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"A final judgement will likely be handed down in late Summer/early Autumn once Lady Justice Rose and Lord Justices Kitchin, Leggatt, Richards and Sales have considered the case". (RNS of 21/06/23)
We can only speculate as to the reasons for the lengthy delay in delivering the judgement.
It could be that the judges are well and truly split and that we are heading for majority and minority opinions.
Stupid is as stupid does.
Pboo
You have been saying that for the last 2 years.
No wonder we don't believe you. Anyone can check your posts from 2020 onwards.
There are loads that tell a different story. You protest too much.
Pboo
Posted in: UKOG
Posts: 7,271
Price: 0.175
No Opinion
RE: can't buy at all20 Jul 2020 15:16
No problem buying, just been quoted .173p for 1 million shares
Pboo,
Internet Message Board 101:
If someone posts a statement and follows it with 'FACT' - it usually isn't.
Besides, if you haven't been invested, why were you continually posting 2p/5p?
No doubt GOV will be seeing AIM tiddlers struggling to raise cash and made them think a little harder about who will stump up for abandonment and reinstatement costs.
Always kind of ocelot to remind shareholders of the minefield that comes with investing in companies like UKOG.
#respect
IBug:-
Your last paragraph :- ""No wonder there are so many LTL's here""
1) Are there many LTH's on here - who knows & who cares ?
2) Are the any oil experts on here - who knows & who cares ?
3) Are there any AIM experts on here - who knows & who cares ?
4) Are there any Rampers or De-Rampers on here - who knows & who cares
5) Are there any wind up merchants or agitators on here _ who knows & who cares ?
6) Are there any idiots on here - YES - bucket loads of Kindergarten standard
7) Is UKOG doomed - in my opinion - YES - why £1 buys you approx. 1500 shares at the moment
Pboo,
The difference is I explain why your opinion, as that's all it is, is wrong.
If anyone were to glance at the SP chart they might find 'Just the expected negative replies from Ibug and Penguins.' an endorsement.
Perhaps you can quote where UKOG, a great source of positive information (again look at the SP chart to establish how accurate that is), has suggested since production started that injection would double oil production, let alone treble.
They did suggest it would improve recovery - ie improve the ultimate amount of oil produced - presumably by reducing the decline and enabling production to continue for longer.
Ibug
Open your ears.
I am not invested, have not been for over 3 years.
FACT.
That does not mean that I can't take an interest in this company.
The only person posting rubbish day in day out is you.
Pboo
At least the SP reflects my negativity unlike you posting positive rubbish which has no foundation whatsoever. You keep saying you have not been invested here but your previous posts would belie.
Ibug
Oh dear oh dear, there is no hope for you.
You are a 100% negative person, especially where UKOG are concerned.
I think what Pboo is trying to say is that he has been clutching at straws and wouldn't recognise real information if it jumped up and hit him in the ass.
All he can do is just make up a story and hope the mugs will believe it. No wonder there are so many LTL's here.
Just the expected negative replies from Ibug and Penguins.
UKOG isn't the only AIM-listed oil company to have adjourned its GM:
Further to the "Posting of Circular and Notice of General Meeting" announcement on 28 February 2024, the general meeting of the Company ("GM") will commence as scheduled on 15 March 2024, and promptly be adjourned until 11 am on 20 March 2024, at our registered office located at 38-43 Lincoln's Inn Fields, London, WC2A (the "Adjourned Meeting").
Consequently, the voting period will remain active until 11 am on 18 March 2024.
The adjournment has been called to enable the Company to engage with shareholders regarding their voting intentions, as it is crucial for the successful passage of resolutions. Methods of participation and voting at the Adjourned Meeting shall be the same as the ones set out in the Circular dated 27 February 2024 ...
Pboo,
If the water injector enabled even a doubling of production why would UKOG not do it even in the short term - with that sort of production increase plus the savings UKOG claim would pay back the cost in a short time.
But of course it' rubbish. The claim of a saving of £250,000 would mean even if the water cut didn't increase fhe cost per barrel of water disposal saved at 90bopd would be only about £8 per barrel of water.
But the water cut has generally increased with time even as oil production has dropped, and even slight increases in oil production have on ocassions also shown more dramatic jumps in water cut.
Doubling production would definitely see an increase in water cut to more than 50% and could see an out of control increase, overwhelming oil production.
But UKOG's own estimate of value of HH-1 belies any significant increase in daily oil production from the last annual report:-
'The Directors determined that the net present value of the HH-1 well was £0.8 million and therefore determined that HH-1 should be impaired by £2.9 million. The net present value utilised an internally generated depletion curve that was independently reviewed. Costs were based on current costs less any anticipated savings'
Note ' less any anticipated savings'. Which would reasonably be assumed to be from the injector as this was also in the same annual report:-
With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill.'
'expedite', that was a year ago.
Anyway, even at 90 bopd (a doubling of production) the value of oil would be at UKOG's price forecast of $81 for the NPV calculation about £2mm a year. They're even using a discount rate of under 4% rather than a more brutal 10% usually used to test economic robustness and end up with a value.
Even assuming OPEX with injection is half that the NPV of HH-1 would be less than a year's income - so something doesn't add up, they're even anticipating depletion rather than any increase.
So UKOG are not predicting a significant increase in production, in fact any plan to recklessly produce more oil with the inherent risk of messing up the reservoir or increasing water ingress to a level where reversing it could be impossible would be rejected by the NSTA.
Or away from UKOG: by the way has anyone had a look at 88E- Hickery - 1 well is being tested, the oil is already there, just need to know if it’s commercial.
Just dropping here as many have lost thousands here. Do read the RNS for 88E before investing. Only invest if one can afford to lose, that’s all. Who knows you might recover your losses made here!
Pboo
Tosh.
"We were delighted that the North Sea Transition Authority ("NSTA") granted its formal consent for the conversion of Horse Hill-2z into a water reinjection well. With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill, removing the need for costly transportation and disposal of produced water at third-party sites. We estimate that the removal of these costs would add around £250,000 net earnings to the Company per year and reduce the field’s carbon footprint.
The precursor stage to water reinjection was carried out successfully post period, when three shallow water monitoring boreholes were installed at the site. Initial sampling of the boreholes, which terminate within the underlying impermeable Weald Clay formation, found no moveable groundwater immediately beneath the site. A three month baseline monitoring period prior to the reinjection workover is now underway and scheduled to be completed around the end of April 2023."
They would have already carried out the installation of the re-injector if they thought it would be beneficial. Everything is in place with all approvals.
If you had done your research it is in £ not $. UKOG have never said "double or even treble".
The re-injector is a long way from the source of HH1 and on the other side of a fracture.
They are only putting back what has been taken. They have never mentioned topping up or replacing what has been taken out so far.
Keep trying to ramp this HOS. Only a fool is going to believe you.
Ninetails
If and when UKOG get the HH2 water injector up and running we could see the dribble as you call it from HH1 double or even treble. It was mentioned somewhere that UKOG would also save approx $250k on current water disposal cost.
Lots of potential in Horsehill but not in the hands of SS.
Gwinwin I think you are on the wrong board, there’s absolutely no chance of a gusher here, we are just hoping we can keep up a dribble??
Gush sounds like flush...
What on earth well are you talking about? Sounds more like a gusher ? V
Hada punt here got to see how the well turns out if s gusher or a buster but sounds more like a gusher
here is hoping but then life is a gamble if you walk on pavement a cyclist gets you if on the road ga car gets you not safe anywhere
Could you please tell me where ukog is going to make any money to pay for it’s running costs and it’s great leader sanderscam’s wages ?
Please enlighten me and lth what ukog have to push up the sp and please tell me why salmon slacks makes so much money for taking the sp down by 99% from its high?
Continues to see PI value diminish day after day after day. Ouchy, but hey, maybe the CEO will do an interview or take investor questions!?!?!?!?!?!
"""Stock is in waiting mode."""
Certainly no sign of MM's hoovering up LTH's losses. Not even a "Hail Mary" going for this one.
Looks like all the old fogies had a bit too much at lunch.
14-Mar-24 14:11:56 0.0665 106,781 Buy* 0.06 0.07 71.01 O
14-Mar-24 13:44:45 0.0665 24,074 Buy* 0.06 0.07 16.01 O
14-Mar-24 13:22:30 0.0663 900,000 Buy* 0.06 0.07 596.70 O
14-Mar-24 13:16:39 0.0663 287,337 Buy* 0.06 0.07 190.50 O
""Stock is in waiting mode.""
More like stock is in "terminally ILL mode !!