Member Info for itsawrap

We should have the half-year results in a couple of weeks, that should be entertaining!

Persi, what's your take on the recent £250k top up? my guess is LNe is fast burning through their cash, perhaps deposits on an order for turbines? I dont believe LNe can raise Euro16m without a farm-in so I would prefer RBD to spend on a farm-in rather than buying more shares, unfortunately LNe needs to spend money to show potential investors they are serious and guess who's the whale - all just speculation of course

In September 2020 UJO had £11m cash, 3 years and $17m later (and $1m from Kedd), UJO has £9m cash

...not exactly mid tier

Probably not a popular opinion but I think Colle Santo has a very good chance of success assuming LNenergy can raise the cash required for 1st gas (and assuming what has been said is 100% truthful). My big concern regarding our participation is the way the deal is structured - buying into the company rather than farming in once all the permits are in place, plus of course the extraordinarily stupid option that gives LNe the choice of cash or shares, which genius came up with that!

Are the new licences offered at a fixed price or by auction? thx.

Interims released 30.09 last year, it will be very interesting to see how much cash we have left and how they explain the sp being in the toilet

Trust requires accuracy, honesty and transparency - the JV said that the water cut started in July - not true according to the NSTA data for June (albeit a very small amount)

Noveckingclue

Not sure what advantage Heyco secures by buying EOG's 30% of Wressle, Heyco/Egdon as operator already controls what happens and when at Wressle

Very pleased to see the deal completed, perhaps novacyt can become the £billion company we all want to see, another strategic acquisition followed by kicking the dhsc claim into touch would be the icing on the cake

31.08 EDR said "commenced" so 3 weeks means week ending 22nd Sept. , it would be good for them to get one right for a change :)

Crazy cheap based on cash and wressle alone - any speculation about production post jet pump is just that, speculation, imo there are far too many variables for anyone on here to do anything but guess - I doubt Egdon know for sure.

my guess fwiw is 600bpd-700bpd post jet pump - the good news is we wont have to wait for long unlike the endless saga of the C65s which dragged on for months

GP, last month I asked MA how they are disposing of the water and how much it costs, I also asked about water disposal for Keddington and if Fiskerton is being progressed for water disposal. He gave no information due to "price sensitive" and "security reasons". (Mrswamp on the ujo bb said it is being taken to Knostrop in Leeds)

Wressle off-line this month for the installation of a jet pump - it will be very interesting to see what effect it has on daily production, opinions vary. June av. 778bpd (nsta) and July av. only 613bpd (calculated from NSTA & RNS data), clearly the water cut had a significant effect on July production.

Heid, I think UJO is in a closed period for 30 calendar days prior to the release of the Interim results

I'm quietly confident that WN will be drilled next year - hopefully in H1, but I'll be selling into the hype just in case it's not the golden goose they promise. wrt LNenergy, I think there a reasonable chance they'll get the permits - but raising Euro30m for first gas? seems unlikely unless slick & slicker speak Italian and can smooze big investors in Italy

If slick & slicker were to exercise Option 2 to increase their ownership of LNe to 25%, it allows LNe to choose £1.8m cash or shares, at today's sp that could be 2 billion new shares - scary stuff! (I have never come across an option that gives the counterparty a choice as to how the option is settled, what a crazy arrangement for RBD)

Heid I suggest you read the emails between yourself and MA which you posted on the 9th and then re-consider.

btw on 26 April 2022 I found an error in Egdon's Interims, I emailed MA who confirmed I was correct - the corrected Interims were RNS'ed later that day - so these companies do make mistakes

Tac you posted

"The expectation when the Wressle-1 well is brought back online is an increase in the recent production levels..."

Feb. 771bpd, Mar. 770bpd, Apr. 771bpd, May 779bpd, Jun. 778bpd, Jul. 613bpd (calculated from EDR & NSTA data)

Q. What is you baseline for the expected increase in production, 778bpd in June or 613bpd in July ???

EDR RNS 24.02.23 - 357'838 barrels to 31.01.23

NSTA data

02/23 770.9 x 28 = 21'584

03/23 769.9 x 31 = 23'866

04/23 770.6 x 30 = 23'118

05/23 778.6 x 31 = 24'135

06/23 778.1 x 30 = 23'344

Total up to 30.06.23 = 473'885

EDR RNS 03.08.23 - 492'876 barrels to 31.07.23

conclusion: 31 days for July = 18'991 or 613 bpd

it seems that production fell 21% in July due to water and possible downtime