Member Info for itsawrap

Rbd still has £200k of the £750k allocated to buy-backs not yet spent. how low will the sp fall before they feel it's appropriate to buy some shares???

Penystone is going nowhere without planning permission - Egdon has yet to submit an application despite setting a provisional date of 31.01.24

Drillordrop.com/2024/03/04/campaigners-get-go-ahead-for-legal-challenge-against-oil-extraction-in-lincolnshire-wolds/

the Bisc pad is in the middle of nowhere with only a couple of farms within a 1k of the site, as usual shareholders are treated like mushrooms

UJO has recently invested in the US on Royalties and farm-ins. so far the response from shareholders has been cautiously optimistic, pleased that Bramhill is diversifying but not yet reflected in the sp. ujo and eog are both reliant on wressle for the bulk of their revenue, with Egdon seemingly paralysed into inaction, perhaps EOG could follow UJO's lead albeit in a very modest way?

RNS 29.01.24 stated:

- 10% of consideration earned since December 2023

- Monthly income with no development or operating costs

DB if you read this, why haven't you updated shareholders with the monthly income numbers? Going forward quarterly would be fine but announcing receipt of the first payment would be very well received by shareholders

UJO has lots of other projects including recent expansion into US drilling assets and Royalties, supposedly Keddington and West Newton being drilled this year too so I suspect Bramhill is carefully managing his cash as there is plenty of capex in the pipeline for UJO - imo he was sensible not to invest more despite the rock bottom sp

"...what has been stated in official RNS announcements is to the best belief of the board based on communication between them and all of the JV partners."

I think DB should stand up to Egdon and insist that time-lines are realistic, not fantasy. Every project plan should have a contingency built in, drilling is complex with countless variables yet Edgon always announces unrealistic best-case scenarios. So no, I'm not suggesting that DB publicly contradicts the operator, I'm saying he should ensure that the operator issues REALISTIC time-lines based on the decades on experience...it's not rocket science!

We all know that Egdon's timing estimates are complete fantasy, again and again they miss their own targets, the latest example is their 31.01.24 target date for submitting a planning application for Penystone and the 600m pipeline. The previous big target was drilling Kedd in H2 2023, kicked onto 2024 with no explanation.

UJO says RNSs are on a "best belief" basis, perhaps the Board should wise up?

I have played golf for many years so I am an "experienced" golfer - still crap though!

It's very disappointing (but not surprising) that Egdon has yet to submit a planning application for Penystone Flags and the 600m pipeline despite setting a target date of 31.01.24. Will they ever stick to one of their time-lines?

Perhaps EOG & UJO should have a shareholders weekend and dig the 600m trench for them...

His presentation says drilling WN H2 2024, he went on to say they can guaranty it will be drilled this year...yet it's my understanding from the Rathlin accounts that the drill license expires in June. Can anyone reconcile this for me, what am I missing?

He reminds me of ricky gervais, all he needs to do is grow a beard

For keddington continue SE on map to next green dot

Https://www.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa

expand the map over Hull, double click on the green dot just outside scun thorpe

I am simply stating that the OFFICIAL data showing on the NSTA website, appears to contradict the RNSs released by UJO. I may have misunderstood the RNSs, it wouldn't be the first time but they do seem to be quite clear so why the such a huge difference to the official NSTA data?

Nsta data states average of 439bpd during December which imo contradicts the RNSs

It's odd that Rathlin has yet to post any updates on their website

This is note 25 in the 2022 accounts from Rathlin - states as follows:

"On 01.03.2023 the NSTA formally agreed with the Company's proposal to reorder the additional components of the Company's work programme such that the drilling and testing of a new Kirkham Abbey deviated or horizontal appraisal well be undertaken by June 2024, the recompletion or sidetrack and testing of the WNA-1, WNA-2, or WNB-1Z well also be completed in that same timeframe, and a field development plan be submitted by June 2025."

note "completed in that same timeframe". Paul my guess is if drilling/testing is underway as at 30.06 they will be given more time - almost by default. If nothing is happening it's my opinion that the permission to drill will expire and further permission will have to be applied for from the NSTA. Does anyone read this differently?

"A rig, all long-lead items and the relevant oil field service contractors have been secured to undertake the side track which is expected to commence in the first half of April 2024." yes the sand blasting failed but a successful side-track will re-rate Bacons sp.

Presumably he will be closing his short today and that will be the last we hear from him?