RE: Nothing to suggest any negativity!30 May 2024 20:13
Kawasaki, your comment doesn't really make much sense to be honest. Let's set aside the Energy Profits Levy which is affecting every oil and gas business operating onshore and offshore UK. Let's set aside the planning delays, the planning appeals and the planning objections. Let's set aside the fact (and yes, an old chestnut but still true) the reliance on the company's operators. Now. Let's focus on a solid rate of news flow in 2024, almost averaging with one RNS every 10 days. So maybe we can eliminate your 'weeks of silence'. There has hardly been a week of silence let alone weeks.
With regards flow rates at the Andrews-1 well, it has been stated quite clearly and precisely that flow rates would be announced when the full production facilities have been installed and the production optimised. That will take as long as it takes. No timescale was provided so this information is not late.
Regards the UK assets, the timescales there are dictated again by the operators and I would suggest this move into the US is to combat these very tiresome timescales that DB likely has no control over. Heyco taking over Egdon has likely done Union Jack no favours. If there ever was any pressure to bear this will likely to have been considerably watered down now. Statements made by Egdon previously seem to have gone by the way now.
My feeling is that DB has had his fill of the situation with the company's UK assets and what looks like a torrid future emerging with the lack of government support for fossil fuels. He has taken the bull by the horns and started an invasion of the United States.
Things may not be happening fast enough for some shareholders but with one well drilled and earning revenue, a number of mineral royalties also contributing and a second well planned, all within less than 6 months, in fairness the situation could be an awful lot different had we been still sat waiting for West Newton, Keddington. The Peni5stone Flags, North Kelsey and Biscathorpe. There would have been no news flow as shown by the fact there has actually not been any to date.
So I personally am very happy to sit tight in the knowledge we will continue to see a lot of news this year from the US assets, revenues potentially equalling that of Wressle by year end any UK news will be a bonus.