Member Info for itsawrap

As I said, shalex is useless compared to ok.gov which has O&G data posted monthly across over 25 producing wells and is FREE. What does shalex give us unless one is willing to pay $99 per month? nothing useful

Shalexp is useless when it comes to Reach data - there are over 25 producing wells in August - ignore shalex, use ok.gov for accurate O&G data well by well, month by month. September data out in about 2 weeks

All quite dismal at the moment but with 2 spuds due this quarter, I think we could be back to 15p within 2 months

I cant speak for others but "overreacting" has served me very well having sold 90% of my shares from 1.7 to about 1.1

Europa has been long on promises, short on delivery...

Wressle data for August out this Friday - somewhere in the 350-380 bpd range perhaps?

Morning serif, I'm normally a cup-half-full investor but that position has cost me dearly with these small oilers. Let's hope you are right and I am wrong, we should know within 3 months

For the going concern period the Group has forecast expenditure, including potential capital expenditure, in excess of its currently available cash resources and cash inflows from its producing assets. For the Group to pursue all of its capital projects in a timely and efficient manner it is likely to require additional funding during the going concern period to enable it to meet its obligations as they fall due. In addition, should either or both of the extreme downside scenarios materialise, the need for further funding could be accelerated.

...tick, tock, tick, tock, placing imminent imo

Uggy I recently speculated that if the option expires before permits are forthcoming, LNe SRL (Frascogna) could issue another option at a much higher price to LNe Ltd (Frascogna & Co) or LNe SRL could sell itself to Gunvor largely bypassing LNe Ltd and RBD. In this scenario it would not be a total loss for us as RBD owns 29% of Ltd which owns 20% of SRL so RBD could indirectly benefit from 5.8% of SRL

Bramhill needs to have a chat with Sidoti, their first coverage of UJO last month has glaring errors, specifically they have confused GBP & USD - see below

Lighthouse Equity Research, part of Sidoti & Company LLP has been engaged to provide equity research coverage of Union Jack in the USA. Initial analysis of Union Jack is expected to be published in early September 2024.

Wressle - Mar 511 bpd, Apr 436 bpd, May 383 bpd, Jun 356 bpd, July 390 bpd

August data out this Friday. if H2 averages 400bpd (optimistic imo) with poo $65 net, that's $1.872m or £1.44m at 1.3

Sidoti has forecast H2 revenue of about £2.8m (GBP not USD) hTTps://sidoti.com/ujogf

We project Wressle will produce about 180 bbl/d (unchanged) net to Union Jack in 2H:24, generating roughly £2.1 million in revenue. The balance of our £2.8 million revenue estimate is based on production from the U.S. The Andrews 1-17 and Andrews 2-17 wells (45% working interest) in Seminole County, Oklahoma, were declared commercially viable in mid-2024 and will contribute to 2H:24 results.

..so Sidoti, big outfit, yet they have clearly confused GBP with USD, there's no way Wressle revenue in H2 will be £2.1m, they have also claimed that Wressle has "generated more than £20m net to UJO", that should be USD20m

GBP/USD error aside, Sidoti says US assets will generate £700k in H2, they obviously mean $700k, which IF accurate bodes very well for our US assets...

PS imo US revenue in H2 will be significantly less than $700k, closer to $400k

Give the poor fat-cat a break, it's a leap year so he's only being paid £1087 per day instead of £1090 per day last year

Just a reminder....06.02.4 RNS Bramhill stated...

"The Andrews-1 well has a high chance of success and if proven commercial could be in production within one month or sooner from spudding. Similar low-cost development wells nearby, typically produce initially at approximately 150 barrels of oil and over 200 thousand cubic feet of gas per day and can provide rapid pay-back within six months."

Moniman I think we will find out in the next 3 months. If CS permits are granted, happy days, if not, Rbd has thrown millions down the toilet. Considering all the risk is Reabold's, they should have negotiated a much larger % of LNenergy. Whatever happens, Frascogna has played a blinder...the chuckle brothers could learn a thing or two from him

LNEnergy has also agreed to grant Reabold a warrant (the "Warrant") to subscribe in cash, at the Company's sole discretion, for a further approximately £747,000 worth of new ordinary shares at a price of £12,047 per share. The Warrant has an exercise period of six months and, if exercised, would take Reabold's shareholding in LNEnergy to approximately 30.6% of its enlarged share capital.

uggy this is from 20.08.24 - 62 shares at £12'047 - the warrant appears to expire in late February which is after the expiry of LNe Ltd's option to buy the remainder of LNe SRL, so if CS has permits in place and the option has been exercised, this is a much better deal for Reabold than previous purchases

...and how is that relevant to ujo?

GP I have followed the CS saga quite closely, I think most of us would agree that RBD has overpaid for just 29% of LNe Ltd. The deadline for public comments to the latest (final?) LNe SRL documentation passed on 15.10.24, the next deadline is the end of December for the LNe Ltd/Gunvor negotiations, followed by 01.02.25 for the option expiry.

GP have at look at post on advn

As predicted the loan to LNe has been converted to shares, £510k for 2.1% which values LNenergy Ltd at over £24m - a company that will be worthless if CS permits are refused or if they cant raise $11m to exercise the option by 01.02.25.

Hats off to LNenergy, they have milked Reabold better that the the 2 CEOs...

"...get this sp back to where it should be." I consider UJO to be undervalued atm hence I was loading up yesterday. However based on what we know and what we dont know, what is UJO" worth"? imo it's not worth more than 15p/16p however a change in sentiment - perhaps due to Taylor & Moccasin being spudded - could see it surge to 18p/20p especially when Kedd is producing again. Unfortunately we all know that any re-rate will only be temporary

Definitely a buy at 10.5p as currently oversold - I expect a bounce back to 15p or more in the next couple of months.

"good growth potential ahead" I assume you mean revenue? Wressle is declining, Kedd may offer a small offset ditto A-1 and A-2, but with no UK drilling for at least a couple of years revenue will struggle to stand still let alone grow