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No
LOL Ibug, you seem to have late evenings and early Mornings just like certain posters on the Angus board don't you eh!
Balancedviewer
"Save costs" LMAO
UKOG have raised the money twice now just to build the infrastructure and the pad. The annual report will show how bad the finances are.
'So maybe UKOG could farm out a percentage of their various assets to save costs imo,gla!'
That has been 'pre planned' for years. Unfortunately nobody seems to want to do that dance with The Dear Leader.
I find it comical that any good news is always trashed by obvious doomsters. Congratulations Ukog on the appeal victory silencing the nimbys yet again. After watching the Angus Investor Meeting as a shareholder, they are looking to expand gas production/storage. So maybe UKOG could farm out a percentage of their various assets to save costs imo,gla!
Good to see some Positive news.
@scmdcyp, are you on drugs?
The risk of NSTA not extending the Loxley license was never very high on people's worries about UKOG.
The real issue is being able to raise the funds to do the drilling and believability of the CPR report given UKOG's history.
'Ukog doesn't have the money to do this yet so raising is immanent.' Reminds me of this YouTube classic:
https://www.youtube.com/watch?v=V1_stpqkU7w
Yes, 30th June 2025. We are currently in 2024 as far as I am aware, so the borehole doesn't need to be drilled for more than a year from now and as we all know with this share anything can happen - or not!!!
Even if UKOG managed to farm out 50% they would still need to issue another 12bn shares to cover their costs. Does anyone really think that is going to happen?
Art
"Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025."
Borehole is to be done no later than 30th June.
Ukog doesn't have the money to do this yet so raising is immanent. Aimho.
Consolidate then raise but that never seems to do the shareholders any good.
LTH here for many years and down at a major loss.
I have always been positive on this and I am one day sure we will get a good return.
Maybe this i# the time.
Sorry, I've just noticed that the drilling date is 30 June 2025 - I had automatically read that as 2024. Lots of time and no need to worry for now.
'In order to retain the full 300 km² licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025.'
So they will need to raise some funds to pay for the cost of the drill. Does anyone know how much this is going to cost? Only problem is the already tiny m/cap.
May we get rich eventually at long last Ocelot
Excellent news. Take no notice of Ibub he lives breathes and dreams of Ukog, the man is obsessed, what a life to have so sad really seeing we are not here that long.
Https://www.londonstockexchange.com/news-article/UKOG/loxley-gas-project-update/16396664
There are still Planning conditions outstanding and no money to pay for the drilling so good luck with that.
Our Reference
SCC_Ref_2023-0094
Application Number
WA/2023/01259
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Noise Mitigation Scheme pursuant to Condition 12 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0096
Application Number
WA/2023/01258
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Noise Monitoring Plan pursuant to Condition 13 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0074
Application Number
WA/2023/01034
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of highway and access works pursuant to Condition 7 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0075
Application Number
WA/2023/01033
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Transport Management Plan pursuant to Condition 9 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0076
Application Number
WA/2023/01032
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Construction Environment Management Plan (CEMP) pursuant to Condition 24 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following the Court of Appeal's 9th January 2024 ruling refusing any further appeals against Loxley's lawful planning consent (RNS of 10 January 2024), the North Sea Transition Authority has now granted a one-year extension to the PEDL234 licence's Retention Area Work Programme in which the Loxley gas discovery is contained.
In order to retain the full 300 km² licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025. Loxley-1 is designed to confirm the commercial viability of the Company's material 100%-owned Loxley gas discovery and its related hydrogen feedstock project.
Loxley's current Competent Persons Report ("CPR") (see: RNS 21 February 2023) assessed that Loxley, one of the UK onshore's largest historic gas discoveries, contains a mid-case 2C Contingent Resources recoverable volume of 31.0 billion cubic feet net to UKOG. The CPR's associated post-tax 2C case present value (at 10% discount rate) was assessed at £124 million net to UKOG using end December 2022 gas prices and £87 million net to UKOG using an RPS Energy forward price forecast. The CPR is available on the Company's website www.ukogplc.com .
The Loxley CPR's recoverable volumes stated as Contingent Resources (as defined in the glossary below) should not be construed as Reserves (also defined below). Further successful development of the asset would be required to seek to move the CPR classification to Reserves.
The current licensing status is irrelevant. That survey was probably shot years ago chasing the Kurtalan discovery which was mentioned in 1961 - and the licence area may have covered what is now the Resan licence anyway,
I doubt that any recent survey would be a series of 2D lines shot in dip and strike direction rather than a 3D.
ZYX098
Finding it very difficult to find out if anyone has the licence areas to the west at the moment. Several wells have been drilled there but none commercial.
"The Resan exploration licence where AME has currently a 50% working interest and is operator, the Pinarova-1 shallow well (600 meters) was drilled and tested. Oil shows did come to the surface but after several tests thought not to have accumulated in commercial quantities. The Joint Venture (with UKOG) is discussing future operations with 2 potential drilling locations identified. These will be to test a deeper horizon (2,000-2,500 meters) to locate where the surface oil seeps are originating. The exploration licence has 1 more year to run (before extensions)."
"The testing of a shallow accumulation on the Resan exploration licence with the Pinarova-1 well did not generate positive results. However, the surface oil seeps continue to encourage further exploration on this licence. 2023, therefore, did not move AME forward and AME will continue to focus on production wells in 2024 to enhance cash flow."
"There is a commitment well to be drilled on the Resan exploration licence in 2024. The JV is in the process of agreeing the drilling target."
https://aladdinmiddleeast.com/wp-content/uploads/2024/03/AME-2023-Annual-Report.pdf
Could be a number of reasons.
Seismic coverage (lines) will always go some distance past the edge of any structure that is thought to be present, to get rid of 'edge effects' on the data over the area of interest - which may take the end of some lines outside the licence area.
Another potential reason is that if there is a Well already reasonably close to the licence boundary, a line may be extended to that Well so it can be used as a calibration point for subsequent interpretation.
As Penguins pointed out, it's not uncommon for a potential structure to straddle licences. Depending upon how far the structure extends into the next licence, the holder of that licence may make a contribution to the costs in return for access to the data.
The rules governing any desire to shoot seismic outside the licence will vary from Country to Country and also if it's Onshore or Offshore.
Haven't been involved for many years (in any case, I was only doing site surveys to be able to move a Rig into location). It used to be that the general protocol in the UK (for the first two cases) was for the adjacent licence holder to be informed as a matter of courtesy, but their permission was not actually needed.
For the last case, it would be a matter of negotiations between the two Licence Groups involved.