Member Info for Ribeye

An update on flow rates would be nice.

The $4m UJJO RNS should occur at exactly the same time as the EDR $3m RNS (and Europa's), so EDR as operators would be the ones expected to spill the operational beans I assume.

It's getting close.........I can feel it on my bones.

I think Heid's bet of 25th March will be cl;oser than my initial guess of 1st April.

I don't think that the shutdown to install the big flare stack will delay things much.

I agree. A 10% annual growth rate is a good headline figure though I suppose. The SP would have to grow by 10% to maintain the yield, but the NAV growth is greater than that.

As a medium to long term investment, the retained profit can be reinvested at ROI greater than 10% and reduce the need for borrowing/equity raise to fund the desired expansion.

You can short indirectly through IG Index.......if you're stupid enough.

Councillors must also remember that when considering other people's applications to do something fundamentally lawful, that the default permission is to approve, and that a 'vague sense of unease' does not allow them to override the rights of others. Any denial of permission needs to be clear and consistent with law, and not contradictory of based on meaningless nonsense like 'declaring a climate emergency'., which is of course hysterical and fundamentally subjective.

Council tax payers of Lincolnshire: There's a special offer on personal lumbricants at TESCO at the moment.

You may need it.

I have to prescribe heating assistance what sort of statement is that ? Are you a doctor ?

Yes I am a doctor. Your powers of deduction are impressive.

Indeed.

I have to prescribe central heating assistance sometimes, and people are definitely more resitant to healthier eating choices when money is tight. Pharmaceuticals also go up in price with oil, and its harder to get pharmacies to deliver medication to vulnerable people.

But if you're called Jacinta and Cressida, and you have time to sit in the middle of a London street in your hand painted wellies signing cumbyah with a bunch of hipster twats and worship a creepy Swedish adolescent.......you need to massage your own ego so crack on.

Of course, he shouldn't get to choose what he does with HIS land should he?

It should be left to the vague whims of a hanful of hysterical ****wits writing letters to the council whilst the elderly freeze in their own homes and people can't afford to drive to work. Lol......

The landowner at West Newton has also written enthiusiastically and eloquently in support has he not?

All these people bleating about the UK 'exporting' gas to Holland/Belgium asking why we need more gas are either being deliberately obtuse or fecking thick.

Gas doesn't just come out of the sea bed straight to your bloody hob. It needs 'PROCESSING'. Have a look at where the Southern UK North Sea sector is on the map.......any chance that the close shoreline with a pipeline to it might be Belgium??

Also, the UK (that's to political incompetence) has virtually f-all gas STORAGE capacity having turned down the INFRASTRATA plans (Portland etc) a long time ago. Therefore, at times of low UK usage some of our gas is probably exported to where it can be stored.

The UK needs more indigenous gas production AND storage. The 'fracking revolution' would need large storage facilities if we are going to become a reliable gas exporter anyway.

We also need to looks at turning excess wind into hydrogen and adding it to the gas grid as minority component.

I can't believe the bull**** to be honest.....a $20 drop on the basis that Venezuela might be allowed to sell some oil, and Cushing is running on fumes with that inventory report quoted by Heid.

Does anyone actually know how difficult it will be for Venezuela to ramp up production? Will it be the right type of oil, as they do heavy oil in abundance.

Insanity. Fill your boots with Brett at $110.

The best thing is we haven't yet seen a raft of new names on here or ADVFN giving it large yet! We're still under the radar, and the SP is rising because those in know are trying to buy more than those in know are selling.

As for the valuation.......well its not about the price of oil day to day for me. Every day we spend with oil above $100 is growing that cash pile with knobs on.

A few months back I was amazed PPO had stayed above $80 for a whole month. Its now over $120 - that's an extra $10,000 per day to UJO. That's £50,000 per week more than was being raked in at $80.

The cash position is massively discounted at the current SP level.

I'll continue to add to my SB position on pullbacks - run out of cash for shares having topped up on Friday at 22p.

OMG! Autocorrect changed 'GRUNDY' to 'GRINDR'!!! I don't think Grindr generate electricity from the anaerobic digestion of food waste. ROTFL!

That's NOT machine learning I can assure you.

Thank God TAC is here and we can finally talk about something other than Heid......

I'd be interested in TAC's opinion of the merits of Gas-to-wire. This is my (personally) favoured plan on balance, as opposed to gas export. I used to be a shareholder of Alkane plc which sealed off old coal mines and ran the collected methane through containerised gas engines. They had multiple sites in Nottinghamshire and Yorkshire mostly. They were sold off to a big services company like Grindr I think when they went into Anaerobic Digestors too.

The advantages are (other than the gas doesn't need processing for gas engines):

1. The engines are modular - you can add and subtract the number working depending on the gas resource, and shift engines between your sites. The 2 undeveloped intervals at Wressle may add or sustain production of gas in the future. We don't know, and gas engines give optionality.
2. There is more jiggery pokery you can do with peak loading and tolling, which enhances the income compared with baseload generation.
3. The gas engines are thermally quite efficient, approaching 50%. This means that the costs of a gas to gas-main connection would have to be either very cheap or give a massive financial advantage to warrant the greater cost.
4. The gas production at Wressle in the September RNS was enough for 1.5MW-3MW I calculated. We don't know what the gas production will be if they open the choke up for 1200 bopd though.
5. There's massive great pylon about 50m north of the site and S****horpe steel works a few miles to the West, suggesting that the electricity transfer system is easily accessible for export. I can't see any gas mains on Google Earth.
6. From a national point of view, if the gas is going to be used for electricity generation anyway, why not cut out the middle man? 3MW of base load not insignificant.
7. The earlier the gas is monetised, the more 'history' there is to support future onshore development work. UJO and partners can point to their significant contribution to UK energy security with more to back it up. Scoreboard Pressure guys! Numbers talk.
8. Flared gas is a wasted opportunity in the short term and source of CO2 that is an open goal for swampies.
9. West Newton, with 5 engines in parallel (5 standard ISO containers) could knock out 10-15MW day in day out. Is that the quickest route to monetise some of the resource to fund ongoing development internally.

Good point. The Piper Claymore royalty is presumably leveraged to a the oil price like everything else.

I'd like to see the company give more details on the arrangements for the existing royalty units. There may have been less opposition to the proposed purchase had there been more numbers written down somewhere.

People are overlooking the effect that producing oil has, even if Brent remain high, on energy costs.

If your country produces oil and gas, it ill have a stronger relative currency value versus the dollar. A smaller budget defcit and higher tax revenues means the country has a stronger economy.

More dollar to the pound, means more barrles of oil to the pound.

I find it uncomfortable being on the same side on an argument as both Nigel Farage and John Redwood, both of whom are odious characters and thick as mince on an intellectual level.

Even stopped clock is right twice a day though.....

Well as UK taxpayer (not an EOG holder) I wish them all the luck in the world. Every million barrels extra that can be tied into the existing NS infrastructure the better.

I haven't checked the map, but if that NS block NS are drilling is tied into the nearby Piper/Claymore system, doesn't that improve UJO's 2.5% Piper Royalty income slightly? Lol.

It's because the more oil the well produces, the more gas that comes with it. That means you have to handle more gas, either by buying it off in flares (a bit of a waste) or generating electricity onsite from it, and selling that.

The site currently can't handle the gas associated with oil production much more 700bpd. Considering the site was designed and configured to deal with 500bpd initially (with ability to upgrade later) that's not unexpected and its understandable why its not going at 1250bpd already.

Monetising that gas will turbocharge revenues.