rise. Are we merely catching up with Egdon and UJO, or is there news in the wind in Ireland?

A cracking set of results ..... NOT!

Hi Tovoc. Your view that "add(ing) at least one more drill hole to the existing Wressle pad ... should be easy enough" seems sensible but unfortunately it's not quite as straight forward as we might wish. Wressle-1 was a highly deviated well from the only drill site for which permission could be obtained. So, to drill another well which is far enough away that it won't interfere with production from Wressle-1, and which will presumably encounter the Ashover reservoir slightly deeper than in the first well, will mean that the well will have to be even more highly deviated,. This will almost certainly make drilling, logging and testing more tricky. Still, I'm sure that it's "doable". All the best, GP