Member Info for PDMSPiper

This quote was from energy voice.

https://www.energyvoice.com/coronavirus/229804/north-sea-in-chaos-as-more-suspected-covid-19-cases-spring-upcha/

“RMT regional organiser Jake Molloy said the situation offshore was “chaotic” and could lead to a serious accident as workers are “distracted”.

Mr Molloy was speaking after suspected Covid-19 cases arose on three more oil platforms offshore UK.

Crew members on installations operated by BP, Shell and RockRose Energy were either in isolation or being flown home today.

A source said 11 people had been quarantined on RockRose’s Brae Alpha platform.

RockRose said it was “taking all the necessary precautions” to protect its staff.“

AJamesW; I’m back in here with a small tentative toe in the water to monitor the action for now but I see it going lower in the near term.
My colleagues in the oil industry in London are now largely all at home and not working. I rang an engineer colleague at KBR in Leatherhead this morning and he said he’d ring me back as they are being sent home and he’s clearing his desk.
I have another colleague at Wood Group in Aberdeen who is still driving into the office providing back up engineering services to BP North Sea assets but all non essential personnel have been laid off if contract or sent home if they are on staff. Petrofac and WorleyParsons offices are also on skeleton staff only.
There is no non-essential work happening in the UK oil industry currently. Only essential maintenance to support minimal production operations.
Rathlin need to “commence operations” at West Newton by 16th June under the current planning consents. They can satisfy this requirement by moving in heavy plant to commence groundwork’s on the access road but that’s all they have to do. They might even obtain an extension to the permit conditions from the council due to these extreme unforeseen circumstances.
There is no question of any commencement of a well test or drilling in this emergency situation until things improve in the coming months.
Whether they will make a start on the access road remains to be seen but even if the EA sign off the awaited EWT permission tomorrow there will be nothing happening at WNA2 until this state of emergency is over. GLA.

Luckily for me Jack I saw this coming long time ago when it was clear that nothing was happening at WNA2. I dumped a lot of stock around my average from .78/.79 down to .72. I actually thought selling my few measly millions a day had crashed the price at one stage but it emerged later that it was M&G, coincidentally dumping at the same time with the 2M sell etc. I didn’t sell any for a while until I derisked another 2 million at 0.56. That one made me laugh because I sold it at about 10am and Olderandwiser posted the same day that he’d just grabbed another bargain 2 million just after his lunch lol.
I’m well hedged into cash and chilled Jack. You shouldn’t refer to £42k as “measly” as it makes you sound elitist and greedy, a bit of a spiv. And in any case you’ve been urging people to buy higher up for months and now you seem to think that anybody who followed your advice is some sort of idiot worthy only of derision. Well that’s greedy spivs for you I suppose.
Good lu k filling your boots with all that lovely cash you’ve got jack. You must be Brewster’s still having loads of lovely lolly after buying all the way down from placing price. You offered to take my 17Million at 0.6 and yet you e still got more cash available here. Amazing vision to keep it in reserve jack even though you thought it was a bargain even there. You’re nailing it pal. I only wish I was as smart. Ah well. Best of luck. Adios x

In my opinion the market cap both here and at RBD will go down to their respective cash balance values of £6Million each. That’s an sp of 0.1 at RBD and 0.04 here, roughly, give or take. The market in this environment values the unproven assets at zero.
Only my opinion but good luck if you’re still in and holding. GLA. DYOR.

Keeping this up while the world burns around it.
In my opinion faith is fickle and that situation is totally unsustainable and unlikely to last but good luck all holders. Everything looking great here, through those rose tinted glasses.

I’m sure a local farmer could be persuaded to give 2p for it and put some cows on it but that’s about it.
Without the evidence that they have totally neglected to provide over the last six months, I’m afraid it’s just a field with a hole in it.

If cash position is £6Million then that could well be where the MCap is headed.
Nothing would surprise me currently. The market is in panic and valuing the assets effectively at zero.
I wouldn’t be surprised if the sp went to 0.1 and it will need news to get it back up.
They rode their luck for too long and sat on their laurels. They should have made progress proving up WN more rapidly which would have served to underpin the sp in this situation. Unfortunately now, because of a shady cloak and dagger six months of silence and snippets of contradictory explanations in interviews, the market now values WN as BS and it is now a faith play. Faith is fickle and faith plays get trashed in circumstances like this. They had more than enough time to firm up some evidence, nothing. Poor.

It’s obvious that under these circumstances gov border forces are not going to be investing in any new technology for the foreseeable future. At least 12 months in my opinion.
Many smaller tech companies with big opex will go bust unfortunately. It’s a bad time for everybody. Let’s hope thru can ride out the storm with no new contracts secured for the next 12 months. Good luck.

UJO have confirmed this morning that all their cash position since the raise is still in the bank so no cash calls have been paid.
The partners have to commence works on the WNB access road by June 16 to satisfy the planning consents but nothing will be happening until then.
It will be nice to see something happening at least.
Here in Spain the gen pop are under lockdown and confined at home apart from going to work and essential shopping. Construction workers are still working. I expect that to be the same there.
Hopefully they get going on the access road soon but I’ve given up on the WNA2 flow test.

Yes underline it:

Union Jack is funded but the projects are not funded.

It’s very simple, can’t have your cake and eat it and the cake is still in the fridge isn’t it so no cake anytime soon. No arguments from me.

The £6m in the bank is a welcome update for shareholders obviously, it confirms that no cash calls have been paid. The criticism I made was that twitterati promoters were implying that all the assets were fully funded ie, cash calls had been paid and the money was also still in the bank.
The company has cash in the bank ready to fully fund the intended work program when things improve but it does not have a “fully funded work program”.
Cash is king currently and rather be in a stock with a large cash balance and mothballed assets than have spent all the cash. However, don’t expect any news on anything anytime soon. This just confirms what banned poster DoubleBlock was saying a few days ago: nothing happening now and oilers with cash will go into a holding lockdown pattern to preserve cash reserves. I don’t see anything happening now until the autumn but at least you’re not going to go bust and lose all your cash which is reassuring.

Bigeye started it. Don’t start the day calling people loonies then. If you don’t want to hear the truth then I advise some idiots to shut the fk up. Have a great day. :)

Loony is the self appointed UJO “Researcher in Chief” on twatter, Lee Bartholomeusz who tweeted...

“Union Jack Oil #UJO is an example. A page of reasons here to invest IMO, one being debt free (approx £6.6M cash in bank) and another being the fully funded drill and testing programme for 2020.”

He obviously went to the Jeremy Corbin school of maffs. In this scenario UJO had £1.6mill in the bank, raised £5Mill to total £6.6Mill. Then they spent it to fully fund a work program of drilling and testing on all assets for 2020.
They now have a fully funded work program, and amazingly, they still have the £6.6Mill cash in the bank! A truly miraculous feat equal to Jesus feeding the 5000 with one fish and a loaf of bread.

An Incredible level of lies at work here.

No trading update for another week then.

With airlines going into lockdown and countries closing borders it’s obvious that any proposed investment in border security will be shelved indefinitely.

Nothing to see here for the foreseeable future I’m afraid. One for the bottom drawer.

Seems more like it JP. However I’m not convinced that the EWT had been funded before the raise. I’ve seen these claims but there is absolutely nothing to substantiate it and it’s more likely that the cash had been paid for a short well test that was envisaged under the original permits. However with the 6 month delay and a total redesign with more plant required its inevitable that s further cash call will have been made.
There is also nothing in there to cover the £800K default by Humber on biscathorpe that the other partners have to cover.
Likewise on Wressle and WN. If UJO have to find Humbers costs on all projects then that raise is totally gone.
Will be interesting to see how things develop over the coming months. GLA.

An accurate assessment of the current cash position of any company is a fundamental piece of research that any prospective investor must do before buying stock.
As a prospective investor with a balance of cash on account looking to invest in oil stocks I need to know what the cash position is.
It was about 1.8 mill before the raise, then they raised 5 mill but how much have they spent? Investing in projects plus cash burn?
Must have spent over £4mill if they have fully financed all those work programs for the whole of 2020, possibly more, plus cash burn, spent £5mill? £6Mill? I don’t want to buy in them get stung with a raise in this market.
How much have they spent and how much have they got left?
If nobody knows we can only speculate but it’s total BS to say it’s 7.5.

What is a realistic estimate of the true current cash position here?
I’m seeing claims of £7.5Million. This would assume they had 2.5 mill at the time of the 5 mill raise and haven’t spent anything since.
The same people making claims of this cash position are also claiming that since the raise UJO have fully funded progression of Biscathorpe work program, progression of Wressle fully through to full production, progression of WN including the EWT and the drilling of both the B1 and B2 wells.
All that obviously costs millions and they can’t have spent the money to fully fund all these projects and still have it in the bank too so how much do they have left and how long can they survive without another fundraise if the other partners in the assets decide to slow things down due to the current crisis.

What is the current true cash position? It isn’t £7.5Million that’s for sure but DYOR.

Interesting thread on historical and current oil
Price action by analyst and author Anas Alhajji. Well worth the 5 minute read. Unraveled on threadreader app.

https://threadreaderapp.com/thread/1238836099801284610.html

The news that it’s looking like the virus is finished in China and actually has an “end” is the first piece of positive news during this crisis. This itself could well put a rocket up the market’s today as a bit of FOMO kicks in. Somewhere along the way, greedy traders who sold out will start to think they are going to miss out and there’ll be a mad scramble to buy back into everything. The market makers will make as much out of that frenzy as they did by artificially dropping the bids on the frenzy to get out out. They will ramp up the offer to make as much profit as they can and create a frenzy to get back in. Looking at big FOMO, but when. We’ll see. Bitcoin has crashed massively. I think that’s people dumping crypto to buy cheap stocks but we’ll soon see. It will be an interesting week or two.