Union Jack Oil Share Discussion Threads

[markfrankie] 21/1/2023 15:06

I too may be out of date :-) but i was under the impression the next phase at wn was 1x horizontal from existing hole... but I may be getting memory mix with a bit of Biscathorpe thrown in too boot.

[greypanther2] 21/1/2023 10:21

Hi markfrankie. On reflection I think the spare well cellar at WN is on the B site. This is shown on a possibly out of date / oversimplified diagram on Reabold's website as the B-2 well. So maybe the new horizontal well is currently planned from there.

[greypanther2] 19/1/2023 18:41

I markfrankie. The reason that some people have mentioned £12 million for the cost of the horizontal well is because a $Cdn 19 million cost was in one of RBD's documents, possibly the latest CPR, but I haven't checked recently. At the current £1 is about $Cdn 1.667 exchange rate it's about £11.4 million as the pound has strengthened against Canadian dollars recently. I seem to recall that there is a spare well cellar at (I think) the A site at WN. My understanding is that it would be a completely new well, not a side-track, but one with a pretty lengthy horizontal section.

[getcarter77] 19/1/2023 16:47

Easy double share price from here

[markfrankie] 19/1/2023 15:50

Im not sure why so many mention 12million for 1 horizontal-side track from an existing collared hole? That was just foggy nonsense from lseBb, ask David how much its likely to cost for 1 !?!
Overall over the whole of the gigantic WN site over the multi stage strategy it'll cost more... but we just need to prove the 1st one 1st, if the gas flows hold on to one's hat

[1347] 19/1/2023 14:23

See 23rd September 2022 RNS, they don't even know which site yet:

Work programme

Rathlin's and our partners' technical teams are currently working to determine the optimum orientation for a horizontal well, which may be drilled from either the A or B sites.

Given the challenges with the global supply chain, long lead items such as steel casing for a horizontal well has already been ordered. The availability of drilling rigs capable of drilling a 1500 metre horizontal well is also being determined.

[likeawalrus] 19/1/2023 13:54

if it's a side-track from an existing well I would expect progress to be a lot quicker and cheaper of course, it will be interesting to see what they do

[uggy100] 19/1/2023 13:50

I read it as a new horizontal well.

[likeawalrus] 19/1/2023 13:21

can someone clarify for me - Rathlin & RBD both say the next drill will be a "horizontal" but it's not clear to me if they mean a side-track from an existing well or a new well with a side-track, has this been stated anywhere? thx.

[markfrankie] 19/1/2023 12:38

great interview, nice to hear DB giving JT a nod too.. both great guys in my view.

[maxwell] 19/1/2023 11:51

Interview today

[uggy100] 19/1/2023 11:20

Curry, not much point having a charge on a worthless asset.
As for RBD the balance due on the sale of Victory may not be until the end of the year notwithstanding that certain conditions have to be met (we don't know what they are yet). Rathlin are keeping very quiet about it as are the chuckle brothers.

[likeawalrus] 19/1/2023 10:55

curry, I dont think UJO shareholders would be very happy with a loan to RBD, especially when the chuckle brothers continue to over-pay themselves, plus of course they have a big payday in the pipeline, surely they could borrow against that?

RNS 01.11.22
'Corallian expects that payment of the initial gross consideration of £10 million (c. £3.2 million net to Reabold) will be made to Corallian shareholders (including Reabold) over the coming days. Furthermore, the balance of the total consideration, £22 million (c. £9.5 million net to Reabold), is expected to be made in 2023 as outlined in the announcement of 14 September 2022.'

[hyper al] 19/1/2023 10:46

UN Principles of Responsible Investment.



All sovereign wealth funds are suppose to follow these principles as they form part of the 'Santiago Principles'.



Almost all the big funds are signatories to the UN Principles of Responsible Investment. Smaller funds are starting to do the same.



and this "FAQ on mandatory climate reporting for PRI signatories"
Word document

Just look at the risks!

So why invest in oil/gas? I don't think many PRI signatories will be doing so for much longer. Oil/gas industry needs to transition now, they may not have any choice very soon.

[karina] 19/1/2023 10:43

Any updates from OilymanRon ?

[currypasty] 19/1/2023 10:42

we have a charge over the asset?

[uggy100] 19/1/2023 10:35

I don't know why we would loan them any money under any terms. WN is the only asset Rathlin has. If the next drill is a failure how could they hope to recoup the loan ?

[maxwell] 19/1/2023 09:56

See MM’s trying to drum up some action, as cannot believe all trades so far are “sells”
today…..

[currypasty] 19/1/2023 09:52

yes, they just messed up the acidisation at the bottom of the well, rest of well bore should be fine. Should be relatively cheap to side track, imo.. no idea why whats taken so long.

i wouldnt want UJO having any more % of WN, but to get things going a small loan like to europa could be Ok.. but better terms for us

[lageraemia] 19/1/2023 09:38

The bit they screwed up at WN was the reservoir sections, there's no suggestion that the main well bores were damaged or unusable.

Kicking off the side tracks a few hundred meters above the revervoir sections is What they'd aim to do.

[uggy100] 19/1/2023 09:12

When they drilled WN B1 they put in a collar for the site of the B2 so I'm expecting that to be used. I'm not sure side tracking from either of the 2 wells would be a good idea as we don't know how badly they were screwed up.
Re the cost of the well I think I read somewhere that the cost is circa £12m. Question is where will Rathlin get the funds from ?

[markfrankie] 19/1/2023 08:42

I think some muppets on lse are only there to disrupt and fog the view, wn is going to be done in stages, I think if I remember correctly they were going to use an existing hole and side track it horizontally ? That shouldn't cost the earth for stage 1, stage 1 may be all thats needed if its good, big oil co will swallow it up?

[likeawalrus] 19/1/2023 08:23

it's interesting DB says "even a side-track costs a couple of million", I think the next WN drill is a side-track (Rathlin says horizontal) but on lse some people have been saying the next drill at WN will cost £12m

[currypasty] 19/1/2023 08:05

"David talk to Proactive’s Andrew Scott about how the company expects Wressle to generate ‘well over’ £200 million in next decade from oil alone"