Member Info for Ribeye

""Like ONE MILLION DOLLARS every 28 days....or 1p on the share price every 5-6 weeks in cash."
Not correct, the cash on the balance sheet for every $1mm is £450k that's about 0.4p per share."

Rubbish. This doesn't include the production from the 2 other assets either, which go a long way to cover G&A. Capital investment and development expenditure are not the same as G&E either.

What a bunch of diingenuous crap RNST. You know full well the purpose of a stock market to raise capital for companies to grow and expand, and it is not simply to provide an opportunity for people to fraudulently manipulate the share price for personal gain, or to profit from insider knowledge.

The share price is not the only metric of shareholder returns anyway, especially with al the cash being generated and the near term intention to distribute that to shareholders.

"All good things come to those who wait and wait and wait and wait zzzzzzzzzzzzzzzzzzz..........................................."

Like ONE MILLION DOLLARS every 28 days....or 1p on the share price every 5-6 weeks in cash.

This is my kind of boring.

I remember the debate about premium/discount for waxy oil with the Sealion (RKH) discovery.

Back in 2012 I seem to recall medium waxy Sealion crude was being touted at a non-neglible PREMIUM to Brent.

If you think about it, waxy molecules crack nicely into polymer feedstocks.

There were 32 days between the dates given in the $3m and $4m RNSs. That's an average of $31,250 per day.

So 26 days after the last RNS, assuming the same rate of production and or similar sales prices, another $812k or thereabouts should be in the bank. That's about £620k........in under 4 weeks.

That's my kind of 'quiet'.

Me too.

This board is essentially unreadable given that anything remotely company related to debate stimulating is 3 pages down within 10 minutes thanks to all the puerile nonsense.

There is a great thread on ADVFN if anyone wants to discuss things.....it's moderated properly by Bionicdog so it doesn't resemble this place.

If you look, the US Dollar has been strengthening against the pound for the past year, have dropped from $1.42 to $1.30 per pound. That means an extra £60k per million dollars compared with May 2021 (when the POO was about $70), which pretty much covers the G&A expenses of the company by itself just on currency movements alone!

That means more pounds for each of those monthly MILLION DOLLAR RNSs, which should offset some of the increased diesel costs of trucking the oil all of 45 miles from Wressle to Immingham!

So every 4-6 weeks another 1p per share in cash accumulates in the UJO bank account......so hypothetically if the company did nothing for the rest of 2022 because of NIMBYs etc, it would have an extra 8-10p per share in cash in the bank........but the share price would fall I suspect for lack of news. Bonkers. I could be a £30m company with £15m cash in the bank, but the share price will remain disconnected with reality until we have some institutional shareholders attracted by the dividend and a market cap of £50m.

That's why I favour dividend over share buy back I think, and why a merger with EOG and/or EDR is well worth thinking about (and maybe upping West Newton share to 20%).

A good time to remember that Dave bought UJO £100,000 worth of EDR shares at 2p a while back too.....now a one bagger!

Then why is Gas a fraction of the cost in the US?

Their shale gas is 'stranded' and can only be exported as LNG, but that's not the whole story.

The UK has insufficient gas storage compared with Europe, and we can export via pipeline as well as import. If the UK produces more of its own, the treasury gets TAX which helps lower the cost of living by affording tax cuts or lower rises.

The UK could conceivably act as a 'transit' for Norwegian gas to Europe if we use less of it.

Its not just about lowering prices numbnuts, its about 'supply and demand' aka the market. EVERY little helps.

Never going to flow....like your bath/shower eh you crusty old soap dodger.

Aren't 'lunch breaks' for people with 'jobs'?

"Yeah, must dash compadre, I've got a meeting with the number 2 in the hedgerow at 12:30. Ciao bella."

I keep forgetting how much UJO bought in EDR shares at their placing in 2020. Was it £100,000 or £200,00?

I know they were bought at 2p.........so its a 50% ROI so far either way.

Agreed TAC

UJO is valuable portfolio insurance IMO - in a world where anything vaguely tech-related is valued on price to sales ratios multiples of the UJO price to EARNINGS ratio, it would be rude not to.

I'm also looking forward to Biscathorpe. I assume the drill scheme is long decided and Graham B's been all over it with a fine toothed comb. Its a shame they missed the oil bearing Westphalian sandstone interval found by BP in the 1980s. Its a 'banker' down dip I suspect, but the Donation limestone interval is the new play that has the big potential. If that comes in, then it possibly opens up a whole new type of play onshore, and the EDR/UJO JV will be in prime position to exploit it in under explored PEDLs.

What would be the daily income from a 2000 barrel per day development at $110?

'Valuations' by banks are pseudoscience nonsense at the best of times. Is a finger up the arse guess, contingent on the CoS mostly.

You're talking your usual negative for the sake of it *******s, but then you know that.

What was the average price of Brent between 11 Jan and 21 Feb again?

Those are the monthly incomes from a 2000 barrel per day WN development, not the asset value. Lol.

Yeah, nice try.

West Newton isn't just sitting there waitng for a drill rig to turn up an start burning cash you know. We are MONTHS away from operation costs being occurred. Some development costs for WN may be needed for the FDP, but that's buttins compared to when the drillbit is turning.

Wressle* is kicking out $1m a month for UJO right now, there's a lot of cash already in the ban. The debt owed to Calmar isn't that much biiger than the debt owed by Egdon. Every week that goes by, UJO's cash balance goes up by £225,000/$300,000 with Brent at/around $110.

The Keddington Side track is first in line probably, and that won't cost much, and will increase income significantly if successful.

The bottom line is that UJO only has ONE SIXTH of the interest in West Newton, which means that for UJO to need a placement then West Newton development ops will need to cost $6m PER MONTH starting NOW!

*And Fisk and Kedd

Its unusual for the SP to be holding up so well on low volume despite the relative lack of news flow so far......

Don't get me wrong, I love news.....but this is nice too.

The calm before the storm blowing us in the right direction.

More chunky Director buys......

The rest of the baord may follow suit over the next few days again.

Its a consideration of the other assets mate...its the differences not the similarities.

I know UJO have West Newton, Biscathorpe and North Kelsey and Keddington and a big pile of cash.......