Member Info for itsawrap

Here's a reminder of Bramhill's comment in the Interims published 29/09/25

'Permanent production facilities have been installed, comprising oil storage tanks, separator and flowlines and light crude oil with an API of 32 degrees is being sold. To date, over 11,000 barrels of oil have been produced.'

finally we have have some data for July (and Aug)

Feb 480 or 17 bpd

Mar 1625 or 52 bpd

Apr 1681 or 56 bpd

May 1810 or 58 bpd

Jun 1816 or 61 bpd

Jul 1455 or 47 bpd

Aug 1143 or 37 bpd

Total 10'308 as at 31.08

Bramhill and Malcy...separated at birth?

Europa has always been good about replying to my emails, I cant say the same for Bramhill.

Clearly the Interims are a masterclass in spin deliberately worded to mislead shareholders - what's the point of the Nomad?

UJO's Interims dated 29.09.25 stated as follows:

"Significant upgrades underway at flagship Wressle production site onshore UK." and

"At Wressle, the development programme is progressing, with preparation for new wells and gas monetisation which will enhance production and eliminate routine flaring. In parallel, the site's surface facilities are being upgraded to optimise current and future production efficiencies."

Yesterday I emailed Europa asking if the upgrades were complete and if production has restarted, they have just replied as follows.

Production from Wressle-1 was shut-in on 15 September for 10 days to allow for the decommissioning and removal of a rented separator and installation of the new separator purchased earlier in the summer. Reinstatement of production was achieved late on 24th September. The well, after a period of flush production, is performing steadily.

imo there is a significant disconnect between UJO's Interims and Europa's email - draw your own conclusions

Net assets as of 31.12.24 £21.9m of which £2.5m was cash so currently about £20m at best or about 13.7p per share

good luck trying to squeeze £20m out of our assets : )

Unless we get some good news soon, this will be trading sub 4p next month. we need to know if Wressle is back in production and how long it was offline, we also need an update on our OK assets

Heid, if the placing participants truly understand UJO's dire cash position, they will know that 8p is very unlikely to happen so warrants are irrelevant. I suspect that they are far more concerned about exiting this dog with their recent investments intact...

Fyi - 'The Warrants will not be admitted to trading on AIM'

Btw I read that Royal Mail doesnt separate 1st and 2nd class letters from early December so there's no point using 1st class stamps for Xmas cards

My local CF store is always busy with a very good selection of cards so I took a punt today - not sure how much upside there is, maybe 20% after the results in mid Jan?

Just taken a peak at lgen, looks quite overvalued imo, I'm surprised by such a high valuation, perhaps I'm missing something?

Https://drillordrop.com/2025/10/26/biscathorpe-oil-scheme-heads-for-inquiry/

The Planning Inspectorate has announced the inquiry will be held next year (2026) on the plans for long-term production in the village of Biscathorpe, near Louth. The precise date and venue of the inquiry have not been confirmed. The name of the planning inspector who will chair the inquiry has not been announced. This the latest development in a long-running planning dispute that dates back more than a decade.

...UJO's 45% cost £137k in 2024 ( £3.8m as of 31.12.24 )

Obviously a drill date will be great for the sp but how does that help our cash situation when there's no authority to issue shares? Are you assuming there will be an expedited special resolution followed by a placing or maybe a loan facility?

All assumptions as I'm not an accountant...

the 2024 accounts for Antler show 'Intangible Assets' of USD 2.5m which I believe is costs to date, ie back costs.

Assuming circa USD 4m to date and assuming back costs are paid in full, EOG could get a dividend of up to 42.9% of that, about £1.3m

Does that sound about right?

As I said a couple of days ago, Bramhill doesn't need UJO to succeed, he simply needs it to exist to keep taking his huge salary.

We need a really good result at Sark to turn this around, we should know in a couple of weeks. Best guess Wressle works are almost done so we should have good news from there too (although first headline will be the flush rate)

Heid it's very strange that the treasury shares were not re-issued, perhaps there is a good reason?

wrt Wressle, neither eog nor ujo has the millions required, I wonder what the JV contracts say in the event that operator asks for cash?

I have speculated on advn that ujo may have to sell Kedd to egdon just to keep the lights on for a few more months, not that it will solve the major cash shortage - all imo of course

Dont rely on AI to be be accurate - UJO holds 6.3m shares in Treasury. the big question is - why didnt Bramhill re-issue them as part of the placing?

That doesnt work at the moment - they cant sell the shares at less than par which is 5p. why pay 5p when one can buy at 4.5p?

June 266 bpd & July 231 bpd