Member Info for itsawrap

Hi moniman, I'm not suggesting any impropriety over at LNe, I'm just wondering how they have spent £2.4m on bureaucracy, some transparency would be good. fyi I have high hopes for Colle Santo, I believe it will go ahead and will be very good for RBD's sp (unlike WN which is a joke), however I also believe they should have negotiated a much larger % for our cash, maybe 49% (no more as I wouldn't want the 2 clowns to have a controlling interest)

Acquisition of a 26.1% interest in LNEnergy, built in stages throughout 2023 for a total consideration of £4.3m (£1.9 million of which was in cash and the balance in 1,297,297,298 new Reabold shares)

On 26 March 2024, Reabold provided LNEnergy with a £0.5 million interest-bearing loan facility.

...that's £2.4m cash plus whatever RBD shares LNe has sold (if any). I'm not aware of any capex so I guess it's been spent on Italian bureaucracy and LNe salaries over the 16 months since RBD first invested.

Pboo, that comment is very unfair, it's obviously his money belt

Last year the Interims dropped on 11th Sept.

I suspect you're right uggy but the question remains, how are they spending the millions they've received from Reabold???

LNenergy SRL due to complete documentation for Italian authorities by tomorrow

'The interest-bearing loan with LNEnergy has interest charged at the Bank of England's base rate plus 0.75% and has a maturity date of 25 September 2024. The loan includes a clause that allows Reabold to convert the loan into ordinary shares of LNEnergy at maturity.' - expect an RNS confirming new LNe shares instead of repayment

...maybe even more lending to LNe or more share purchases???

30.09 Rathlin and LNe Ltd accounts due this month

..if you mean divis then no, not a chance in the near term, however I do expect a re-rate once permits are granted

Serif my understanding is that boepd is oil and gas combined whereas bpd is just oil

here is the link to the GC report https://unionjackoil.com/wp-content/uploads/2022/09/UJO-Reserve-Report-Final.pdf

GC predicted about 500 bpd during 2023 and 275 bpd during 2024 so Wressle doing very well based on their metrics.

Also bear in mind that Wressle was originally touted as a 500 bpd well so 356 bpd 3 years later is very good imo

I believe Colle Santo has a much better chance of success, WN is a money pit, it may be progressed or more likely the clowns will string investors along for another year or two

My concern is it has never been mentioned so it seems the 10% owner may have all the benefits of success but none of the risks of failure nor the capex...

Uggy I forgot to mention that I had a follow up question for LNe which has gone unanswered

"Assuming all goes as planned and LNenergy Ltd exercises their 90% option over Colle Santo, would the owner of the remaining 10% be obligated to contribute 10% of capital expenditure?"

Uggy here is the email I recently received from 'LNenergy SRL' (Frascogna's management company acting on behalf of 'LNenergy Ltd' in Italy)

As part of the ongoing concession application process for Colle Santo, LNEnergy was asked to fully respond to a few final questions from the VIA Commission presented to LNEnergy on July 29th 2024. LNEnergy requested a 60 day suspension period which was authorized by the VIA Commission to allow for additional time beyond the very short 10 days response time initially requested by the VIA Commission, which was exacerbated by the fact that the response time happened to fall in the middle of Italy's national August holiday period. LNEnergy will respond to the VIA Commission by September 10th 2024. The Company believes that upon receipt by the VIA Commission of LNEnergy's responses, it will have completed all of the required documentation, therefore allowing a final decision by the VIA Commission to be issued within a short period of time.

Best Regards.

Team di Progetto ”Sviluppo Collesanto”

It wont take much for the bid to drop below 0.06 if it does next resistance level maybe .05 ?

Https://unionjackoil.com/wp-content/uploads/2022/09/UJO-Reserve-Report-Final.pdf

here's a link to the GC report that predicted about 500 bpd in 2023 falling to about 275 bpd in 2024 and 200 bpd in 2025

For the first 6 months of 2024 Wressle averaged 460 bpd...I would say that's a big win

A different perspective... when Wressle was drilled we were told to expect 500 bpd (200 net) - it exceeded that for the best part of 18 months, this year we are about 140 bpd - 170 bpd net to UJO.

If one uses 500 bpd (200 net) as the baseline, the US assets have probably got us back to 200 bpd net in just a few months for a fraction of the cost of a UK drill, with more to come in the next few months.

Kedd zero for June so I guess the upgrades are underway

Jan 609 bpd

Feb 468 bpd

Mar 511 bpd

Apr 436 bpd

May 383 bpd

Jun 356 bpd

The emails were to and from LNenergy S.R.L. not LNenergy Ltd. The former is owned and run by Frascogna as a management company working on behalf of LNenergy Ltd.

Persi, I emailed LNenergy yesterday, that is the reply I received from LNenergy, it was NOT a reply from Reabold

Persi the email is from LNe not RBD