Member Info for GreyPanther

Hi there Draft. In case you, or anyone else following this, have never been involved in a POSSIBLE takeover offer before now, it's worth repeating the critical part of IOG's 11 Sept RNS. They said "IOG confirms that it is considering a possible all-share offer for the entire issued and to be issued share capital of Deltic". So there's actually nothing yet for Deltic to "answer" as you put it. No doubt our CEO is talking to all our institutional holders at the moment, and also trying to get our share price up a bit too, if he can. Hence this morning's Deltic RNS about the licencing round outcome, very little of which was news, IMHO. The next significant RNS we will see is likely to be either IOG's formal offer, or perhaps an indication that they aren't going to bid. One of these two things must happen before 5pm on Friday 9th October, which is the statutory 28 days after their 11 Sept RNS. So, there's no need to panic just yet, but I had hoped to see a better share price reaction.

Hi Draft. By "they" I guess you mean the Deltic board, and they will of course be discussing plenty of things behind closed doors, but I reckon they won't necessarily be speaking to IOG just yet. I think it's much more likely that Deltic's CEO will still be sounding out their major shareholders to see what the offer price would have to be to elicit a positive response from each of them. If IOG don't come close to that, it will certainly be a "No" in fairly short order. I only suggest this because I once worked for a small oil co that received an unsolicited / unwelcome take over offer.

Hi Mirasol. Could UJO up their stake from 20% maybe? That's what they've done at Wressle and Biscathorpe. And what about Rathlin / Reabold …. perhaps?

I think it's extremely unlikely that IOG will have told our CEO privately what price they are thinking about at this very early stage. Why on earth would they do that? If they do anything before making a more formal approach, by that I mean making an offer before the deadline, it'll the institutional and any other large shareholders that will hear first.

Hello Heid. I agree that David Bramhill needs to" sort out these leaks". That's if if he can, of course. However, IMHO the problem lies not with UJO's advisors themselves, but with some of their third party contacts. In addition, I don't see how he is responsible for the gullibility of some UJO shareholders who are in your own words "being told by third parties info and swampys fake videos" . To my mind that's hardly his responsibility. Isn't it up to us to believe, or not believe, the things we read / see on Twitter or elsewhere. Speaking personally, I don't trust anything that hasn't come directly from a Company RNS or from interviews given by a member of UJO's team. I also think we have to take responsibility for our bad investment decisions, especially if they are based on unofficial gossip. That's because much of what we see posted here (and elsewhere) really is.

Hi Number6. Are you sure David Bramhill "made reference to the nearby North Broughton as being of equal opportunity"? I too need to read up on this, but could he (or you) have meant North Kelsey? NK recently had its drilling consent extended by Lincs Council's planners, so I assume it's still a good target.

Parta is hardly a "barnburner" so far, and I'm a bit mystified by ADX's comment "The well will be shut in and monitored to determine if the reservoir will clean up further over time" as this was paraphrased in RBD's RNS too. But how do they expect the well to clean up if it's shut in? All that may happen is some further pressure build up, I reckon, as it seems that any remaining acid has been gas lifted out of the well. Can someone with a reservoir back ground explain it please?

Hi draft. It might have been sensible to check before posting "no one else has SHELL on board" in your excitement. Shell have recently farmed into other Southern North Sea licences. What about Egdon's solution blocks which are not a million miles away?

Sorry for the itchy fingers just now. Loz786 claims it's retail investors who keep companies afloat, and I'd quite like to know how he think this works. None of the money from PI's share trading goes to the company, does it? The only time most companies can take in new cash is from a fundraising such as a placing. UJO has so little current production that it can't readily borrow money, so placings are likely to be the only significant source of new cash . One effect of this, unfortunately, is that many institutional investors, and a few potential new investors, become insiders. I suspect most of them will know how to cover their tracks if they decide to sell part of their shareholding before the PI's like us know that a placing is on the way. It's called insider dealing. Well, that's what I think happens all too often. It's also probably very difficult for a company to say to its broker "Please don't allocate any placing shares to X, Y or Z because we think they sold us short at the last placing, even though we really need their money". Maybe they should try it!

Hi there Loz786. You claim that it's retail investors who keep companies afloat, and I'd like to know how you think that works. None of the money from PI's share trading goes to the company, does it? The only time a company can take in new cash I from fundraising, such as a placing. This is likely to be the only new money going into a company like UJO which has so little production that it can't readily borrow money. A side effect of this, unfortunately, is that he insitututional investors, or "would be" IIs

Hello Heid. You said earlier that "it is clear to some of us where the weaknesses lie". Could you please spell it out for us who aren't quite as confident as you are? Corporate fundraising isn't an area that many of us know very much about, although many on this board seem to consider themselves experts. There have obviously been leaks over the last few days about a potential fundraising, as there was before last November's placing. But we still don't know whether it's going to be a placing or some kind of loan facility. Personally speaking, I'd be very surprised if the proposed fundraising was leaked by a member of UJO's board. What would be in it for them, and why would they want to make themselves appear corrupt in the eyes of their shareholders? Let's first see how many shares they take in the placing - if there is one. I'm not a conspiracy theorist, so I think it's much more likely to have been leaked by one of the people their broker has approached about the fundraising. Well, that's what one of my mates who actually knows about these things, says happens nearly all the time. He also reckons that it's almost impossible to prevent insider dealing.

Hi RNSTranslator. Your comment "They can't easily borrow the £2mm, so best not mention that as its what they said they'd be doing" was very interesting as it might well be spot on. One can now see the trouble that a number of small Oil Co's got themselves into by borrowing when they had only minimal oil production. Actually, thinking of Angus and UKOG who seem to be in that particular boat, the borrowings may have been taken our against test production. I don't know any of the details, but it certainly seems to have turned out very expensive for them. Maybe UJO started to investigate a production-related facility to meet the £2 million Wressle production payment(s) but it wasn't nearly as easy as they had been expecting. In a market like the present one, cheap cash is almost impossible to find, even for a well heeled company. I actually think it's getting more difficult by the day, so UJO's possible placing may turn out to be a necessity, even after what was said previously . If UJO now finds itself in a tight spot with the Wressle start-up only a few weeks away, a placing might now be the only sensible way to go. This is just my speculation, mind you. Perhaps we'll find out a lot more before we're much older.

Hi Persimmon. I'm fairly familiar with the Oxford dictionary, and not just the "Concise" version, as I still have a (now VERY archaic) 16 volume set upstairs in the loft. So I'm willing to accept your point in part, thanks. However, I'm definitely not a "youngish city guy"; more like "middle aged, retired early and happy guy". So, if "poor old horse" is an archaic expression in your book, would you agree that none of its individual words is exactly archaic? A pedant writes! All the best, GP

Hi Persimmon. Poor?? Old?? You obviously don't really know me!

Hi BH. That's just being mean, and I'm surprised at of you!
HCl or HF acid I wonder?All the best, GP

Hi there Persimmon. You may not be completely correct in saying that "the oil price of today, next week and even next month has NO bearing on RBD whatsoever". It certainly SHOULDN'T have any effect, but it does have a bearing on RBD, even though we are only a very modest oil and gas producer, and then only indirectly. My personal view is that you can never rule out the effects of oil market sentiment on a non-producing exploration company. I've seen lower oil and gas prices knock the smaller E&P players many times before now. One aspect of this is that lower prices make fund raising more difficult. It's not that we may (or may not) need to raise money soon, but our partners elsewhere might.

Hi there PROPS. Why does "everyone" have to give Heid a break? She's obviously a grown-up and she's been around this BB and some others for quite a while. And I hope that's not taken as an impertinent remark. Judging by her fairly numerous postings, I'm sure she can look after herself. Well, I do hope so. , as this board isn't meant to be an agony column!

Hello Heid. I'm surely not the only one who would like to know what your suggestions to David Bramhill were, and perhaps why you think at he hasn't responded to them, or at least not yet. With all DB's years of experience in the oil sector I'm very confident that he has his own ideas about what needs to be done next at UJO. It's also more than likely that he has plenty of competent advisors, not just the people on his fairly small board of four. Speaking personally, on the those occasions I have contacted DB, he has responded promptly and politely. Surely you didn't just send him a video clip? All the best, GP

Hi Phoo. Can you show us a recent statement by the WN partners that says Rathlin will definitely be drilling two wells from the B site? I'd be surprised if B-1 is followed immediately by the B-2 well. I agree that two cellars have been constructed at the B site the same time, but that's (IMHO) because it's more efficient to do it that way. However, that doesn't make two B site wells in short order a certainty. The partners will be guided by what they find in B-1, and could even decide to sidetrack that well, rather than using the second cellar immediately.

This afternoon's RNS said: "Egdon Resources plc (AIM:EDR) advises that its application to extend to 31 December 2021, the existing planning permission to drill conventional exploratory oil well at North Kelsey-1 site location was approved at today's meeting of the Lincolnshire County Council Planning Committee". That's quite good news, but it probably won't have much impact on Union Jack's SP, or on Egdon in the short term. I see that Egdon still has an 80% interest, so I'm wondering if they will be able to find the cash to drill it without doing several more farm-outs. However, I'd expect UJO to fund their 20% share without a lot of trouble.