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It's as easy as some may believe being a JV partner in all your assets and having to rely on your operator for your updates, timescales and operational progress. Union Jack is tied in with Egdon for a number of assets, Biscathorpe which awaits a planning decision one year after the appeal, not the operator or the partners fault. Wressle has been a fantastic cash cow, is presently being upgraded. UJO have little or no say on what is going on here on site and certainly no say as to how fast this is completed or what can be announced, or when. Obvious DB can't just update the markets, if that were possible, EOG would be dojng the same, they are not, so in same position as Union Jack, so frustrating as it is, everyone is reliant on Egdon. West Newton is a massive gas discovery, Rathlin has obviously been short of cash hence most of the delay in progressing it and recent planning approvals are again, down to the operator. I think people tend to forget that Union Jack is an investor into projects that they hope will generate revenue, they do not have any control over much else and anyone investing in this company should do their research and accept this is their modus operandi. Until the various operators pull their fingers out, this company remains static. When you look at all the other oilers/gas companies, they all appear to hitting all time lows but few have the ability to generate the revenue Union jack does and this is set to increase over the next 12 months all being well. If Beacon achieve their near term goal, the investment there could easily double/treble or more over the next few months. When Wressle comes back online, the price pf oil for the future looks to be in its favour. Hopefully Biscathorpe permission will be positive and soon and Keddington gets under way. All looks reasonably rosy for the future regardless of having to wait patiently for news. All imo of course
Most of the people on here losing their grip gwyn are not even shareholders ๐ Seems to me, there's a lot more work going on than just a downhole pump installation. Why don't the JV update shareholders? I don't know but maybe it's a case as soon as there's something to report we will get a RNS. Hardly going to update the market on a leaky joint or a washer on back order etc.
At least there's room for a top up for me itsawrap, you are overflowing!
Have you managed to work out how much Union jacks holding in Beacon Energy is worth since they purchased their 3%? I know you are good at maths as you very quickly pointed out how they were 35K down when it retraced after the placing ๐
Whether restricted by the gas or not, we will likely see a return to 750+ bopd and a far more guaranteed long term production period with the pump installed. That cash will secure the company's ongoing operational costs, the drilling of an additional well at Wressle, the West Newton drill, the Keddington drill and not result in any placings. Still a strong position to be in for an AIM oiler. Not forgetting Biscathorpe when the planner says yes (hopefully)
You were very quick to berate DB for his Beacon buy when it dropped below the placing price. Whereโs your โwell done DBโ now itโs well above. 3% at .15, hmmmm, how much profit so far? Let you work it out.
Pboo, he's not losing money unless he sells. But he's hardly likely when he knows the SP will recover, as it always does. People shouldn't worry about the ups and downs, they smoke cigarettes with a warning on, but I do think the future here is better than the outlook for smokers ๐
Pboo, perhaps Mr. O'Farrell isn't a day trader and isn't concerned about the SP today? Perhaps he is more aware then you of the future here and isn't bothered what he paid a few months ago? It is far easier to look to the future than it is to predict it. Personally, I think his investment will be more than repaid when UJO progress a few of the excellent asset's in their portfolio. You focus purely on every negative, whilst disappearing on every positive. You sir, are a complete winker!
In all fairness Mrs Wamp, everything you have claimed in the past has been false. On that basis, the operator illegally extending the well site perimeters is pretty far fetched. From previous pictures the fences that surround the site are in exactly the same position now as they were a few years ago.
Canchat, as Rathlin are the operator, can't really see Reabolds financial assistance being anything much more than a loan secured against a % of West Newton as Rathlin don't appear to have any other assets to guarantee it.
Casings purchased is somewhat different to casings ordered Mrswamp. Get it right before you suggest dishonesty ๐ก
That Reabold are confirming they will as good as bale out Rathlin, this along with the fact they have purchased the casing would pretty much firm up their intention to start operations as they state. Biggest onshore gas discovery in over half a century and now looking far more promising.
Yourself and Pboo seem more intent on expressing your discontent with DB than appreciating the fact he has brought Union Jack to profitability, a task that few AIM ceo's ever achieve.
When you look at the likes of UKOG, Reabold, Angus and all the other 'peer' companies, most look like they should jump off the pier.
Personally I think the company has been very badly treated by the market and the daily abuse by the likes of you and a few others beggars belief. Whatever is announced, Pboo pounces before market open looking to make any announcement read negative, you are always there to slate DB, if I were a conspiracy theorist, the situation here would equal the covid conspiracy ๐. Cash rich, debt free, dividends, share buy backs, producer, a range of good assets-in-waiting, the long term outlook remains far more positive than any other UK oil and gas company however you may like to present your negativity.
With the LSE set up is that if you post a good response to a disliked comment and someone reports the disliked one, the good one goes as well. What I said this morning was in response to Mr. plumper, suggesting that the time it takes to get the jet pump in and the oil flowing again is immaterial.
The same amount of oil is there regardless and the cash will come in again as previous. Union Jack is hardly going to suffer hard times in the meantime.
Be nice to see Beacon announce completion of their well clean up and a flow rate commence. It wouldn't take much to double the value of the shares DB took in their placing.
Suggesting more to come with Beacon. DB stated looking at assets outside of the UK. Could there be a bigger tie-in here? Accessible, onshore, safe area, it would all fit nicely. The investment is already in profit today. Along with the royalty and Egdon profits, DB's investments aren't looking that bad to date. ๐
Plumper, did they? Or is this the difference in their holding due to the dilution?
Implied nothing of the sort Heidi, I was replying to Mr Plumper about his comment that DB buying would help. As a trade, you can't really go very wrong at this price imo. Regards director buys, I don't see that helping. News on Biscathorpe on the other hand....
Mr.Plumper, a 100k director buy recently and 10p drop. What makes you think any more would help ๐
It's good to see the company remains in such a strong position. Like the fact the Royalties returned over 100% after all the accusations of them being cr*p, pity now DB didn't buy a load more as intended. Still remains a strong investment case with what remains in store to bring to fruition. Looking forward to seeing just what this jet-pump returns in a few weeks when it comes into being. 1000 bopd announcement would be nice.
The fact they now need a jet pump for the Ashover grit suggests to me the pressure may have dropped which could mean the Ashover gas could be declining. This could surely be a major positive in terms of this particular zone as the pump would be replacing the gas pressure and this could lead to a substantially higher oil flow. As the operator has achieved little in terms of selling the gas or making much of the turbines, I see a potential Brucie BOPD bonus ๐