Member Info for Ribeye

Hi Dezza! I was pseudopolylagaeraemia on iii back in the day with the Bluehorse crew!!

MarlonMoney
ShanusMcManus
Big Ted Roach
CarlosFandagoSuperwidewheels
AirViceMarshall

Those were fun times indeed. I learned so much about petroleum geology from the information in the RNS and the collective wisdom of the crowd. Marlon's work in particular was off the charts good.

Pizza boy Winnifrith is a petulant little git who guesses right slightly less often than a stopped clock tells the correct time.

I'm not sure what the concern is about 'the report' unless you have something to hide?

Privacy and data protection laws apply to civil/private investigation so they are unlikley to be 'forensic' in their diiging.

The board have duty to be seen to exclude an internal breech, and to identify any grossly obvious fraud. They have no ability to compell the FCA to take any action at all.

Simply being seen to talk about investigations seems to have acted as a deterent to some of the shennanigans we've seen. As much as I'd love to see a spiv or two's collar felt, I'm not that bothered about names.

Ah. I've been aken the 'net' reveneue RNS statements as 'net to UJO' (i.e. 40% share) and not NET of costs.

If you're right, then that's even better!

its a wrap - you're not supposed to use sales NET of opex when calculating GROSS income (which is what we're talking).

The POO has averaged well over $100 for months now, and there may be a premium to Brent for Wressle crude as the Spot market is VERY tight right now and its fine quality stuff with a regualr supply.

Wressle also doing a bit more than 800 bpd IMO - i wouldn't be surprised to see up to 850bpd at the moment.

Actually, its one million dollars from Wressle every 28 days (on average for the past few months), so that's closer to $1.1m per MONTH. Add in 20 barrels per day from Keddington and Fiskerton which is about £60k per month and you hit $1.16m income. Add a few buttons from the Royalty and you're just hit near as damn it £1m per month.

The Exchange rate has dropped from $1.35 to $1.20 having been as low at $1.18 recently.......that's means the £1m INCOME per month is pretty close.

Hi Pboo

Shore Capital specialise in working with OIL companies, not WATER companies. That's why they are the broker for UJO and not UKOG.

Exactly TAC.

I'd go so far as to say 'no NEED for placings EVER', as by the time any significant capital expenditure is required (thanks to EDR and Reabold not being the hottest ticket in town) a fully audited set of annual accounts in PROFIT will have been signed off, andRESERVES BASED LENDING will be an optional alternative to the annual rodgering by the bent AIM spivs and their contact at SP ANGEL. A rights issue would also be a better option in the future to fund a compelling development case too.

Strip cash out, and this morning the market value for Wressle, Keddington, Fiskerton, West Newton, Biscathorpe, £200k of EDR shares and the Royalty are worth £16m.

The message to anyone 'shorting' is: '**** about, and find out!'

"And you are unhealthily obsessed with UJO and DB."

But your (quite frankly wierd) obsession with Heid is 'healthy' right??

Lol at waterboy.

The last RNS came out on Monday 23rd May. Since then the Brent price has averaged at least $5 higher on a daily average I reckon looking at the chart. So depending on how much more than 800 bpd the well has been producing on average, I reckon the earliest possible date is TOMORROW, but I think Friday 17th June is the most likely.

On another note, the strengthening USD against the pound makes each $1m worth more points to us!

I'd be seriously disappointed if Dave really did read this relentless spigot of utter *******s....... why bother reading nonsense from UKOG fanbois like Mirasol who only come to the UJO baord to talk negative *******s.

Check out the relentless ramping positivity from Mirasol on the UKOG board, its hillarious. I mean, UKOG??? Its a water company from Surrey isn't it?

I think it's arrived........if deglobalisation and 'reshoring' start in earnest then SPX in going to have even more tailwinds.

Hi TAC

The moderated ADVFN board is excellent too, especially if you filter 'Atino' who makes Roy look balanced.

....you're new round here aren't you?

Unfortunately it takes on average over 10 years from the award of a licence though to production.

In between that you have to do Seismic, a CPR, exploration drilling, analysis of exploration well results, appraisal drilling of any discovery, analysis of appraisal, field development planning (FDP), riding of (expensive) production equipment, development drilling, sorting out export of hydrocarbons to market with associated infrastructure....TEHN bank the cash and make 'disgusting profits' while people are starving and polar bears are dying etc etc

ALL of the above steps are subject to planning permission refusals for arbitrary reasons (see West Newton) and inspection/scrutiny of engineering and operations.

Millions and millions of pounds, on the off chance you might discover oil/gas and someone might then let you produce it, then someone might let you sell what you produce, then if you're lucky someone might let you keep some of the money so you can start at the beginning again with another exploration licence.

Simples. Licence to print money innit.

Compare cash balance on 22/4/22 (£7.05m) with the balance in the results RNS 9/5/22 (£7.55m) and you get how much?

How much in just SIXTEEN DAYS?

RNST always tries to point out that the cash balance is only up by 'only' £500k for every $1m dollars earned, thereby conveniently glossing over the ongoing requirement for capital investment out of that cash flow (to enhance future production/cash flow i.e. what is colloquially called 'a business').

He'll probably now be trying whining that the past few weeks haven't has capital expenditure therefore it doesn't count.

Notice in that interview this morning, DB said the company would have DOUBLE DIGIT income this year in MILLLIONS of POUNDS?? That was no slip of the tongue, and it was the bit that caught my ears the most.

Anyone else wonder why RNST spends so much time here putting the most negative possible spin and conflating fact and fiction to suit whatever bull**** narrative he's spinning today, when he holds no investment interest allegedly? Single issue obsessive stalker?

Don't be fooled by the rock that he's got, he's still Jenny from the block.

Take out the 1 MILLION BARRELS per day that the USA is still foolishly releasing from its STRATEGIC petroleum reserve (SPR) and things look MUCH tighter. The US production is plateauing and the rig count barely rising in the shale fields as their drillers are NOT pursuing reckless drilling and CEOs are making a virtue of 'capital discipline'. The SPR oil isn't great for US refineries and diesel production as well I understand, so the 'pump price' that transfixes poiliticans will be harder to massage down.

Anyone who thinks that OPEC has any significant spare capacity right now, or that Venezuala is able to increase capacity with its crumbling and decaying infrastructure is mad. The UK Continental Shelf (in onshore) will struggle to flatten its own production decay curve without shale.

Only Guyana offers a new province coming on stream in the near future.

Combusion for transportation is an ever small demand driver for oil as a proportion, with fertiliser going to be a huge worry in the next few years and the petrochemicals that are needed for anyhting remotely to do with 'stuff' we all depend on probably a concern too.

In the meantime, in under a month the value of the next million dollars has increased by £50,000+. With UJO's costs in pounds largely, then that's a non-insignificant bonus sum that covers the operating costs of the company (not including capital or project investment expenditure). UJO is a great personal hedge on the weakness of the GBP and rising energy bills. Ironically, if we loose on UJO is suddenly everthying is awesome and didn't turn out to be a fiat Ponzi scheme resulting in falling energy, inflation and a rising pound, we'll all save/make more on a lower cost of living and economic growth than we lose on UJO.

The trump card in a situation where everyone is liquidating assets for cash, is a company sitting on piles of cash and making fistfulls more every week and a plan to distribute the cash to shareholders. UJO is possibly the least risk thing I own right now.

Nice

RNST talking the usual ****** I see......extrapolating one off capital/operating costs for Wressle/WN et al (assets in development) as recurring monthly cash flow reductions.

Personally, I'd like to see a dividend equating to 5% yield at SP of 30p (about £2m) annually AND an initial buy back of £1m. The important thing would be the information imparted with it. A caveat about the dividend being proportional to profitability and free cash, and the forward 'buy back option' setting a floor at a certain price e.g 30p is a level at which the company may choose to but back shares in addition to the dividend.

That should put the floor under the SP at about 50p IMO.

Meanwhile, the US Dollar has strengthened against the pound by 5%+ in the past week........

UJO gets income in dollars, and has most of its costs in pounds. Nice little bonus equivalent to $5 per barrel, or over a grand per day.

Not only that, 28 days production at an average of $105 per barrel (finger in the air) equates to Wressle doing 850 bpd.

This is compared with the previous statment that the well could 1200+ bpd in the future......which would be 50% more oil and the gas producing some revenue as well.

Add in the strengthening dollar to the pound and the very real possiblility of higher sustained oil prices against a worldwide chronic depletion vs capital investment issue, and the chickens have come home and have got their pyjamas on.......

"Site upgrades ongoing"

We (and that includes YOU) don't know the details of this, probably more will be revealed tomorrow by EDR. This capital expenditure is likely to be non-neglible, but will likely lead to a significant revenue enhancement via increased oil production and gas monetisation.

Capital expenditure, funded out of cash flow and not subject to taxation. The new flare stack and the the gas to frid/power infrastructure will several hundered grand capital cost to UJO depending on the solution chosen.

Either way, cash actually increased by 450,000 POUNDS in 28 days. That's the equivalent of £670,000 in 6 weeks net of all expenses and expenditure, BEFORE the oil is producing at max capacity and before the gas in monetised.