Member Info for Rubey

Hi Mike. I noticed in this interview that David Bramhill had to stop himself saying something, when asked about knowing all about the licence he inferred they never would know about Ellerby & Spring Hill, suggesting Union Jack would be out, but he went straight on to say Reabold had bought more of the licence. He seemed a little flustered at that point. I wonder if Reabold's strategy will not be to sell when Union Jack do?

Just listened to today's David Bramhill interview.
https://www.proactiveinvestors.co.uk/companies/news/925761/union-jack-oil-expects-to-be-drilling-at-west-newton-within-weeks-925761.html
West Newton will be quickly sold after EWT results are in, if I understand him correctly. So should be a good Christmas.

I find it interesting that WNB-2 was only mentioned as being fully funded, and drilling it wasn't mentioned. After drilling WNB-1 it is to be tested along with WNA-2. It was spoken about a couple of years ago that Spring Hill would be drilled after West Newton, but I've not heard that for a while. I had also thought that 3D seismic would be carried out over Ellerby and Spring Hill, but I've not heard about that for a while either.
Could it be that on conclusion of WNB-1 and the two EWT's the West Newton part of the licence could be sold, and the remainder (the Ellerby and Spring Hill structures) retained for further exploration? Can a licence area be divided to have separate operators? Would the entire licence area be sold with only part of it being proved up? Any serious thoughts from investors please, not the 'keep it in the ground brigade' thank you.

Snaffle, that 24% figure only applied to the Cadeby of course, and will no doubt have increased with the findings from WNA-2. The Kirkham Abbey looks nailed on.

A lot of doubters posting today!

Archie, bear in mind that 24% will no longer apply - the WNA-2 well having confirmed the presence of oil in the Cadeby.

This refers to the WNA-2 well GP. I don't know if it affected the volumes, but it certainly must have raised the Cadeby COS:

The well also encountered hydrocarbon shows within the secondary target Cadeby formation with an oil saturated core.

An RNS in the morning by the looks of it O2B. Rig contract for WNB drill? WNA-2 EWT resume date? We'll know in the morning apparently.
Regarding reducing the offer? Either that or withdrawal I reckon. I think their timing was very well calculated.

dkok, so you don't think market makers offer II's different prices to PI's?

If another II wanted to pick up shares, not only would they have to form 8.3 it (assuming they held over 1%), and I can't remember seeing one to balance Hambro's sell, but they would also have to ask themselves why pay more to another II than we need to pay on the open market?

I'll stick with my mates rates theory until I get a better alternative to be honest.

Miker, the WNA-2 EWT was shut down in a hurry. I'd heard a rumour that condensate had reached the gas incinerator, which is not supposed to happen of course, hence the reconfiguration and delay. I assume this suggests that both gas and condensate freely flow, which makes me wonder how much testing Rathlin think they need to do before the licence is ready to sell. They don't want to spend millions unnecessarily, so no doubt they've already worked out the optimum balance between proving up the licence and a sell price.

Personally I don't think they would be drilling WNB if they didn't already know WNA flows. If they didn't already know, they'd conclude the WNA-2 EWT first before spending millions on drilling WNB, in my opinion.

Mates rates.

Thanks Manwell02.

'Further flow testing results are expected during August including the analysis of downhole pressure measurement as well as the results of any future clean up stimulation or testing programmes.'

I expect RBD to buy EOG's percentage isdeer. I know EOG were looking to sell some if not all of their share of Wressle at one point, and with Stephen Williams on the EOG board, it seems he was put there for a reason. Egdon may want to sell some too, like UJO they could do with the cash.

She'd say you're an embarrassment. Hardly the behaviour of a normal, pleasant person, is it.

Hambro got 0.6425p per share in their most recent Form 8.3. What's that then, mates rates?

You must have a pretty sad life Ian. Resorting to trolling a bulletin board read by a handful of small investors who are trying to earn a few extra quid to make life a little easier for them and their families. Whatever would your mother say?

Sorry, this is a little off topic.

GP, from about 18 minutes Graham Bull discusses where the Biscathorpe drill was misinterpreted.

https://www.youtube.com/watch?v=BULgATt3CJI

To clarify, if they thought they'd got a commercial find, they wouldn't have sealed the well, in my opinion.

GP, as Graham Bull went through the results independently of Egdon after the drill had been sealed, it seems clear to me that the first interpretation of the results was floored. Whoever made the decision, it was decided to seal the well. They obviously wouldn't do that if they thought they'd encountered something commercial, which they clearly now do. As such, I believe the blame, if there is any, goes back to the operator, as being in control of the results.
As far as getting Humber's drill costs up front, it seems Egdon were pretty lax. It looks like it came back to bite them.
It would clearly not be in Union Jack's interest to dispute payment - they want Biscathorpe progressed. I find it interesting that Union Jack bought a load of Egdon shares not too long ago, shoring up the relationship between the two companies.
The well wasn't suspended by the way. It was sealed, so there was no intention to use it in the future, hence the necessity for the side track.
As I say - just my opinion of joining the dots.

70%? That would give 16.665% a value of £30m. Therefore 56% would have a value of £100m. What's our current market cap?