Member Info for itsawrap

Heid we were talking about this on advn last month as oil data was late then. One possibility is that oil production was so low that they didnt need to request a tanker during January as there wasn't enough oil in the storage tanks to justify a pick up. This is based on the assumption that ok.gov shows oil sales and not oil production. Gas is different as it flows straight from the well to the grid. All just theory of course, oil data may be added shortly.

It would be but as I said in my earlier comment "if/when it's granted permission and any legal challenges are overcome"

pre planning consent and potential legal challenges would lead to a much lower valuation imo

I don't view my post as negative, on the contrary, I see it a s a practical solution. We may be months away from a cash crisis so selling say 10% of Wressle for £5m, reduces our capex to £2.5m which is covered by the sale and leaves us with a nice wedge

Europa stated that Wressle expansion will require £3.7m capex - my guess is if/when it's granted permission and any legal challenges are overcome, Europa may sell part of their 30% for a cash injection which would also take care of their capex commitment - it all depends on timing and farm-ins

Sorry, I didn't mean to sound so pessimistic, in fact despite recently saying I'm a buyer at 0.50/0.55 I topped up recently! Hopefully it was money well spent but it does feel as though it's a roll of the dice at the moment

Cash balance at 31 December 2024: £1.0 million (31 July 2024: £1.5 million)

based on this statement cash is dropping by £100k per month. Without a farm-in or a cash injection from elsewhere (placing, loan facility, UJO, etc), Europa could be out of cash by 31.10.25 especially if Wressle planning is granted.

"It is currently valued less than its cash balance!"

Cash position at 31 December 2024 was £30.5m vs MCAP circa £31m

average revenue is less than G&A every month so cash probably well under mcap

Btw UJO owns 75% of Diana which may explain why Reach appears to be in no hurry to drill - just stringing Bramhill along with promises of Q3 then Q4...

...the Bramhill family motto is 'never apologise, never explain'

Micky, we should have the ok.gov for January tonight or tomorrow night. I'm assuming more dribbles from A-1 and A-2 but no data for Taylor unless they have got the oil flowing which seems problematic. Moccasin should have oil for the last few days of Feb which may show in the data released next month.

RNS 20.05.24 - The other well, the Diana-1, designed to test a Wilzetta Fault play, will be drilled during Q3 2024.

Diana then became a Q4 drill - in reality, it seems as though Diana has yet to be granted a licence to drill.

Does Bramhill ever ask the operators simple questions like "Do you have a licence to drill?" or "Have you applied for the licence?" How can a CEO on £398k pa be so gullible???

They said this on 02.10.24 - 'This contract win takes the potential order book for Celadon up to c.£40.7 million when combined with the Group's £26 million European contract announced in November 2023, and the two UK contracts worth £4.2m announced in May and September 2023. '

What troubles me (other than the fact that CEL is living hand to mouth) is the only revenue we know of is £63k in H1.

Why do we not have revenue data for Q3 or Q4 ???

I dont think swampy has much to worry about. Reabold is the epitome of a lifestyle company, they will continue to 'sell the dream' of WN for as long as they can. btw, they now own 80% of Rathlin

CS doesn't need to be drilled, there are 2 oven ready wells

Not sure how deep Heyco's pockets are, but Europa looks vulnerable with an MCAP of £6m. 100% premium and Heyco could pick up 30% of wressle for £12m, plus whatever cash EOG has and other assets.

The worst case scenario would be if a "no" decision is open to appeal which leads to another couple of years of legal back and forth, all funded by RBD via LNenergy Ltd

I'm still hopeful that CS will be granted a permit.

I recently tried to calculate our cash position - here's my advn post

30.06.24 cash & cash equiv. £7.6m

20.08.24 investment in LNe £205k

24.10.24 conversion of loan notes £510k

12.12.24 purchase Rathlin shares £700k

8 months salary for 2 CEOs £335k

other costs - unknown

circa £5.85m cash & cash equiv less unknown G&A, MCAP £5.1m

Selling part or all of our 30% of wressle may be the way to go, it would fit in with the strategy of always chasing the big win by swapping a monthly income of circa $180k for a multi million cash injection. I'm sure Heyco and UJO would both be interested at the right price. If Europa sold 15% for - say £3m to £4m - that reduces their future capex by half to £1.85m which they can cover from the sale price without borrowing, plus it leaves them a couple of million for G&A

2024 offered 4 good opportunities, if played right gave a x2.6 return

2023 offered 6 good opportunities, offering x3 return

...the joys of hindsight

The January data should be available next week on ok.gov, it will be interesting to see if they report anything for Taylor

A-1 Aug 3220, Sep 5373, Oct 4639, Nov 4482, Dec 3147

A-2 Aug 1972, Sep 2525, Oct 1855, Nov n/a, Dec 8

Total 27'221 of which 45% = 12'250

OK gas prices

Aug 2.11, Sep 2.13, Oct 3.74, Nov 3.51, Dec 4.80

It's hard to see anything great about Andrews other than it's commercial