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The true test of how good the deal is, is how much have they secured in gas price linked kickers down the line.
I think Total did this in a sale recently.
As Corallian is being sold as a complete entity, there is the added complication about how a buyer would pay these kickers as it would require some paper to distribute to C shareholders who are entitled to any future payment.
Some kind of contingent valuation would probably need to be assigned to that bit of paper for valuation/CGT purposes.
Anyone got any thoughts on this??

Share buy backs work best when the real assets are seen as undervalued. Reducing the cash balance by buying shares reduces the total assets (Cash plus real assets) by £1 for each £1 spent. However the remaining shareholders get a greater proportion of their holdings invested in the real (undervalued) assets, as the recognition of their value changes over time then the remaining shareholders benefit disproportionately.
It should be remembered that this process is not to reward departing shareholders, rather to be in the best interests of remaining shareholders, that is the duty of directors. So don’t expect the price to be chased up in the near term, they will be seeking to repurchase as many shares as possible at the lowest cost, as that is clearly in the best interests of (remaining) shareholders.
Looking at other buy backs HBR and Pharos, their daily reported buy backs seem to be about 20% of the daily total volume… so it could be that the limit is 20% of daily volume. UJO rarely trades above 500k shares a day (although this could increase with a buy back) which would mean a repurchase volume of 100k/day or a little under £30k per day.

Buy backs:
It works like this:
Board give broker an irreversible mandate to buy shares with a max price and a total cash limit. Once started they can’t stop it. Market rules dictate that the broker cannot influence the market and so are limited to a daily weighted volume of 15% last I recall.
Volume bought is published daily.
It’s not Dave at his PC bidding up the price.

As GP correctly points out the process will not create new cash, it will simply create the the ability to distribute existing cash via a divi or buy back. The cash assets will remain the same.

Beat me to it GP.
Indeed it’s simply an accounting mechanism, to allow distributions ahead of technically having distributable reserves, which they don’t yet have.

I posted last week that if anyone needed to find out the date of the hearings, it would be easy to contact the High Court Chancery Division to find out.
Strangely that post was then removed.
Today Dave gives us the dates of the hearings.
Could be coincidence - could be he reads these Boards.
Take your pick…

Didn’t appreciate that thanks Mr Bee

Selfish
Indeed circumstances are different. Previously the Council were blocking the development of an oil discovery that had already flowed at what looked like commercial rates and therefore were blocking the commercial interests of the owners, a situation that required careful (albeit unsuccessful) legal handling by the council as the value at stake was significant as were the legal risks and costs to them. North Kelsey is an exploration well, which may or my not contain oil and so the value at stake is far less, especially since they've spent 8 years doing nothing with it, I expect the Council to be no less driven by their electorate, especially as this is looking for new oil rather than producing already found oil.

A bit of an exaggeration Milnrow if you’re honest.
NK is where Wressle was nearly 10 years ago when Egdon said this in 2013.
“ The Wressle Prospect was originally identified and mapped using vintage 2D seismic data but has now been defined on proprietary 3D seismic data, which was acquired by Egdon in February 2012. The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, …”
NK is a prospect not an oil discovery.
4 years ago Wressle was already 2 years later than the originally proposed on stream date of 2H 2016. I am aware that the 5 year delay was caused by the Council.. the very same council involved here I believe.
Best if we all stick to facts as they are given to us, they’re all out there if you can be @rsed to look. As new information is presented (GC report etc etc) then we can review the outlook.

“How will you cope when Union Jack Oil does succeed ?!”
I’ll sell my shares (again) and probably pocket enough to pay for most of the e-tron GT I have on order. So I’ll be OK I think, although maybe a bit of range anxiety now and again. ;-)
Thanks for your concern, appreciate it.

As the company kindly pointed out, their recent negotiation to buy (and then not buy) more Royalties was unrelated to Cambridge Petroleum Royalties (CPR). This was in response to "market speculation" around a perceived potential related party relationship with CPR via Godson a UJO NED and also CoSec of CPR and via Godson & Co as accountants of CPR.
Interestingly and possibly to avoid further "misunderstandings" Godson last month stepped down from his CoSec role at CPR (of 6 Charlotte St., Bath), to be replaced by Mathew Small (of 6 Charlotte St., Bath) probably very closely related to Mathew George Small (of 6 Charlotte St., Bath) UJO's CoSec, and "Financial Controller"

Such a small world down in the South West I guess?

14th August 2020, share price 60p-

“Next week is a big week for us all and I do not want to hear any of your deramping cr@p.”

“I am confidently invested in a fabulous company and you are making yourself look more of a 'tit' than any bird you may mention.”

So Heid, who was right and who was wrong..who was the tit?

How is predicting that the price will be 35-40p after the GC report “putting the company down”
What you and TAC don’t like is that I undermine your unquestioning rehash of the management line and your “belief” that the company can add £85mm of value by the end of the year to get to £1. What you dont like is the fact I post reasonable and rational analysis, based on facts, previous form and experience, and neither of you are prepared to challenge what I post with rational and reasonable arguments You both simply revert to blind attack mode because you have no defence of the points I make…

“You see, you have been decades in the sector an I am a self taught girl oiler here.”
So why do you believe that people will listen to and believe someone with no knowledge of the sector and who makes predictions based simply on belief - that’s not logical.
Why does the fact you are a (self proclaimed) female have any relevance at all??

“A bigheaded, with a chip on his shoulder, oil & gas Industry worker”
Your continued inability to engage in any sensible debate always leads you to name calling…
Big headed ? Youre simply upset that I know far more about the subject than you ever will.. decades in a sector has taught me how to spot the difference between **** and shinola… also that and has a d at the end. The last bit is sarcasm not bigheadedness.

I’m looking forward to 35-40p after the GC report and the divi/buyback. The Repsol guys will (continue) to take their time appointing a Royalty manager so even DRoger Will baulk at buying a Royalty stream that’s not providing usable cash…

“Resorting to anything you can dig up and make it sound like a big issue,”
Taking the words of the Chairman from the Annual results a few months ago and posting them is “digging things up” -really
We had a fundraise last year that was “principally for the purchase of more Claymore Royalties” only to then be told it wasn’t for buying more royalties as they’d decided to concentrate on investing in the current assets, and then 6 months later they’re saying they’re discussing buying more royalties.

Is it a big thing? I think it demonstrates that the management still want to buy royalties, the same Royalties ehere they were less than clear about the fact they couldn’t access the cash until 12 months later.
If you’re gonna have a dig at me feel free, but you cannot deny the companys own words and actions can you?
Or Is this another case of “don’t look back nothing to see there”

“You keep guessing RNStranslator what David is planning to do..”
Nope, I’m just posting what he put in the full year results.
How exactly is that guessing?

If any of you thought that Roger had given up on the Royalty after the decision to concentrate on the assets rather that pursue the Royalty last November.
This is what he said in May 6 months
later…

“During the period the Company has been in direct discussions with Repsol Sinopac and the other royalty holders with a view to advancing the potential acquisition of further royalty interests and accelerating the payment of the amounts already generated.”

If anyone was wondering why investors are still a bit wary of exactly what they plan to do with the cash..

Where’s the Royalty money..
As Daave told us on the 15th March 2021:
“The amount shown above does not include accounts receivable of approximately US$120,000 which is now, contractually, to be paid to Union Jack in due course.”