Member Info for itsawrap

With an mcap of £8m and current cash of about £4.5m (my best guess), surely it's time for a re-rate based on oil revenue and a great cash position, never mind the potential of big projects

"DB has done the only thing a good CEO could do..."

...really? What about transparency, honesty, more timely information, less ramping and last but not least rebuilding trust?

We should have H1 trading update end of July - hopefully they will be open and honest about how they are going to grow the company now that the lawsuit is history. maybe even a modest divi?

I hope the "rumour" of oil flowing is true but this feels like a pump and dump to me

Let's hope they crack on with expanding the site but if Keddington or North Kelsey is the benchmark they will string us along for years. I am wondering why Heyco bought Egdon, they dont appear to be accelerating anything, in fact, progressing the Egdon assets seems to be slower than ever, so what was the point?

Persi, there were no buy-backs in Feb or Mar, the Feb declaration relates to shares bought in December and the March declaration relates to shares bought in January. Finals confirm buy-backs to date of 280m

Good morning heid, you make a lot of points I agree with but please, not all day every day - less is more :)

Https://drillordrop.com/2024/06/18/west-newton-delays-and-missed-deadlines/

Analysis by DrillOrDrop reveals that the West Newton oil and gas field in East Yorkshire has seen more than 15 years of delays, missed deadlines and changing plans - excellent article

WN carbon intensity Study - tick

WN feasibility plan - tick

2 vastly overpaid CEOs - tick

bonuses for CEOs - tick

no dividends for shareholders - tick

renege on £4m pledge - tick

rock bottom sp - tick

massive value destruction - tick

blow £40m of investors money for a £12m return - tick

not fund Rathlin despite indicating they would again and again - tick

promises of jam tomorrow - tick

defend the indefensible on LSE whilst pretending to be independent - tick

...are you Oza or Williams?

Wiltshire, what are your thoughts on the promise to return £4m to shareholders? not even 10% has been returned.

the share price speaks volumes about what the market thinks of this company - not even the big shareholders who supported them in 2 votes appear to be buying at this level

"When our leader tells us something we put our trust in him"

...after 6 years investing in UJO I don't trust a word Bramhill says

GP, I haven't listened to Europa's presentation, but it may not be set in stone that it's a delegated decision.

I was in contact with Andrew Law earlier this month, on the 6th he wrote in an email...

"At the present time the planning application is a delegated item, meaning that it can be determined by officers without needing to be referred to the planning committee for a decision; however this could change prior to a decision being made."

Actually quite clever guys - stringing along investors for years with promises of great returns but the only ones who have seen great returns are the CEOs. Remember the promise to return £4m to shareholders once the final cash payment came through? £338k spent so far and that was on buy-backs, only another £3'662,000 to go...so not hopeless, just self-service leeches

I agree with tac, there's great potential for UJO in the US with Reach and the Royalties. our H1 results are 3 months away but they will include 6 months worth of Royalty payments, plus we may have a 2nd well testing by then. If Egdon is to be believed upgrades at Kedd will take place in H2, meanwhile Penystone permission could drop at any time unless it goes to committee. Beacon may salvage good value out of Erfelden too - so I'm looking forward to a very interesting H2.

As at 6th June the application was a delegated item - however that may or may not have changed in the last few days

So they have bought shares with the sp on the floor, does that show confidence in the company or knowledge of an imminent buy-back after the AGM?

No updates on Rathlin website

Having read the RNS more carefully, my conclusion is that they JV is NOT fully funded for "...the associated project infrastructure, estimated at ca. £12m" which it appears to infer.

It says "The JV is fully funded for re-entry and recompletion and operational activity is anticipated to commence during 2024." and "The 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."

- my conclusion is it's fully funded to achieve gas flow and that's all at the moment, I'm guessing they are gambling on being able to raise the £12m once they can prove gas-flow, smoke & mirrors? you decide

That's the one!