Member Info for itsawrap

Opk, I sold down to just 50k shares but foolishly bought back in circa 3.08 thinking the sp had bottomed out...now I am waiting for a decent exit point. If crossroads is bad news or if the cash position is as bad as I suspect in which case asset sales are on the cards, I will cut my losses, so yes, still very much invested...more fool me

Https://va.mite.gov.it/it-IT/Oggetti/Documentazione/10561/15652#collapse

Procedure status: "Analysis of opinions"

It's far better to understand the shortcomings in a company's strategy and finances (and CEO) than to buy shares in a small oiler based on a theoretical NAV which is what you have said you are doing....UJO's NAV is nothing more than a smokescreen.

Bramhill loves to tell us the future is bright but doesnt put his money where his mouth is...if he wants to restore confidence he should put his hand in his pocket and buy a few million shares. He could pick up a million shares for one month of his gross salary...but doesnt.

Interims 29.09.25

'The Crossroads well, planned to be spudded in Q4 2025...'

'Wolverine-1 is planned to be spudded during Q4 2025...'

Gwynwn, are you happy with Bramhill's oklahoma strategy? He said the first 4 wells were successful, in fact he has claimed several times that Taylor oil has been sold but ok.gov shows no evidence to support this. He said that Andres 1&2 were a "major success", ok.gov suggests otherwise. He said Diana would be drilled in Q3 2024, it is almost Q1 2026 and Diana has been forgotten. He said Reach would drill 3 wells in Q4 2025, 3 weeks to go and only one drilled.

Lies, damned lies and Bramhill ?

29.05.25 when the sp was 9.25p....

Completely over sold this will turn do not listen to the whiners. If the ones on here could play it different how would they progress this company. Any one can say this and that is all wrong. But can they come on here and say this is what should be done Give us answers not just moaning.

... you claimed it was oversold but it has fallen 70% since then...the whiners were right

The sp is at an all time low for many reasons, Bramhill's recent tweet blames it on everything accept his own decisions yet he is still insisting on focussing on the US despite Oklahoma being a financial disaster for UJO and the share price. You may be lucky and catch the low point but there are more reasons for the sp to be lower in 6 months than higher, the investment case is iffy at best. If you can catch a spike do what many of us will do...sell and dont look back. (all imo of course)

Dont be fooled by NAV, the value of assets like WN and Bisc are a fraction of their book value, for example WN is included at £6.5m but in reality is probably less than worthless because it comes with a decommissioning liability, ditto Bisc

"Until things change, we are focused on US operations and a goal to restore value "

...overall the Reach JVs have been a disaster. Moccasin is doing ok but viewed as a portfolio investing in strippers has proven to be reckless. Not content with 3 out of 4 failures, Bramhill put the sp into a death spiral in order to raise £2m gross for a $3m expenditure of 3 new wells, the first of which is a duster so now we have 4 out of 5 failures. Will the fool ever learn?

With regard to Kedd, arguably production did increase dramatically in % term for 3 months but that was possibly due to being offline for a year. The question is was it worth the investment in the upgrades? UJO spent £68k on Kedd in 2024 and an unknown amount this year. 20 bpd is worth about $200k pa net assuming it is sustained. Of course the upgrades may be a pre-cursor to a side-track, but I wouldn't put money on it.

Morning bubba, RBD has caught your eye but beware of trying to catch a falling knife. the sp is in the toilet for multiple reasons, if you want to take a punt on WN perhaps look at UJO with a 1/6 exposure. the 2 snake oil salesmen in charge of RBD love to indulge is complex, convoluted deals which burn cash and never deliver (with one exception). Basically circa £40m spent for a £12m return with just a couple of million in cash left and multi million pound decommissioning liabilities. Any company with 2 ceo's should be treated with caution imo

Wressle - Sep 186 bpd due to a 10 day shutdown confirmed by EOG (295 bpd in Aug)

Kedd - Sep 21 bpd (30 bpd Aug)

...on the flipside

it is unacceptable for Aim companies to post misleading RNSs, incorrect commentary damages trust in CEOs and needs to be addressed.

Reabold owns 80% of Rathlin and considers Rathlin to be a subsidiary. imo RBD would buy the remaining 20% should Rathlin become insolvent.

RBS owns 80% of Rathlin so they could get the rest for next to nothing however that would increase their WN decommissioning liability

Https://find-and-update.company-information.service.gov.uk/company/06478035/filing-history

Rathlin's auditors have resigned, never a good sign

Here's a surprising fact.

UJO's 2024 accounts state that they spent £281k on their 1/6 in 2024, that's £1.68m spent by the JV on little more than paperwork

Reabold anticipates re-entering and recompleting an existing West Newton well in Q1 2026 in order to establish sustained gas flow. The gross cost to re-enter and re-complete is expected to be c.£1.4 million (c.£1.2 million net cost for the consolidated Group).

...imo this is the only ray of hope for RBD and probably their last hurrah as decommissioning costs are substantial. I cut my losses here but I have 1/6 exposure through UJO

I checked the website yesterday, several new documents from various areas against the proposal. I'm surprised they are still accepting objections.

https://va.mite.gov.it/it-IT/Oggetti/Documentazione/10561/15652