Member Info for itsawrap

From Europa's 2023 accounts:

For PEDL180 the partners have agreed to drill two development wells and to construct a gas export line. These activities are contingent upon the budget being approved by the JV partnership, the timing of environmental permitting and the availability of a suitable rig. The total net cost to Europa for the work programme is estimated to be £0.5 million in 2023 and £3.7 million in 2024.

...if EOGs 30% capex is £3.7m, that means UJOs 40% capex is £5m but UJO only had £3.15m cash as at 30.06.24

UJO has to fund capex for Wressle expansion in 2025 (and possibly WN)

Will Bramhill arrange a loan facility or will he re-issue the Treasury shares or is a placing a probability?

I suspect he will re-issue the Treasury shares and have a placing within the next few month - otherwise how can he say "fully funded" in the 2024 accounts???

Many thanks

Can you give me the section, I cant see this on p77, thx

Has Europa ever indicated how much expanding the pad and drilling Penystone is going to cost the JV?

Reabold RNS June 2024

The joint venture ("JV") partnership for PEDL 183 is likely to approve a forward plan, which will initially consist of the re-entry and recompletion of an existing West Newton well in order to establish sustained gas flow. The JV partnership believes this is a low risk and low cost approach to derisk the project and Reabold will update the market on the planned activity at West Newton. The JV is fully funded for re-entry and recompletion and operational activity is anticipated to commence during 2024.

...today's updates indicates that there are few more steps before activity can proceed, depending on how long the public consultation takes we could see "re-entry and recompletion of an existing West Newton well" take place in 6 to 9 months imo.

If it successfully establishes a sustained gas flow, would that persuade someone to fund Rathlin for the full development?

At year end, the Company's working capital balance was £2.2 million. The Board anticipates this is sufficient to maintain operations until the third quarter of 2025.

...so the clock is ticking down for 12 months at which point it would probably be bye bye Rathlin

My question for Bramhill is this :

Is Rathlin fooling you or are you fooling your shareholders?

Well said Heid - have a look at section 23, last page of Rathlin's accounts

Now available - £2.4m cash as at 31.12.23

note timings in section 23 on the last page

- with 3 drills planned in the US it should be an exciting Q4 albeit a rollercoaster.

- we should also have Kedd news in Q4 although we have no guidance as to what the new production target is once the upgrades are complete.

- in the very near term we will have NSTA data a week tomorrow followed by ok.gov data about 2 weeks later which should cover A-1 and A-2.

...finally, Beacon Energy is due to release their Finals this month

(Sharecast News) - Shares in Union Jack Oil were trading lower on Monday despite the UK and US-focused energy producer hailing a "solid and profitable" first half and delivering an optimistic outlook. The company reported a net profit of £0.8m for the six months to 30 June, despite oil revenues slipping to £2.4m from £3.6m a year earlier. The company's flagship project, Wressle, in the UK saw average production of 188,000 barrels per day during the period for the company.

Fortunately the EPL doesn't (currently) apply to revenue from overseas oil wells so our US interests could become more profitable than Wressle (but not if A-1 is stuck at 17 bpd)

...even Bramhill has given up trying to polish a turtle (sic)

Uggy we should have ok.gov August data for A-1 and A-2 in about 3 weeks

...perhaps it will shed some light on what appears to be 17 bpd since 19th Aug.

My advn post

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

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

Wressle has been in production for 3 years - flaring all that time. It is odd that Egdon didn't work closely with NLC to expedite the 600m pipeline for "the UK's 2nd largest onshore oil well".

Everyone talks a good game but a low cost opportunity to eliminate flaring has been missed for 3 years...

About £600k

I cant find a single reference to our disastrous investment in Beacon energy... never apologise, never explain?

During September 2024, planning consent was granted by the NLC supporting the next phase of the Wressle field development. The consent allows for the extension of the Wressle well site that will accommodate the drilling of two new wells, Wressle-2 and 3, an upgrade of production facilities, including fluid storage tanks, separator system, surface pump and associated bunds.

...any guesses as to JV costs? Does £4m - £5m sound reasonable?

Cash and cash equivalents - £3,148,939