Member Info for itsawrap

didi, now that an accountants in charge, perhaps he will see the value in a buyback...that's the only light I've got atm!

cash position looks very, very healthy, so perhaps a modest buyback is not unreasonable? if like UJO they were to buy back and hold in treasury, the shares could be sold for a profit at a later date

tovoc, that was the cash balance as at 31st July, probably about half that today

I'm very happy to have RNSs for the $1m milestones, if you don't like them, don't read them!

thanks for that data Olivia, it's clear to me that the Chuckle Bros. are taking the p1ss, I really hope they get voted out :)

as a very conservative calculation, I see Wressle as 700bpd x 30% x 30 days x $80 net = $504k pm, so $6m pa at this level or over £5m, that's a very nice revenue stream, one that should increase in the new year as using a micro-turbine and later a gas turbine are outside the emissions restriction.

I appreciate the dispute is probably far more complex than I think, however the "strong grounds" defence has been in play by nova since Jan last year. If I had an outstanding invoice of £45m and was convinced I was in the right, I would have taken the DHSC to court a year ago, I wouldn't be endlessly negotiating if I had a very strong hand. Instead, after 18 months the DHSC is taking nova to court. Contract law is complex so I would expect a company like nova to have expertly written contracts, perhaps I'm expecting too much?

GP, curiously EDR is commissioning a CPR for Wressle despite the recent R&R Report by GC
"A new CPR will be commissioned to provide updated reserve and resource volumes for the Wressle field."
wrt the emissions limit, MA recent confirmed to me that it relates to flaring only so GTW will allow more O&G to flow

morning mirasol, I'm not sure how the RNS could be any clearer

"Site micro-turbine to be installed for site power"

"This will be undertaken in two steps. Initially we will replace the site diesel generator with a gas micro-turbine for site electrical power, and secondly, we will install a separate gas engine to generate and export up to 1.75 MW of electricity into a local private power network."

Hi, mirasol, I disagree, a simple micro-turbine instead of a diesel generator should be part of the on-site kit when a well starts producing. Bear in mind Egdon has a lot of sites, the micro-turbine should be viewed as an investment for the company which can be moved to another site if and when necessary. I dont think it would look silly at all, just a sensible & strategic purchase, in fact, not buying one a year ago makes them "look very silly" imo.

dont worry Herbert, they have said (yet again) they are going to drill Keddington next year, I think that's 3 or 4 years in a row they have said that, eventually it will be true. wrt to a gas micro-turbine to replace the diesel generator, why isn't this standard operating procedure??? why wasnt it done a year ago??? I hope EDR has learnt lessons from Wressle and does not repeat the mistakes with Biscathorpe or Kedddington.

"I say David will be buying back today." I'm sure he'll wait for his interview to tank the sp and then buyback

(by the way, DB doesnt do the buying , he will have given an instruction to the broker)

from EDRs RNS "...Wressle only recommencing flow on 19 August 2021"
logically the 656bpd is the average. for 1 year from 01.08.21 to 31.07.22 which included 18/19 days of no production and any downtime for maintenance & upgrades

it's very interesting that EDR wants an R&R report for Wressle just weeks after UJO's GC report - perhaps EDR was as unimpressed as many of us?

I found this in the half-year accounts, it appears to rule out Gilts which is good news

'For an investment to qualify as a cash equivalent, it must be readily convertible into a known amount of cash and be subject to an insignificant risk of change in value. Cash and cash equivalents comprise cash funds, current bank accounts and marketable securities (cash Undertakings for Collective Investment in Transferable Securities ("UCITS"), negotiable debt securities, etc.) that can be liquidated or sold within a very short time (generally with original maturities of three months or less) and which have a negligible risk of change in value. '

I hear the KIng is selling some of the Queen's race horses, perhaps nova could branch out, they couldnt fudge it up any more than they already have, they could even name the horses after different products :)

interesting question (no pun intended), if nova bought Gilts last year they are likely to be sitting on large capital losses as interest rates are on the up (and Gilt prices down). I cant tell from the accounts as the £100m is under 'cash & cash equivalents'

the expectation is UJO will announce the $11m milestone in the next few days, multiply by .75 to calculate EOG's Wressle income (transferred by EDR to JV partners in £)

like pboo I have not found any planning applications for GTG at Wressle, I guess there is a chance that one is not required for a small pipe under a farmer's field, but I think that's unlikely. perhaps EDR is still considering GTW?

this is from our 2021 Annual Report

Elephant Oil Corp
The Company was the beneficial holder of 169,959 (2020: 169,959) ordinary shares of Elephant Oil Limited, a company
registered in England and Wales. During 2021, shareholders in Elephant Oil Limited agreed to a share-swap in a new entity, Elephant Oil Corp, registered in Nevada, United States of America (USA).
Union Jack Oil plc received one third of a share in the common stock of Elephant Oil Corp for each ordinary share held
in Elephant Oil Limited, resulting in the issue of 56,650 ordinary shares to the Company, representing a 0.46% interest
(2020: nil) in Elephant Oil Corp. The principal activity of Elephant Oil Corp is the exploration and evaluation of hydrocarbon assets in West Africa. Elephant Oil Corp intends to apply for admission on NASDAQ, a USA trading market during 2022. The value of the Elephant Oil Corp shares in the share-swap agreement was US$2.25, and on this basis the Company has revalued its holding to £93,043