Union Jack Oil (UJO) has updated investors with news including that it is to provide a £1 million loan facility to Wressle oil field (Union Jack: 40% economic interest) operator Egdon Resources (EDR), which “as well as providing a commercial return on funds will also assist in the development of the Wressle oil field”, and Wressle “workover being completed and initial oil flows anticipated later in January 2021”…
On more than one occasion both Tom Winnifrith and I have commented that Steve Sanderson is over-paid. It’s a claim we have both made, but neither have us put demonstrable evidenced numbers to that. I thought it was about time to substantiate and quantify just how much larger Steve Sanderson’s trouser pockets are compared to his peers, in celebration of Tom Winnifrith's virtual walk to Horse Hill yesterday.
On today's podcast I look at Defenx (DFX), Big Dish (DISH), ask whether Mothercare (MTC) is heading for 0p, comment on Versarien (VRS), Kier (KIE), Petra Diamonds (PDL), Egdon Resources and other UK onshore oilers, frackers or not and at Woodford Patient Capital Trust (WPCT)
With a 27.5% working interest in the Wressle development, Union Jack Oil (UJO) has noted a “Wressle Recommended for Approval by Planners” announcement from operator Egdon Resources (EDR)…
I think it is Darren Atwater's 50th today. I wish him happy returns anyway. My own 50th is a week away but I celebrate a few days early so no bearcast tomorrow. In this podcast I discuss: Deltex (DEMG), Union Jack (UJO), Egdon (EDR), UK Oil & Gas (UKOG), FastForward (FFWD) and the bubble in pot stocks and why it must burst, Premier Africa (PREM) and the fraud MySquar (MYSQ)
No this is not an airfield at all but a small oilfield seven miles from Lincoln. Union Jack Oil (UJO) is paying approximately £137,000 for a 20% stake. This figure includes a pro rata share of the Operator`s legal, licence, planning and acquisition costs. The other 80% is owned by operator Egdon Resources.
I have no axe to grind here and the caveat is that the house broker is paid by the client to write research so it is not impartial. But the upside predicted here for Egdon Resources (EDR) seems enormous and VSA is more honest than most brokers (okay there is a low bar in that contest) and as a lower risk play on UK Oil & Gas (UKOG) ramping this may be of interest. Today's note reads:
Union Jack Oil (UJO) has noted an “Appeal & New Planning Application” announcement on the Wressle oil field (Union Jack: 15%, including 3.33% subject to approval from the Oil and Gas Authority) from operator Egdon Resources (EDR).
I praised the way that Egdon Resources (EDR) raised money yesterday in my bearcast. For that reason alone I publish a note out today by its house broker VSA. Please remember that house brokers are as impartial about corporate clients as I am when writing about how crooked Hillary Clinton should be sent to jail with her rapist husband and whining brat Chelsea. Notwithstanding that minor caveat, the note has some real substance.
The UK's 14th onshore licensing round came to a close today with the final awards of new acreage and Union Jack (UJO) gets a win from the process. Egdon Resources has formally been awarded license PEDL 339 in the East Midlands and if Union Jack pays 20% of the cost of the first well - which it will - it gets a 10% interest.
2015 was the year when (at least for now), I had to swallow my disappointment regarding there possibly not being 1 billion barrels of oil under Gatwick airport. But it was the year when the long awaited shale gas / fracking revolution looked to be finally getting underway. While there are doubts about the possible environmental effects, poisoning aquifers, and of course the not in my back yard syndrome, the fact is that The Treasury needs the money to fund money guzzling organisations such as the NHS.
Featuring shares in Churchill Mining (CHL), Egdon Resources (EDR), Falkland Oil & Gas (FOGL), Frenkel Topping Group (FEN) and LGO Energy (LGO) with share price targets for all five stocks.
Featuring shares in Egdon Resources (EDR), Eurasia Mining (EUA), Landore Resources (LND), Kromek (KMK), Mariana Resources (MARL), Outsourcery (OUT) , together with some share price targets.
Featuring shares in 88 Energy (88E), Armstrong Ventures (AVP), Egdon Resources (EDR), Jubilee Platinum (JLP), Inspirit Energy (INSP), Imaginatik (IMTK) with share price targets for all five stocks.
Featuring Cap-XX (CPX), Castle Street (CSI), Egdon Resources (EDR), Mobile Streams (MOS), Northcote Energy (NCT)
Featuring Amur Minerals (AMC), Concha (CHA), DDD Group (DDD), Egdon Resources (EDR), Urals Energy (UEN)
Featuring Amur Minerals (AMC), Ariana Resources (AAU), Egdon Resources (EDR), Goldstone Resources (GRL)
The placing song is back again as crony capitalist Steve Berry issues another joke of an RNS for Touchstone Gold. The podcast also covers Clean Air Power (CAP) where surely there is an R missing in the epic, SpaceandPeople, Egdon, Europa Oil & Gas and an update on the latest legal proceedings against The Sheriff of AIM and some comments on my over-optimistic pal Malcolm Stacey and his take on the markets
Alkane Energy (ALK), the UK gas to power producer, has released a pre-close trading update for the six month period to 30 June 2014. Analyst Edward Hugo at house broker VSA has reiterated his buy stance on the stock at 42.5p in the wake of the news and argues that the shares are worth 54p. He writes:
Commissioned researcher Edison reckons that the recent deal with Alkane is cracking news for Egdon Resources (EDR) and that at a 27.3p share price this is a bargain. It reckons fair value is 67p – house broker VSA reckons 60p as you can see HERE.