Member Info for itsawrap

"Given the scope of the potential West Newton development, including other opportunities in PEDL 183, and consistent with prudent risk management, Rathlin Energy (UK) Limited has decided to pursue additional strategic industry partnerships for the upcoming drilling programme and subsequent development at West Newton " - Rathlin 28.04.23

I would disagree that we dont know when. Rathlin's 2022 accounts are due by 30.09.23, cash could be circa £3m, that plus £5m from RBD would be enough to fund Rathlin's 4/6, although it's pretty tight.

Should Rathlin's efforts to reduce their working interest position not fully meet their objective, Reabold could provide additional funding for Rathlin upon receipt of the second tranche payment from Shell relating to the sale of the Victory asset, which would allow WN B-2 to be drilled at the earliest opportunity, subject to Environment Agency permit approvals and rig availability. The exact timing and amount of the second tranche payment from Shell is currently uncertain, however the second tranche payment will be c. £9.5 million, assuming the development and production consent for the Victory gas field is secured from the North Sea Transition Authority by 1 December 2023. If consent has not been received by this date, then Reabold expects to receive £5.2 million within 3 business days of this date, with the balancing payment to come at a later consent date. The net proceeds to be received by Reabold would be sufficient to meet Rathlin's share of the drilling costs of WN B-2, leaving Reabold financial flexibility for its capital allocation strategy of balancing portfolio investment with shareholder returns.

The AGM on 22/06 gave UJO authority for a new buy-back program, however there haven't been any since the 22nd. Several theories around, imo it's probably because the JV are discussing the CPR before publication although if correct they are taking their time! We dont know for certain if UJO is in a closed period or not so all just speculation until we get news.

Does anyone know why rbd set a limit of 6m shares per day for the buy-backs? Is there a technical reason or just self imposed? thx.

The same 2 clowns who have said Colle Santo is "low risk" despite no permits and the need for LNenergy to raise Euro 30m to exercise the option and fund capex to first gas

"It actually added an extra 2.4 million barrels into the equation and extended the expected life with a little dip into the second year. " ...a little dip?

- according to the presentation, Ashover/Wingfield average production 2022 750bpd, 2023 500bpd, 2024 275bpd, etc.

- in 2024 it shows about 800bpd including Penystone 1 - which doesnt have planning permission (yet).

- over Jan-Apr Wressle averaged 785bpd on a restricted choke.

You arrogantly claim the report was "totally misunderstood by the average punter", clearly that includes you too tac as the forecast drop is significantly more than "a little dip" as Pen-1 is currently just fantasy.

Persi, it will be interesting to see which assets they park in it. I guess they could park high risk assets which means future losses could be ring-fenced within a wholly owned subsidiary as it's a Limited company. alternatively, success means its easier to sell the subsidiary as there are fewer legal issues - all imo of course

Just spotted this in EDRs Interims "as well as a contribution from Keddington which was off-line during January 2023 due to wax issues." what on earth are wax issues?

Sorry, should have said - wrt the LNenergy deal

I'm going to email malcy with some questions I would like him to ask slick & slicker. Would anyone like to add something?

When they do release the CPR, I hope we get a clear statement with regard to progress on GTG, the CPR is little more than window dressing until they install a gas-engine or preferably the pipeline - still no planning applicating for the pipeline!

Does anyone know if planning is required for a gas-engine?

Heid for once we agree, there is a strong correlation between the recent aggressive b/bs and the rise in the sp, likewise the end of the b/bs and the fall in the sp. I remember MA confirming to you at some point that EDR was in a closed period, so for UJO to say they cant say is nonsense imo

"I don't know, but it would not make a blind bit of difference to the share price."

- if UJO is in a closed period that explains the lack of buy-backs

- the more aggressive buy-backs coincided with the sp rising from 22.5 to 32.5

- the last buy-backs were 22/06, since then the sp has fallen from 32.25 to 26.25

someone is talking nonsense

Egdon installed 3 C65 micro-turbines which are providing power for the site only. They have been talking about a gas-engine for GTW for a local business (probably a farm) for a year or so, likewise a 600m pipeline for GTG. I am not aware that planning applications have been submitted for either GTW or GTG.

Unfortunately, production cannot increase until they do one or both due to the 10t emissions limit. Hopefully Heyco/PP will expedite GTG.

I doubt anything anyone says on here is going to affect the sp, it's the wider market that thinks RBD is a dog until proven otherwise. Personally I think rbd is a seriously good punt at .12, high risk but potentially very high reward

Gwynwin, we will also have a £306k profit for our Egdon shares plus the profit on the Royalty, maybe £0.5m in total - possible significant interest income from our cash too

Unfortunately no matter how good the CPR, production cannot increase until Egdon installs a gas-engine or GTG. In fact the gas to oil ratio is gradually increasing so production may have to be reduced

DB hasnt tweeted since Friday, tac hasnt posted since Friday and now they pop up at the same time...tag team?

That's easy to answer in one word...Egdon

The value assigned was well above the sp which I dont understand. I'm not sure how the deal will affect their p&l but if the £750k cash takes them into profit as at 30.09.23, perhaps they may sell some to realise a corresponding loss to reduce Corp tax. not an accountant so not sure.