Member Info for itsawrap

It's a cut & paste from the Interims section '10 Non-current liabilities'. I'm not an accountant so hopefully I have misunderstood

Plenty of good pasture in Devon...so yeah, time for him to go as he's clearly incapable of being 100% honest and transparent with shareholders

This is what worries me (assuming I have understood correctly)

'The loan between Rhein Petroleum GmbH and Tulip Oil Holding B.V. is secured on the shares of Rhein Petroleum GmbH , incurs interest at a rate of 15% and is repayable on 30 June 2025.'

RP is a wholly owned subsidiary so it appears that Tulip's loan to RP is secured on RP shares owned by BCE. I hope I have totally misunderstood but it seems that if RP defaults, Tulip becomes the owner of RP...have I got that right/wrong?

Here's what we know about our US assets...

Andrews-1 for August: oil 524 barrels + gas 3'220 mcf

Andrews-2 for August: oil 686 barrels + gas 1'972 mcf

...maybe $30k-$35k pm from oil and $6k pm from gas

from Interims 'Acquired a balanced portfolio of USA Mineral Royalties for approximately US$1,000,000 generating a 20%+ return on capital invested to date' so maybe $30k pm?

that's about $60k-$70k pm, not too bad imo

Unfortunately gas is not currently restricting oil production at Wressle. Flaring is allowed up to 10t per day yet only 134t was produced in July. However, with 2 or 3 new wells at Wressle, the pipeline could be a game changer, fingers crossed!

for the benefit of gwynwin, all these facts are in the public domain : )

Hydras https://www.eia.gov/dnav/ng/hist/n3035ok3m.htm - here is a link to OK gas prices

about $2.50 per MCF so August gas was worth about $13k wholesale (of which 45% to ujo)

imo it's too early to determine a trend, I think we need another 2 or 3 months data

This is official Oklahoma government data in the public domain, try doing some research you plum

Micky the sp sucks but we have 2 successful wells Stateside with 3 to spud in the next few months.

compare that to Egdon - they have talked about a side-track at Kedd for years, a gas pipeline for years, they talked about drilling NK for years, apart from Wressle, what have they achieved for UJO ?

Andrews-1 for August: oil 524 barrels + gas 3'220 mcf

Andrews-2 for August: oil 686 barrels + gas 1'972 mcf

Only 10 weeks until Christmas so Reach have a lot to do to drill 3 wells in Q4, Moccasin & Taylor are back to back so that's plausible but I'm doubtful that Diana will be spudded this year

...Bramhill's retirement?

Gywyn have a look at the ok.gov data and Europa's Finals, obviously the $35k is an estimate as I dont know opex costs

Heid, my theory is UJO can truthfully say fully funded as neither Egdon nor UJO has stated a timeframe for Wressle expansion so there is no current firm requirement for capex. Once a timeframe is given that changes. No capex for Bisc, minimal capex for Kedd and just £200k for WN according to RBD.

Aug. data shows the 2 wells together produced 39 bpd +gas, about 18bpd net to UJO, that's about $35k to UJO

Wressle expansion requires about £5m capex based on Europa's £3.7m capex estimate

To be fair to DB the information was in the RNS's - here is my advn post from 23.09.24

19.08.24

Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 6,460 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and 382,000 cubic feet of gas

23.09.24

Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 7,052 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and additionally 6,407,000 cubic feet of gas since early August 2024

...so 1-17 has produced 592 barrels since 19.08.24 or 17 bpd...???

Andrews is doing ok but currently not living up to Bramhill's ramping. Clearly future RNSs for anything related to our US assets should be treated with considerable caution if not a pinch of salt...

Here is the ok.gov link

https://oklahoma.gov/occ/divisions/oil-gas/oil-gas-data.html

click 'visit otc' then select 'company number' 24558

Thx Heid, unfortunately it doesnt appear to be a typo (wishful thinking)

RNS 19.08.24 - Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 6,460 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and 382,000 cubic feet of gas

Interims 23.09.24 - Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 7,052 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and additionally 6,407,000 cubic feet of gas since early August 2024

...592 barrels between these 2 RNS's so I guess the ok.gov data is correct

524 barrels is only 17 bpd during August, hardly a major success

Could come after 4.30 to allow the market to digest the news over the weekend

Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 7,052 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and additionally 6,407,000 cubic feet of gas since early August 2024

...from the Interims issued 23.09.24 so perhaps the OTC data is incorrect?

(note ok.gov has no gas data for August)

A-1

June 1'549, July 1'531, Aug. 524 (five hundred and twenty four)

A-2

Aug. 685