Member Info for itsawrap

..someone needs to tell him what to do because every deal takes us one step closer to a placing which will halve the sp

Morning heid, as I was saying yesterday, large farm-in percentages are an issue as the operator has far less incentive to expedite the drill if they are the minority partner, eg Keddington, Diana and Sark. Reach now has $1.1m cash (including back costs) for Sark which is "planned" to be drilled in Q3 - just like Diana was planned in Q3 then Q4 then sometime in the future.

So what's the answer?

- Bramhill must not farm-in more than 45%

- contract clauses that penalise the operator if a) the drill permission hasn't been applied for within a specified time and b) if the drill doesnt commence within a specified time from obtaining the licence

- drill costs (not back costs) must be ring-fenced for the well and CANNOT be used as a general cash-pot by the operator

I invested because I had high hope that Celadon would become a great British success story but once it became clear that the company had no intention of giving us revenue data despite an alleged order book of £40.9m, I dumped the lot - I'm glad I did.

Unfortunately we know very little about the US Reach - there is a sister company Reach Energy Ltd

https://find-and-update.company-information.service.gov.uk/company/SC402713

If each farm-in was to a wholly owned subsidiary (per well or area), then I guess that buy-in money would be ring-fenced in the relevant subsidiary, in which case I would hope that Reach could only use it for that well. However I suspect that any farm-in cash simply goes into the Reach cash-pot which is why I am concerned about big farm-in percentages. (I hope that makes sense)

Imagine being an idiot who contributes nothing of value to the bb - just inane comments about grimms

"What happened to the Diana project."

Last year we were told it was to be drilled in Q3, then Q4, then silence until the Finals which stated "planned to be drilled at a future date"

...a 75% farm-in gave Reach a big lump of cash but no incentive to drill

...they have our cash and have played Bramhill like a fiddle...Q3 no Q4 no "at a future date".

This is why I strongly object to today's 60% farm-in, 40% would have been fine.

Once again we have given Reach a big lump of cash - Q3 drill? Don't hold your breath.

LNe has been jumping through hoops for months - the Ministry needs to get off the fence, especially as the legal deadline has come and gone.

I think we will get a green light in Q3

Https://find-and-update.company-information.service.gov.uk/company/11545912/filing-history

08.07.25 - MUFG Corporate Governance Ltd appointed as secretary

To this esteemed Ministry, we hereby request the completion of the investigation related to the Environmental Impact Assessment (EIA) of the Project. Considering that the EIA procedure in question is dragging on well beyond the legal deadline and that LNEnergy S.r.l. has fulfilled all requests for clarification and/or additional documentation relating to the project, the Proponent, LNEnergy S.r.l., reiterates its request to this esteemed Commission to conclude the ongoing EIA procedure as soon as possible.

Wressle is currently earning Europa about $150k per month minus about $28k pm for the RSA payout. That's not enough to pay the bills.

imo Europa is in real trouble unless a farm-in is forthcoming

Https://drillordrop.com/2025/07/02/oil-production-restarts-at-keddington/

https://www.malcysblog.com/2025/07/oil-price-union-jack-hunting-corcel-and-finally/

Just received this email from Celadon

Note - "A persistent disconnect between the Company’s performance and its market valuation"

...what complete bullcrap! There is NO disconnect between performance and mv because the ONLY information we have re performance is revenue of £63'000 in H1 2024....what else do we have to base our investment decisions on other than corporate bullcrap?

Dear Shareholder,

We are writing to inform you that Celadon Pharmaceuticals Plc has formally announced its intention to delist from the AIM market. This strategic decision has been taken after careful consideration of the challenges posed by remaining a publicly listed company, including:

A persistent disconnect between the Company’s performance and its market valuation

Limited institutional support and restricted trading liquidity

Significant regulatory costs and time burdens impacting operational flexibility

Despite meaningful commercial progress including a growing order book, increased production capacity, strategic partnerships, and proprietary IP, the public market has failed to reflect the underlying value of our business. We believe that delisting from AIM will allow Celadon to operate more efficiently, reduce unnecessary costs, and access private capital more effectively to support our long-term growth.

Your Shares Remain Yours

Please be reassured that your legal ownership of Celadon shares remains unchanged.

There is no requirement for you to take any action.

Your shares will remain in your broker account or certificate form exactly as they are now.

No shares will be moved or transferred to any trading facility without your express instruction.

We will continue to communicate with shareholders directly, and we are also evaluating matched bargain facilities such as JP Jenkins to provide liquidity options post-delisting.

Your Vote Matters

We kindly request your support in voting in favour of the resolution to delist from AIM at the upcoming General Meeting. A strong vote in favour will enable Celadon to move forward with confidence and flexibility in the next phase of our growth. Simply contact your broker or visit your online trading platform to vote.

Nonsense, not 2 years, shut-in early May 2024.

"During June 2025, Keddington produced a total of 992 barrels of oil "

"Over 1,450 barrels of high-quality oil have now been produced and sold from Keddington since recommissioning "

...no data was reported to the NSTA for April so May must be circa 458 bl and June 992 bl.

Hopefully all this work is a pre-cursor to the long promised side-track

Btw Wressle production for April was 298 bpd (Jan 273, Feb 333, Mar 318)

It's good news that the company now has cash for 3 or 4 months but wave goodbye to transparency once they de-list. I think (not sure) this cash injection should allow them to complete the Finals, any thoughts?

RNS 01.11.2022

Furthermore, pursuant to the announcement of 31 October 2022, Reabold intends to make a distribution of £4 million of excess cash to Reabold shareholders upon receipt of the £9.5 million, the mechanism of which will be determined upon consultation with Reabold shareholders.

...I don't recall being consulted, anyone?

My best guess is Wressle will average about about 285 bpd in 2025, that's about $2.5m to ujo at $60 net or $2.1m to ujo at $50 net.

Plus whatever we get from our strippers and Royalties, 2025 revenue could be about $3m so I doubt ujo will be profitable this year unless Bramhill starts cutting costs although I think H1 will be in profit (just). Kedd may be a significant variable if it every re-starts. For me staying invested depends on Moccasin and Kedd

Jan 273, Feb 333, Mar 318, Apr 298

I see UJO as a much more likely target, all the UK assets bar WN are JVs with Egdon, plus Heyco is very familiar with US O&G, ie UJO's stripper wells and Royalties. Europa would be a bargain at £15m if one of their big ticket items deliver but that's the same story with every small oiler.

Licences in Benin - accounts now 5 months overdue yet UJO continues to value ELEP at $2.25 a share (about £100k) despite being illiquid as stated by Elephant Oil Corp (and worthless imo). Beacon was marked-to-market in the accounts, why not ELEP?