Member Info for itsawrap

Thanks heid. interesting that he says dry oil, zero water-cut?

Only 4 weeks until the Shell money is due - if it is forthcoming could we see a major re-rate? (upwards)

They have taken a very big gamble on the permits being granted. I would have preferred them to take a small stake in the company - just enough to fund the permitting process - with an option to either buy shares and/or farm-in on very favourable terms. If permits are refused they would walk away with a small loss rather than owning 16.7% of a dead duck

Colle Santo CPR from October 2022

https://wp-reabold-2023.s3.eu-west-2.amazonaws.com/media/2023/09/4.1.-Colle-Santo-RPS-CPR-October-2022.pdf

Regarding gas at Wressle, I read that there is a technique called "gas re-injection" which would reduce flaring and help down hole pressure. if GTW or GTG isnt economic, I wonder if gas re-injection is a worthwhile option?

RBD paid £250'000 for 18 shares - based on 1103 shares in issue, that values LNe at just over £15m which is absolutely daft, I bet the Directors of LNe couldn't believe their luck! Hey guys, we've got a whale on the phone...

Colle Santo may be quite good but they have 2 major hurdles, first permits and then LNe need to raise a lot of money, they said "debt funded" but I suspect they will either choose equity funded or a farm-out or all 3. RBDs recent purchase of 18 shares values Lne at £15m which seems out of touch with reality - they overpaid for the shares imo

It's very odd that UJO is up 10% and Europa almost flat!

Annual report - The exact timing and amount of the second tranche payment from Shell is currently uncertain, however the second tranche payment will be c. £9.5 million, assuming the development and production consent for the Victory gas field is secured from the North Sea Transition Authority by 1 December 2023. If consent has not been received by this date, then Reabold expects to receive £5.2 million within 3 business days of this date, with the balancing payment to come at a later consent date.

Am I right in saying they have 30 days from today to hold the vote?

if so it seems likely they will wait until the last day as this would fall after the payment from Shell.

...all my shares will vote to drain the swamp...hopefully the Chuckle Brothers will be doing panto by Christmas :)

Https://find-and-update.company-information.service.gov.uk/company/06478035/filing-history

Hi jabez, Rathlin issued their 2022 accounts on 27.09.23

page 37, item 22 says this about the WN side-track:

"The Company estimates that Rathlin's share of the cost of the commitments is approximately £9.0 million."

Hi jabez,

- some months ago Reabold earmarked £2m for their 1/6 of WN whereas Rathlin recently said £9m for their 4/6 so £2.25m per 1/6. Going by Rathlin's later estimate, it seems reasonable to set aside £2.25m for UJOs 1/6.

- Egdon has said the side-track at Keddington will be relatively inexpensive but neither EDR or UJO has given a number. My best guess is £1.5m - £2.5m for UJOs 55%

- no costing has been given for Biscathorpe, my best guess is £2m-£3m for UJOs 45%

so imo WN is unlikely to be the biggest drain on cash

Or DB could buy new LNenergy shares like Reabold

Sorry, I should have said that I suspect they will farm-out although that has never been mentioned

He may be waiting to see if LNenergy gets the permit for Colle Santo - according to Reabold (who are invested) it will be forthcoming "this year".

'LNEnergy will seek to secure €30m in debt financing to fund exercise of option to purchase Colle Santo gas field and development capex to achieve first gas. Debt financing process to begin later in 2023, once initial approvals in place'

Even with Heyco in charge there doesn't appear to be any urgency from Egdon, Keddington being a good example - "drilling in H2 2023" has been pushed back to "drilling in H1 2024". If we are lucky Bisc will be drilled in H2 2024 but more likely to be mid 2025 imo so there's plenty of time to invest. Meanwhile a 2nd drill from the Wressle pad cant happen until they have planning permission - which has yet to be submitted despite all the talk. Egdon makes glaciers look fast!

I had a look at their previous Form 10-K, their accounts are not particularly complex however they are narrated by an enormous amount of spin. they said they would file their overdue 10-K by end of October, not yet showing though?

Nothing wrong with having a range of opinions on here, persi posts some good stuff imo

The letter says 'by email' and 'Also sent by recorded delivery' so even if the email is in their spam boxes they should have the hard copy today or tomorrow - RNS later today or in the morning ?

"I think that deserves another little Christmas divi from the cash pile to keep us sweet."

I would take honesty and transparency over a divi any day of the week