Member Info for itsawrap

I doubt he needs to tell the market if Heyco & UJO are negotiating over a PEDL until the deal is done.

Good company but relatively unloved by investors (at the moment). I first invested 3 years ago but have seen my investment slowly but surely diminish - a good time to invest imo, far more upside than downside plus an outside bet for a takeover

Thanks persi. I'm surprised they survived until the end of 2023, it doesn't look good

...patience is the key here, Wressle had a similar issue in Q3 2021 (see UJO rns's), the operations and clean-up took a full 3 months but the result was excellent - well above expectations.

Uggy, like you I want Colle Santo to be a success but the Euro11m-12m pa projection is currently a fantasy with gas significantly below Euro45 mwh for most of the last 9 months. Of course the market price may be significantly higher by the time they come into production but how can LNe expect to raise Euro 16m based on Euro45 mwh when the current price is firmly below Euro30 mwh?

"but why do you think there will be a year delay between granting planning and drilling?"

sorry I didnt answer your question. the nsta/hse/ea permits will take months & months and that's once Egdon submit them - perhaps with Heyco is control Egdon will move a little faster but I doubt it. Just look at Keddington, how many years have they been about to drill???

Hi serif the document is not clear as to the timing - see page 14 - I dont know if Egdon will wait for an NLC decision before applying to HSE/NSTA/EA, presumably not a cheap endeavor.

https://assets-global.website-files.com/6385bf5acfc9c48d7f0b73c1/6564a4ee1398e4e77cdae48b_Egdon-consultation-pull-up-boards-compressed-.pdf

Regarding Wressle development - this is the provisional "Planning Timeline" set out by Egdon. I doubt we will see any site operations before H2 2025 and that's assuming the planning application is passed by NLC in H1 2024

31.01.24 - submit planning application to NLC

Feb 2024 - Formal public consultation by NLC

30.04.24 - Target date for NLC to determine planning application

thereafter - applications to NSTA, HSE & EA

Https://va.mite.gov.it/it-IT/Oggetti/Info/10561

Date of submission of the application: 09/01/2024

RNS 20.12.23

LNEnergy reported that on 20 December 2023 it filed the Environmental Impact Study ("EIS") for the new small-scale liquefied natural gas (LNG) development plan at the Colle Santo gas field with the Ministry of Environment and Energy Security. This is a further step towards achieving the granting of a production concession at Colle Santo.

"for no reason except the delay and market/shareholder sentiment." I disagree, 40bpd is hardly company making, that plus 30bpd is about $1.5m net pa, seems about right for an mcap of £12m imo. Having said that, I expect the sp to rise strongly in expectation of a successful well-stimulation, where it ends up depends on the post stimulation bpd.

Persi my 5 years investing in small oilers has taught me that RNS's are corporate b/s, the way to make money is to trade the spikes and not wait for the delivery. Just look at UJO, unusually Wressle delivered more than the promised 500bpd yet the sp is in the doldrums, UJO is worth less now than when it had no oil except 10bpd from Keddington. RBD will spike when we have news of funding for Rathlin, will I wait to see if WN delivers? hell no

Rathlin says they need £9m for their 4/6, that means £13.5m in total for the drilling. Why would anyone buy WN when it has yet to be proved commercial and will cost the new owner £13.5m to find out?

Imo the extra cash unlocks WN - lots of upside here

You're welcome, we all needed some good news to support the sp, quite a turnaround from 12% down to 5% up!

Just a reminder

" Reabold intends to use the net proceeds received to advance development of its existing assets, including the drilling of the key horizontal well at West Newton, and assess potential further acquisition opportunities. Furthermore, pursuant to the announcement of 31 October 2022, Reabold intends to make a distribution of £4 million of excess cash to Reabold shareholders upon receipt of the £9.5 million, the mechanism of which will be determined upon consultation with Reabold shareholders."

I don't believe they will fully honour this commitment, they may re-start the buy-backs for a little while and make a small special dividend, but splashing the cash on LNenergy does not leave them enough to spend £2.25m on WN for their 1/6, bankroll Rathlin for £6m and return circa £3.5m to shareholders. These numbers will only stack up if there is a farm-out by Rathlin or perhaps a loan facility guaranteed by RBD - all imo

Https://www.oedigital.com/news/510860-shell-makes-fid-for-victory-gas-field-in-north-sea

Surely an RNS later today or in the morning, that should wake up the market to the likelihood of a deal between rbd and rathlin

...welcome to the asylum heid

Guys, it doesnt matter if you love or hate the chuckle brothers - the Victory announcement is a trading opportunity

Following the Secretary of State’s conclusion regarding the environmental effects of the project, the Secretary of State agreed to the OGA’s grant of consent on 10th November 2023 and the OGA granted consent on 17th January 2024, so the project may proceed

- this means Shell has to pay Reabold the final £4.4m for Carillion, ergo RBD will have sufficient cash to bankroll Rathlin