Member Info for Ribeye

I've put a Limit order on my shares held by H-L at 180p!!

It could ARCm 'squeezing themselves' - they have to buy back at some point. I wonder if they'll be as trady with the postion updates as they were with declaring it?

Nice - a drift up to the $68 mark in Jan/Feb should help the hedging program and genrate a bit more free cash from the spot sales.

This is doing the Zama bids no harm either I imagine.

The Sunday Times has a strong track record of ‘scoops’ in the oil sector that are the harbinger of big news/moves. If these ARCM ****ers think they a big fish, there’s always big fish in the sea.....

I smell a shirt squeeze coming on and Golman Sachs are the top predator here. It’s just possible that GS’s position is actually a genuine long position designed to dry up the free float and royally **** the big shorter.

Given that ARCM are a major lender to PMO, if they get utterly ****ed and the thieving ******s end up in the poor house or top themselves.....there’ll be some poetry with that their justice.

The Porsche short squeeze is the kind of fisting I’m dreaming of.

How the **** anyone can build a 20% short position and keep it secret is a CRIMINAL matter as far as I’m concerned.

Boom! Boom! Boom! Let me hear you say WAY-O!!

Westloife........

I'm starting to think that completing major development projects on time and under budget might not be accidental........perhaps even a sign of 'competence' that ought to be generating more 'confidence' than it does.

Talk about under promise, over deliver?

Sorry - replied to the wrong thread. See below

Tolmount will be roughly half to 2/3 the net impact that Catcher has on production and cash flow. With the Catcher infill extending plateau production and possibly another 5kbpd from Soal Infill, as well as BIG-P should see daily production hit 100kBoepd. I think the graph on p.11 of this presentation is a little conservative....

http://www.premier-oil.com/sites/default/files/presentation/2019-hy-results-presentation.pdf

Biscathorpe

Further detailed technical analysis of the data from the Biscathorpe-2 well reported in July 2019 has upgraded the well results. The results of a revised petrophysical analysis and detailed geochemical analysis of drill cutting samples undertaken by Applied Petroleum Technology (UK) Limited ("APT") confirmed the likely presence of a 35 metre column, of good quality oil, within the Dinantian interval. This, along with the elevated gas readings and oil shows over an extended interval in the well, are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area.

Subsequent to our last update substantial progress has been made, including the reprocessing of 85 square kilometres of the existing 3D seismic data. The results of the interpretation of these data will be reported on in due course and will inform the next steps for the project which could include a side track of the suspended Biscathorpe-2 well that would target reservoirs in the Westphalian and Dinantian. Any future drilling would require additional consents including planning permission.

Wressle

The Wressle oil development has the potential to add 150 bopd to the Company's production. Egdon's extensively revised development proposals for the Wressle oil discovery were refused planning consent in November 2018, with that refusal appealed in February 2019.

The public inquiry in respect of Egdon's appeal against this refusal will be held between 5 and 13 November 2019. Egdon's case will be presented by a QC supported by expert witnesses. The timing of the public inquiry has resulted in the company delaying its preliminary results announcement to 19 November 2019.

As advised in July 2019, North Lincolnshire Council will no longer present evidence at the public inquiry having withdrawn its case in respect of this appeal following agreement of acceptable planning conditions during August 2019. A decision is expected around the turn of the year. Should approval be forthcoming Egdon will need to discharge all conditions prior to commencing operations and would hope to have first production some six months after a decision.

Offshore oil in the ground goes for $5 per barrel......sometimes more sometimes less.

Onshore, extraction costs (especially at West Newton with its proximity to infrastructure for export) are much lower so the selling discoverer can claim a significant premium over offshore finds.

16.6m barrels 2P net to UJO......plus the gas? Jesus.

Cheers Chris

You've earned a few carry on this old boy.

Thanks for the short term weakness as well. Just bought 338,982 more as a cheeky top up.....

£0.5m needed to put Wressle in production (net to UJO) I understand.

At 140p I'll be putting an extension on the back of one of the small African countries I've just bought

Yeah baby!

There's lots of noise about 'only having a 199 tons tank' for oil on Twitter, implying it's signals an expectation of not much oil.

With West Newton in the region of 20-30 miles from an oil refinery, it doesn't really matter how big it is. Smaller is cheaper....just increase the shuttle tanker frequency surely?

Volumetrics will depend on the dimensions of the reservoir on the reprocessed 3D seismic, and not the thickness of the interval with oil shows to the side of the reservoir.

Hi Mixster

My Money is on Humber reversing into UJO in an all share deal and another placing at that point. In 2020 their combined share of a producing Wressle should open up the opportunity finance through bank loans rather than placing after placing. Wressle cash flow of over £5m per year for their combined stakes will also reduce the need for raising cash!

Wressle is the key to the number of bags we get here IMO.......afterall that's why I first bought in here in the first place.

This morning's RNS puts Fraser(this morning's TR1 seller) in a difficult situation. It's a nice problem to have though.

Humber's cash requirements for this year have just massively increased with the need to test and drill West Newton, Sidetrack Biscathorpe and put Wressle into production when November's appeal is successful.

As a private company they can't place shares.

If I were him and his Dad, I'd be trying to sell down UJO shares too.....at a nice profit. Bizarrely that BULLISH for UJO, as it means we have more to develop!

The advantage of merger to Humber, is that next time there's a placing to raise funds for development drilling to bring the discovery to production, they can participate.

At the moment, for Humber to raise their 16.6% of the cash to give the operator, Mr F has to sell UJO shares he owns. He's running out of them. Merge with UJO, and the listing is secured so the cash can be raised from equity investors.