Union Jack Oil Share Discussion Threads

[likeawalrus] 29/2/2024 08:19

UJO is starting to look head and shoulders above all the other small oilers I invest in or on my watch list. Bacon a big disappointment but the sidetrack is booked for April so we may see a good return on UJO's investment. Has DB taken another slice in yesterday's placing?

[currypasty] 28/2/2024 17:26

Bacon...

the Placing to raise approximately £2.6 million (before expenses) through the issue of approximately 5,137,000,000 new ordinary shares of no par value in the capital of the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.05 pence per Placing Share (the "Issue Price");


I wonder if we will 'average down'

[currypasty] 28/2/2024 17:16

looks like Bacon energy is slaughtered

[markfrankie] 28/2/2024 16:16

would be nice to have a biscathorp update from heyco.

[cashandcard] 28/2/2024 07:38

Uggy100,Good point. UJO have started distancing themselves from the chuckle brothers, and I would go as far as saying no further exposure after the next well, even if it dilutes their 17% interest. If it works, then a reduced % (via dilution or part interest sale) is meaningful. If not, then atleast it's not turning into a money pit.Cash

[1347] 27/2/2024 15:07

GP Fine but RPS having done all that work concluded that the best development option was to drill a horizontal with small multi-stage simulations. which was going to be at WNB. So basically what RBD are saying is: we've paid for them to study this and give the best option but we're going off to do it differently, where we failed before.

law Where have you got the 2024 date from, are you looking at West Newton B? For West Newton A the planning decision I'm looking at as at 28th March 2022 states:

"The development hereby permitted shall be begun before the expiration of five years from the date of this permission."

What are these approvals they are now waiting on?

[likeawalrus] 27/2/2024 14:40

first dev. well H2 2024...happy to be corrected but they dont have permission beyond June.

meanwhile still flaunting CS based on Euro45 mwh (not relevant to UJO of course)

[greypanther2] 27/2/2024 14:35

Today’s RNSs from UJO and Reabold contain some interesting points but, rather unfortunately IMO, neither of them mentions the expected cost of the directional well, other than saying its “offering significant cost savings compared with a horizontal well”. The gross cost of the horizontal well was originally expected to be of the order of £12 million, or £2.0 million net to UJO’s and Reabold’s 16.665% equity share. However, RBD’s presentation for their Edinburgh meeting tonight reveals slightly more about the directional well’s expected cost: £6.4 million for the well plus £3.0 million to test it, or £9.4 million in total. Of this smaller sum UJO’s and RBD’s share would be “only” £1.57 million and Rathlin’s 66.67% share would be about £6.27 million. So I suppose Reabold could conceivably bail out Rathlin by using the greater part of £9.1 million of cash that they say they have in the bank after receiving the final payment from Shell for Victory. But will they, I wonder? In their RNS UJO also said “An additional material secondary target in the deeper Permian Rotliegend Sandstone will also be evaluated during drilling of the WN-A3 or by the re-entry of WN-A1”. IMO the last point could be very important as the published data for the WN-A1 well shows that the well was suspended with only a 7 inch casing / liner over the Rotliegend gas-bearing interval. That could mean that re-entering the A1 well could be done quickly and quite cheaply, probably for about £0.5 to less than £1.0 million by using a much cheaper work-over rig. This could mean that an A1 re-entry well in 2024 is still a strong possibility.

[1347] 27/2/2024 10:43

No, they've only just started a feasibility study on that after many years of can kicking. I note they don't mention processing the gas, just the pipeline, it's not that simple.

As far as I'm aware both sites have planning permission and EA permits. I note they've also ignored their CPR which indicated a horizontal at WNB was the way to go but now it's directional well at WNA. They should have drilled in 2023 as they said they would, it's now 2024.

[markfrankie] 27/2/2024 09:52

Gas pipe ?

[1347] 27/2/2024 08:43

"Planning is already in place to drill and produce from the A Site and other approvals are being accelerated".

Excuse me but what approvals do they need now? They have two lots of planning approvals WNA and WNB and I thought they had the EA permits sorted out? So what the hell are they waiting on now? These AIM Oilers must be the slowest most hopeless companies on the face of the planet, they just lurch from one delay and screw up to the next.

[maxwell] 27/2/2024 08:42

Just forget WN until actual work commences that way there is no interest & no disappointment- end 24 maybe then again who knows??

[32campomar] 27/2/2024 08:38

It's a farce.How many years has West Newton gone on for ?By late 2024 there will be a labour government who will stop all new drilling.I predict WN will never happen Incompetence doesn't even come close to describing it.

[likeawalrus] 27/2/2024 08:00

agreed - WN feels like an Albatross around UJO's neck. DB could do so much in the US with that extra £2m. every year WN is delayed the costs stack up for UJO with nothing to show for it and Reabold seem less and less likely to bail out Rathlin. if Reabold doesnt have enough faith to make a firm financial commitment, why should anyone else?

[cashandcard] 27/2/2024 07:51

Still more confident in the US plans than West Newton. Cash

[likeawalrus] 27/2/2024 07:26

I wonder why Rathlin didnt IPO on AIM months ago?

[likeawalrus] 27/2/2024 07:24

"...subject to the operator, Rathlin (UK) Energy Limited ("Rathlin"), securing sufficient funding to drill and test the well. There is an active process underway to assess options to source funding for Rathlin's share of the cost, including through a farmout, or through further investment from Reabold, which, following the receipt of the proceeds from Shell, the Company could potentially provide, in addition to funding its own share."

no mention of cost and still no firm commitment from RBD to assist Rathlin - just enough spin to keep investors on the hook while the chuckle brothers continue to draw big fat salaries

[currypasty] 27/2/2024 07:19

who is paying what ?

[likeawalrus] 27/2/2024 07:17

"A proposed well ("WN-A3") planned to be drilled during late 2024 "

...well I hope it is drilled this year but I dont believe it for one moment. it will be more excuses a year from now.

[cashandcard] 26/2/2024 15:35

All big Dave needs to do is keep up with the focus on production.The company will get cheaper by the day.Cash

[likeawalrus] 26/2/2024 12:23

...the slowest magic trick in history?

[markfrankie] 26/2/2024 12:14

Although he did mention 'rabbits and hats'