Member Info for itsawrap

No surprise really, Wressle producing water with no possibility of increasing production until Egdon implement GTW or GTG, CPR delayed due to water, DB silent, Bisc result months overdue, no buy-backs for 8 weeks, no updates on Keddington, WN paralysed until Rathlin funded...apart from that everything is peachy!

I would be very happy for you to correct my "crap", please tell everyone what I have got wrong?

The water cut is a real problem for Wressle production, we all knew this day would come but Egdon have faffed around for 2 years with GTW & GTG, remember the gas-engine...whatever happened to GTW for a local private grid? Whatever happened to the long talked about 600m pipeline? it took them 18 months to get the C65's up and running from when they were first mentioned. now that water is in the mix, oil production is only going one way until we get a gas-engine or a pipeline...and that's lower unfortunately

EOG looking good for a re-rate in H2, I can see the sp back to 1.70/1.80 so I have been selling UJO and buying Europa (UJO still a very good bet but EOG better over the next few months imo)

Heid I posted my reply from MA re the waste water on advn - no information given due to "price sensitive" & "security reasons" - did you receive a similar response?

Https://www.sec.gov/Archives/edgar/data/1865833/000121390023062605/fs12023a15_elephantoil.htm#T1012

includes account as at 31.03.2023 (section F-25) - it's not pretty, I would be very surprised if they get the IPO away

My post from advn earlier this month - ELEP accounts for 2021 which appear to be the latest published (not sure)

latest data (2021) cash $9k, debts $386k, assets $2.76m, liabilities $1.82m

mcap $66m....yup, that's right, $66'000'000

it appears the mcap is based on $4.5 per share as it's the mid price for the IPO

there is no market for these shares as per the IPO documents

UJO valuation $2.25 per share

I really hope DB doesnt increase our stake in this dog

I think the lack of buybacks may be for technical reasons

The average daily volume figure acquired under the Programme will be no more than 25% of the average daily volume traded in the 20 trading days preceding the date of purchase, and no more than 6 million Ordinary Shares in any one day.

Any Ordinary Shares acquired under the Programme shall be at a maximum price (excluding expenses) of the higher of: (i) 10% above the average of the middle market quotations for an Ordinary Share as derived from the AIM Section of the Daily Official List of the London Stock Exchange for the five business days before the date on which the contract for the purchase is made; and (ii) an amount equal to the higher of the price of the last independent trade and current independent bid as derived from the London Stock Exchange trading system.

Tac may have a point about preserving cash, my calculations based on EDR & NSTA data suggest that oil production may have fallen by as much as 20% from June to July due to the water cut and the daily emissions limit (depending on the associated gas levels). It's very simple imo, more water means less oil, the only solution for maintaining production in the 700's is GTG

Micky I suspect they will monitor the water cut for several more weeks before finalising the CPR, mid or late September is my guess

EOG - 'Unrestricted cash balance at 31 January 2023: £5.1 million'

UJO 06.02 to 03.08 $4m net from Wressle - which means EOG has received $3m net

plus other revenue less opex/capex so over £7m sounds plausible

The issue for me wrt to waste water is how much gas comes with it.

Wressle May - 24135 barrels of oil with 338 tonnes gas of which 309 tonnes was flared, ie 10 t per day as per the limit

fast forward to July - if 96% oil and 4% water produce the same amount of gas then logically oil production has fallen 4% due to the fixed emissions limit. If the water-cut rises to say 10%, oil production has to fall 10% ASSUMING gas production is unchanged - none of this would be an issue if EDR fast-tracked GTG

HTTps://www.nstauthority.co.uk/data-centre/nsta-open-data/production/

tony follow this link, scroll down to 'PPRS spatial dashboard'

zoom in on Hull, then look SW to Scuxthorpe where you'll see 2 green dots, the one on the right is wressle

By coincidence I emailed MA this morning re water at wressle & kedd

What does does Egdon do with the water produced at Kedd? (it's not re-injected)

I was hoping someone would tell me my numbers are wrong and July production was still well into the 700's, unfortunately that doesn't appear to be the case. EDR said water cut was much later than expected so why havent they expedited the gas-engine or the pipeline? maybe MA has too much on his plate, 37 licenses at last count, the Heyco takeover is very fortunate for EOG & especially UJO imo

Egdon RNS 03.08.23 - 492'876 barrels to 31.07.23

my guess is Wressle will hit the magic 500'000 barrels this week...good news!

Hopefully Egdon UJO & EOG will shout this from the rooftops...we need the PR

Serif, my concern regarding the water is the effect it will have on production.

If oil & water produce a similar ratio of gas as just oil, then logically oil production will drop due to the fixed emissions limit.

Have a look at my post on the UJO bb - data from Egdon's RNSs and the NSTA very clearly indicates that June and July averaged 694bpd, whereas UJO's RNS of 14/06/23 stated "Oil production stable at approximately 780 barrels per day under restricted flow". If June averaged 780bpd then July averaged 611bpd.

These are not made up numbers, this data is in the public domain, i.e. the RNSs and the NSTA data.

My calculations suggest a significant effect on July production - hopefully temporary

It is possible that water appeared before Egdon's released it to EOG & UJO, in which case MA could have requested an update without DB seeing it, unfortunately speculation will continue for as long as shareholders are treated like mushrooms