Member Info for itsawrap

sorry, I forgot to add that the RNS from the 28th is a UJO RNS

GP, I noticed a difference in wording between the 2 RNS's, 'instantaneous' vs 'production' any significance?

RNS 21.09.21 "Instantaneous flow rates from the Ashover Grit reservoir of 884 barrels of oil per day ("bopd") achieved on a significantly restricted choke setting"

RNS 28.09.21 "Achieved production rates from the Ashover Grit reservoir of 884 barrels of oil per day ("bopd")"

https://www.youtube.com/watch?v=CVS9sJ78I6M

try this, great suit!

is DB Welsh?

many of us are frustrated by DB's complete lack of action over the leaks, obviously DB isnt complicit but he should have written to the FCA after every leak demanding an investigation. He clearly hasnt done anything as per his statement last summer during an interview when he said "there is nothing I can do, shareholders should write to the FCA", DB if you read this, for goodness sake demand an FCA investigation as a matter of urgency.

casino you ask what DB can do, when the first placing was leaked he should have written to the FCA demanding they investigate, 2nd leak ditto, 3rd leak he should have been screaming his head off at the FCA to take some action, but no, instead he said (last summer) shareholders should write to the FCA at the same time as saying there was nothing he could do. It's possible he would get nowhere with the FCA, but until he actually tries he wont know for sure.

many thanks RNST, very interesting insights

thx rnst, so currently we should focus of the 884bpd whereas the gas is being burnt to generate electricity as I understand it. So until the gas is being sold rather than being burnt is it fair to say that the gas is just a sideshow?

Hi, can anyone explain how 480,000 cubic feet of gas equates to c. 80 barrels of oil equivalent per day, thx.

barely any sp action after the great news from Wressle, I'm a little puzzled!

massively oversubscribed? surely that's because many of the investors who got approached sold shares in anticipation of getting them much cheaper in the placing? If as malcy suggests, it was massively oversubscribed due to ujo's success, those who missed out on the placing wont mind buying shares for 23p or more

it's fun speculating but I wish some posters would be more objective and less abusive and have some people not heard the phrase "less is more"? btw casino, I think you have timed it perfectly to invest in ujo, great assets, oil is flowing in abundance and this could be the last placing ujo ever needs :)

"We must avoid debt at any cost. "
well the 'any cost' is a 3rd leaked placing, an sp on its knees, insiders profiting, confidence in DB plummeting, I wonder how different the ujo world would look if he had announced a loan facility?

selfish, I agree, unfortunately UJO repeats the "debt free" mantra as though it's a badge of honour, a £5m revolving loan facility would work better than a placing because DB would drawdown only when he needs money and pay back when he has spare cash. I still dont understand why securing the facility against assets would be a problem, most of us have mortgages with the loan secured against the house, why not union jack?

"Not practical to go to the bank for £5 million, it would be secured against assets for a start."
if DB secured a £5m loan facility it could be repaid within 12 months based on at least £400k pm from Wressle plus the loan to edr maturing in a few months. He could drawdown as and when he needs the money. Why would securing a loan against assets be a problem?

" A placing is risk free in terms of raising money..." but not leak free unfortunately, trashing the sp for the 3rd time

"Cup of tea..I talk to much"
oh heid you set yourself up, everyone will agree you talk too much :)

casino, you may be right but as edr owns 36% would it not depend on edr having it's fair share of drill costs?

eog has a great future as long as they stay away from Royalties!

hopefully in the next few weeks investors will realise just how good Wressle is for eog, at a sustained rate revenue of over £4m pa, hoping for 5p within 12 months

"...the immediate futures of both companies are so heavily tilted to one asset"
nonsense, ujo will do very well even if WN is a complete flop, it has a great asset in Wressle