Member Info for GreyPanther

At yesterday's Europa presentation Alastair Stuart said that the enlarged Wressle wellsite and the two new wells would be a delegated decision, and would not require North Lincs Council's Planning Committee's approval. He also said that very few, and maybe only one adverse comment had been received so far.

Hello Hydras. In my opinion Neither Rathlin nor Reabold has yet had a serious nibble for WN from a from a "big fish". Yesterday's RNS from RBD was just more can kicking from our two hopeless CEOs. it's also telling that UJO merely drew attention to Reabold's RNS without any positive comment and also that Rathlin have said nothing new on their website since September '23.

I went to yesterdays' presentation, There was an interesting response by WH to a question asked about Equatorial Guinea by an attendee afterwards. WH said that the EG farm-in agreement with Antler gave Europa the right to convert their % ownership of Antler into the same (I think) direct equity in the licence, and that this was at EOG's discretion. IMO that would be a much more sensible tax situation in the event that EG yields a commercial discovery.

Hi Canchat. I don't think Reach is desperately short of cash for its chosen work programme, but ambitious companies always want to go the extra mile. I understand that it's a private company looking to do EOR projects of this sort and some more like the Andrews well(s). The UJO deals are presumably a better way of raising cash than Reach's owners dipping into their own pockets. I understand that the Reach and UJO managements first met in mid / late 2023 and got on well. So these RNSs are the outcome of less than one year's partnership in the USA.

Leaving aside the chat about pump sizes etc. at the Andrews well site, I reckon today’s RNS about the Rogers enhanced oil recovery scheme was very good news. Our estimated acquisition cost is very low, at about $1.88 per barrel for a 45% share of 124,000 gross barrels. This calculation is based on UJO’s net 55,800 barrels for $105,000. And what price might we expect for our Oklahoma oil? I’ve been told that the going rate is about a $1 discount to West Texas Intermediate, which is about $77.75 per barrel today. So we could be getting just over $76 per barrel at today’s prices. I’d be willing to bet that the US tax rate is much less than the UK’s extortionate energy profits levy. So, it’s a pretty good deal if the recovery rate is as predicted. Turning to the small section of the RNS about Andrews 1-17, if a stable production rate hasn’t been established yet for operational reasons, I’d expect (once the electricity supply and upgraded pump jack have been installed) at least 150 bopd as up to 100 bopd has been tested with less than optimal facilities. There could therefore be about 68 bopd net to UJO from the 1-17 well. And I’d expect more to come from the anticipated Andrews 2-17 well. The 46 API oil should command a decent price too. If you don’t like that, you can always bail out ahead of the AGM.

Good Old Heid! 170 mostly repetitive posts in 30 days. How (and why) does she do it? One can only conclude that she's slightly off her rocker.

And nothing useful from Heid either, IMO.

Regarding our not yet hearing about a stabilised flow rate at Andrews , we don't yet know exactly what operations they've been undertaking while the well is on extended test. IMO it's possible that a larger pump jack might need to be installed to fill those large oil storage tanks as quickly as possible. I stillexpect to hear something more about the flow rate by or before the AGM.

If the Andrews well is any good, and I suspect that it'll turn out to be just that, then it's quite likely that Reach and UJO are thinking about securing some adjacent acreage, and maybe also drilling a follow up well. if that's the case, then it would explain why the current well is being treated as a "tight hole". That's just an opinion from someone who was involved in onshore exploration in the UK and Canada.

Nil cost options have been awarded today, including 36.839 million each for our two hapless CEOs. Will someone able to get to the AGM please try to prevent the chairman from prematurely shutting down any questions to the board. Thanks, GP

Here's partof what the blogger wrote: "Reading today of one fools desire to get onto the board believing she could sort the share-price did make me laugh. She would give a great big dividend, create operational havoc and Union Jack would be raising cash within a year !"

David6576. For heaven's sake; give it a rest. This is pure guesswork on your part.

Twelve or so posts so far today from the increasingly garrulous Heid. These include one which says: "I so wish I was on the board of @UnionJackOilplc". I feel sure that Mr Bramhill will save us from such a ludicrous appointment.

We shouldn't need a big drilling rig. Just a very small work over rig is required to retrieve the ESP and then re-run the beam pump. Both of these should be readily available locally and not too expensive. I believe the beam pump was in use previously before the recent sidetrack and the abortive sand jetting operations.

Hi Hms687. EOR is "Enhanced oil recovery". It often, but not always, consists of flooding the reservoir with a fluid or a gas such as water or carbon dioxide. I wouldn't recommend doing that here. I think it would be better to see what a beam pump can do and to report back if / when the production rate and the reservoir pressure have stabilised. IMO using the ESP was a daft idea in an untried section of the reservoir, but I still think the well might be able to make 50 to 100 bopd.

Did I dream it, or did Heid say a while ago that she wasn't going to post again until (after / at) UJO's AGM later this month? So that's yet another broken promise from her.

WhiteNight is quite wrong to say that the well is duster. it's disappointing for sure, but it has already tested at 40 bopd so IMO it could still do a little better than that, maybe 100 bopd, but certainly not the much quoted 900 bopd.

Hi downbutnotout. What caused this? IMO they ran the ESP without genuinely knowing what the well could produce, when an ESP requires a fairly initial decent flow rate. The reservoir seems to me not to be nearly as good as Beacon's RNSs indicated. So I think they should have used a beam pump until they got a stabilised rate. IMO they were "drunk on their own whiskey" and were over optimistic about a set of rather indifferent logs from the original well. To be honest, I never thought 900 bopd was remotely possible.

On reflection, I think I know why they ran an ESP without knowing what the newly exposed reservoir would produce. The answer might be that they were "drunk on their own whiskey" and were over optimistic about a set of rather indifferent logs from the original well. 900 bopd? I never thought that was remotely possible.

Why on earth did they run an ESP without knowing what the newly exposed reservoir would produce? I know think = it's a pretty cr*p reservoir, and it's one where a beam pump might be delivering something useful by now.