Member Info for itsawrap

I'm a big boy, not bitter at all.

"you are assuming the cash spend going by UJO figures." of course I am, ujo owns 1/6 and pays 1/6 of costs...or am I missing something?

I have checked the agenda for 14/01 unfortunately wressle isn't included. wrt to funding, ujo is in a pickle! best case, WN gets the greenlight very soon which means ujo pays £250k from cash. if the sp surges based on sufficient gas flowing and all the hype of a bitcoin farm, then a placing at 5p could be possible

Simon, UJOs 2024 accounts state that as of 31.12.24 ujo's 1/6 of WN has cost £6.42m ergo the jv must have spent £38.52m as at 31.12.24, or circa £40m by 31.12.25 - it's hard to see how that can be disputed.

As I said quite clearly, I want the bitcoin farm to succeed because I am invested through ujo. I am also invested directly in Beacon and indirectly through ujo's Beacon shares - so very much interested

Monet it's still a punt no matter how much money he has - a Bitcoin farm is dependent on first and foremost the final permission (not guaranteed), second a commercial gas flow (also not guaranteed). to date the jv has spent circa £40m on 3 wells that haven't produced any oil or gas, now people have the expectation of great riches based on a £1.5m intervention. imo it's a roll of the dice. I want then to succeed as I am indirectly invested through UJO but the chuckle bros know success isnt guaranteed so they will want to raise cash asap to ensure they keep the lights on until CS delivers revenue.

In July 2025 ujo had a placing of 40m shares - for some unknown reason they didnt include 6.3m Treasury shares

Hi Simon, just did a quick calculation for cash

30.09.25 - net cash at £4.0 million at 30 June 2025

30.09.25 - re-enter WN in Q1 2026 - gross cost to re-enter and re-complete is expected to be c.£1.4 million (c.£1.2 million net

07.10.25 - RBD has agreed to support the Placing...with an investment of £750,000.

10.10.25 - increased its interest in LNEnergy...cash consideration of £153,600.

H2 2025 - G&A maybe £0.5m ?

so £4m cash 6 months ago and no near term revenue from CS or Bitcoin farming - imo revenue from both is at least 2 years away

less £153k for LNe shares, less maybe £0.5m G&A, less £750k imminent for BCE shares and a further £1.2m for WN = £1.4m

...that's why I think a placing will happen soon

RBD has committed to spending £750k on the Beacon placing, plus it needs £1.25m for re-entering WN if a Bitcoin farm is to happen.

sp up 200% so could a placing be on the cards very soon?

In recent months Europa sp has increased almost 300% and RBD sp has very recently increased almost 200%, it would be nice to think it's our turn but markets dont work like that and if anyone can screw it up...it's Bramhill

Earlier this week I downloaded a huge file from ok.gov which has details of 410'000 permits to drill in Oklahoma. Notable by their absence is Diana (which Bramhill said would be drilled in Q3 2024), Crossroads and Wolverine. It will be interesting to see what he has to say about them....

I bailed out of RBD in Q4 as I didnt like the CS deal being sold, nor do I believe that a Bitcoin farm will ever happen. As at 31.12.24 UJO's 1/6 has cost £6.42m which infers the JV has spent £38.5m on 3 wells that havent produced any oil or gas. Now, for some inexplicable reason they believe that a £1.5m re-entering of one well will turn it all around...that's a Hail Mary and a half

Yes good news but wouldn't it be better news if RBD hadn't sold LNe to BCE?

The interim dividend will be paid on Friday 6 February to shareholders on the register on Friday 9 January 2026.

Extraordinary timing by Rohan Oza

RBD has a complex deal to sell its shares in LNEnergy to Beacon Energy.

UJO currently owns 3.22% of BCE valued at £19'350 as at 31.12.24 although that will be diluted significantly by BCE's forthcoming placing.

The original investment was £652k

The deal wont improve RBD 's cash position for at least 2 or 3 years imo, in fact RBD has pledged a £750k cash participation in BCE's placing.

Hopefully RBD has enough cash left to pay for their 5/6 of re-entering a well at WN

The 3.4% bought by Oza on 18/12 was on a day when the sp started at .04 and ended .0475 so maybe .045 average. So he could either see something most of us cant or had an inkling of what's to come or suspected that a big purchase by someone named Oza would do exactly what it has done, lifted the mid price by almost 50%. He could have stayed below the radar at 2.99% but chose not to....

Surely the more important question is - what does Oza see that most of us dont?

Thanks G, here are my thoughts

A) a wishy washy plan long on promises and hype with little reason to stay invested

or

B) a decent plan to slash costs, relinquish NK, raise cash - maybe by selling the Royalties, a commitment to stop investing in strippers and acceptance that UJO's future is based on Wressle, Kedd & Moccasin and little else

or

C) a capital restructuring and another attempt at a placing

"A comprehensive review of all of Union Jack's projects in the UK and USA will be issued in January 2026."

what are people expecting or hoping for from this?

Awesome year for the fat-cat, another £325k whereas us poor mugs have watched the sp drop 76% from 9.25p to 2.2p

RIP see my posts on BCE