Member Info for itsawrap

Wressle Wellsite Community Liaison Group

To receive a report about the community liaison group.

Rachel Smith read out the following report:

Production operations continue onsite with no accidents, nor environmental incidents. The site is well maintained and is recognised by the regulatory authorities as the standard by which other projects can be measured by.

Ground and surface water analysis (tested by a third party) is ongoing with no contamination evident and there have been no issues raised by the Environment Agency during their inspection process.

The site produces oil through a surface jet pump system and during the first quarter of 2024, production averaged 530 barrels of oil per day. round 3-4 tankers per day take the oil to the Conoco Phillips refinery at Immingham.

Three gas micro turbines have been used to utilise produced gas to generate electricity for site use.

Future Plans

Rachel thanked those who came to our drop-in session at the end of last year and explained there are plans for the site currently going through the planning process. Egdon are planning to develop the site by drilling two additional production wells and a third to reinject any water produced. One of these wells will target a gas formation and the gas will be exported to the local gas network via a new 600m underground pipe.

The Environmental Permit application will be submitted within the next week or so to facilitate these planned new wells.

The planning application was supported by a series of environmental and ecological studies that were carried out over a six-month period in the second half of 2023. The Planning Application is publicly available as will be the EA Permit Application. Rachel provided some copies of the booklet which supported the event.

Following the conclusion of the statutory consultation period (10th May), Egdon hopes to receive planning consent by 17th June. The next phase of drilling could start in Q1 of 2025.

Free bar?

Https://www.youtube.com/watch?v=uW3R3NgivlY

Simon what do you see as the catalyst(s) for "a massive turn around this year"?

Thanks jack, that's a very important detail I overlooked. if LNe secures that payment this deal becomes much more interesting and the equity buy-in by RBD starts to make sense.

Nsta data finally out - Feb 468 bpd (Jan 609 bpd)

therefore March must be circa 509 bpd as DB said Q1 av. was 530 bp

Keddington 23.7 bpd for feb up from 4.4 bpd in Jan

Here's a reminder of the statement from RP on the 24th

Http://rheinpetroleum.com/

Heidelberg/Riedstadt – In the coming days, a drilling rig with a tower around 35 meters high will once again be on display at the Rhein Petroleum drilling site in Riedstadt-Goddelau. The Heidelberg company is installing an approximately 100 meter long branch in the lowest section of the existing “Schwarzbach 2” borehole. This ends a few meters further west in the same structure as the existing borehole.

“The tested production rates from the existing well do not do justice to the proven petroleum reserves in the Pechelbronn layers. The drilling fluid, which consists primarily of starch, has too tightly sealed the rock pores through which the oil flows into the production line in the immediate vicinity of the borehole. Therefore, the expected quantities of oil are not coming through,” explains Rhein Petroleum managing director Peter Appel. That's why a new entrance is now being laid at a depth of around 1,600 meters. He makes it clear: “The natural porosity, i.e. the permeability of the rock, is good. We are confident that the new short branch line at the end of the well will result in a flow rate that reflects the quality of the reservoir we encountered last August,” emphasizes Appel.

The drilling rig now in use is identical to the rig that was also used in the summer of 2023. The system is expected to be delivered and set up gradually in the first week of May. The actual drilling follows immediately and takes about two days. “The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump. Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024

Surely mud-wrestling would be more fun or to stay topical oil-wrestling?

I wonder if Europa will "do a Bramhill" and follow UJO into the US market, anything to create some interest in this company and to find another income stream. UJOs finals are out later this month so we should have some transparency on how successful the foray into the US market is / has been. If the US proves to be a great success, perhaps UJO could make a bid for Europa, cash & the 6.3m Treasury shares.

Https://tradingeconomics.com/commodity/eu-natural-gas

the Euro45 kwh they used in October for the Euro11m pa estimate was during a spike - imo it was just to con shareholders into believing Colle Santo was far better than it's likely to be.

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

so, not the Euro45 mwh they used in the October presentation to forecast E.11m-E.12m pa, strip out the 10% they don't own, scale it down to Euro30 mwh and Euro11m pa becomes Euro 6.6m pa

RBS pledged to return £4m to shareholders, they have spend about £550k on buybacks so that leave £3.5m or thereabouts.

Rathlin is about £3.6m short for funding their 4/6 of WN. I say forget about returning the £3.5m to shareholders, instead use it to do a deal and get WN drilled asap

Imo this means that there is merit to arguments on both sides which needs to be examined in detail, hence proceeding to trial

Https://find-and-update.company-information.service.gov.uk/company/03542727

methinks 30th June not May

Reabold has £9m cash (less lifestyle payments), Rathlin has about £3m imo and UJO is fine - the money IS there to develop WN, clearly the chuckle brothers dont want to commit their cash to WN...oops I do of course mean our cash.

"Peni3tone Flags will be drilled this year"

...in your dreams, not a hope in hell

"...pre-application guidance had been given to Egdon Resources in March 2023." “Contrary to our advice, the applicant has not submitted the results of archaeological field evaluation with their application.”

considering Egdon's track record I would be surprised if there wasn't a delay...however they have been preparing this application for over 2 years and they were warned about the requirements.

"...but in reality it is hardly a major issue." ...rose tinted glasses?

what it may mean is several months delay before the planning application is put before the planning committee

Http://rheinpetroleum.com/

Heidelberg/Riedstadt – In the coming days, a drilling rig with a tower around 35 meters high will once again be on display at the Rhein Petroleum drilling site in Riedstadt-Goddelau. The Heidelberg company is installing an approximately 100 meter long branch in the lowest section of the existing “Schwarzbach 2” borehole. This ends a few meters further west in the same structure as the existing borehole.

“The tested production rates from the existing well do not do justice to the proven petroleum reserves in the Pechelbronn layers. The drilling fluid, which consists primarily of starch, has too tightly sealed the rock pores through which the oil flows into the production line in the immediate vicinity of the borehole. Therefore, the expected quantities of oil are not coming through,” explains Rhein Petroleum managing director Peter Appel. That's why a new entrance is now being laid at a depth of around 1,600 meters. He makes it clear: “The natural porosity, i.e. the permeability of the rock, is good. We are confident that the new short branch line at the end of the well will result in a flow rate that reflects the quality of the reservoir we encountered last August,” emphasizes Appel.

The drilling rig now in use is identical to the rig that was also used in the summer of 2023. The system is expected to be delivered and set up gradually in the first week of May. The actual drilling follows immediately and takes about two days. “The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump. Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024

I disagree with cancelling the treasury shares, they could be very useful in the next couple of years for part of a deal. The 6.3m shares are theoretically worth over £1.6m, fast forward to a 50p sp and we have a war chest (theoretically) worth over £3m