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Little bit of a land sell in Doncaster - 0.6 cares for a Burger King!
https://www.insidermedia.com/news/yorkshire/harworth-group-sells-land-for-drive-thru-restaurant?utm_source=yorkshire_newsletter&utm_campaign=yorkshire_news_tracker&utm_medium=property_article
Lots and lots of buys this am with prce ticked down still.
Nice 40k director buy yesterday too.
I could not agree more that this is an excellent deal for all, not least UJO shareholders. 110k Return over the year, and EDR have probably saved that amount on 'finance fees' if they'd gone for a placing. This way the money stays within the partnership.
You're under cooking Wressle there old boy. UJO now have 40%. From the CPR:
Gross P Mean Oil Initially In Place (“OOIP”) is 14.18 million stock tank barrels in aggregate
across three reservoir sands, the Ashover Grit, Wingfield Flags and *****tone Flags, of which
2.15 million stock tank barrels are potentially recoverable (2P+2C)
Significant RNS today - that looks like a good bit of business. £26m spent with a rental yield of 7.7% and development potential for the land into the bargin.
Seriously WTF?
They've hit hydrocarbons in a formation that is 2.5 KILOMETRES from the first well.....and that means it's 'not commercial'.
Its onshore 10 miles from Saltend.
They're spending even more money on a sidetrack.
Its a duster....full porous dust stuff full of hydrocarbons....
Been doing this for years old chap.
Its an appraisal. Its all about the 'p' number is it not? How do you flip or farm-down an oil/gas target without volumetrics? That requires finding the edges of the prospect every bit as much as it does flow rates and reservoir characteristics. It takes time and a lot of money.
Its an update not a well result. No figures on porosity/pressures were given from which to infer anything. They didn't even say 'gas' they said 'hydrocarbons'. It it were just methane and nothing else, they could have said 'gas'.
WN B was a step ou from the discovery well, with the primary aim of confirming the extent of the primary formation (the Kirkham Abbey). It has been successful at that - i.e. there is a Hydrocarbon charge in the primary target in communication with the WN A well MILES away. (think about that....MILES). They have also said 'hydrocarbon' and not 'gas' (condenstae under pressure and gas, under pressure beneath mud aren't that easy to tell apart I understand).
The puprose of a step-out appraisal is NOT to hit the optimal reservoir for production/flow test. The SIDE TRACK is being done for this purpose, and may well be a future producer (it's also close to the gas 'main' I believe.
Ironically, if the KA formation was at it's best at this location, they would have to have done ANOTHER well (at cost ++ and delay to appraisal) or a second side track to find the limits of the reservoir. That would have beenthe reason for the fools on bulletin boards to **** the company.
As it stands, as some of the more informed commentators have said, this is a successful appraisal of a MASSIVE gas prospect, onshore, less than 10 miles from one of the largest end-users in Europe.
The Cadeby Reef is just a bonus and still in with a shout. IF, the KA is also full of condensate under gas........then WOW.
Flying UNDER the radar....despite a positive IC comment last month
Most of the board have chucked in 10 grand or more, and Lynda has now put in £70k.
She's got some skin in the game. Nice to see, and good luck to her.
I've just bought in for my Share Club (based in Cheltenham) at 169p.
I don't see covid affecting retail sales as the big issue - its design lead! i.e. It will sell online if its good enough, and SuperDry stuff looks great. People want it.
Dude. Calm down! Its an APPRAISAL welll not an EXPLORATION WELL.
The RNS states 6-10 weeks. This is week 4.
Its a complex well, in complex geolgy with one than one target needing careful analysis. We more or less know there's oil - we're trying to find out what type, how much and how it can be recovered. The gas over the top of it is just as important and that needs TIME to looks at too.
On top of that, this is a multi-million pound engineering operation. Doing it properly means they have a well from which to produce in the future, saving months and millions in future development costs.