Member Info for GreyPanther

What do the people at Forest know that we don't? They might be well informed insiders, in which case they shouldn't be buying. Or maybe they don't know much more than us but are optimistic, like some on this board, hoping that our SP will be 8p by the end of Q2. If Forest keep on buying we might expect them to ask for a board seat. But will they get one if / when they get to 10%? Only Lord Lucan knows.

Hi SelfishMcN. Like you, I'm often mystified by the postings that get numerous positive recommendations when they are either just chit chat (like this one), or plainly incorrect. But surely that's what a bulletin board is for. IMO it would be foolish to assume that anything posted here will have an effect on UJO's SP. Having made my investment decision a long time ago, I'm unlikely to be swayed by anything other than an official RNS, be it information from the operator or the partners, or by my own analysis of course. Like me, AJamesW is entitled to his own opinions, even (?especially) if I don't agree with him.

I was told that the Wingfield Flags could easily be brought into production when the Ashover oil rate declines. Maybe the Pen'stone too, in due course, if they can deal with the gas. Apparently the Pen'stone oil has a high gas / oil ratio.

Hi NigelHaemoglobin. Sorry, arithmetic is clearly not my strong point today. That 200 bopd from Wressle was net to UJO's 40% (where I'm also invested), not to EOG. At 30%, EOG must be hoping for 150 bopd net which, as you rightly remind me, should more than double Europa's current UK onshore production. This was reported as being 92 boepd in the year to July '20.

Hi Serif. I can't re-calculate it, of course, but it's definitely just the Ashover for now. That's been confirmed by an ops person, as I've found another body to ask. RNS next week, I hope.

Those recent (22 Jan) drone shots on Twitter are very nice, thanks to ivans for providing the link. They don't tell us much about what we can expect when Wressle finally comes on stream, but it should be very soon. NigelHaemoglobin asks if 4p might be achievable on first oil. IMO it's rather unlikely because 500 bopd gross (200 bopd net to EOG) is what nearly everybody seems to be expecting / waiting for. The Ashover Grit is the only reservoir currently being put on to production, and it flowed only 80 bopd on test. So there's quite a lot of reservoir "skin effect" to overcome to get us up to 500 bopd. If the re-perforation yields a "barn burner" result, and it could if the latest technology is used, then we might be lucky, and the current $55 oil price is looking quite good. But it's still quite a big ask to get a better than six-fold production increase.

Hi AJamesW. Sorry, I didn't mean to throw a huge rock. I was just pointing out, again, that it's only the KA that will be EWT'd in the A-2 or B-1Z wells. Nothing that deserves testing has been found (so far) at any other level, notwithstanding all those Cadeby shows and the one core.

Hi BlackHopper. The delightful words "the next few weeks and months are laden with potential from the testing of A and B through hopefully announcements on possible development and in due course external interest" were a quote from Malcy's Blog yesterday. While I can't claim any credit for the contents of my 15:12 posting on Friday, I agree with the sentiments expressed. I also thought what Malcy said about the planning process was very helpful. When an EIA statement is required by a local authority for a planned drilling operation, the statement must normally be submitted before the panning application will be considered. That's why, IMO, persimmon's idea of running the EIA and Planning Consents concurrently would have been a non-starter. Now we know that Rathlin don't have to submit an EIA statement, a lot of time and money will be saved. I too am every impatient for the well tests to begin, and we don't yet know what's holding Rathlin up. Is it possible that the OGA and the EA have yet to give their consent to the B-1Z EWT, even though it's been OK'd in advance by the County Council?

Here's what Malcy's Blog had to say:
"Union Jack Oil/Reabold Resources
The operator has received a Screening Opinion from the East Riding of Yorkshire Council in response to the company’s screening request for the proposed West Newton A site extension. The proposed extension of the existing West Newton A (WNA) wellsite and associated work programme would provide for testing, appraisal and production from the two existing wells (WN-A1 and WN-A2) and the potential for drilling, testing, appraisal and production from up to six (6) new wells on the WNA site over a 25 year period.
The East Riding of Yorkshire Council’s Screening Opinion considers that the proposed development would not comprise EIA (Environmental Impact Assessment) development. The operator will be undertaking public consultation on the West Newton A site development plan over the coming months and ahead of the submission of any formal planning application.
Stephen Williams, Co-CEO of Reabold, commented:
“It is encouraging that activity continues behind the scenes at West Newton, with progress being made ahead of testing and eventual production on the licence. With each step taking West Newton closer to development and potentially unlocking further value, we look forward to keeping shareholders updated as the project progresses.”
The above is the formal wording of the operator (and RBD comment) therefore presumably verbatim so I am drawing a number of conclusions from it. Firstly the very fact that the partners are planning extension of the site to include ‘up to six new wells’ must indicate significant confidence in west Newton, and that’s before C and D. Secondly the fact that the wording says ‘not comprise EIA’ means that there will be no need for such a document before public consultation and formal planning application thus saving time. All in all with the testing of A and B imminent but with some degree of confidence and of course with C&D down the road but at an early stage, thoughts of value will be coming to mind.
What surprises me is why neither shares have risen this morning. Admittedly I have long been bullish about the prospects at WN and it is a modest announcement about extension and local process. Having said that, the next few weeks and months are laden with potential from the testing of A and B through hopefully announcements on possible development and in due course external interest, but let me not get carried away…"

Here's what Malcy's Blog had to say:
"Union Jack Oil/Reabold Resources
The operator has received a Screening Opinion from the East Riding of Yorkshire Council in response to the company’s screening request for the proposed West Newton A site extension. The proposed extension of the existing West Newton A (WNA) wellsite and associated work programme would provide for testing, appraisal and production from the two existing wells (WN-A1 and WN-A2) and the potential for drilling, testing, appraisal and production from up to six (6) new wells on the WNA site over a 25 year period.
The East Riding of Yorkshire Council’s Screening Opinion considers that the proposed development would not comprise EIA (Environmental Impact Assessment) development. The operator will be undertaking public consultation on the West Newton A site development plan over the coming months and ahead of the submission of any formal planning application.
Stephen Williams, Co-CEO of Reabold, commented:
“It is encouraging that activity continues behind the scenes at West Newton, with progress being made ahead of testing and eventual production on the licence. With each step taking West Newton closer to development and potentially unlocking further value, we look forward to keeping shareholders updated as the project progresses.”
The above is the formal wording of the operator (and RBD comment) therefore presumably verbatim so I am drawing a number of conclusions from it. Firstly the very fact that the partners are planning extension of the site to include ‘up to six new wells’ must indicate significant confidence in west Newton, and that’s before C and D. Secondly the fact that the wording says ‘not comprise EIA’ means that there will be no need for such a document before public consultation and formal planning application thus saving time. All in all with the testing of A and B imminent but with some degree of confidence and of course with C&D down the road but at an early stage, thoughts of value will be coming to mind.
What surprises me is why neither shares have risen this morning. Admittedly I have long been bullish about the prospects at WN and it is a modest announcement about extension and local process. Having said that, the next few weeks and months are laden with potential from the testing of A and B through hopefully announcements on possible development and in due course external interest, but let me not get carried away…"

But we are down, for some odd reason. Is it because Wressle's imminent start-up is affecting EDR, EOG and UJO's SP?

The way I interpret it "will not comprise EIA development" is that a full EIA (Environmental Impact Assessment) will not be required for the extra work being proposed at the A Site. But it's a very odd way of saying it. And I see that AJamesW is still banging on about the Cadebv. Whatever next .....the Rotliegendes too, maybe?

I think they really meant to say "comprise", but it's rather poorly worded. Mind you, they are Canadians!

The way I interpret it "will not comprise EIA development" is that a full EIA (Environmental Impact Assessment) will not be required for any of the work being proposed at the A Site. But it's a very odd way of saying it.

Hi brezhnef. I wasn't able to interpret your "************** @*************01 · 23m #eog #ujo #rbd" remark, but I thought what you said regarding Stephen Williams was very interesting. For example, a RBD / EOG merger could create a £50 million+ company, merging two listed co's can be both expensive and time consuming. So might SW be considering injecting one of their associate companies into EOG. The best fit seems to me to be Corallian. Do you think this is a possibility?

Hello ivans. There's at least one very good reason why EDR and EOG are unloved, plus some of the other small AIM listed O&G shares, such as ANGS, who are in the same boat. Many of them are "running on empty". So, until they get their finances sorted out - and I don't mean relying on a director's loan, as at EOG - they will remain unloved until we have seen the evidence that all is going to plan at Wressle, or at Saltfleetby in the case of ANGS.

Good heavens,!Egdon are up nearly 10% today. Is it imminent Wressle news having this effect, or will something exciting happen at Friday's general meeting?

Arden Partners have published quite a good UJO research note today. You’ll need to log on to their research website at: https://research.arden-partners.com/portal/portal.html
and sign up for it, and then tick a box saying you're an institutional investor. But they don't ever seem to try to verify whether you really are.

Hi Mirasol. That's an interesting suggestion about Humber being short of cash. They may have been short at one time but they can't have been short of cash for quite a while now, having sold their interests in WN, Wressle and now Biscathorpe. I can't now recall when they would have received their first payment for (and for which of) these assets, but the total they have already received comes to several £million in cash and shares. I'm wondering if we are seeing a change in their tactics here at Angus. By that I mean Humber might no longer be interested in taking direct licence interests, but perhaps starting to invest in companies whose assets they like. Mind you, that may not stack up completely either, as they seem to have entirely sold out of UJO and RBD, wand their assets are at least as good, IMO, as those of Angus.

It looks as if Forest Nominees (aka GP Jersey, Humber Oil and Frazer Lang) will soon have some more cash to throw our way quite soon. That's if they wish to, of course. In an RNS this morning Union Jack Oil announced that they've purchased Humber's 15% interest in the Biscathorpe project for £500,000 subject to OGA consent, with a further £500,000 payable when various planning and other concents are granted. Humber were something of a reluctant partner of Egdon and UJO at Biscathorpe, so should we be worried or deliriously happy?