Member Info for itsawrap

I recommend oilprice.com for anyone who wants a range of views on the oil industry rather than the unintelligent ramblings of our resident troll, if anyone can recommend other sites worth reading please post the url.

...that every time we try to have an sensible and interesting conversation about UJO the same old idiot pops up with inane comments?

Hello pboo you omitted the first part of the edr RNS which I have interpreted as Wressle being in production as of May. If drillordrop is correct and Wressle is included in the stats at the end of this month this will imo confirm official production, would you agree?

Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to advise that the North Sea Transition Authority ("NSTA") has approved the Field Development Plan for the Wressle oil field in North Lincolnshire, held under licences PEDL180 and PEDL182 (the "Licences") where Egdon is operator with a 30% interest.
The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.

your "trusted source" is contradicting UJO's RNS of 30.05.22, I would rather trust the RNS than one of your posts

thanks Ricardo.
wrt being in production, it was stated 30.05.022 "The NSTA has also approved the licences entering their production phase, which will continue through to 2039" so heid and pboo's comments appear to be incorrect as they are dated 04.08.22.
wrt to the original bund having "shortfalls", as yet I have found no RNS confirming this. It's not a big deal, I'm just curious as an investor to understand what's happening on site and why.

extract from EDR Interims - Early restrictions to production have been successfully addressed through upgrades and modifications to the site facilities, including installation of a secondary separator and progressive upgrades to the gas incineration system which have culminated in the installation of a larger capacity enclosed incineration unit.

Why are the separators being moved? Is it to make room for more storage tanks or is there another reason? Why didn't EDR build a new platform in advance of installing the second separator? I cant find an explanation in the RNS's, thx.

one more for the list
- $9m net revenue from Wressle - end of August?

Hi Micky, I'm quite optimistic about the near future for UJO and therefore the sp. I will probably be accused of ramping but here's my summary of what could/should happen in the next few months.

- capital reduction application - Complete
- capital reduction decision - 30.08.22
- Wressle included in onshore stats - end of August?
- H1 results - mid Sept.
- WN CPR - Q3
- Wressle R&R Report - Q3?
- Bisc appeal - 11th October
- North Kelsey appeal - Q4?
- Wressle gas2grid - Q4/Q1 (wishful thinking?)

meanwhile UJO's 13m EDR shares have increased in value by £570k since the 2021 accounts

more good news likely - Wressle production may be included in the stats in 2 or 3 weeks according to DrillorDrop

https://drillordrop.com/2022/07/28/latest-uk-onshore-oil-production-data-april-2022/

"In about a month, we expect to report on production data from Wressle, in North Lincolnshire, which got formal approval for production in May 2022, and Brockham in Surrey, where production resumed."

FYI - last week ELEP submitted an updated IPO draft to the SEC.
UJO's investment valued at £93k in the 2021 accounts although there is no liquid market for this stock
hTTps://sec.report/Document/0001213900-22-047008/

I'm surprised you omitted the H1 results which are due around Monday 12th September

8.4 Insolvency & Companies Court cause list
List updated: 11 August 2022 12:46pm

Judge - Insolvency & Companies Court Judge Barber
Time - 10:30am
Venue - Remotely via MS Teams
Type - Reduction of capital
Case Number - CR-2022-002075
Case Name - Union Jack Oil Plc

jabez, apologies, I wasnt clear, it's a profit on the investment which will show in Non-Current Assets in the balance sheet

btw the EDR sp was 4.3p as at 30th June so our H1 accounts due next month, should show a profit of £370'500

UJO owns 13m EDR shares of which 8m were bought at 1.25p, revalued in year-end accounts at 1.45p, with today's rise DB's investment is showing a very nice profit this year

one more item for the 'good news' list

- capital reduction - initial hearing 12.08.22 (this Friday)

pboo all explained in Resolution 7, page 74 of the Annual report

- capital reduction decision - 30.08.22
- H1 results - mid Sept.
- WN CPR - Q3
- Wressle R&R Report - Q3?
- Bisc appeal - 11th October
- Wressle gas2grid - Q4/Q1

there is no consolidation on the cards, permission is being sought to pay a dividend and/or conduct a buy-back of shares which may be bought and cancelled or bought and held in Treasury, this has nothing to do with share consolidation

"Since Gaffney Cline commenced their report, oil production at Wressle has increased by circa 45% and, accordingly their report is being updated to reflect these new positive developments and is now using a reference date of 30 June 2022."

Bearing in mind GC has been working on the report for months, does anyone know how long we will have to wait now that GC have a 30.06.22 reference point? thx.