Member Info for OldLag

If Reabold's bid for UJO does come, I can't see myself voting to get their confetti in exchange for our shares. Maybe we'd all be better off if we gave Craig Howie a bash at running the company, rather than the present crowd.

This afternoon's RNS says that UJO "announces that the office of John Americanos, a Non-Executive Director of the Company, has been vacated by a resolution of the Board with immediate effect". To my way of thinking this really stinks as it looks as if Bramhill can't stand any criticism. So the sooner he goes too, the better.

Hi there biglad0001. Could you please provide us with the link to Winnifrith's evidence on Twitter / X. Many thanks.

I don't know why I bothered, but I made an effort to attend UJO's AGM in Bristol earlier today. I now wish that I hadn't , but I will say what a dreadful bunch most of the UJO board now appear to be. It's pretty obvious that the board knew the results of the AGM voting some days ago. If not, why not? So I assume that most of them, including Bramhill, weren't re-elected today. An AGM adjournment based on a RBD bid and a possible change of management makes absolutely no sense to me, so I assume the postponement was for Bramhill and cronies to keep their snouts in the trough for a few weeks longer. I also think the management are trying to frustrate shareholders' voting intentions. So will we ever know how we voted for today's AGM? I suspect not, so will there be another AGM vote before the next, postponed meeting? If there is, I assume Bramhill will do even worse next time. Voting was open for almost a month, so might some early voters might have voted differently had we known that RBD's offer was in the wings? Possibly not! I suppose a possible bid might require that management remains in post until the takeover completes or fails. However, frustrating shareholders' wishes certainly won't make UJO's shareholders better disposed towards management. So, if a recommended Reabold offer emerges by 13th July, I now feel sure that it will fail. There will probably be board changes soon after That. I do hope so!

I don't know why I bothered, but I made an effort to attend UJO's AGM in Bristol earlier today. I now wish that I hadn't , but I will say what a dreadful bunch most of the UJO board now appear to be. It's pretty obvious that the board knew the results of the AGM voting some days ago. If not, why not? So I assume that most of them, including Bramhill, weren't re-elected today. An AGM adjournment based on a possible change of management makes absolutely no sense, so I assume the postponement was for Bramhill and cronies to keep their snouts in the trough for a few weeks longer. I also think the management are trying to frustrate shareholders' voting intentions. So will we ever know how we voted for today's AGM? I suspect not, so will there be another AGM vote before the next, postponed meeting? If there is, I assume Bramhill will do even worse next time. Voting was open for almost a month, so might some early voters might have voted differently had we known that an offer was in the wings? Possibly not! I suppose a possible RBD bid might require that the management remains in post until the takeover completes or fails. However, frustrating shareholders' wishes certainly won't make us better disposed towards management, will it? So, if a recommended Reabold offer emerges by 13th July, I now feel sure that it will fail. There will probably be board changes soon after That. I do hope so!

Even with a possible Reabold bid in the offing, UJO's market cap is currently only about £6 million. So it's hard to say how someone thinks their 40% Wressle interest is worth £15 to £22 million.

I can't see Craig Howie or Johnny Americanos being in a great hurry to accept a Reabold all paper offer for UJO when, presumably, they'd rather be running the company after the AGM. In my opinion RBD's bid, if they make one, is almost certain to fail.

I recall someone at Egdon telling me some years ago that the Keddington sidetrack would need to be drilled a long way to the east of the field to reach an undrained part of the reservoir. In their opinion it was quite high risk, and would be fairly expensive, so probably of the order of £2 million these days. With a 55% interest, UJO's share would be at least £1 million. This may explain why there is no great rush to drill it.