Member Info for itsawrap

"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." David Bramhill UJO

I certainly don't get "imminent" from that statement. DB is a master of obfuscation, if he RNS'ed that the sky was blue and the grass was green I would check and then check again.

The oil is there, there's plenty of technology & expertise to extract it but these operations take time...patience grasshopper

Ujo uses RBS

Do we know which bank UJO uses?

It's my understanding that brokers/banks who hold client shares in nominee accounts ring-fence them in a wholly owned subsidiary, ie, a limited company. if the bank/broker goes under the clients' shares are protected - this is important as the FSCS does not cover shares, just cash.

PD, raising Euro30m to exercise the option and capex to first gas seems like a mountain to climb for LNe. However, if they are granted all permits, perhaps they could IPO on AIM to raise the cash? It would dilute RBDs holding but it would also give them a liquid market to monetise their LNe shares.

Blubay, "break even" is an interesting question. This is what we do know. 900bpd means $1.5m cash per month ie $55 per barrel net opex. $25 pb opex seems quite a lot to me when compared to Wressle - 2 years ago we were told was $9 opex and $17 capex+opex (Wressle is my benchmark for onshore O&G)

The Company continues to estimate that given the excellent reservoir properties and the light oil recovered, and in the absence of an invasion zone which restricts flowrate, the SCHB 2(2.) well could achieve production in the region of 900 bopd. At those flow rates, the Company would expect to deliver operating cash flows in the order of US$1.5 million per month (assuming $80/bbl Brent).

Thanks, I missed that. 30bpd is currently worth over $800k pa gross, $1.9m pa gross with SCHB-2, any more is gravy. let's hope for a very successful stimulation, 200bpd or more would be great.

"Rhein Petroleum subsequently secured the licence (Operator, 100%) and acquired an extensive 3D seismic survey which led to the discovery of the Schwarzbach Main segment in 2015 when the Schwarzbach-1 well (SCHB-1) discovered oil in the PBS sandstones in a North-South trending structural high at the northern end of the Erfelden Field. This segment is still producing light oil (37-38o API) from the SCHB-1a well through the Schwarzbach Production facility. "

Does anyone know how much oil SCHB-1 is producing? there's no data on the RP website nor have I found anything in BCE's rns'

I've had a good look at the project, imo it could come to fruition for 2 reasons, a more favourable climate in Italy due to the RvU war and a scaled down project utilising an LNG plant. I see local activism as the main hurdle.

Having said that, I have 2 major concerns. Firstly, LNe extracted an extraordinarily good deal from the chuckle brothers which leaves them with a win (12.5% of rbd shares) even if CS fails, and secondly, the ridiculously optimistic projection of E.11m-12m based on E.45 mwh when gas is currently E27 mwh and falling. Unless there is a major uptick in gas prices, Euro11m pa is just a fantasy.

Deadline for submission of Comments from the Public: 10/03/2024

- the public have 30 days from today to comment, not sure how long it takes for a decision Non parlo Italiano

...at least a reliant robin with an oil leak would produce more oil than Reabold has!

Https://va.mite.gov.it/it-IT/Oggetti/Documentazione/10561/15652?pagina=1

dozens of documents have been added to the EIA submission

"Commencement of a share buyback programme in April 2023 for a maximum amount of £750,000 as part of the proposed £4.0 million return to shareholders announced via RNS on 3 October 2022."

- according to filings on companies house, total spent to date is £545,927

When DB bought a 2.5% Royalty about 3 years ago, he failed to mention that it had been accruing for over 5 years without a payout. he then tried a £7m placing to buy another 25%, once again not saying it hadn't paid out for over 5 years. Shareholders lobbied UJO expressing severe reservations so the placing was downsized to £3m. a few months later the Finals disclosed the failure to pay out since 2016. By the time it was sold it had accrued for over 6 years! this why I am very sceptical

I would be wary of that 10% claim, I suspect the Royalties were bought with an accrual - DB is a master of obfuscation

Great if it's drilled on time and to budget, even better if it's commercial and nets 67bpd for ujo...but, if it's such a good opportunity, why is Reach farming out a well that will repay UJO within 6 months???

GP use this link https://www.sviluppocollesanto.it/collesanto/ scroll down below all the text for the livestream link. I think you viewed the home page

No idea what you're talking about GP - livestream clearly shows colle santo pad

It's all a load of bolognese...