Member Info for itsawrap

'The joint operation between Rathlin, Reabold and Union Jack have a commitment to drill and test a new Kirkham Abbey deviated or horizontal appraisal well by June 2024. The joint venture has also committed to recomplete or sidetrack and test one of the WNA-1, WNA-2 or WNB-1Z wells in that same timeframe. The Company estimates its 16.67% share of costs for these commitments to be c.£2.2 million. Rathlin, the operator of PEDL183, is working with the NSTA to defer these commitments to allow the time necessary for Rathlin to obtain sufficient funding for its share of the commitments.'

so, apparently not the £1.6m per 1/6 stated in an earlier presentation.

5/6 would cost RBD/Rathlin £11m - Rathlin has little over £1m imo, RBD had £8.2m as at 30.04.24

it seems to me that RBD not only has no intention of bailing out Rathlin but they can no longer afford to!

They are shifting focus to CS while WN withers and dies. If I'm right, this strategy means they can continue to milk the company for several years whilst keeping LNenergy ticking over

Reabold invests in existing undeveloped gas discoveries with significant resources and near-term production potential, which have considerable valuation uplift potential and a clear monetisation plan. Proceeds from monetisation events are balanced between shareholder returns and re-investment into new and existing projects. ...rotflmao!

Odins I wish I had never heard of this dog, I've made money on a few trades but overall well down

Abandon all hope ye who enter here...

This partly explains the cashburn...

On 26 March 2024, Reabold provided LNEnergy with a £0.5 million interest-bearing loan facility. LNEnergy had drawn down the full facility as at the date of publication of this report. 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.

Thx for the link - is the small grey container a separator?

27.02.24 £9.1m cash...30.04.24 £8.2m cash

almost £1m spent in 2 months...at this rate the gravy train runs out of cash by the end of next year, is it any wonder these leeches dont want to bail out Rathlin?

"A follow-up Andrews-2 well location is currently in the planning phase, in readiness for early drilling as a result of initial Andrews 1-17 success" this is the one to be excited about imo - could we see another drill by end of Q3 ?

If we win in full, will we see a special dividend???

I doubt Rathlin has much more than £1m cash, it doesn't look good for WN

Definitely not impressive at face value, but as I said, they may be mature wells producing far less than the initial production, unfortunately Reach is not very transparent. Do we know when they last drilled and if so what it produced? Coincidentally 215bpd is roughly UJO's share of Wressle & Kedd combined

Is it safe to assume that the 11 producing wells are mature wells that are producing significantly less than when they first flowed? If so, it seems likely that Andrews will flow significantly above 20bpd-30bpd for a few months

Gwynwyn, the next planning committee meeting is 12th June, the agenda will be published about 1 week before. I will confirm whether or not Wressle is on the agenda in due course.

comments of note:

"Broughton Town Council has no objection or comment"

'Environmental Protection' has made some recommendations but have not objected

However, "Lincolnshire Wildlife Trust strongly disagrees that there is a need to further expand oil and gas exploitation at the Wressle site. "

Https://www.shalexp.com/reach-oil-and-gas-company-inc this should help in a few months

The "live" feed from CS which was endlessly looping on 25/03 is now on 27/05. small tractor cutting the grass yesterday...

Finals imminent?

"It’s basically removing the money out of the company for no return." ditto salaries for 2 CEOs

"So the numbskull think we will get less value of sp when we get oil production then when we didnt"...often with these small oilers the sp is stronger on the promise of oil rather than the result. if production comes in less than the 150bpd break-even a further placing will be on the cards and the sp will struggle despite being commercial

Rheinpetroleum website down all weekend, I thought it would be back this morning with an update, not so far

"undertaken on behalf of Reabold and Union Jack Oil"...note the absence of Rathlin!

imo RBD & UJO commissioned the report in order to improve Rathlin's chances of a farm-in