Member Info for itsawrap

Yesterday I wrote this...

Bisc will be fully impaired so on top of a full year £1m - £1.5m net loss (imo) we now have a loss of £3.8m, so 2025 full year loss likely £4.8m - £5.3m and that's not including whatever we spent on Bisc since 31.12.24, so maybe £5.4m loss?

..what I forgot is that once the asset is impaired, the 2025 accounts will also include a provision for decommissioning, best guess £200k

...the parrot is still twitching (just) but for how much longer?

RNS Sept 2021 - Union Jack and its partner have aligned their equity interest on a 50:50 basis in this potentially high-impact project and are seeking to conclude a farm-out with a view to drilling a well during 2022, depending on renewal of planning.

NORTH KELSEY - PEDL241 (50%) - The Operator, Egdon Resources U.K. Limited, has recently completed an updated resource assessment for the North Kelsey prospect. This work is pending review by Union Jack. Should the Joint Venture partners decide to drill an exploration well, a new planning application will be submitted to Lincolnshire County Council to enable the prospect to be drilled to assess the resource potential.

How many times did Egdon & UJO say "this year"? they failed to progress NK when they had the chance, now it's probably too late...

A slight over reaction today imo - few people believed Bisc would happen after the Finch ruling

Bisc will be fully impaired so on top of a full year £1m - £1.5m net loss (imo) we now have a loss of £3.8m, so 2025 full year loss likely £4.8m - £5.3m and that's not including whatever we spent on Bisc since 31.12.24, so maybe £5.4m loss?

Heid, ring fencing cash for specific projects is not something UJO does - that's obvious from several placings for the same PEDLs.

More importantly, is Reach contractually obliged to ring fence capex for our JVs or does it go into their general cash pot? It's not clear if we paid capex upfront for Diana, if we did Bramhill has been shafted as 18 months later it hasnt been drilled, so where did the cash go?

Opk, you posted this 29.10.25

NAV approx 20p per share so I do not think ujo will fall much more.

and this 10.12.25

Itsawrap If you think UJO,s NAV of 20p is a smokescreen you obviously do not hold any shares in UJO. So why are you here?.

opk as I previously explained, NAV is a myth for small oilers. Bisc's failure drops NAV by over £3.8m (decommissioning costs will be due too) - that's why relying on NAV is unwise imo

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

...that should be good for a laugh...I wonder if they will review salaries too?

Sounds about right pboo. Moccasin doing ok, but one "ok" well out of 5 drills is hardly a success story and certainly isn't a sustainable business model. Meanwhile we are still waiting for Crossroads & Wolverine news which are "planned" for Q4.

wrt to Diana, something is badly wrong with Bramhil's strategy when a 75% JV simply vanishes with no explanation....

Re-posted as it's getting drowned out in the noise

As of yesterday ok.gov was not showing September for Moccasin, about 2 weeks later than normal. This morning, we have data for September AND October! Not only do we have 2 months data in one go, production was more than 40% higher than August...

Mar - 1625

Apr - 1981

May - 1810

Jun - 1816

Jul - 1455

Aug - 1143

Sep - 1646

Oct - 1631

So far H2 has averaged 1468 bpm, or 661 bpm net which is about £25k per month for UJO, throw in some pocket change from Andrews and we are several years away from breakeven in OK and that assumes no decline in Moccasin. Once the decline is factored in, our Reach jv's will never breakeven unless Crossroads and/or Wolverine and/or Diana is spectacular - all imo of course

As of yesterday ok.gov was not showing September for Moccasin, about 2 weeks later than normal. This morning, we have data for September AND October! Not only do we have 2 months data in one go, production was more than 40% higher than August...

Mar - 1625

Apr - 1981

May - 1810

Jun - 1816

Jul - 1455

Aug - 1143

Sep - 1646

Oct - 1631

We will have another opportunity to vote them out in June

This is what I would do if I were Bramhill...

- immediate large pay cuts for Bramhill and O'Farrell

- buy a couple of million shares

- put Kedd and Royalties up for sale (offer Kedd to Egdon, Royalties have an active secondary market)

- draw a line under stripper wells

- start being transparent and stop the excessive ramping

Finally, if an asset sale is not viable, offer warrants to all shareholders on a 1 for 2 basis at 5p, or maybe even 1 for 1 which could raise £7m - this idea is controversial but other than asset sales I cant see another way of resolving UJO's looming cash crisis

A dividend is highly unlikely unless the company is wound up. Regarding a takeover, it's fairly clear that ujo is on the ropes financially and cannot continue for long unless assets are sold (most likely Kedd and/or Royalties imo). Why would anyone buy it when they can simply wait and cherry pick the assets?

Here's a breakdown of UJO's recent spending on WN, Bisc and NK (Penystone isnt transparent)

WN - 2021 £1.429m, 2022 £506k, 2023 £448k, 2024 £281k

Bisc - 2021 £855k, 2022 £53k, 2023 £622k, 2024 £138k

NK - 2021 £42k, 2022 £61k, 2023 £94k, 2024 £70k

The £300k is a guesstimate, it depends on how much ujo has spent this year throwing cash (like a bandit) at WN, Bisc, NK & Penystone...the gravy train is still rolling along, the question is, how long before it grinds to a halt?

Heid, UJO reports in September (Interims) and May (Finals), we dont get quarterly updates. I suspect in May we will find out that the cash position as at 31.12.25 is very bad - maybe £300k ?

Opk, I admire your optimism but what do you see as the catalysts for a significant re-rate?