Member Info for itsawrap

Europa had £0.9m cash as at 30.06.25 so it's not clear to me how they will finance their share of Wressle development - last year EOG said they expected capex to be £3.7m which means UJO's share could be £5m

the wressle field development plan continues to be progressed. this includes a development well to target the *****tone flags reservoir in 2026. the existing wressle production is complemented by a gas monetisation solution that will be developed in parallel with the *****tone well. the gas monetisation solution is expected to enhance oil and gas production from the field and substantially increase revenues, as well as eliminate routine flaring. planning consent was received for the project in september 2024, however north lincolnshire council's ("nlc") decision to grant planning permission was subsequently rescinded following a third-party challenge in light of the finch supreme court judgement. the wressle joint venture subsequently completed and submitted the newly required scope 1, 2 and 3 (category 11) greenhouse gas emissions assessments such that the planning application could be redetermined by nlc. the wells will be drilled at the earliest opportunity, once the necessary regulatory consents and approvals have been received.

As of 31.12.24 UJO has invested £6.4m in WN, that's a JV total of £38.4m for zero gas and zero oil.

By the time the JV has thrown in the towel and decommissioning is complete, that's a likely spend of £45m for zero return...awesome!

Thx Heid, with WN & CS both facing uphill battles, it doesn't look good for RBD shareholders but a cracking result for the leeches in charge who can continue to take huge salaries until the cash runs out. UJO spent £281'000 on WN in 2024 which means the JV spent about £1.68m and got nowhere.

WN will continue to be a significant drain on UJO cash for no return. When the JV finally accepts defeat UJO is looking at a large decommissioning bill.

...meanwhile Bramhill has a plan, more dusters, dribblers and strippers in Oklahoma

Is that the 2nd or 3rd time this week someone has dropped 250k at end of day?

Imo a strengthening sp means a conversion is more likely next week

Oops spoke too soon : )

It feels as though the mm's are artificially holding this at 0.30, not sure why they would do that though, trying to control the vwap perhaps?

My comment re Sark "taking too long" may be premature, the TD is 5500 feet so at 200' per day (guesstimate) they could hit TD imminently so perhaps an RNS early next week

Before the fund raise the mcap was about £50m-£60m so even if dilution means 10bn shares, the sp would have to rise to 0.50p just to get back to where we were. the churn of the extra 3bn shares may not take very long, once that clears the sp is all about Colorado in Q4/Q1

Unfortunately it looks as though Sark is another Taylor - it's taking too long

I think the sp is due a small technical bounce because the daily vwap's indicate (to me at least) that a conversion is unlikely this week - we may even end today blue!

The idea than CLNs have been converted without an RNS seems highly unlikely imo (that's me being diplomatic)

H1 now being 01.01.25 to 30.06.25 ?

"This share has been attacked day after day after day by trolls all day"

...or could it be that the "trolls" understand how a CLN works and what effect it has on the sp?

The 10 day vwap appears to be about 0.40 so even with the max 20% discount the current offer price is below the exercise price so I dont expect a conversion just yet as the sp has fallen too far for it to be profitable

It sounds as though pubcrawl is bricking it : )

Best guess is the 10 day vwap is about 0.42 but will drop after close of business - that appears to pitch the conversion price at about 0.32 which is above the current offer price - so does that mean a conversion is off the table for a day or two???

Surely they have reached TD by now? btw when I saw the van in the photo I assumed it was a mobile Greggs for Brammers

"BoD have less than peanuts invested, C'mon you know what that means surely!"

yes, it means they know exactly when to invest, ie once the CLNs have been converted and the sp is in the toilet (and when we are on the cusp of production stateside)