Member Info for itsawrap

...the longer the silence, the greater the chance of disappointment imo.

of course anything over 500bpd and Bramhill will say ""Wressle continues to perform above expectations"

RBD said "this year" but this is O&G so who know. anyway with regard to CS, despite my concerns about the deal structure, my feeling is it has a good chance of success but if anyone is going to screw it up it will be the Chuckle Brothers

"Colle Santo has the potential to generate an estimated €11-12m of post-tax free cash flow per annum"

..RBD owns 17.6% of LNe and Lne has an option for a 90% interest in Colle Santo.

...It's not clear to me who owns CS and whether they are on the hook for 10% of costs.

...it could be years before LNe pays a dividend so RBD's only option for monetising is to sell LNe shares

"Reabold’s existing cash position is sufficient for investment in LNEnergy and funding plans for West Newton".

I would argue that this is untrue, my earlier post estimates cash of little over £2m with a £2.25m cost of WN

I forgot to mention that Abruzzo is prone to strong earthquakes plus Colle Santo is about 120 miles for a super-volcano that has recently started causing considerable concern - probably nothing to worry about :)

Rbd has thrown a lot of cash and shares at LNenergy to build a position in the company - all this without the permits in place.

- I would have preferred them to farm-in once the permits are granted - obviously more expensive post-permitting but the current strategy means they could end up owning 17% of LNe with a worthless option and a little bit of cash.

- LNe needs to raise a lot of cash to get to first gas, if they choose the farm-in route their share of revenue will be far less, likewise RBDs investment will be worth far less.

- RBD has an option until 31.12.23 to purchase more shares in LNe - my BIG problem with this option is it gives LNe the right to choose settlement in £1.8m in cash or £1.8m in RBD shares, theoretically this could mean RBD issuing another 2 billion shares, how daft is that!

Interims stated 'Net cash of £2.6 million at 30 June 2023. Cash inflows expected in Q4 2023 as part of the contingent consideration receivable arising from the sale of Corallian to Shell.'

- since then they have spent £250k on Colle Santo, some buybacks, salaries, etc. so I doubt they have more than £2m in the bank. If the Shell money is not forthcoming (quite possible), Reabold is screwed, it wont be able to help Rathlin, in fact it wont be able to fund its own commitment of £2m for WN (Rathlin estimates £2.25m per 1/6 but RBD has budgeted just £2m). Reabold is "all in" based on the Shell deal...yet these jokers continue to take 2 extraordinarily generous salaries

Subject to a favourable planning appeal decision a side-track well is planned, targeting the Dinantian Carbonate where the Operator has assessed, in accordance with the PRMS Standard, a gross Mean Prospective Resource of 2.55 mmbbl. The overlying Basal Westphalian Sandstone has the potential to add gross Mean Prospective Resources of 3.95 mmbbl. Economic modelling demonstrates that the Westphalian target is economically robust, especially in the current oil price environment. Commercial screening indicates break-even full cycle economics to be US$18.07 per barrel

From the 2022 Finals - In respect of PEDL253 a contingent cash payment of £500,000 is due to Humber Oil & Gas Limited following receipt of planning consents for drilling the Biscathorpe-2Z side-track, testing and subsequent production in the event of drilling success.

Does anyone have an idea as to the cost of the side-track, £5m? £10m? I cant find any mention of costing anywhere.

Https://drillordrop.com/2023/11/03/breaking-inspector-rules-national-need-for-oil-justifies-production-in-lincolnshire-wolds-aonb/

Great news!

The letter on X says "by email" yet Reabold RNS says:

Despite the media reporting that another requisition notice has been sent to the Company, Reabold confirms that it has not received any form of communication with regard to a notice requisitioning a general meeting, but will make further announcements, as appropriate, if and when it does.

I wonder if the Chuckle Brothers will re-start the buy-backs to help defend their positions?

Thanks Heid but I cant see how a change of board would expedite WN when the problem is with Rathlin? an asset sale would take months whereas the Shell money (if paid) is due in 2 months. I guess RBD could borrow money to fund Rathlin but who would lend millions to RBD and against what security?

Https://www.egdon-resources.com/latest-news/interim-result-to-31-july-2023 - published yesterday

Heid, from Egdon's Interims - Keddington (Egdon 45%) continued to contribute tangible revenues. A viable drilling location in the east of the field has been identified targeting around 180,000 barrels of incremental production. Planning is in place for this and the well is anticipated to be drilled early in 2024

Good news wba1 corrected me on advn - here is the correct interpretation - sorry folks!

June oil 3711 m3 - water 14.74 ksm3 = 3.9% water

July oil 3050 m3 - water 122.26 ksm3 = 3.9% water

Aug oil 1186 m3 - water 93.64 ksm3 = 7.3% water

Perhaps someone could check the nsta data to make sure I haven't misunderstood the numbers - the link is below

As heid says, clearly stated in the 'Unaudited Results for the 6 Months Ended 30 06 23' released 11.09.23

...so has DB made a boo boo or have we been misinformed or has DB been misinformed???

surely these O&G "experts" know that shareholders will check the nsta data?

Https://www.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa

for nsta data

Nsta data wressle

Jun - 778 bpd - water 14.8 - gas 447 t/of flared 413

Jul - 619 bpd - water 122.3 - gas 296 t/of flared 275

Aug - 241 bpd - water 93.6 - gas 97 t/of flared 95

note July water cut 20%, August 38%

Keddington bpd - June - 23.8, July - 23.5, August - 6.9