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nova has a massive contingent liability hanging over its head until the court case is decided, that's why mcap is less than cash

on 17th April I posted this on advn which was instantly copied here by gobby (heid)
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EOG RNS 17.01.23 states production 341'100 as at 12.01.23
EOG RNS 16.03.23 states production 390'000 (as at 15.03 ?)
NSTA data states av. Jan production 832bpd, 48'900 - (832 x 19) = 33'092
28 days for Feb and assume 15 days in March means an av. of 770 bpd
...not exactly what we expected?
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gobby stated the following - "Therefore those calculations by likeawalrus are wrong."

this was in Egdon's RNS one week later - 'Production rates averaged 770 bopd during March 2023.'

so gobby, who was right and who was wrong???

pboo I have been a big fan of the $1m milestones but I no longer think they are useful, I would like to see monthly production figures, that shouldn't be a problem as NSTA gives us that data albeit 2 months in arrears. Perhaps the JV could publish it 1 month in arrears. wrt the $1m milestones being misleading, the bigger problem is the serial rampers saying $1m per month which is quite simply a lie - $13m in 17 months averages out at $765k pm

I think we will have a trio of RNS's Monday morning, eog edr & ujo with detailed updates on Wressle - they have all bigged up the C65 micro-turbines but the unexpectedly long "testing" period has made many investors very nervous imo, hence none of the sp's are moving up in anticipation of great results, on the contrary, the sp's have been sliding. Egdon is very good at over-promising and under delivering, they need to give investors time-lines which are realistic, not fantasy time-lines which they NEVER meet.

GTG is for when the Penystone Flags are in production - just a pipe dream imo

...our patience?

micky, hopefully we will reach $1m pm with the C65s although I'm not convinced at the moment. with regard to the mythical $1m pm, it's unfortunate that this board has a troll that repeats things literally thousands of times (21'000 and climbing!), so much so that people start to believe her rubbish and repeat it. That's a shame because some or her posts are worth reading

$1m per month is (currently) a myth
27.10.21 $1m, 27.03.23 $14m
$13m in 17 months is an average of $765'000 pm

of the 3 companies reaping the rewards from Wressle, I view Europa as having the most upside this year with Egdon a close second. UJO should do well too but all its projects are controlled by Egdon & RBD/Rathlin so it's currently a one-trick-pony

all that good stuff tac...and yet the sp is in the toilet, UJO was worth twice as much before we had any revenue from Wressle, go figure!

hilarious...you dont even let yourself have the last word!

btw...what $15m ? the last one was $14m

whether they were working or not is irrelevant to a simple calculation. 33'092 barrels from 1st Feb to 15th March is 770bpd. Obviously 15th March is an assumption as the RNS was issued on the 16th - hopefully the 390k is from an earlier date

Heid, I was simply analysing data given in 2 Europa rns's and the nsta data for Janauary. There is no disputing that Wressle produced 48'900 barrels, strip out 19 days at 832bpd and it leaves 33'092 barrels from 1st Feb to an unknown date as per the EOG rns of 16th March - prove me wrong!

release date unknown - just a ramper on twitter expressing an opinion as though it's a fact

"The success or not of novacyt rests on the outcome of the DHSC dispute..."
imo "success" should be replaced with "survival", if we win the dispute that's great news for all shareholders alongside a soaring sp but survival doesnt guaranty a successful company going forward, we will still have the same old problems - lack of sales/transparency/good comms/respect for shareholders

we will have a Wressle update from Egdon very soon (24th ?), all being well there will be a significant - up to 20% - uplift from the previously stated circa 825bpd - my guess is about 950bpd. Plus of course the saving on the electric bill.
If Egdon also deliver the gas-engine in the coming months (don't hold your breath) that will allow for zero flaring and optimum production -personally I'll believe that one when I see it. I dont know how big a gas-engine would be but installing one and drilling Penystone from the Wressle pad seems very ambitious?

Interims must be very close, tomorrow perhaps. wrt to a buyback, a modest buy-back would be welcome but EOG would have to apply to the high court first (like UJO did). if at some point they do conduct a b/b, let's hope it's not as pathetic as UJO's - they cant even be bothered to b/b sub 25p when Bramhill is always saying the company is greatly undervalued

UJO bought £20k in ELEP shares in 2013 and another £20k in 2014 with no explanation to shareholders, it just appeared in the annual reports. As far as I am aware, elep has never made any money and has yet to drill anything, the £93k valuation is smoke & mirrors imo, if the shares really are worth twice what was paid, I say sell, it's a dog.

2 observations haggis, UJO has a large share holding in ELEP valued at £93k as at 31.12.21 ($2.25 per share), imo there should be a large devaluation for 2022 but I suspect DB will double that valuation to reflect the unicorns & rainbows valuation of the IPO which they still haven't managed to get away.

"very little flowing out" - I agree but that's because Egdon have shown more can-can kicking than the Folies Bergere!

not sure if cash will be that high as £5.1m capex budgeted for in 2023. Hopefully we will be updated re the C65s micro-turbines at Wressle although we may have to wait a couple more weeks for the EDR Interims