Member Info for itsawrap

LCC has formally confirmed NK decision to refuse p/p
www.bbc.co.uk/news/uk-england-lincolnshire-61079420

she's desperate to be "Queen of the UJO Bulletin Board" but imo she's more like a cyber-hemorrhoid

clueless, welcome to the world of AIM where being economical with the truth or over promising and under delivering seems normal, I'm into several small oilers who treat their shareholders like mushrooms...

rnst, apologies you are right which means UJO could have some very valuable shares after the IPO. the document goes on to say:
In accordance with the terms of the Agreement, Elephant Oil issued 7,739,394 shares of its Common Stock to EOL as consideration for the shares exchanged. As a result of the transaction, EOL shareholders acquired 70% of Elephant Oil’s issued and outstanding shares of Common Stock.

Immediately following the Acquisition, the Company had 11,056,278 shares of Common Stock issue and outstanding. The pre-Acquisition shareholders of the Company retained an aggregate of 3,316,884 shares of Common Stock of the Company, representing 30% ownership of the post-Acquisition Company. Therefore, upon consummation of the Acquisition, there was a change in control of Company, with the former owners of EOL effectively acquiring control of the Company. The Acquisition was treated as a reverse recapitalization effected by a ************** for financial and reporting purposes since Elephant Oil was deemed to be a shell corporation with nominal operations and assets at the time of the Acquisition. EOL is considered the acquirer for accounting purposes, and Elephant Oil’s historical financial statements before the Acquisition have been replaced with the historical consolidated financial statements of EOL before the Acquisition in future filings.

Effective April 21, 2021, Elephant Oil entered into a Deed of Agreement (the “Agreement”) with Elephant Oil Limited (“EOL”), a private limited company registered in the United Kingdom on January 14, 2013 (the “Acquisition”), pursuant to which, Elephant Oil acquired all of the outstanding shares of EOL. Upon closing, EOL became a wholly-owned subsidiary of the Company (the “Acquisition”).

looks to me as though UJO no longer has shares, they were sold in April last year

it will be interesting to see if he's right as I suspect rbd is a little short of cash for 4 new wells, they only have direct responsibility for 1/6 of the costs just like ujo but I assume they would also be required to pump more cash into Rathlin as a major share holder? the thought of having 6 wells all producing would be fantastic for ujo!

that's a bit harsh GP, after all RBD's fortunes (misfortunes?) also impact ujo's 1/6 of WN

tac you seem to be very well informed for someone who says he has nothing to do with UJO and has never had any contact with DB. How's the weather in Eastbourne today?

the EOG website indicates that EOG does have some potential exposure to shale
"Further to the west is PEDL181. With phase 1 work obligations fulfilled by the drilling of the Kiln Lane well in 2015, Europa has entered into the second phase of the licence. Following analysis of seismic and geological data, together with the results of the Kiln Lane well, Europa elected to retain an area of 160km2 in the southeast of the licence and relinquish the remaining 380km2. The retained area provides exposure to the conventional and unconventional hydrocarbon potential of the Humber basin. It has technical synergy with the adjacent licence PEDL334, which was awarded to an Egdon led group in the 14th Round for the purpose of conventional and unconventional exploration."

&

"PEDL299 contains the Hardstoft oil field. This was discovered in 1919 by the UK’s first ever exploration well and produced 26,000 barrels of oil from Carboniferous limestone reservoir. A CPR on Hardstoft, issued by joint venture partner Upland Resources, identified gross 2C contingent resources of 3.1 million boe and gross 3C contingent resources of 18.5 million boe in PEDL299. Production testing methodologies for carbonate reservoirs have evolved since 1919, which has the potential to allow commercial oil flowrates to be obtained. INEOS has all the rights and obligations relating to unconventional oil and gas plays (‘shale gas’ and ‘shale oil’)."

"literate and factual" roflmao!
you must have done stand-up in a former life, 95% of her posts are complete nonsense or inflated opinion of herself

we had a trading update on Friday 9th April 2021 so I am hopeful we will get one this Friday too!

you're definitely a woman because you always have to have the last word but judging by many of your posts you're definitely not a lady

rnst, here are my numbers since 30.06.21

cash £4,672,508 + $4m +£3m less 10% (guess) + about £400k from other wells -£2.083m =£8.65m

£8.65m - £6.6m current cash = £2'050'000 cash burn in 9 months, which is quite significant

hallelujah, royoboy has written something intelligible! boyo when you take the time you can actually make a contribution to the debate, keep it up old boy :)

007, in the past 3 or 4 years, DB has gone on a massive charm offensive before each placing (often saying "fully funded" or "no placing" just a few weeks before the placing). Now that placings are not on the cards interviews are a rare event, I guess he's feels the revenue RNS's are sufficient

rnst question for your accounting brain, the 2020 accounts show the WN investment as £3.75m, would that include the cost of 1/6 of the PEDL or would that be on a different line? thx

WN investment:
as at 31.12.19 £2.35m, as at 31.12.20 £3.75m,
imo as at 31.12.21 could be £4.5m to £5m
so £1.6m seems reasonable for 4 new wells or even slightly low (£10m for the JV)

heid you are very happy to criticise persi because he doesnt fit your narrative for WN, but £1.6m to develop 4 new wells plus existing wells sound quite feasible. Perhaps you could tell us how much more money you think UJO has to throw at WN before they are successful?

it would be fantastic if Wressle is "worth" £1 a share but that suggests - by extrapolation - that the O&G in the ground is "worth" £280m which I doubt. However, sentiment may well propel the sp to this level in the coming months.

sorry, brain fog, I thought it was the Q1 update!