Member Info for GreyPanther

Hello Liam
I think UJO's share price has never been higher than bout 0.305p and that was some time last summer. Where did you get your 37p from please? I think it must be a different share. Anyway, good luck with your investment here!

I agree that Zac Phillips, who I too have met, is an experienced and knowledgeable oil analyst. That's unrelated to whether he is acting as a consultant to UJO, or not. He also came across to me as a decent kind of guy. I think the real problem with such interviews is their format. If Stefania B, who is UJO's public relations advisor, interviews someone who is a consultant to UJO, the result is likely to be rather bland. I didn't get the impression that Stephania was asking any very difficult questions. Why should she in her position? But some slightly more
incisive or penetrating questions by her might have been more worth listening to, IMHO.

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"Premier have never been an onshore player ANYWHERE" isn't strictly true. You are forgetting their former Wytch Farm interest. Even so, I think it's most unlikely that Premier would bid for Egdon. Although they are a significant shareholder, in my opinion they have much bigger fish to fry elsewhere.

Hi there reaction, I'm wondering where you heard: "Biscathorpe side track that they speak of is just £300,000". Is that taken from an RNS or an interview by David Bramhill, or was it only on this BB? I'm wondering because £300,000 seems quite cheap to me if it's the overall cost. If it's net to UJO's 22% interest, then at £1.36 million gross, the cost looks a bit more realistic. The issue for me is "when", as Bisc seems to have gone rather quiet lately. Thanks.

That's all very interesting. But does Dan Levi honestly think that "rubber stamping" is what the EA is best known for? Their approval - pretty obviously - has to be given before you can start any EWT or similar work, but it's not always straightforward or quick. If you've not dealt with them before you will soon find out that their "rubber stamping" can take quite a long time. I've been told by a mate in the UK oil business that "You put your application in, then after a while they ask some questions or request clarifications, you reply pretty promptly, they then ask a few more questions after another while" and so it can go on.. In fact it can go on for a very long while for an addition to a test programme. So I'm not holding my breath / counting my chicken just yet. Still, if the application is in, and it's only a small variation, maybe it could be relatively quick to get a favourable EA response ...... or even a rubber stamp. Let's hope so.

I vaguely remember from an interview quite a while ago that the lab in France was working on Biscathorpe seismic info, rather than on the WN core samples, or did I dream it?

It's very interesting that Dan Levi said on 5 February "All the companies involved are convinced that (barring a major onsite explosion or a military takeover of the UK) oil will flow. It doesn’t get any better than that…..". I sincerely hope this will be the case. But, short having some miraculous extra-sensory powers, how can the partners possibly know this? Surely that's one of the reasons the EWT is so important.

Rathlin apparently issued an update a couple of days ago. Assuming it's genuine, it may be of interest.
“Rathlin Energy (UK) Limited, as operator of the West Newton A-2 well, is providing the following update regarding the Extended Well Test.
Preparations for the retesting of the well are progressing both from an operational and a regulatory standpoint.
Coordinating the availability and timing of services, equipment, personnel and other aspects of operations with the requirements of our regulators is imperative.
These activities and approvals are often dependent upon one another.
Rathlin Energy (UK) Limited will provide operational updates via this website when appropriate.
Kind regards
THE RATHLIN ENERGY (UK) LIMITED TEAM”

Rudey, Thanks, that's what I was going on about. I think you are correct about it just being the EA that still have to sign off. However, it could still be some weeks away in my opinion. Let's hope not.

Has anyone heard anything from Corallian about any Colter development plans> I may have missed it, but If Colter was of much value I would have expected Perenco, who operate the nearby Wytch Farm oil field, to have shown some interest. They could presumably develop Colter using a deviated well from the same site they have already drilled some very long reach WF wells.

Angus has put out an RNS today, some of which might be of interest to us - in case you're wondering why I'm posting about them here. While I'm a UJO shareholder I'm not an Angus holder, so please don't shoot the messenger. Anyway, the information which seems relevant to the WN planning process says: “Specifically, we (Angus) are seeking in respect of the forthcoming Balcombe works, planning permission from West Sussex County Council, variation of permit from Environment Agency, and will make at least notification to Health & Safety Executive and lastly seek approval of our Extended Well Test from Oil & Gas Authority. There will often be second level conditions imposed, each with their own timetable. There is no statutory precedence of one approval over another nor is there any guidance as to such - they must all be sought, twin-tracked or multi-tracked as the case may be. Once provided by the relevant regulatory bodies the planned extended well test can proceed"
I think the sentence: "There is no statutory precedence of one approval over another nor is there any guidance as to such - they must all be sought, twin-tracked or multi-tracked as the case may be" is worth bearing in mind when we are debating the WN process.

Some recent statements here seem to imply that we know exactly the interval that was perforated for the original test. I don't think we really know this, so maybe the liquids interval or maybe the overlying gas interval was perforated, or maybe it was across both zones! And we don't know whether exactly the same interval will be tested in the next stage of the EWT, or maybe some interval will be added lower down to see more of the liquid interval. Does this make sense?

ST: Thanks. I'll have a look through this 81 page EA document as soon as I am supple enough! All the best, GP.

Does anyone on here know precisely what an EA Variation Permit is, please? For example, what sort of things can be asked for? Maybe it's only minor changes, but would that include a pump?How long do these variation permits take to be issued, and do we know when ours was requested. I ask because I'm a bit worried that any request to the EA might have been made quite recently. Also, is a variation permit a simpler matter to get than an addition to an existing EWT permit? Anyone with some definite info please comment - but enough of the guesswork!

I'm not sure about the significance of the statement that the HSE "have completed their investigation". The investigation of exactly what, you might ask. I suspect it may turn out to be only their approval of the equipment that's to be used. In my opinion the major sign off that's still needed is from the Environment Agency. This probably requires far more work than just "giving it the nod". The EA is very short of staff so, depending on whether Rathlin have asked them for a small amendment to the original EWT, or an addition to it, it could take up to three months. I know it's been far, far longer than 3 months already. Also, I believe a small EWT programme addition is easier to get EA approval for than a major amendment. This seems a bit odd, so it might be incorrect. What have Rathlin actually asked the EA for? Also, I think there is a precise approval sequence to be followed. It probably goes something like - the HSE first for the equipment, then the EA for the programme, and finally the OGA to sign the whole thing off. For these reasons I'm not holding my breath. Sorry to be a pessimist.

Has anyone heard anything more about Humber's default at Biscathorpe? And could they go into default at Wressle too because of their cash problems? Humber owns 12.5% of Wressle, so presumably Egdon, Europa and Union Jack could afford to pick up their proportionate shares in it. It would be about an extra 4.29% for Egdon

A very sensible post, Mirasol, if I may say so. Egdon will have to find US$750,000 ($5 million x 15%, or about £575,000 Sterling net to them) if the 3D survey comes in at $5 million, plus 30% of anything over that. The survey obviously can't start immediately. In fact, I think we'll be very lucky to see it done this year. A large 3D survey so near to the coast will need a lot of planning by Shell and its seismic contractor since some of it will probably be in very shallow water. So, by the time Egdon's cash is required for the survey we should be receiving Wressle income. In the meantime, the re-development of the Wressle well site has to be done, and the well itself refurbished. Does anyone know what Egdon's 30% of that will cost? It's been quite few years since the Wressle EWT so there will almost certainly have to be a work-over. Let's hope that not too much work is required to bring it back on line at a good flow rate. Does Egdon need to raise more cash in the meantime? Probably, but I would guess not much more than £1 million compared with our approx. £14 million market cap.

Hi Oiler87, I feel similar to you and I posted the following on Egdon's BB a few days ago:
"I hope I'm worrying unnecessarily here, but I looked recently at all the Wressle partners' most recent accounts. It seems to me that all except UJO (that's Egdon, Europa & Humber ) are getting a bit too close for comfort to "running on empty". Egdon and Europa could presumably have a placing to fund their % of the development costs - which I assume might be reasonably well supported on the back of Wressle and Resolution news - Humber may struggle to fund their share. I suppose we'll get a large percentage of the planning appeal costs back from North Lincs Council before too long. but that probably won't go very far between us. I wonder if it will be possible for partners to pick up their pro rata share of Humber's 12.5%. For Egdon this
would be about a further 4.4% ."

Hi there Chrispye84, The North Sea (Brent) oil price is about $64 today. I think that's the well head price, unrefined and not necessarily transported to a destination. The lifting price, eg. at an oil terminal like Sullom Voe in the Shetlands, might be a few cents on top of the $64. Please correct me if that's wrong. Thanks

Hi luckyman2, I agree that Humber will obviously want top dollar for their share of WN. And I hope they get it, so they don't hold things up on the other licences they share with UJO. Unfortunately, I think they have a problem. While they may be on the WN licence already - I think it's called an assign and earn farm-in - they have not not yet formally earned their 16.665%. This event depends on completion of the EWT. So while they might be able to negotiate a deal, they can't complete it until after the EWT. In actual, they don't yet have anything to sell. That's only MHO, of course.