Member Info for Ribeye

Also Humber need cash to foot their share of the Well test and development - Frazer now has the cash......

Expanding further on what I wrote earlier this morning about unlikely 'curve ball' reasons for a placing, I remembered about the North Kelsey (Lincolnshire prospect) which is drill ready, and UJO hold a 20% interest in a 6.7 million barrel prospective resource. The other 80% is held by Egdon (EDR).

The Egdon annual report in April siad: "Dependent upon securing a further farm-out, we hope to drill the North Kelsey Prospect (PEDL241 – Egdon 80%) in the next 12 months"

Imagine a significant discovery there, and what that would do to UJO's resource base and diversification of assets! It's the other side of the Humber and even closer to the refinery than West Newton!

Does Dave want to take 33%? Would Humber or Raithlin fancy farming in?

A placing to drill that would IMO be a) Necessary and b) A PLAN and would be like a second turbo on the engine if it comes in. However, you'd want the additional partner to come in first AND let the West Newton and Biscathorpe (and possibly Wressle) news come in first.

Third quarter is next week mate.....just sayin' ; )

Oh FFS!! What f-ing placement???

The company has enough cash to test this well, work up another Biscathorpe well to hit the cheddar and move Wressle to production.....AND shoot 3D seismic on the other major 'mirror-image' prospect near West Newton.

Why on earth would DB raise more funds without a detailed plan on how to spend it, and how that plan leads directly to a major revenue stream through production. That plan cannot possibly exist yet.

The value for current shareholders lies in the analysis of the WN well, the analysis of the Biscathorpe well and plan to drill down dip and the Wressle planning appeal......all of which is fully funded. UJO doesn't have an expensive geology or planning department to feed with other projects, its a 2 man band with low overheads. A diluting placement at this stage would be daft.

It's also too early IMO for the announcement of a merger with Humber with updated listing that raises some cash for the sake of it.

The wild card for a placing would be something totally outside the existing portfolio, like buying into another drill-ready PEDL licence with prospects. Whilst this is possible its unlikely given that Biscathorpe, West Newton and Wressle planning appeals have likely been more than enough to occupy Dave and Graham for the whole of 2019. There's an outside chance IMO of a small placing to infill drill Keddington or Fiskerton, but that would be expected to reasonably improve production immediately.

The previous broker must have been Jesus if that RNS has caused that drop.

Appraisal wells are often 'suspended as future producer well' indeed.

What's all this bollocks about placings? DB has clearly stated that cash is sufficient for all PLANNED activity. An EWT will also produce liquids that can be sold, so will be partially self funding as has been said.

Any future cash to be raised will require 'A PLAN'.....and that 'PLAN' will a) considered when results of this well and Biscathorpe have been analysed and b) AFTER the details are revealed in an RNS.

Hayter - now Amercian owned but still built in Britain.

I love my Hayter osprey.

My 431979 buy has just gone through as a BUY

My 265516 buy should be along in a minute......

I'm happy to see any cement and casing onsite as in my mind it increases the chances of this well being completed as a future producer.

Results are important obviously, but this well needs to be the first producer well for the development. Even if suspended, it's an ASSET not a sunk cost if completed properly.

Brent $69 spot

The smell of freak ash floe is still pretty strong guys.

EBITDA:Debt ratio of less than 2 coming up.

Another week ticks by without some made up cock and bull story in the Sunday Times as a patsy for a massive shorting raid on Monday morning.

Marvellous

Mange tout mate. Mange tout.

I posted this on ADVFN (as Lageraemia over there):

At this stage, worrying about whether trades are buys or sells and bitching about Chris Oil is a waste of energy guys.

It's shit or bust in the short term. Wressle alone supports the current share price when that's in production, but a duster at West Newton-2 will see this hammered in the short term.

A big gas find confirmed should see 0.25p in the short term. Add in some deeper oil and BOOM.

You literally pays your money and takes your chance.

I'm uber confident about the current well and the return to side track at Biscapthorpe.

I've never met Chris oil personally, but have interacted with him on the BBs for about 10 years. Sometimes he's nice, some times he can be petulant and ingracious (as can I)......but his intentions in the medium to long term are much more important than whether he de-risks and sells down a little before the RNS.

If he carries 5% or more into the RNS, then the free float will be significantly lower and the spike will be of greater amplitude - that's an opportunity for YOU to trade if you want to.

A big spike would leave the bloke with a HELL of a CGT bill if he sells out in one go, so I suspect he'll be a significant holder going forward........and why not? UJO will be the gift that keeps on giving with a successful gas and oil export from West Newton, Wressle and discovery at Biscathorpe. The icing on the cake would be a successful Weald development as they have a shareholding in UKOG.

However, Dave B and board need to really RAMP up the pR campaign for the UK onshore industry. It needs to be sold HARD as:

1) It is the LEAST BAD hydrocarbon option for the UK as the carbon footprint (being onshore and so close to refineries and processing facilities) is the lowest available. If you don't believe me, the Google the 'chandigarh coal fields' in India and see what effect that has compared with the WHOLE of the UK.

2) It also have MUCH lower geopolitical risk than importing HCs from Russia/Middle East.

3) It lowers the UK balance of payments deficit and PAYS A LOT OF TAX. If we proceed with the economic equivalent of an episode of Jackass that is Brexit, we'll need this and the Sirius Potash mine at Whitby to be going all guns blazing.

I looked at the CNE RNS and I think they might be covering up for wetting their pants about Kraken too early:

"Group production for 2019 remains within guidance of 19,000-22,000 bopd for the first four months and an update on production performance will be provided later in the year."

They have have 30% of Catcher which has chugged and is chugging along at over 66,000 boepd equivalent so far in 2019 with no down time.. That equates to 19,800 beopd net to Cairn.

They have 25% of kraken, so that means Kraken has produced 10,000 boepd on average if they are to be 'within guidance'.......but we've seen the draft on those tankers drop.

CNE's maths are shite?

Good spot about the Flotta Gold pipeline Pleb.

Here's more about it, and a reference to a Norwegian Shut down last week too:

https://uk.reuters.com/article/north-sea-oil-flotta/update-1-north-sea-flotta-crude-grade-oilfields-shut-down-for-pipeline-repairs-idUKL5N22S6QP

Are we expecting the PMO Trading Update tomorrow morning?

Houthi and the blowfish

Cheers Hawkey - for the purposes of clarity I'm the same poster. I lost the log in details for my original LSE Lageraemia account so I'm Ribeye on here.

Have a look at the Talos earnings call transcript. I think that the Zama partners are providing a whole lot of data to Pemex and I wouldn't be surprised if they are leading Pemex by the hand when it comes to designing, and placing their well.

It would not be surprising to me if Team Zama also found Pemex the risk.