Member Info for itsawrap

Looks seriously undervalued imo too, hence a cheeky little top-up this morning at 1.25p,

UJO released their $17m RNS yesterday so another $750'000 for EOG since mid June

Has he indicated what the budget is for drilling Kedd?

- As of 13 June 2023, the Company held cash balances and short-term receivables in excess of £9,230,000 and liquid investments stood at over £2,300,000, totalling over £11,500,000

- Cash and investments at 2 August 2023 in excess of £10,800,000

£11,500'000 + $1m (£800k) less buy-backs of £342k less divi £339k = £11'619'000

'cash & investments' as at 02.08.23 £10.8m - so a drop of £800k in 7 weeks, maybe capex for Keddington?

Thanks heid, I forgot about the dividend!

- As of 13 June 2023, the Company held cash balances and short-term receivables in excess of £9,230,000 and liquid investments stood at over £2,300,000, totalling over £11,500,000

- Cash and investments at 2 August 2023 in excess of £10,800,000

£11,500'000 + $1m (£800k) less buy-backs of £342k = £11'958'000

yet 'cash & investments' as at 02.08.23 only £10.8m - seems like a big drop, no-one else curious???

Very low daily volumes since the last buy-back rns, I believe that presents a technical problem for the b/bs (not 100% sure)

Tac you said "Just under 4% water cut is extremely minimal,..." but you have missed the subtlety of the RNS

no water cut reported for June and it's unlikely it started on 1st July, so the water cut % on a day to day basis is certain to be higher than 3.72% - the RNS states "...with water cut averaging 3.72% of total field production during July 2023"

As announced on 17 January 2023, a new CPR has been commissioned and the work, which is being undertaken by ERCE, continues. With the advent of water production, ERCE is revisiting the reservoir modelling and incorporating the event into the various work streams. This has delayed the completion of the report but the results of the ERCE work will be announced in due course when available.

Will Holland, Chief Executive Officer of Europa, said:

"The contribution of formation water has been long expected at the W1 well and we are prepared to handle the water. The size of the oil accumulation within the Ashover Grit formation is still expected to be at the top end of the original CPR estimate and I look forward to updating the market with the updated reserves once the new production data has been incorporated into the dynamic reservoir model. This will ensure that the second development well is drilled in the optimal location and that the recovery rate is maximised."

Here's an interesting observation.

09.05.23 RBD says "LNEnergy's management accounts to 31 March 2023 stated net assets of US$503,839 and a loss for the year ended 31 December 2022 of US$597,185."

06.07.23 LNe's accounts at at 30.09.2022 says net assets $746,034 ($500k Colle Santo and $246k cash)

conclusion - LNe cashburn of $242k in Q4 2022 which means RBD should have had them over a barrel when negotiating

Simon, I have looked carefully at the Italian job and find the deal structure very odd, however if LNe can secure the permits AND the gas is nailed on as the Chuckle Brothers say, then raising the Euro30m may be doable - but at what cost to RBD? a massive placing will dilute RBDs investment, ditto a large scale farm-out. Colle Santo may be a winner but high-risk imo

From the presentation - "£1.8m second option available to Reabold to increase overall holding to 25% through either cash or shares at the option of LNenergy" - option expires 30.11.23

it also says "Two-year, long-term production test approval expected 2023"

if they believe H2 is likely, why didnt dumb & dumber negotiate an option to 31.12.23 ?

DB, be advised that if this silence continues investors will become very nervous about what we aren't being told - don't be surprised if that is followed by investors scaling back their investments...talk to your shareholders!

'At 31 December 2022, the value of Reabold’s investment in Daybreak was £3.5 million' - Annual report 2022

...on the bright side RBD will have another £3.5m of losses to offset against tax...roflmao!

Keddington 27.5bpd in May vs 28.1bpd in April

778.6bpd (April 770.6bpd )

gas (ksm3) 471 (April 455 )

flared 430 vented 7 (April 416 & 6)

C65's May 34, April 33 (my calculations)

Moniman you may have seen the questions I have sent to malcy (advn). I have many concerns about the LNe deal - not least of all this one.

"£1.8m second option available to Reabold to increase overall holding to 25% through either cash or shares at the option of LNenergy".

This is extraordinary, to give the LNe the choice as to how RBD's option is exercised could mean a massive new issue of shares. What are these fools playing at?

at .10 that's 1.8 billion new shares

at .15 that's 1.2 billion new shares

at .20 that's 0.9 billion new shares

£9.2m cash is a lot of money for a small company like UJO but consider possible expenditure over the next year or two.

unknown amount for Kedd (55%) H2 2023, £2m for WN possibly in H1 2024, ditto Bisc (45%) 2024?, unknown amount for further drilling from the Wressle pad (40%), unknown amount for new pad & drilling and Broughton North (40%)

According to macrotrends.net Brent has average $80-$81 since 13.06, assuming a constant 770bpd the $17m should be reached in the next couple of days, perhaps an rns tomorrow? with regard to the $1m rns's, imo it's time to switch to monthly production data albeit a month in arrears (nsta data 2 months in arrears)

I have been investing in AIM oilers for 5 years, I have learn that RNS announcements are little more than company wish-lists, they all play fast & loose with reality, events rarely happen within the first time-line given, CEOs have more spin than a ballerina. 5 years ago I didnt know what people meant by a life-style company, what an education!