After reading the LSE bb tonight I have to admit to being appalled at the attitude towards David Bramhill and the rest of the board.
We have one prolific poster in general who is dominating the conversation with dozens of comments every day suggesting she has been lied to, misled and ignored by David himself.
The basis for these allegations are around comments made in public via official RNS releases or in live interviews where he has stated, to the best of his knowledge, what and where the company hope to progress.
All statements are of course based on information provided by operators and joint venture partners which in reality, are only valid on the day that information is provided. As an example, today’s RNS confirmed a spud date for thenAndrews-1 well of ‘on or around the 20th March’. This date will have been provided by the Reach management and with every intention to meet that expectation. David Bramhill then writes and releases the RNS.
Tomorrow, the landowner withdraws permission unless the deal can be made more lucrative and discussions are entered into, preventing all the equipment being mobilised. This new deal takes a week to complete, the spud is then delayed until the end of the month. Where does the fault lie? Not, in my opinion, with Mr. Bramhill that’s for sure.
So, when news is released in an RNS stating there will be a ‘renaissance’ of the West Newton development, and in an interview this is also confirmed, one could reasonably assume Reabold Resources and Rathlin Energy have both confirmed to David that finance is sorted, equipment can be sourced, any additional planning will be concluded and mobilisation to site, to drill this well, will go ahead. Any comment he then makes will also have been seen and authorised before it was included in any RNS.
So how this poster on the LSE can in all honesty say ‘on behalf of shareholders who she thinks she is speaking for’ that David has misled her and other investors is, in reality, foolish and shows a total lack of understanding of how the oil business works, or how information is dissipated in official news announcements.
It is easy to condemn those in charge of your investments. The old adage of ‘you chose to invest, your decision, your fault’ isn’t really, in my opinion, fair or sensible because whilst you did make that choice, you entrusted the management of the company you invested in to return value.
With the obvious lack of sentiment in the oil sector, the lack of support from our own government, the penalisation of profits, the ridiculous net zero targets and the condemnation of fossil fuels, it is to Union Jacks credit that the board have steered the company to a profitable, debt free status, that shareholders have no fear of waking up to a placing RNS, their shares diluted, with only enough raised to keep the lights on.
No, they have a company with a strong asset base, albeit some of those assets will likely need a government in power that allows them to be developed and this is why, again to the managements credit, they are creating a safety net for their shareholders by venturing, at low cost, into a number of US oil plays. Mineral Royalties that began returning cash almost instantaneously and oil wells that if successful, will return good revenues, off-setting any risk of the UK assets being unavoidably delayed.
So, for all this poster has to say and who seems to be totally fixated on David Bramhill to the point of creating images of him all day and uploading them as profile pictures, one really must question her sanity.
It certainly cannot be natural to spend every day from 6am through to late evening posting up to 30/40 comments, repeating the same thing over and over and dedicating a X account to doing more of the same.
Obviously all shareholders want to see the share price a lot higher than where it sits right now, that is why we invest, to see the value of our investments increase. But understanding the ins and outs of how things work is also something we should take into account and abusing, name calling and downright offensive remarks are not going to get people anywhere.
This board from where I stand have integrity, many years of experience and are of an age where dishonesty and intent to deceive are not in their make up.
They are all in their 70’s and hardly need to swindle anyone as has been suggested.
I am sure Union Jack will prove the detractors wrong and the market will recognise and reward the company with a much deserved fair valuation.
With that, I wish everyone, including myself, all the luck in the world 💪
(How to waste your life)
