Member Info for GreyPanther

Thanks Serif. As you say, I posted this on the wrong board. I was thinking about Wressle at about the same the time. Sorry!

Here's the wording of the Biscathorpe agenda item for this afternoon's Lincolnshire County Council planning meeting, due to start at 2pm:
"County Matter Applications 6.1 For a side track drilling operation, associated testing, and long term oil production at Land off High Street, Biscathorpe -(Applicant) Egdon Resources U.K. Limited (Agent AECOM Limited) - N/059/00510/21"
As you can see, the application includes the associated testing and long term oil production that might also be required if the sidetracked well is successful. The application is therefore for much more than just drilling a sidetrack but, if it's granted, it will remove a lot of planning uncertainty later on.

This is the wording on the agenda for this afternoon's Lincs County Council planning meeting :
"County Matter Applications
6.1 For a side track drilling operation, associated testing, and long term oil production at Land off High Street, Biscathorpe -(Applicant) Egdon Resources U.K. Limited (Agent AECOM Limited) - N/059/00510/21"
As you can see, the application includes the associated testing and long term oil production that might also be required, so Egdon's application is a much bigger "ask" than just drilling a sidetrack well.

This is what's on today's agenda for Biscathorpe:
"County Matter Applications
6.1 For a side track drilling operation, associated testing, and
long term oil production at Land off High Street, Biscathorpe -
(Applicant) Egdon Resources U.K. Limited (Agent AECOM
Limited) - N/059/00510/21"
The application includes any associated testing and long term oil production that might be required, so Egdon's application is for a much bigger "ask" than just drilling a sidetrack well,

The agenda for today's LCC meeting says:
"County Matter Applications
6.1 For a side track drilling operation, associated testing, and
long term oil production at Land off High Street, Biscathorpe -
(Applicant) Egdon Resources U.K. Limited (Agent AECOM
Limited) - N/059/00510/21"
So any associated testing and long term oil production that might be required if the sidetrack is successful will also be decided on today, in advance of knowing if it will ultimately be required. So it's a bigger "ask" than just the drilling of the sidetrack well.

Hi TAC. Thanks for that. I'm still invested in Egdon, Europa and UJO (and Reabold too, rather sadly), so you might wonder why I chose not to post my recent remarks on UJO's 27 Oct RNS here too, since it's the obvious place for them. I still look at this board most days, and I notice how needlessly unpleasant some posters are to each other. So you'll probably be able to guess my reasons for not posting very often: anything half sensible soon gets obliterated. Not that I'm some shrinking violet, of course. I'll continue to look inhere from time to time, if only to confirm my prejudices.

Hi Serif. That's interesting, and I've no real idea why UJO have done it. With UJO having the largest Wressle equity (and the deepest pockets), perhaps they didn't want to wait for the group to get round to it. Wressle is now UJO's biggest producing asset. Perhaps after the disappointing outcome to the West Newton testing, they would like some positive news sooner rather than later.

The rather dimwitted councillors that got their knickers in a twist over Wressle (before finally losing on Egdon's appeal and having to shoulder substantial costs) were at North Lincolnshire Council. The local authority in charge at Bicathorope is Lincolnshire County Council. LCC have generally been much more sensible in the past , and have a better record than North Lincs Council, with oil-related decisions , so we can only wait and see.

Hi dradrianc1. Neither Rathlin nor Reabold own any of Wressle. Reabold, however, owns about 59.5% of Rathlin UK, the operator at West Newton, so RBD can be said to control Rathlin. The 59.5% interest in Rathlin multiplied by Rathlin's 66.67% interest in the West Newton licence yields an indirect (approx) 39.67% licence interest for RBD. Reabold also holds a direct 16.665% licence interest at WN. Does this help?

Hi Canchat. IMO that's not a bad move, notwithstanding persimmon's acidic comment. UJO now has measurable oil production in the UK. It's only about 200 bopd net, but it's a lot better than we are doing right now at West Newton, and the oil price is still pretty good.

Hi dradrianc1. RBD are not involved in Wressle. The operator is Egdon with 30%, Europa have 30% and UJO have 40%.

Sorry for the "itchy finger". I meant to finish with:
No doubt Egdon will be invoicing us on a monthly basis for the field opex and other capex costs. In any event, the higher our per barrel receipts, the lower the average production rate will need to be to get to our $1 million.

Hi Serif. Thanks for your valid points. My post was only a "sighting shot" at the average Wressle oil rate over the two months' production since the proppant squeeze, so please bear with me. It's impossible (IMO) to say what UJO really mean by "net revenue". Is it net to their 40% interest, or net of the approx. $9 per barrel opex that's owed to Egdon? I suspect it's the former as the oil is sold to a local refiner (Philips, I think) and they are not in a position to know or charge for the opex. No doubt Egdon will be invoicing them on a monthly basis for the field opex and other capex costs. In any event, the higher our per barrel receipts, the lower the average production rate will need to be to get to $1 million.will

Today’s RNS from UJO is very encouraging, IMO, even if we could have done with more precise info about the current production rate. Maybe we are keeping this figure under their hat for now, and are making sure the partners do the same. There's a comment on Europa's LSE board that they (and Egdon, presumably) will have earned $750,000 since 19 August. UJO’s RNS was presumably written yesterday, so it probably includes the expected revenue for the previous day which makes 68 days since the post-proppant squeeze production re-start. Our cash receipts from Wressle will therefore have averaged about $11,030 per day over the 68 days. But, if the well has been shut in for any of that time, then this figure will be higher on a producing day basis. Perhaps more important for us, what oil price have we been getting? Looking at the Brent price graph, and assuming we aren’t suffering a big discount for fairly small tanker loads, I’d guess that we will have received about $75 per barrel (on average) over the last 68 days. It was probably less than this in August, and quite a bit more during October. This suggests to me that our 30% share of Wressle production averaged 147 barrels per day over the last 68 days. If we gross this up from our 30% to 100% we get a n overall 490 bopd. So how does this compare with UJO’s “Current daily production figures well in excess of ...... 500 barrels of oil per day”. Well, quite a few days - but obviously not all of them - must have had much better production rates than 490 bopd, especially if there was limited or no production on some days. And it's really great that no water is being produced because this would add significantly to our operating costs

Today’s RNS from UJO is very encouraging, IMO, even if we could have done with more precise info about the current production rate. Maybe Egdon are keeping this figure under their hat for now, and are making sure the partners do the same. I really like Yanis' comment that Europa will have earned $750,000 since 19 August, even if it’s not the full £1 million that some investors hoped for. UJO’s RNS was presumably written yesterday, so it probably includes the expected revenue for the previous day which makes 68 days since the post-proppant squeeze production re-start. Our cash receipts from Wressle will therefore have averaged about $11,030 per day over the 68 days. But, if the well has been shut in for any of that time, then this figure will be higher on a producing day basis. Perhaps more important for us, what oil price have we been getting? Looking at the Brent price graph, and assuming we aren’t suffering a big discount for fairly small tanker loads, I’d guess that we will have received about $75 per barrel (on average) over the last 68 days. It was probably less than this in August, and quite a bit more during October. This suggests to me that our 30% share of Wressle production averaged 147 barrels per day over the last 68 days. If we gross this up from our 30% to 100% we get a n overall 490 bopd. So how does this compare with UJO’s “Current daily production figures well in excess of ...... 500 barrels of oil per day”. Well, quite a few days - but obviously not all of them - must have had much better production rates than 490 bopd, especially if there was limited or no production on some days. And it's really great that no water is being produced because this would add significantly to our operating costs

I sincerely hope cloves' comment isn't referring to me. For the record, I'm a former oil company (E&P) geologist with more years than I care to remember of onshore UK and overseas experience, including at Wytch Farm. As a small shareholder, I'm definitely not an environmental activist.

Cloves. Not pessimistic but realistic. That's IMO, of course. But at least I'm not a blind gambler, aka ramper, as some of our small AM listed oil co shareholders seem to be. My EOG, EDR, RBD and UJO holdings are a very small portion of my portfolio, so I don't mind a bit of a flutter here.

Hi Tovoc. What rate do you reckon Wressle's been doing since the proppant squeeze? Your figures say that we're getting 10,875 barrels per month ($870,000 divided by $80, which is about 350 barrels per day. If you knock off the 93 bopd from the other fields plus the pre-proppant squeeze Wressle test production (as per the accounts to 31 July) this leaves you with over 250 barrels from Wressle alone. With our 30% interest, this means that Wressle would have been doing over 830 bopd constantly since the squeeze. IMO this is a bit optimistic, although there may well have been a few hours or days when this was achieved. I hope I'm being over cautious here!

Thanks MF 2017 & StopStart. It's almost impossible to get to the Wressle site because the access track is on private land and there's a security guard, so I suppose this might explain the absence of videos. Even so, it seems that oil is being produced at a very decent rate, although there may have been a few days when the well was shut in earlier for site operations. I've not seen anything published recently to confirm the 884 bopd and 0.48 million cu ft of gas (80 boepd) reported by Egdon as an "instantaneous flow rate" on 21 Sept. I still think it must have been quite short-lived, rather than that it happened instantly as some posters on the partners' boards seem to think I guess it all depends on what you think "instantaneous" really means. There was also a short piece on Drill or Drop on 23 Oct about Wressle and other onshore UK fields under a Methane Emissions article, but it seemed a lot of fuss about very little, IMO.

Hi MF2017. Sorry, that went over my head, though it was quite funny. Do you agree with my conclusion about the typical flow rate, or not maybe?