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CT, yes, certainly DB does, so keep buying lots of those UJO shares (DB doesn't though) on the back of what an old, long in the tooth, "barrow boy" has deemed a good investment, to throw your money at. Forget the 75% chance stated. Every drill for oil or gas, looking at worldwide statistics, has a one in three chance of being commercial . ie will get a worthwhile pay back on money spent to actually bring the oil or gas to market. Fools rush in.......
Need I say more than, tread very carefully and spread your risks!
Christine T , you have certainly a hell of a lot to learn, and to lose financially, by the way you are talking about UJO ? Don't hold your breath on any drilling this year for UJO, except for a dusty hole or two in the USA. Don't worry there's always tomorrow for UJO and AIM punters with more money than sense? Carry on Christine (the new UJO DB Mouthpiece ) David will love you lots and lots! Really!
MM's obviously playing games as usual and out to make hay while they can. Best not to buy until the dust settles and the punters see sense, as it actually is a "no real news"day at all. The RNS is confirming what we already know - ie. nothing that Reabold and UJO want to do at WN is at all certain to take place this year , again, for the 3rd year! What a waste of another year and an RNS? The author's of the RNS must think the LT shareholders are stupid to believe WN will be drilled this year with all the problems still to be overcome, including mainly, not having enough funding. These Director's are having a joke at the shareholders expense. I notice even alias UJO24, the DB mouthpiece (UJO lse Cookoo)as flown the nest, or has been sacked, or has lost his patience in defending the indefensible? Can't really blame him/her, as the truth is now clear, we are being fed more and more promotional rubbish from car salesmen type Company Directors.
Still all ifs, buts and maybes. Nothing set in stone. Still short of money for the work and starting it depends on the extra money being found? Can being kicked further down the road for a while while planning goes on and on and on? 3 years in planning now and Still looking at possible options. They are really Still waiting and hoping for the big oiler to come along and buy it out.
Itsaw, WN will only be drilled with the help of a big oiler. I believe there is serious interest from possibly Eqinor/Shell/Ineos/Centrica or a joint venture collaboration to be part of the massive H2 generation development at salt end site which has just received planning approval from the local government and has funding from the national government. A large share of WN will need to be farmed out to fund it so possibly not as good financially as UJO and RBD shareholders expect. It will take time to get the agreement sorted ? Other local gas fields under early development in the area maybe involved in the agreement also. Don't hold your breath!
DB has, extremely belatedly, now told us verbally(after much prompting) that the drill costs for the work on each UK site has substantially increased and there have severe delays due to the bottomless pit of UK planning requirements to meet; perhaps he will now come clean over the actual water cut being experienced at Wressle and the actual oil produced per day and how rapidly it is falling and the full unedited results from the recent CPR report, not just the nice bits!! Come on DB , as Director you must give the "warts and all" picture to the shareholders, not just "the futures bright". Shareholders have a right to know the good, the bad and the ugly. Not the DB filtered honey coloured bits. No wonder DB and his fellow directors have not bought any shares in the company? Tell the "whole" truth and nothing but the truth Mr DB otherwise your time as a Director will be very short.
I told you about the costs from HEYCO rising substantially and delays, delays and more delays. UJO24 DB Mouthpiece said I was taking rubbish. DB doesn't even know if any of the drills on the UK sites will take place this year now due to excessive costs and no planning. HEYCO strategy strikes again but I did tell you!! 15p here we come?
It is incumbent on the management of the company to inform the shareholders when changes such as you have listed occur and what effect these changes will have on the company's performance. DB needs to remind himself of this fact if he wants to keep working as a director of a listed company. The shareholders hear very little of the negative changes just the things that sound good at the time. DB needs to be educated on a director's responsibility to give notification to shareholders of bad news as well as only the "future is bright news"
Is that the Royal "we" you are referring to then? DB and yourself?
You silly person. You give your role away by this statement
We have a well being drilled in the next months or so which will add considerable revenue if successful
You know it's true Proxy man!!
It is actually happening in plain sight. Get real and admit it. You are doing a very poor job for DB. You should believe in what you see happening in real time. You should not deny the facts of what every shareholder is experiencing in both EOG and UJO. You are in denial, but I can't see the reason why, other than you are a DB mouthpiece. Look at the actual evidence that's staring at you.
It will be about 20% above what the sp is, at the time things are sorted out with the desperate Directors (nice payouts foreach), and the worn down and utterly fed up shareholders , due to the sp not moving or dropping relentlessly by HEYCO delay, disruptive and distract tactics. Easy meat!!
Treasures. As you are well aware it is ifs, buts and maybes all the time. Nothing concrete or sure as it is all chasing expensive rainbows around the world with shareholders money. Nothing on Wressle performance as rumours suggest water cut is increasingly rapidly and no approved plans in place to drill the other wells, all talk. Doubt if Wressle will be drilled this year now. What a let down HEYCO are, trying to manipulate the sp of EOG and UJO so they can buy them on the cheap. Typical USA style company tactics.
History of other small oil companies doing exactly the same is not good at all. The directors throwing more and more money, garnered from the shareholders via massive rights issues, at the risky exploits didn't work either and they ended up in bankruptcy. Both the PRIVATE companies Reach (UJO partner in USA) and Antler Global (EOG partner in EG) will do very well out of their selling of these extremely risky assets that no other companies with many years of experience behind them in these areas would touch. It is easy to spend money on these risky adventures when it isn't your own. Has anyone considered the overall full life costs, including decide commissioning. They need to be extremely cautious in what they are getting involved in.
Itsawrap. You are perfectly correct in your assessment of Egdon now taken over by HEYCO. My belief is that HEYCO provide confidential information about development progress on each site to both EOG and UJO but it is severely censored and redacted and it is only the "good news" or palatable news that is transferred to the shareholders via RNS's with caveats such as - possible, likely, may, provisional, and reading between the lines it is just more of the "over the rainbow" wishful speak we get told every year about HEYCO's plans for each site. HEYCO have never met a planned date yet and you can at least treble the timescales to complete any of their projects and some planned dates just dissappear and fall away each year, like Ked and Bisc. It is truly a shambles and I can fully understand why DB and WH are scrabbling around the world for extremly risky and relatively expensive tit-bits that have been left behind by the big boys! What a way to run a business?
It is likely that the operational costs, since the takeover of Egdon by HEYCO, have been increased excessively and there are some objections by the JV partners. This will no doubt be highlighted in the 2023 EOY results by the partners? American companies insist on making a profit on their operations!! The JV partner dynamics have changed since Egdon became HEYCO. Easy meat?