Member Info for itsawrap

Yup, just emailed hsbc instructing them to vote in favour of all resolutions - not a huge holding but every vote in favour is a kick in the nuts for the chuckle brothers

Letter from Reabold this morning begging for my vote - DRAIN THE SWAMP!

"The deadline to receive all votes is Monday 8th Janaury however, your broker will have a much earlier deadline for submitting votes, likely falling during the Christmas holiday period so please vote as soon as possible and in any event by no later that 29th December to ensure your vote is counted"

Https://www.broughtontowncouncil.co.uk/your-council/agendas-and-minutes/

Item 2311/02 Presentation from Egdon on their proposed development of the Wressle site.

Mark Abbott & Paul Foster of Egdons provided information and plans on the proposed development of the site, which looks at extending the current site by 1.5 acres to include 2 further wells.

The pipes leading to the wells will be 2.2km in length and will be 1.8km under ground.

There will be a large amount of documentation that is required to be submitted with the planning application and this will be submitted to NLC in January 2024.

The consultation will be open until 24th December.

Part of the application will be that the gas will now be exported back into the grid. This will include a new requirement of an assessment on bio-diversity net gain which needs to increase the area by at least 10%.

Discussions are continuing with the landowner for the best deciduous trees to be planted and the trees will be managed in perpetuity. Cllr Harness asked who would make the decision on what trees would be planted to which Mark Abbott stated that this would be decided between the Egdon Ecologist and the Ecologist at NLC.

Mark Abbott went on to say that if there are any protestors extra security will be in place when drilling.

A public consultation will take place at the Village Hall tomorrow 28th November between 2-7pm.

The representatives went on to say that the current well is one of the top producers offshore in the UK.

The Community Liaison Group has been running for 3 years and this initially met regularly but now only meets as and when required.

A community fund of £100k is provided annually and benefits a lot of groups in the Town. This will be extended if the application is successful.

Cllr Simpson joined the meeting at 7pm. Both representatives from Egdon left the meeting.

...not long to wait? Europa & UJO issued Wressle updates as follows:

Wed. 18/10

Wed. 08/11 +21 days

Wed. 29/11 +21 days

Wed. 20/12 +21 days - next update?

UJO had to apply to the High Court so they could pay a divi or buy back shares. It's my understanding that Europa would also have to apply to the HC before a divi or buy back could take place. Considering EOG have a lot of cash with very little capex, I'm surprised they havent started the ball rolling to do the same

30 August 2022 Union Jack Oil plc ("Union Jack" or the "Company")

Capital Reduction Effective

UJO a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that the Capital Reduction exercise that is being pursued following the passing of a special resolution of the Company at its AGM on 23 June 2022, has been approved ("Capital Reduction").

This follows the confirmation of the Capital Reduction by the High Court of Justice, on 30 August 2022. The Capital Reduction will become effective once the Court order has been registered with the Registrar of Companies, which is expected to happen on 31 August 2022. Subject to the filing of the Court order with the Registrar of Companies, the Capital Reduction creates additional reserves to the value of £21,553,557. This provides the Company with further flexibility to deliver shareholder returns in the form of dividends and/or share buybacks.

Nice one, thanks heid

Who does it benefit?

...that's easy, it benefits the 2 CEOs who can rely of 12.5% of RBD shares being cast in their favour - all imo of course

Heid, as far as I am aware, neither RBD nor KS has said anything about the owner of Colle Santo paying 10% of capex should LNe exercise their 90% option and proceed to first gas. Perhaps you could ask KS if the owner has committed to paying their share of capex? thx.

Uggy if LNe directors didnt own 12.5% of Reabold shares, I doubt they would have any chance of winning. imo this has been carefully orchestrated to protect their positions. 116 new share for £1.65m equals £14'224 per share, or a theoretical value of £17.5m for LNenergy. A company that has no revenue and an option that will cost Euro14m to exercise and Euro16m capex to first gas...is worth 50% more than Reabold!

Well I have been topping up, I'm hopeful we will have Wressle production data next Wednesday. top end 900bpd very low end 500bpd - my modest expectation is 600-700bpd, any more is a bonus. 200bpd net more than justifies the current mcap imo

Oza 89.3m, Williams 54.3m, Felton 25.2m, Samaha 7.8m, Edelman 169m, Oza family 399.5m,

LNenrgy directors 1'297.3m

Total 2'042.4m or 19.7% of shares issued

we have a mountain to climb to oust the Chuckle Bros - every vote counts

Deano so negative - they bought 4.6m shares yesterday "returning" £5k to investors, don't you feel wealthier already?

re WN, what are they waiting for??? they said they would fund Rathlin, they have received £5.4m cash...and nothing!

time to drain the swamp - vote them out :)

Requisition document says "We shall raise this money in Q1 2024 and will intend to commence drilling in Q2 or early Q3 2024 depending on equipment availability."

..well that's jolly interesting because the Reabold Finals say - " The Joint operation between Rathlin, Reabold and Union Jack have a commitment to drill and test a new Kirkham Abbey deviated or horizontal appraisal well by June 2024."

...so how can they potentially start drilling in Q3 when they have NO permission to do so???

...well at least the loss in the 2023 accounts will reduce our tax bill :)

Although a big loss for UJO atm, I suspect the Bacon sp will be much higher in 6 to 9 months...

The Company continues to estimate that given the excellent reservoir properties and the light oil recovered, and in the absence of an invasion zone which restricts flowrate, the SCHB 2(2.) well could achieve production in the region of 900 bopd. At those flow rates, the Company would expect to deliver operating cash flows in the order of US$1.5 million per month (assuming $80/bbl Brent).

- $1.5m from 900bpd at $80 suggests opex of about $25 per barrel - does that sound about right?

Really? How will they do that in 6 months unless a rig has been booked?

They are quite vague about WN, no mention of the June 2024 deadline! for WN to happen in H1 they need to find an available rig and book it asap, but RBD has yet to commit cash to Rathlin and KS didn't say how they would get it done. I suspect KS & Co will happily let WN slide so they can use the money to invest in Daybreak while they apply for a WN extension which could take a couple of years. all imo of course

Europa & UJO issued Wressle updates as follows:

Wed. 18/10

Wed. 08/11 +21 days

Wed. 29/11 +21 days

Wed. 20/12 +21 days - next update?

The Reabold requisition is going ahead 10.01.24, some may find this interesting

https://www.lse.co.uk/rns/RBD/publication-of-circular-2acbj16o5vrfe6c.html

lots of accusations flying about on both sides, it's hard to know what to believe!

...calm down Dear, it's only Tuesday