Member Info for GreyPanther

Hi there jtcd. VSA aren't exactly proud IMHO so, if you tell them that you are a HNW (high net worth) individual - whatever that amounts to these days, and how could they possibly disprove it - they would probably be delighted to put you on their circulation list and cough up all their research notes. I did this with Arden for their recent research on Union Jack. It was easy and I was able to look at all their other research, so it worked for me. Good luck with it anyway.

There has certainly been some positive SP movement over the last few days. It may only be a rumour, but do you have anything more definite on a "producing acquisition on Tuesday"? Thanks

Tomorrow? I'd be very surprised if BP bid before Monday!

Hello Icemanzag. I'm not sure exactly what aspects of UJO's PR you are complaining about. Is it too much or too little PR, or the wrong sort of PR? If you mean RNSs, David Bramhill's frequent interviews or brokers notes, there seem to be quite a lot of each of these forms of PR. It must be quite difficult to release news if you don't have anything new to say. I'm sorry if I've misunderstood your point but I think the biggest problem with UJO's SP is the large number of day traders buying and selling whenever there's the merest sniff of news, or even a rumour on Twitter. Not like us LTH goody goodies, eh?

Hi Mirasol. I checked the Oil & Gas Authority's website today and, as you said, the annual fees for the latest onshore licence awards aren't too bad at first. However, they get much more expensive after the first 5 years. During the first 5 year term it's £25 per square kilometer each year, payable annually in advance. From the 5th anniversary onwards it's £50 per sq. km, rising by £50 each year until it reaches £1,200 per sq. km at the end of the full 30 year term. So I still feel that it wouldn't pay Egdon to hold on to licences after (say) the first 5 years if they can't make any real progress. All the best

Hi Mirasol. I agree. VSA's target SP of 35.8p isn't remotely realistic, IMHO. But, with a market cap of only about £6.1 million, Egdon aren't likely to see many pieces of independent research. It's presumably Egdon's hope too, but I thought VSA was unduly optimistic about the fracking moratorium. I wonder what retaining all those unconventional onshore licences costs them?per year?

UJO's annual results usually come out in the first half of May so I think all the directors are currently insiders and, as they are probably now in a closed period, share buying by them wouldn't be allowed until the results have come out. As well as their share options, the last time I looked David Bramhill owned 63.9 million shares and Joe O'Farrell owned 275.7 million shares but this may be out of date by now.

I think this BB would be a lot more useful / interesting if we could all agree to stop wittering on about UKOG . Is that company really relevant to us, other than to some - not me, I'm happy to say - who hold or have held shares in it? What happened to UKOG's SP is not exactly unknown on AIM but why go on about it and their management here? I know that some of my earlier UJO posts have not been completely "on topic" but maybe we could agree between ourselves that in future we'll only talk about topics relevant to UJO or its assets. I'm sorry if this seems too much to ask. Maybe we'll have something interesting to talk about soon. Let's hope so!

You might like to have a look at:
https://mcusercontent.com/a4493f9dc4a9381a0b85898b8/files/0c2f905b-1ed0-4f1a-a677-4ce0412df652/04_20_Interims_EDR.01.01.pdf
VSA's comments on Egdon's interims includes comments on Biscathorpe and Wressle.

Have a look at:
https://mcusercontent.com/a4493f9dc4a9381a0b85898b8/files/0c2f905b-1ed0-4f1a-a677-4ce0412df652/04_20_Interims_EDR.01.01.pdf
for VSA's comments on Egdon's interim results

Siliv, I was not "de-ramping", as you call it, nor "ramping" about the column possibly being a valuable condensate accumulation. I was merely saying what I think s possible, both as a shareholder and as someone who has experience of oil and gas in the past. I'm sorry you don't agree, but surely that's your and my privilege on a bulletin board.

It would certainly be useful to know exactly where in the oil / gas column the well was perforated. Does anyone outside the WN partners know, I wonder?

Hi there Uggy. UJO and Reabold have indeed referred to oil in their various presentations and RNS's, but they didn't say "black oil" or mention its gravity - as far as I can recall - so, in my opinion, it could still be condensate which wouldn't be a big surprise to me in this Zechstein pay zone. Still, I'd be pleased to get a good flow rate, even if it is condensate!

Hi there Reaction. Thanks for your reply. I've looked at all WN releases about what's been found, and I have seen what they say about the oil and gas columns. I suppose it depends on what they mean by "oil". It's certainly very interesting but, for me anyway, it's not over until the fat lady sings. Good luck anyway. GP

Hi there Reaction. What do you mean by "The oil looks to be nailed on at WN"? It certainly looks very promising to me, but it's nowhere near a certainty, IMHO. Until we get some results from a satisfactory test of the of the oil zone, such as we hope the EWT will give us soon, we don't really know whether we've got conventional oil underlying the gas zone, or a lighter liquid like condensate, or maybe it's just a long column of wet gas (gas with some liquids in it) down there . Nothing is certain in the O&G business and that's why I'm a bit more cautious. Nevertheless, it sounds as though Rathlin intend to soldier on at WN through the current crisis. Let's hope this includes both the A2 EWT and some construction work at the B1 well site. I'm still hoping that one of these gets underway very soon. All the best, GP

There's a short release on Rathlin UK's website dated 2nd April which includes the following:
"We remain completely committed to our local supply chain and to continuing our exploration work at West Newton". By this, I assume they don't intend to delay the proposed work at the "B" wellsite and, once they have received the EA consent, they don't want to delay the EWT further because of the Coronavirus epidemic. That's good news if it's the case. Any further thoughts please?

Hello Heid. It would certainly be a boost to know we have obtained the EA's EWT consent. However, I'm concerned (other than the delay) that once we get the consent, will Coronvirus -related issues mean that the test won't be able tart since i will presumably need quite a few workers in close proximity. Does anyone know if it's a highly labour intensive exercise to carry out an EWT?

A fair point Straighttalker regarding the lack of an RNS. However, If you don't mind my saying so, the last time I looked WN was in the fantastic East Riding of Yorkshire. I think North Lincs Council was the body behind the Wressle planning fiasco. All the best.

Thanks royoboy but there's no need to be sarcastic.
You may safely "pursume" I can read - and write too.

royoby, 17.62 dollars isn't the answer to my question. I could ask David Bramhill, I suppose, but I imagine he has plenty more to do than answer my little queries. There are people on this BB who seem knowledgeable and appear to have time on their hands. So why wouldn't I ask our punters for their opinions? They might be a change from some of the drivel that appears here.

David Bramhill said in his interview this morning that $17.62 is the all-in (or words to that effect) Wressle cost, including the cost of finding and developing it. I have been told previously that the oil lifting and transportation cost (opex) should be only about $10 per barrel. I don't know how much of the other $7.62 has already been spent, but presumably it includes the cost of drilling the original discovery well, as well as the anticipated on-site work at Wressle. Does anyone have a more detailed cost per barrel breakdown than this please?