Member Info for itsawrap

Https://find-and-update.company-information.service.gov.uk/company/08359224

accounts for the year ending 31.01.24 now 10 weeks overdue - looks like our 2024 accounts will have a 100% write-drown, should have done that in the 2023 accounts as it was clear then that Elephant was a dead parrot.

Uggy, best guess is £4m-£5m cash but does RBD have to ring-fence any cash for decommissioning WN etc? If cash is simply run down by salaries & G&A, at some point RBD will no longer be a going-concern which would presumably be sooner rather than later if a large amount of cash is restricted for decommissioning?

The 1 year trend for the sp basically shows it tracking cash - if CS & WN are non events this year, the sp will be .02/.0225 by year end. A CS permit is the only likely event to reverse the trend imo

..start a rumour, drop the sp, get in cheaper???

When you're new to AIM you read RNSs and are excited by all the great projects that are just around the corner - after a while you learn that RNSs and interviews are full of spin, ramping and blatant lies.

Paul never trust anything on this bb. persi may or not be right but he's certainly being deliberately vague. companies house shows several share transfers in the last year that may or may not be relevant, we wont know for sure until we know for sure...Reabold's track record is poor so a big fail at CS wont surprise many, I'm in the 'hope for the best but expect the worst' camp

Put on the "back burner" by whom, RBD, LN SRL or VIA?

Surely we are just waiting for a yes or no, once the additional information has been considered?

RNS - The Company has been informed that, as part of the process of the application for the Colle Santo development, the VIA Commission has carried out a site visit at Colle Santo. LN will be providing some further information to the VIA Commission post this visit, soon after which it expects a decision will be issued by the VIA Commission.

09.09.24 Sidoti said "We model full-year 2024 revenue growing 6% year over year to £5.4 million, plus £0.6 million in other income from the mineral royalty portfolio."

UJO Interims - H1 Oil revenues £2,338,710

...so in some alternative universe UJO's oil revenue will be about £3.06m in H2 plus £0.6m Royalties

However, Wressle produced about 62'000 barrels in H2 (kedd zero) x 40% x $65 net (generous) = $1.6m or £1.3m plus maybe $40k pm from US assets - best guess full year revenue £3.9m compared to Sidoti's £6m

PS I suspect the "experts" at Sidoti have confused USD & GBP

I think Bramhill made a mistake farming in to 75% of Diana, imo it's no coincidence that Diana wasnt drilled in Q3 or Q4 as stated in RNSs and not a peep in 2025. Why would Reach make Diana a priority when they have their hands full with Taylor and Moccasin? Farm-ins should be no more than 45% or 50% tops

Spot on mirasol, Bramhill is a master of spin, half-truths and lies of omission. We would all love to see a sustained 600bpd but I think we will be lucky if Moccasin sustains 100bpd for more than a few weeks before dropping off like Andrews

This is the only data we have for Moccasin. Nothing else to say until we have another RNS or data from ok.gov, fingers crossed for an exceptional well

04.03.25 RNS

• Initial open hole average flow rate over several test periods and a number of days was recorded at 25.88 barrels of oil per hour equating to 621 barrels of oil per day

• Moccasin is currently being evaluated under highly restricted flow using various choke sizes and has produced over 140 barrels per day of light crude oil with an API of 32 degrees, under a 13/64 choke (approximately 0.2 of an inch).

I believe Europa will run out of cash in 3 to 6 months unless a farm-out is forthcoming. I wouldn't assume Kroll is the solution just because he has deep pockets. People like Kroll are rich for good reasons, if he cant see a very good reason to "keep the lights on" I suspect he will cut his losses.

Why not, they have done it before?

September 2022, UJO loans Europa £1m for 18 months at 11% secured against a 10% interest in PEDL180 and PEDL182 including the Wressle oilfield (repaid in full in October 2022)

I suspect Europa is low on cash - if so, could we see another loan from UJO secured against Wressle?

Morning Micky, it's worth following currypasty's thread on advn, he keeps us up to date on X posts, there have been a couple this week (mocca & kedd)

Lots of promising noises but when will any of the projects start producing revenue? Have we sold any gas yet?

Galactica project - The initial wells are expected to be on stream and producing by the end of H1 2025 and an independent third-party competent person's report indicates that an average of approximately US$2 million per annum will accrue to the Company over a period of five years.

The Interims stated "late Q4", then there was a delay due to the weather. Don't forget Bramhill told shareholders repeatedly for 3 years that the Kedd side-track would be drilled "this year"...it was downgraded to "upgrades" with no explanation.

Bramhill has zero credibility imo

In 2023 Bramhill paid himself £398'000, next month we will find out how much he paid himself in 2024.

Meanwhile, with Brent sub $60 and Wressle sub 300 bpd revenue from Wressle is circa $180k pm or £140k.

If Kedd and the US assets dont pick up the slack, UJO will struggle to break even in 2025 - Bramhill need a BIG pay cut.

According to UJO's Articles Of Association, Brammers will be up for re-election next month...

...that's a big fat NO from me

I've thrown in the towel this morning - good luck to those who remain invested, you could make some money if a takeover bid materialises