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"Commencement of a share buyback programme in April 2023 for a maximum amount of £750,000 as part of the proposed £4.0 million return to shareholders announced via RNS on 3 October 2022."
- according to filings on companies house, total spent to date is £545,927
When DB bought a 2.5% Royalty about 3 years ago, he failed to mention that it had been accruing for over 5 years without a payout. he then tried a £7m placing to buy another 25%, once again not saying it hadn't paid out for over 5 years. Shareholders lobbied UJO expressing severe reservations so the placing was downsized to £3m. a few months later the Finals disclosed the failure to pay out since 2016. By the time it was sold it had accrued for over 6 years! this why I am very sceptical
Great if it's drilled on time and to budget, even better if it's commercial and nets 67bpd for ujo...but, if it's such a good opportunity, why is Reach farming out a well that will repay UJO within 6 months???
GP use this link https://www.sviluppocollesanto.it/collesanto/ scroll down below all the text for the livestream link. I think you viewed the home page
Https://www.sviluppocollesanto.it/collesanto/
livestreaming but nothing to see yet
It's interesting that Bramhill has chosen to invest in the US rather than Africa which seems to be in vogue atm. Fortunately he hasnt increased our exposure to WN which appears to be dead in the water, likewise I'm pleased he hasn't shown an interest in Reabold's Colle Santo project.
Https://www.sviluppocollesanto.it/
this is LNenergy's Italian website
Https://www.sharesmagazine.co.uk/events/event/shares-investor-evening-edinburgh-live-event-270224
let's see what they RNS between now and the 27th
"Would I buy in here at this moment in time ? Absolutely not"
I disagree, based on Wressle alone producing 665bpd and poo $78 (say $65 net), that's $6.3m pa or over $500k pm.
I do have major issues with Bramhill's management style, that is, his lack of transparency and his failure to keep shareholders informed on progress at Keddington, Biscathorpe and WN, however I am confident that Kedd and Bisc will be progressed this year. I also believe that Erfelden will prove to be as good as Wressle if not better in which case the Bacon shares will soar. Penystone planning will be submitted in Q1 imo. meanwhile WN appears to be a non-runner but they may surprise us, at least DB hasn't increased our exposure there. Overall I believe UJO will have a very good year.
Sometime ago I suggested that the 1.3 billion shares issued to LNe would surely have a lock-in period, although nothing has been said. I guess the answer is no, otherwise how could LNe transfer 450m shares to the Directors? I suppose it's possible the shares could have been transferred with a lock-in caveat but my worry is if CS goes tits up, ie permission is refused, we will have 1.3bn shares hanging over the market...happy days for LNE Directors but not for the rest of us
Lots of doom & gloom merchants here - I recommend reading UJO's RNSs from Q3 2021. same problems, similar solution (ceramic beads rather than sand). Result? highly successful clean-up which resulted in circa 800bpd compared to the expected 500bpd (op took 3 months). 2.5 years later the well is producing circa 665bpd.
poo currently circa $79 so every 100bpd is equivalent to almost $2.9m gross pa
Although the article casts huge doubts over the project (plenty of those already!), it's well known that the Abruzzo region is very vulnerable to strong earthquakes, so is the dam at greater risk from the known or the unknown?
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.
- as I previously posted, same issue at Wressle took 3 months to resolve - highly successful