Member Info for itsawrap

We should have news this week, possibly as soon as tomorrow morning

Where does the case take place? if in London I may attend.

It doesn't matter how many boxes they tick if they can't tick the one that says "Rathlin fully funded"

Persi I think we may have Finals tomorrow...now that will be good for a laugh!

Odins, I estimate Rathlin has less than £1.5m cash yet they need £6.4m for their 4/6 share of WN. imo RBD dont want to use £5m to bail them out plus £1.6m for their own share to get WN underway, to do so would mean the Reabold gravy train would run out of cash within 3 years unless WN is successful...

Endlessly chasing a big win...without Wressle revenue Europa would be stuffed. Kudos to Bramhill over at UJO for diversifying into the US where there is a very good chance of success with Andrews plus revenue from Royalties. WH needs to give shareholders something to get excited about in the short term, a modest investment in the US would do it

Https://northlincolnshire.moderngov.co.uk/mgCalendarMonthView.aspx?XXR=0&M=6&DD=2024&ACT=Go

- consultation closed yesterday

- next planning meeting 12th June "The agenda will be displayed in the week before the meeting"

- Historic Environment Record (archaeology) has advised a Holding Objection

- Linc Wildlife Trust has lodged an objection

- so far no objections from members of the public

Hi sheephatch, self funding at 150bpd, is that official or your best estimate? thx

Based on UJO's Finals and their 1/6 of WN, Rathlin spent £2.7m on WN in 2023 - where did that money go? what did £2.7m achieve?...oh sorry, I forgot, we now have a bargain basement £9.6m drilling program which will blow the doors off...but where is Rathlin going to find £6.4m when the 2023 cash-burn was astronomic?

Uggy, as I see it, if RBD has to fund Rathlin for £5m plus £1.6m for their 1/6 that only leaves about £2.5m cash.

How long would £2.5m last once they strip out their salaries and G&A...maybe 3 years?

How long until they monetise something? not within 3 year unless Rathlin pull off a miracle at WN

I'll tell you what I want, what I really, really want...

I want to know...

...why Rathlin spent £2.7m on WN in 2023 and were they are wrt a financial solution

...why the ELEP shares weren't written off or written down in value

...why the Kedd side-track didnt go ahead in H2 2023 as promised by EDR

...why Egdon spent £1.4m on Bisc last year

...why the monthly income from US Royalties is being withheld

...why Egdon spent £188k on NK last year (which has never even broken ground)

Watts, the chuckle brothers talk a good game but rarely deliver...funding Rathlin has yet to happen so NSTA permission to drill expires next month...meanwhile, I'm still waiting for my share of the £4m they promised to return to shareholders

31.12.22 cash at bank of £3.6m (Rathlin 2022 accounts)

2023 spend on WN circa £1.8m (my estimate based on UJO's 2023 spend)

new plan costed at £9.6m by RBD

Rathlin needs £6.4m to fund their 4/6 of WN

Conclusion - Rathlin £5m short

...clearly Bramhill took your advice as UJO bought BP shares in June and sold them in July for a £700 profit :)

UJO published their 2023 accounts today. They own 1/6 of WN which cost them £447k last year, that means Rathlin spent £2.682m on WN last year of which £1.788m was paid by Rathlin and £447k each by RBD & UJO.

This is a major drain on their cash, leaving them with under £1.5m imo. It begs the question how did they manage to spend £2.7m ? Cash-burn of this magnitude may be why we haven't seen a deal brokered...

Heid I agree, drilling bisc is very unlikely...so what did Egdon spend £1.38m on last year? Are they compiling more data in order to sell it or will it be a never ending story like the Kedd side-track?

The Devil's in the details...

West Newton PEDL183 6,137,178 + £447k (2022 5,689,647)

Biscathorpe PEDL253 3,666,898 + £621k (2022 3,045,506)

North Kelsey PEDL241 422,012 + £94k (2022 328,101)

that means Rathlin spent £2.682m on WN last year of which £1.788m is paid by Rathlin. This is a major drain on their cash, leaving them with under £1.5m imo. It begs the question what the hell did they spend £2.7m on?

£621k for our share of Bisc - same question?

It's interesting that msn says consensus revenue for 2023 is £6.6m - that seems far too high imo, my estimate is closer to £4.8m, I guess we'll know tomorrow

Yesterday I posted

"For the year ending Jan 2024, Reach had 13 producing wells averaging 167bpd, that's about 12.8 bpd each."

the data has rolled forward 1 month so now... "For the year ending Feb 2024, Reach had 11 producing wells averaging 161bpd" so 2 wells have dropped out of production. So it seems as though a major success for Andrews will be just as important for Reach as it will be for UJO's sp

For the year ending Jan 2024, Reach had 13 producing wells averaging 167bpd, that's about 12.8 bpd each.

Bramhill said of Andrews "Similar low-cost development wells nearby, typically produce initially at approximately 150 barrels of oil and over 200 thousand cubic feet of gas per day and can provide rapid pay-back within six months."

It will be very interesting to see what it delivers