Member Info for itsawrap

Re perspective - UJO netts about 270bpd from its JVs, currently in robust health although sp in the doldrums - assuming the side-track works as planned, Beacon could be much higher than that by this summer

It will be interesting to see if UJO takes another slice

I have checked UJOs rns's from 2021 when Wressle went through a similar clean-up, it took about 6-7 weeks for stabilised production.

Https://www.europaoil.com/wp-content/uploads/2024/02/20240227-LSE-Webinar-1.pdf

Wressle comments

Https://wp-reabold-2023.s3.eu-west-2.amazonaws.com/media/2024/02/Reabold-Resources-Corporate-Presentation-February-2024-Final-CLEAN.pdf

I see today as a good news day but not because we have another worthless commitment to drill WN. It's because we now know UJO will spend very little on WN capex this year, freeing up the best part of £2m to spend on projects that have a real chance of success. Although a little sceptical at first, I hope DB spends more on US drills.

The 2m is a buy, it's my trade - offer below mid on lse so buys showing as sells, spread fairly tight

Mrswamp, I dont think you have anything to worry about, with the 2 clowns in charge WN is very unlikely to be drilled imo

Moniman, Williams was the only Rathlin director paid in 2021 & 2022, £36k pa - source 2022 Finals

"The fees paid on behalf of Stephen Williams are received by Reabold Resources plc..."

I hope it is good for the sp but a little early me thinks. I think a major re-rate will only come when Rathlin confirms funding, until then it's all spin to keep investors on the hook. As for drilling "late 2024" - not a hope in hell imo

WN rns this morning

· A proposed well ("WN-A3") planned to be drilled during late 2024 will be twinned with the West Newton A-1 discovery well ("WN-A1"), which was not tested

· WN-A1 is interpreted as having a 27 metre gas column within the Kirkham Abbey formation ("KA Formation") as indicated on the logs of the WN-A1 well

· WN-A3 will be directional, offering significant cost savings compared with a horizontal well

· An additional material secondary target in the deeper Permian Rotliegend Sandstone will also be evaluated during drilling of the WN-A3 or by the re-entry of WN-A1

· A feasibility study is underway for a single gas well development plan at WN-A3 well to follow successful testing and well completion

· Planning is already in place to drill and produce from the WNA Site whilst other associated approvals are being accelerated

· Revised drilling plan is cost-effective with an above average chance of success, offering a rapid early-stage development scenario with access to significant early cash flows if successful

Just a thought...perhaps Oza and Williams should become the poster boys for Just Stop Oil, let's face it, they have spent £10m's of investors money and have yet to produce enough oil to lubricate a door hinge :-)

Hi persi, note 25 in the last 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" which means it's not the funding, they have a mountain to climb in 4 months!

£5.7m as at 31.12.22, perhaps another £200k as at 31.12.23 ? if the JV gives up on WN UJO will presumably be on the hook for 1/6 of site restoration costs. Hopefully RBD will surprise us tomorrow!

Morning gwynwin, plenty of spending power atm. we may found out more about WN tomorrow as RBD has an evening presentation. if WN dies a quiet death we should save at least £2m capex, which means extra to spend in the USA (or elsewhere). meanwhile no news from Egdon re Kedd or Bisc and no planning application for Penystone or the 600m pipeline, so will there be much capex spent on current pedls in 2024 or will Bramhill have an opportunity to ramp up investment in the US? The US does sound quite promising.

"Will David take a punt and buy more of RBD say 16%move it up to 50%"

fyi - UJO owns 0% of RBD, however we do own 16.67% of the WN pedl

UJO has spent £5.7m on WN as at 31.12.22 with at least £2.25m needed for our 1/6 of the drilling programme (note Bramhill said drill costs are soaring). Rathlin has a mountain to climb to raise at least £6m - will WN ever be drilled? perhaps we will find out on Tuesday.

Persi, if LNe is granted all permissions for Colle Santo, do you think it would be feasible for LNe to IPO on AIM to raise the millions they need for capex to first gas?

1.3 billion shares issued to LNenergy - no mention of a lock-in period - perhaps they have been selling?

if anyone goes to Edinburgh, perhaps they could ask if there is a lock-in for the shares owned by LNe and likewise the shares transferred to the LNe directors. I could email RBD but they dont reply.

Despite all the scepticism and negativity about the "management" (including my own), the current sp is a great opportunity imo - but dont be shy about cashing in when it spikes