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Is B-1 to be deviated, like some of the previous wells? If so, the measured / drilled well depth to TD could be significantly more than 2100 metres vertically. It might therefore be slightly slower drilling, and take a bit longer to drill, hence the suggested 10 weeks. And we don't know how many cores they may need to take in the event of success. So Rathlin's time estimate may be erring on the cautious side.

Excuse my cynicism, but why would anybody now believe something said by UKOG about one of their projects? Even if it's backed by a study from a reputedly competent third party such Xodus, I'd still be very nervous about taking it on trust .

Hi Mirasol. Do you know the "Drill or Drop website? It's very much against onshore oil but some of their articles are worth reading. Please have a look at: https://drillordrop.com/2020/09/28/minister-tells-anti-fracking-mps-to-accept-victory/
I reckon that of Egdon's 44 current licences, about 18 or 20 of them have only shale gas potential. Recent ministerial comments seem to support my long-held view that almost half of their licences are now worthless. EDR might decide to relinquish a lot of them to lower their operating costs, but they will suffer a massive write off if they do this. Maybe the diminution of value is already reflected in their SP, and I sincerely hope it is! There's also an interesting piece on Wressle, again on Drill or Drop if you've not already seen it.

Hi Rubey. Thanks for your link to the drone photo of the B-1 site. Depending on when it was taken (presumaably Monday) makes me feel that spud could be sooner than Sat 3rd. It could be as early as Weds 30th /Thurs 1st, depending on no more storms occurring. We should know very soon. all the best. GP

Hi BlackHopper. In answer to your suggestion, I found this on Angus Energy's LSE board. It made me think oft a few of our and UJO's negative posters:
https://messageboardfools.com/bashers.htm
If you don't find it entertaining please don't shoot the messenger!

Hi Mirasol. Are you sure it was Premier that bought Alkane? My recollection is slightly different. I think Premier's present 15% involvement here is because the former EnCore Oil swapped all their onshore licences, plus a small interest in the offshore Ceres gas field, for a significant holding in EDR. It may have been nearly 30% then. Some time later EnCore were acquired by Premier. I believe this was done mainly to obtain EnCore's interest in the offshore Catcher field which was about to be developed. I don't think Premier have much lasting interest in the UK onshore, or particularly in shale gas., and it may be only inertia that keeps them here. However, they have supported some EDR placings in the past, but they have also allowed themselves to be diluted slightly over the years

I found this on Angus Energy's board, and it made me think about a few of our posters:
https://messageboardfools.com/bashers.htm
but don't shoot the messenger!

Mirasol. I think it's about time the two large LTH's actually tried pushing! I can't see why they would be happy with the current situation, unless things at Premier and Petrichor are just as bad, which they could well be, I suppose.

Thanks Selfish. it looks as if Rule 40 could perhaps cover it under "protection of investors" but I reckon it would probably be something of a stretch:
"Maintenance of orderly markets. Precautionary Suspension
40. The Exchange may suspend the trading of AIM securities where:
— trading in those securities is not being conducted in an orderly manner;
— it considers that an AIM company has failed to comply with these rules;
— the protection of investors so requires; or
— the integrity and reputation of the market has been or may be impaired by dealings in those securities.
Suspensions are effected by a dealing notice"

I'd be happy to be proved wrong on this, so I'm wondering if anyone has access to the AIM rule book - which I don't . Perhaps they could quote that particular rule for us here e.g. AIM rule No. XX says "….". Thanks, GP

Hi BolivianBanks. I asked a friend in the financial services sector why UJO hadn't suspended its shares to "prevent a disorderly market" (as it's sometimes described). I also sais that it might have prevented much of what the damage to UJO's SP. His reply was that the AIM regulations don't allow it, and the nomad therefore wouldn't allow it either. It seems like a very odd rule to me, but maybe that's really how it is. I reckon it would make a lot sense, and possibly do us PI's some good as well, if it could be changed. But don't hold your breath please; this is the AIM market we are talking about.

Hi Phoebus. What did you mean by "The drill looks excellent"? Are you talking about the drilling rig , which is presumably still being assembled, or the well, which hasn't yet started drilling? If you have some hard facts, or even some other knowledge that you can share with us, I'm sure we'd appreciate it.
mbled

To my mind cumulative CEO salaries over 11 years of £1.65 million (I've not researched this personally but, if correct, it averages £150,000 per year) would not be excessive if the company had been performing well. I note that the CEO's salary to July '19 was £177.5k with a further ££28.5k in benefits including pension, health insurance and presumably a car. However, I recall from the April interim statement that Egdon’s staff have recently taken a 20% salary cut, and I assume this applies to the board too. What concerns me rather more is company performance. About 10 years ago our shares were trading at between 10p and 20p, and I think the market cap was about five times the current £7 million. For more than 10 years our non-exec board has been almost unchanged, apart from the institutional investors’ representatives. In fact, most of them have been there for so long that an outside observer might say they are no longer independent. This may partly explain why we have been producing at a measly rate of less than 180 boepd for so long, although I realise it should almost double soon, thanks to Wressle. In my opinion Egdon and its board need to be shaken up a bit,, starting with the Chairman and some of our other non execs, and possibly also the CEO. I wonder if they have considered merging with another UK onshore player, maybe either Angus, Europa, UKOG or Union Jack? However, as usual this is probably a non-starter because of the personalities of the CEOs involved.

Hello Heid. I was merely saying, in a rather round about way, that both you and Joe O'Farrell have impeccable timing in your share buying and, of course, beyond reproach in everything you do. Sorry I haven't voted, but I don't see any real value in self-selected opinion polls.

Hello Heid. That's a bit disingenuous, IMO. You know very well who "that Joe O Farrell bloke " is, so you willshould know, since he's one of UJO's two exec. directors, that he won't be doing any insider dealing, not that the B-1 well has spudded yet. And I'm sure you can say the same about all your share dealings too. All the best, GP.

Hi RNSTranslator. The clock must be ticking quite loudly at Egdon as they need to raise more cash quite soon. Well, that's my opinion too. Egdon's year end was 31 July and their prelims should come out in mid November, with the AGM usually just before Christmas. Amongst their various cash requirements they need to find about £400k on first Wressle oil, and I think we are still expecting it to come on stream some time in the 4th Quarter. I'd agree with you that their auditors are probably giving them a very hard look right now. However, they have the capacity to issue a further 76 million shares without calling an EGM, so long as their two larger II's (Petrichor Holdings and Premier Oil) will let them do a fund raising. Watch this space because, assuming a small discount to the current 2.05p mid price, they are unlikely to raise much more than about £1.3 million via a placing without it being subject to an EGM. Perhaps some kind of production loan facility might be on the cards too, as recently announced at Angus Energy.

Hi 65jh. Abut your comment "This 'asset' has been discovered before but other (more reputable companys?) chose to leave it where it is, wonder why?".
This is completely incorrect. In fact no company other than Rathllin has drilled on the WN prospect. Others have drilled nearby, before the current licence was awarded, but they all missed the Kirkham Abbey pay. You have only to look at a map of the wells drilled in this part of Yorkshire to see what I mean.

And thanks from me too, Manwell02. GP

Hi there Rubey. Do you know if, and if so where, RBD have posted their responses to the shareholders' questions that were sent for the AGM. Just for the record, I asked them which WN well had a Cadeby core, but I'm not necessarily expecting an answer! All the best, GP.

Could someone please suggest why - other than blind optimism - some of us are still talking about their 1p (or even 3p) share price aspirations. I can’t for the life of me see how this is even remotely possible. The placing was announced on Thurs 17th and we then knew we were about to receive £7 million, let’s say £6.5 million after placing commissions and expenses. At the time we had 15.441 billon shares in issue. Friday’s closing price was 0.168p which gave us (then) a market cap of about £25.9 million. Following the placing a further 4.375 billion shares have been issued. These shares started trading on Tues 22nd so we now have 19.816 billon shares in issue. Our closing price last night was 0.1625p. With the additional shares our market cap was about £32.2 million last night. That’s an increase of £6.3 million, which more or less equals the net cash raised. That's not a huge surprise, I said to myself. But I'm not forgetting that we've had a sizeable dilution since 19.816 billon shares divided by 15.441 billon represents a 28.3% increase in the number of shares. So, even if we have a further £7million / £6.5 million in the bank, our licence assets now have a significantly lower value per share. By way of illustration, the former 15.441 billon shares multiplied by (say) 1p per share would produce a valuation of £154.4 million, which is pretty fanciful in my book. Have we somehow today become “worth” another £44 million just because 4.375 billion shares have been issued? That’s pretty hard to swallow. So I’d like to suggest that some of us need to get real!