Union Jack Oil Share Discussion Threads

[greypanther2] 29/8/2023 08:07

Posted on Rathlin's website:

WEST NEWTON COMMUNITY LIAISON COMMITTEE UPDATE
Rathlin Energy (UK) Limited is pleased to provide the following update about the company’s ongoing activities.
REGULATORY UPDATE
On 23 August 2023, the Environment Agency (EA) issued the variation of the permit for the West Newton A wellsite which was applied for in July 2021. The variation of the West Newton A permit provides for the production of hydrocarbons as well as the drilling of the six additional boreholes and includes the use of oil-based mud within the Permian age formations at the West Newton A site.
A minor variation to the West Newton B permit, to provide for the use of oil-based muds within the Permian formations, is currently being reviewed by the EA.
OPERATIONS UPDATE
Plans for the proposed horizontal well from the West Newton B site are underway.
Well path selection and the engineered well design have been completed. Wellbore casing has been purchased and Rathlin Energy (UK) Limited has approached drilling rig and other key rig service contractors to determine their availability.
Commencement of operations are targeted for first half of 2024 subject to approval of the pending Environment Agency permit for West Newton B and rig availability
FIELD DEVELOPMENT
The 2022 Annual Digest of United Kingdom Energy Statistics (DUKES) figures recently released by the Department for Energy Security & Net Zero show that the UK still has continuing dependence on hydrocarbons and imported energy.
Natural gas made up 38 per cent of total energy demand* and close to two thirds of domestic (household) demand* in 2022. Natural gas continues to play a very substantial role in the UK energy mix for electrical generation and domestic purposes.
Domestically produced natural gas is, and will remain, a much-needed part of the energy mix as the UK seeks to reduce its reliance on foreign gas, whether delivered by pipeline or as LNG in oceangoing tankers.
The North Sea Transition Authority indicates that domestic UK gas production has less than a quarter of the Emission Intensity of imported LNG*. This is particularly important, as the UK seeks to reach its Net Zero 2050 targets.
The West Newton discovery, along with the other prospects Rathlin Energy (UK) Limited has identified in PEDL 183, have the potential to provide up to 1 TCF of domestically produced natural gas within the immediate Humber area. The gas from the West Newton field could potentially provide locally sourced feedstock for the blue hydrogen developments being planned within the Humber Estuary.
The anticipated recoverable gas resource at West Newton will have the potential to meet the daily gas demands of over 380,000 homes in the UK for many years to come – based on OFGEM data indicating that an average three-bedroom UK home consumes 7.9 Kwh/day of electricity and 32.9 Kwh/day of natural gas*.

[p@] 29/8/2023 08:04

The Environment Agency has issued a permit variation to Rathlin Energy (UK) Ltd to drill additional oil and gas wells and carry out commercial production at West Newton A well site, in East Yorkshire.

It follows an initial consultation on the application which took place in December 2021.

After reviewing all the information submitted in the application and considering all comments from the public and evidence, the Environment Agency has granted a variation to the environmental permit.

Kathryn Richardson, area environment manager at the agency, said: “We’re satisfied that the appropriate measures are in place for oil and gas extraction without causing harm to the environment or human health and, after exploring the issues and concerns that have been raised, it cannot find any reason to refuse the application.

[likeawalrus] 29/8/2023 06:38

The Sanction Hearing is expected to take place on 12 September 2023, with the Scheme Record Time occurring at 6.00 p.m. on the following Business Day. Accordingly, the last day of dealings in, and for registration of transfers of, Egdon Shares is expected to be 13 September 2023.

- no more RNSs from Egdon after the 13th/14th

[likeawalrus] 27/8/2023 19:00

because I was putting a counter-argument to a 2p divi which I think is a daft idea and rather than just saying "that's a daft idea", I explained why

[ldbart] 27/8/2023 16:47

Why would you write all that after topping up...

[likeawalrus] 26/8/2023 09:51

mark, timing of the CPR probably depends on how much water-cut data erce wants before committing to their new conclusions - I have no idea whether July was enough or whether they would wants months - any thoughts?

[markfrankie] 26/8/2023 09:42

All hinges on cpr And CPR will not fall until edr takeover finalised,
My guess.
But yep a big divi would be nice, so long as wressel cpr says it's set to be good income

[likeawalrus] 26/8/2023 08:25

Egdon hasn't put GTW or GTG in place to mitigate falling production at Wressle due to the water cut so revenue will fall significantly unless poo compensates
- our WN commitment is likely to be £2m as per RBDs statement
- our 55% of Keddington capex hasn't been quantified
- our 45% of Biscathorpe capex hasn't been quantified
- our 40% of drilling at Wressle hasn't been quantified

if Heyco expedites Kedd Wressle & Bisc and RBD/Rathlin progress WN in 2024, UJO will be spending untold millions in the next 2 years.
Revenue declining, capex soaring, a big divi could mean a placing to top up cash in a couple of years, especially if poo falls as the Ukraine war ends and/or there's a world recession - a divi that large would be a mistake imo

[ldbart] 26/8/2023 07:50

Yes, I'd love a 2p dividend please. Interims and $18M due mid Sept.

[likeawalrus] 25/8/2023 15:30

bank holiday Monday :)

[ctunit] 25/8/2023 15:29

I can see 19p coming so I think I will wait till tuesday and see what happens

[likeawalrus] 25/8/2023 15:05

just topped up at 20.7p not the best price of the day but I'm happy

[currypasty] 25/8/2023 14:42

could turn sooner... st ledger day ?

[markfrankie] 25/8/2023 13:32

i don't think there'll be a firm offer until edr is 'job done'

[currypasty] 25/8/2023 12:43

this was from an RNS in July

"Egdon will in due course announce an update on the proposed Acquisition and expected Scheme timetable of principal events."


as you would expect from edr.. due course could be a while yet

[markfrankie] 25/8/2023 12:24

what is the take-over-date of edr by heyco-Petrichor

[likeawalrus] 25/8/2023 12:17

we need a positive result for Bisc to boost confidence followed by Rathlin announcing a farm-in partner - I'll stick my neck out and say UJO will be trading 30p-40p within 6 months

[markfrankie] 25/8/2023 12:02

yep especially if we've been put in a closed period, once edr have gone... we'll be next, cant blame heyco for trying on the cheap- it worked with edr

[currypasty] 25/8/2023 11:54

mark, it may be coincidental, or Heyco might be playing a blinder...

A bit of water, so stop the CPR being published, AND stop the Company buy backs...

Wait for price to dive, knowing UJO powerless to do anything, then cheap bid


The build up to AGM at 32p, and 'pillow talk' of CPR being good, no chance of a bid succeeding at 40/50p . But now who knows.

Surely Heyco wont want minority players like us in Wressle when they start serious development?

[markfrankie] 25/8/2023 11:47

obviously mentioning water then saying nothing has damaged the share price heyco getting ready for a cheeky ujo bid ?