Union Jack Oil Share Discussion Threads

[likeawalrus] 03/9/2023 14:09

just found an email I sent to MA in May 2023

I asked
"if a new well is drilled from the Wressle pad, would gas emissions come under the current 10 tonnes per day limit or would the new well have its own limit?"

He replied
"The planning application for a new well or wells at Wressle will also include proposals for gas export to the grid or a nearby industrial user to supplement the currently approved plans for gas to electricity export. As such the expectation is that there would be no routine gas incineration and that the current permit would be more than adequate in this regard."

I guess a "nearby industrial user" burning the gas is no different to the C65s burning it, ie. equally polluting, but once again mention of "gas export to the grid".

[likeawalrus] 02/9/2023 11:14

mark this is what Egdon said in April 2022
The likely preferred gas monetisation approach will be to export the gas via a short pipeline (approximately 600m) into the local gas distribution network. This will require regulatory consents (Planning and EA) and it is hoped to be completed in time for gas sales during the coming winter.

this statement raises more questions than answers.

What exactly do they mean by a "local gas distribution network"?

According to an lse post, export to the domestic grid would require a huge processing plant to clean the gas for domestic consumption which isnt possible on-site - so what does Egdon mean?

Do they mean export to a local private grid eg a farm, which perhaps does not need to meet the clean-gas standards?

Do they mean export to infrastructure that pipes gas to a refinery for cleaning?

No-one seems to have questioned this statement in the last 18 months so maybe it's obvious to everyone else - not to me though.

[markfrankie] 01/9/2023 21:35

Wish they'd get on with the gas2gas pipe now too

[likeawalrus] 01/9/2023 17:16

they will have data for July and August but with production stopping for 3 weeks if they want more they will have to wait until October - hopefully 2 months is enough and we will see the CPR later this month

[ldbart] 01/9/2023 15:47

I'm not sure tbh. It's a good question.

[likeawalrus] 01/9/2023 15:14

Lee, any idea how much water data ERCE will want before updating the CPR?

[ldbart] 01/9/2023 13:44

We've always had decent support around 20p. Happier here. I was getting quite nervous when it dropped below that point yesterday.

[likeawalrus] 01/9/2023 13:30

yup good to see the share price on the up, I think people have a better understanding of what's going on so investors more confident. now we need to win Bisc for the share price to re-rate

[bionicdog] 01/9/2023 13:15

Life in the old dog yet? Not David obviously.

[currypasty] 01/9/2023 09:50

IMO, yet another badly worded RNS with little explanation.. Put out by EDR, but they are all but Heyco now. Almost as if they wanted to give a last knock before they delisted ready to launch a cheap bid.

[1347] 01/9/2023 09:39

Because the pressure is also dropping...

[likeawalrus] 01/9/2023 08:57

eminently sensible to use the C65s imo - hopefully the jet pump needs lots of power!

I'm still puzzled as to why 3.72% water cut led to a 21% drop in oil production, no downtime mentioned for July, perhaps they had to reduce production while the water flow stabilsed and they calibrated the separator? (pure guesswork)

[currypasty] 01/9/2023 08:52

will running the pumps (on electric) mean the C65's need to run more and so help with the gas useage

[likeawalrus] 01/9/2023 08:50

1000bpd would be great, unfortunately the 10t emissions limit still applies so 1000bpd seems unlikely unless the gas to oil ratio falls significantly. someone did say that the jet pump reduces the amount of gas - I have no idea if true or not. based on the current gas data 780bpd is the max wressle can produce (confirmed by June data)

[currypasty] 01/9/2023 08:33

sounds like there is still plenty of oil left to produce, and the jet pump will boost output... Perhaps we can get to the 1000 bopd?

[likeawalrus] 01/9/2023 07:50

interview with Will Holland re Wressle

[likeawalrus] 01/9/2023 07:48

if 600bpd is the new normal, that ok's with me, it's still a very good number for UJO. I understand that's likely to increase once the jet thingy is in place, so could we be back to 700+ in October?

[likeawalrus] 01/9/2023 07:21

it's a tiny amount of water recorded in June - perhaps there is a threshold that wasnt crossed to be considered water cut?

[likeawalrus] 01/9/2023 07:08

curry my understanding is calender month - this can be confirmed by dividing the gas by days in the month which always comes out at 10t pd

egdon's rns led everyone to believe that water first appeared in July - do they not think we will spot these things!

[likeawalrus] 01/9/2023 07:06

EDR RNS 24.02.23 - 357'838 barrels to 31.01.23

NSTA data
02/23 770.860 x 28 = 21'584
03/23 769.884 x 31 = 23'866
04/23 770.613 x 30 = 23'118
05/23 778.556 x 31 = 24'135

Total up to 31.05.23 = 450'541

EDR RNS 03.08.23 - 492'876 barrels to 31.07.23

conclusion: 61 days for Jun/Jul = 42'335 or 694 bpd

UJO RNS 14.06.23
Oil production stable at approximately 780 barrels per day under restricted flow

"if" 780 bpd was the av. for June that would give a July av. of 611 bpd

---------------------------------------------------
new data for JUNE
06/23 778.121 x 30 = 23'344

new total up to 30.06 450'541 + 23'344 = 473'885
therefore 18'991 or 613bpd for July
production fell 21% in July due to water and possible downtime

[currypasty] 01/9/2023 07:04

likea, what period is the nsta data for compared to rns;s

[maxwell] 01/9/2023 07:02

As far as I am concerned the buybacks have given me absolutely nothing as I am not a trader. The only return over 11+years has been the dividend which amounted so far to a penny & the Sp down 60%+ from par - regret not selling & getting my money back last year but thought finally at last etc. etc. etc. Also the dismal WN & Bisc action/reaction just like a children’s comedy from the Past although they do have happy endings!!!!!

[likeawalrus] 01/9/2023 06:57

did Egdon mislead us about the water cut?

Egdon RNS 03.08.23

"Limited volumes of water have been observed, with water cut averaging 3.72% of total field production during July 2023"

NSTA Data for June - 'Water Productio Volume (ksm3) = 14.7