Member Info for itsawrap

Gas now Euro 24 mwh vs RBD projection based on Euro 45 mwh, plenty of time for the price to recover but raising finance will be an issue if the price falls much further

Uggy it's bizarre that 80% of shares voted for more of the same mis-management. if the owners of those 80% are so sure that the leeches are the right guys to run the company, why aren't they (the 80% owners) filling their boots when the mcap is £2m or £3m less than cash???

They still have about £200k of the £750k allocated for buybacks to spend - currently they could buy 2.5% of the shares

My apologies if I got it wrong, I simply wrote the results of an AI search. it seems odd that I got such a precise answer?

Not sure where you found that karina, my search came up with what I posted

"This blog is all about Union Jack Oil, its UK and US assets and my perceived future for this AIM listed company. It is not sanctioned by Union Jack and has no association to the company or its representatives. I hope you find the content helpful in making any investment decision."

welll, well, well, that's a very interesting opening statement as according to a simply search...ujoukus.com was created on 08.10.2021 through godaddy.com by non other than Union Jack Oil plc

Mistaken about what exactly? what have I said that isnt true?

"in the uk, we have planned programmes, which include the drilling and development of the *****tone flags formation, containing material gas reserves on our flagship wressle development."

...nothing can happen without planning permission, no application by egdon, wtf are they waiting for?

"we also anticipate the "renaissance" of the west newton gas project, which i am confident will become the focus of significant drilling and development activity during 2024 and beyond."

...really? with only 4 months of permission remaining and not a word from rbd or rathlin. i wonder if bramhill will be doing stand-up at the edinburgh fringe this year?

...and what about keddington, you know, the side-track that was going to be drilled in 2021 and then 2022 and then 2023 and now 2024...? enjoy the silence

...meanwhile, biscathorpe has had planning for almost 4 months since egdon won the appeal....not a word from bramhill? enjoy the silence

Heid I would add Penystone to that list - yet again Egdon has missed a target date (31/01) - no planning application as yet

...and where is Bramhill when we need updates? jollies to the US

Https://earthquakelist.org/italy/abruzzo/#major-latest-earthquakes

Colle Santo is within a major risk area - could this effect the outcome of the EIA?

Paul I guess I'm in a minority of one but I think CS has a good chance of obtaining permission but LNe has a mountain to climb to secure the funding so it may be another "West Newton". Meanwhile the Euro11m pa projection is looking looking ridiculously optimistic as it's based on a gas price of E.45 mwh, whereas the current market price is E.25 mwh.

The market price could be a lot higher by the time they are ready to sell gas but raising finance with a declining gas price may be very difficult, they may have to wait for a much higher price before CS becomes investable.

...not a fan of the chuckle brothers but I'll come to their defence on this occasion. The statement by KS on 04.01.24 states "...as we believe there is a potential serious breach of AIM Rules 10 and 11" wrt the Reabold RNS of 20.12.23 saying a submission had been made re CS.

The facts are - the submission documents appeared on 09.02.24 however the 'Public Notice of 09/02/2024' clearly states the documents were submitted on 20.12.23. (google translate)

"The company LNEnergy S.r.l. with registered office in Rome (00165) Via Giovanni Dominici n° 6 communicates to have submitted on 12/20/2023 to the Ministry of Ecological Transition pursuant to art. 23 of the Legislative Decree 152/2006, request for the initiation of the Environmental Impact Assessment procedure of the project."

...I think you meant widely although "wildly" may be more appropriate :-)

Yes there is a new CPR, but if P2 & P3 were especially relevant, Heyco would have paid a lot more for Egdon. imo CPR's and promises of drilling this or that are not solid investment criteria, it's what's coming out of the ground that counts, not unicorns and rainbows.

I think valuing Wressle would be very tricky as there are so many variables, eg the water cut which is increasing significantly. Meanwhile Heyco/EDR has yet to submit the planning application for extending the site, more drilling and a 600m pipeline. Their provisional "Target date for NLC to determine planning application" is 30.04.24 but they have yet to submit it. If EOG is considering selling Wressle (which I very much doubt), they would surely wait for planning to be in the bag to get a better price.

What i don't understand is why so many voted in favour of keeping them in control, they have blown £10m's on failed projects , they draw huge salaries and now they have allowed the Directors of LNe to bend them over the desk to sign a fantastic deal for LNe...12.5% of RBD in their hands, even if CS is a total failure...unbelievable!

Regarding Colle Santo - CMI Energia submitted a project plan 15.06.22 and received a decision 1/12/22, about 5.5 months.

LNenergy submitted their EIA documents 09.2.24 so they could have a decision around July - not quite the end of 2023 as Reabold originally stated!

15.01.24 "...Wressle-1 well's gross production is currently averaging 665 barrels of oil per day, as the Operator, Egdon Resources U.K. Limited, continues to evaluate the reservoir response to increased pump rates."

Are we likely to have another production update or is that it from Egdon?

Some time ago RBD said they had earmarked £2m for their 1/6 share of capex, whereas last summer Rathlin said their 4/6 would cost £9m or £2.25m per 1/6. Perhaps £2.5m per 1/6 in 2024?

It's all very well having a "planned program" for Penystone but Bramhill failed to mention that Egdon missed their own January target for submitting a planning application. nothing can happen until they have planning and all the permits, H2 2025 perhaps? Egdon has been due to drill Keddington (an EDR/UJO jv) "this year" for the last 3 years - now supposedly 2024, Kedd has planning and all permits! So one has question the competence of Egdon, they talk a good game but have only delivered on Wressle.