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Https://x.com/UnionJackOilplc/status/1815265536609042935

"we'll be getting the gas line in in the next couple of weeks"

Thx pboo, perhaps they will be an RNS too this week

It's the CEO's job to promote the company but DB has frequently given shareholders an unrealistic picture of what is happening or is going to happen. He has crossed over from promoting UJO to blatant ramping which is the main reason for the sp to be on the backfoot. His policy of ramping has eroded trust big-time.

From the Finals re Kedd

- Modelling indicates that infill drilling is forecast to improve recovery from the Keddington field by between 113,000 to 183,000 barrels of oil, depending on the reservoir permeability model selected and the combination of infill targets.

- The sub-surface location of a step-out well has been finalised and it is planned to drill the well, where planning consent is already granted, when the Operator deems appropriate.

- There are plans to upgrade the production equipment at Keddington during 2024, the result of which is expected to increase efficiency and production rates.

Q. Are the equipment upgrades a logical pre-cursor to drilling the infill wells and the step-out well?

Also this one https://www.sviluppocollesanto.it/

The US is a great move by Bramhill, a game changer imo which is not yet fully appreciated (or priced in) - have a look at all the Royalties in the Finals, very interesting.

re Wressle expansion, N. Lincs council received one objection which was from the local wildlife group, not a single objection from locals or swampies. I think a positive result is very likely.

There is still significant potential for UJO in the UK. Bisc is highly unlikely and WN is a long shot, however expanding Wressle looks very possible as there wasn't a single objection lodged by residents or swampies, just Lincs Wildlife Trust.

wrt Keddington, Egdon had their hands full with the Wressle application, along with Bisc and Cloughton, imo that's why they put the Kedd side-track on the back-burner. However now that Bisc is likely dead, could we see the Kedd side-track back on the table?

No mention of Bisc by UJO - a flagship project that appears to be dead. If it is dead, that will surely free up at least £2m to spend in the USA - or maybe buy-backs or maybe another dividend...

With 4 producing fields Europa is producing more than UJO (about 175bpd from Wressle plus an unknown amount from Andrews-1). Cash aside, Europa seems undervalued compared to UJO, the difference seems to be UJO's US assets which are keeping investors interested and excited although hard data is lacking atm.

West firsby and wisby more or less unchanged march to april

Crosby nov/dec/jan/feb all zero

March 54.8 bpd

April 73.4 bpd - which is the highest monthly av. since May 2023 (123.8 bpd)

...that's true but 3 wells in a year would be awesome, Egdon can manage about 1 well every 10 years

WILZETTA FAULT PLAY AND DRILLING IN OKLAHOMA (75%) - During February 2024, the Company signed a farm-in agreement with Reach to acquire a 75% interest in a high-impact well, Diana-1, planned to be drilled in Q3 2024, to test the Footwall Fold Prospect in the Wilzetta Fault play, a proven oil producing location and in an area of associated interest.

...with a little luck we could have another well spudded in the next few weeks

GP this could explain why Keddington is on the back-burner despite Egdon saying it was going to be side-tracked in H2 2023. They've been preparing the Wressle application along with the Cloughton application as well as making plans for Bisc. One look at the documentation associated with the Wressle planning application and one can see it's a hugely complex process.

11.06.24 RNS - "I look forward to updating the market on stabilised production rates from Andrews 1-17 in due course, once a permanent electricity supply and upgraded pump jack have been installed. These site upgrades are expected to materially enhance current flow rates, with up to 100 barrels per day of high quality (46 º API gravity) oil having already been recorded at Andrews 1-17 during May 2024."

- in the early days of broadband all adverts claimed high speed connections but qualified the claims with "up to". Bramhill has form here, remember the "flowed at 1000 bpd" claim for Wressle?

Hopefully Andrews-1 is a "major success" but until we have several months of data it's no more than corporate ramping - yet some cling onto every word as though it's Gospel...

The recent RNS re Gunvor HoA states as follows.

'Gunvor will purchase approximately 44,000 tonnes of LNG per annum.'

'The HoA also provides for a potential prepayment by Gunvor for a portion of the first five years of deliveries, with such amounts subject to prepayment being a total of approximately 66,000 tonnes of LNG, or 999,000 MWh.'

'The average forward Italian PSV gas price for the years 2025-2030 is currently approximately €30 / MWh.'

...this is interesting because 44000t at E.30 / mwh is Euro20m pa which is significantly more than the previous claim of E.11pa-E12m pa net based on E.45 mwh. Assuming my calculation is correct, I'm struggling to see how the 2 claims reconcile - any ideas?

As at 31.12.23 UJO has spent £6.137m on WN for their 1/6 which means the JV has spent at least £36.8m

Re Colle Santo, I still believe there is a good chance that permits will be issued but it's going to be nowhere near as lucrative as claimed unless another crisis supercharges the gas price, plus of course RBD has significantly overpaid for their 26% imo. Having said that if/when permits are granted, the sp will soar on the news far in excess of the value to RBD...and I'll be gone

Https://unionjackoil.com/wp-content/uploads/2024/06/UJ-Q2-2024_FA.pdf

Bramhill said he would issue quarterly updates - we had one on 17/4 for Q1 so I am hoping we will have one for Q2 next week. However this week's RNS said Wressle had reached the $20m milestone (for UJO) which means Europa has hit the $15m milestone

FYI - Egdon's 2023 accounts are due to be filed by 30.09.24

https://find-and-update.company-information.service.gov.uk/company/06409716