Member Info for itsawrap

Why would anyone want to buy UJO????

...because they're not standing still like many small oilers. They have expanded successfully into the US market, with a 2 for 2 success rate and 2 more drills this quarter (possibly 3 but I doubt it). They also have an interesting portfolio of Royalties although little transparency atm. Cash is probably £3m-£4m with relatively little capex in the next few months. This may not be the bottom for the sp but a relatively good punt in the 12p-13p imo

Having read the Interims, there appears to be no mention of WHEN the Wressle pad will be expanded. Egdon's Finals were published before the Wressle planning result, so mention there either (as far as I can see).

So it seems that with Bisc permission overturned, no date for Wressle work and just 1/6 of the £1.2m cost for the next phase at WN, UJO can truthfully say that they are "fully funded"... but there's no hiding the fact that once Egdon states a timeline, "fully funded" will no longer be true.

DB said quarterly updates for Wressle - instead we have to rely on NSTA data

DB didnt comment on Bisc being overturned - for 2 months

DB didnt tell us that Kedd wasnt being drilled in H2 - for months

...is it surprising we have to get the Andrews data from ok.gov ?

P1d, A-2 should be about 500 barrels for Aug. and I'm assuming A-1 will be about 1500 barrels again but we may get a pleasant surprise in which case my $60k/$70k will be on the low side - I suspect ok.gov will have the Aug. data early next week

RNS 06.02.4 (re A-1)

Seismic acquisition and planning costs of US$347,000 are payable by Union Jack

Cost for drilling and completion of the Andrews-1 well is estimated to be approximately US$516,000 net to Union Jack

RNS 10.07.24 (re A-2)

Drilling and completion costs of circa US$340,000 net, already paid from the Company's existing cash resources

...that's about $1.2m capex for A-1 & A-2. I estimate revenue of $60k to $70k (plus gas) in August and probably increasing in Q4. imo that's a very good return compared to capex for sites such as WN or Kedd

The 2023 accounts state that UJO spent £447'531 for our 1/6 share of WN.

If Rathlin can spend almost £2.7m in 12 months and still not make any progress on the ground, the 2024 spend must be considerable and 2025 capex will not be pretty despite this statement from RBD...

Reabold anticipates re-entering and recompleting an existing West Newton well in 2025 in order to establish sustained gas flow. The gross cost to re-enter and re-complete is expected to be c.£1.4 million (c.£0.2 million net cost for Reabold).

So, capex for Kedd in Q4 plus capex for WN & Wressle in 2025...£5m? £6m? £7m?

Heid, unfortunately no matter how much we vent our frustration on here wrt to UJO management, nothing will change the way they do things. Their collective mindset is set in stone, they are deaf to the concerns of shareholders...

"One can only go by what one’s operator notifies them of Mike. "

wow, how long will UJO keep using the "we are not the operator" excuse?

year after year Egdon said Kedd would be side-tracked "this year", for them to say that a detailed project plan must have been in place. UJO is the majority partner in Kedd with 55%, Bramhill should have told them to stop bullshooting UJO and give a firm commitment, ie book a rig, but no, just more lip service from Brammers...and now down graded to "upgrades"

..unfortunately I see a placing as inevitable in the next few months due to the need for £5m capex at Wressle.

If I'm right, I cant see buybacks happening with a placing around the corner.

The Treasury shares should be kept and re-issued simultaneous to the placing.

...and finally, wrt to better comms...you can't teach an old dog new tricks

- note no update re the £0.5m loan to LNenergy that expired on 25.09.24

did they roll it over or convert it to shares???

"what's interesting about 01.02.25 is that LNenergy Ltd does not own the option, LNenergy SRL does "

sorry, my earlier statement is wrong.

LNe SRL owns the 90% CS concession and is the entity applying for all the permits.

LNe Ltd owns 20% of LNe SRL

LNe Ltd has an option to buy the 80% of LNe SRL that it doesnt own (by 01.02.25 for $11m)

LNe Ltd has a potential sales agreement with Gunvor

RBD owns 27% of LNe Ltd

Micky, I have said many times that what I want from Bramhill is transparency, timeliness and honesty, NOT ramping, spin and half-truths. He needs to change his ways or be replaced...

People often say "play the ball, not the man"...but what if the man is the problem?

Early days micky, hopefully a steady production rate will be significantly higher - at least it's commercial at 22 bpd

Assuming a steady 22 bpd, the August data for A-2 should be about 500 barrels - we will find out in a few days when the data is available on ok.gov

RNS 19.08.24

Since being placed on restricted and periodic test production from 7 August 2024, the Andrews 2-17 well has produced 544 barrels of oil and 1,895,000 cubic feet of gas

· Under test conditions production rates of 184 barrels of oil and 320,000 cubic feet of gas per day have been recorded

...you are mis-representing the facts, 544 barrels over 11 or 12 days. and 184bpd was a snapshot during testing just like the "over 1000bpd" claim for Wressle

RNS 23.09.24

Since being placed on restricted and periodic test production in early August 2024, the Andrews 2-17 well has produced 1,014 barrels of oil and 3,656,000 cubic feet of gas

...from 07.08.24 to 23.09.24 only 1014 barrels or about 22 bpd (plus gas)

...when it comes to RNSs, the devil is always in the detail

This is what Reabold RNS'ed on 09.05.23, they very clearly stated LNenrgy Ltd. So either they misrepresented or misunderstood the ownership of the option or the option has changed hands - curious!

'LNEnergy's primary asset is an option over a 90% interest in the Colle Santo gas field, onshore Italy in the Abruzzo region.'

Cheers persi. there appear to be 3 key dates atm. what's interesting about 01.02.25 is that LNenergy Ltd does not own the option, LNenergy SRL does - I wasn't aware of that until recently.

15.10.24 is the deadline for public comments

31.12.24 is a target date for LNe & Gunvor

On the basis of the HoA, LNEnergy and Gunvor intend to negotiate a fully-termed LNG sale and purchase agreement over the next three months. During such time, LNEnergy will exclusively discuss the sale and purchase of LNG from Colle Santo with Gunvor, whilst concurrently focusing its efforts on obtaining the required permits to construct and operate the LNG production facility.

01.02.25 expiry of the option

LNEnergy is the manager and owner of a 20% interest in LNEnergy S.R.L. ("LNEnergy SRL"), the Italian company which has applied for the Colle Santo gas field concession (with a 90% interest), and has an option to acquire the remaining 80% interest in LNEnergy SRL on or before 1 February 2025 (the "Option"), with an exercise price of US$11 million.

DB says Reach will drill 3 wells in Q4, A-1 was spudded circa 28.03.24 and A-2 c. 10.07.24, ie 3 months apart. Just wondering how realistic it is to expect Reach to drill 3 wells in 3 months?

Persi what are your thoughts on Colle Santo, do you think it has a good chance of going ahead? (only 4 months until the option expires)