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For LTH like myself (invested in 2019) it’s hard to accept where this company is right now.
But to be objective; in my opinion there are now only two investments worth worrying about. They are CS and WN.
CS is reported as 65Bcf at 2P reserves. Possibly 50% recoverable. RBD monies paid £4.3 million and counting. The key issue for me is the approval to drill. In September last year RBD reported the regional governments agreement/willingness to approve. It’s now March and we really need an OFFICIAL update from RBD as to what stage the application is at, with the Abruzzo authorities. Because it is a lengthy and complicated process with many stages - I would like to know at what stage the application is at. And I believe only the applicant can officially request this from the Abruzzo authorities. So what is RBD doing about this?
As for WN (ÂŁ9.5 million and counting) one of the Aberdeen presentation slides provided a statement that the single well will generate a cash flow within 12 months of drilling - this needs to be expanded and explained by RBD in terms of a issuing a clear level 4 plan with key dates that clearly explains - what will be done - when it will be done - why it will be done. To achieve their 12 month target.
After 40 years of working in the international O&G development sector on some of the world’s largest O&G development projects. I think they have at last come up with a practical and realistic development plan for WN. Let’s hope we have no more distractions.
I have been earning my living in the oil and gas industry for over 35 years - working for both operators and EPC contractors on sub-surface discoveries; including Kashagan - one of the biggest discoveries in the last 40 years. I know and have working experience of the exploration, appraisal and development phases - that all successful discoveries go through. I take the view that there is nothing in the RNS that says I should be concerned about my investment in UJO.
For those new to O&G - let me remind you - when the North Sea was declared commercial the “experts” predicted at the time a 20 year life expectancy. That was in the late 60’s and early 70’s. As you know - to this day the North Sea is still a going concern. I will not be selling. I will be holding.
I’m new to investing but I do have a question about the future possible buy back which may be viewed by some experienced investors as obvious. So regardless if you want to sell or not. Would it not be in the purchasers interest to begin the proceedings at a low SP to increase the possibility of a greater holding? If so; why is the subject conspicuously absent on this BB.
I will not comment further but I will read the replies(if any).
This is my first ever post and will probably be my only post. I have invested in UJO for a number of years. But as the years go by it’s very difficult to understand the behaviour of the share price. The company is slowly making progress, they are now making money and the share price is sedately moving in the right direction.
My belief is that with the current self inflicted UK energy gap and the upcoming autumn government review, a number of “funnel projects” in the Yorkshire/Humber region may well become a financially attractive option for one of the major players.