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A few on twitter talking about it at the mo. Does seem a bit over the top to have a big drilling rig doing some minor abandonment works. Which basically involves shovelling some gravel and native clay down a hole.
Rig was outside the premises of Morehouse, this shot shows that.
Not really - its a fractured reservoir but in much older rocks - no doubt there are similar challenges in figuring out what the reserves are and how much you can get out and how but the detail looks very different
At least UKOG didn't have to raise $ 500++ million to run their well test..................
Does this apply to the Kimmeridge?
Note share talk said the rig was parked at Moorhouse until recently - Moorhouse do all UKOG's drilling supervision as well as for Egdon and others so that makes sense
wel well well
Those of you with long memories might remember I was heartily trashed when I suggested early June that the BDF 28 might go somewhere else - and so it's at Caythorpe - and it certainly looks like it in those tweets.
As I said this may suit UKOG - it defers the rig arrival past the planning meeting (or it would have done) they keep pumping at Horse Hill and they do Centrica a favor - not to be sneezed at in the bigger picture. Centrica get their wells abandoned, BDF keep another client happy and Sanderson defers big cash out
So maybe 3-4 weeks at Caythorpe - rig to turn up end August/early September at Horse Hill
Or what? Just because you’re all tied up in ujo, don’t try and spin some bull**** yarn of rig 28 being used plug some old wells. It’s not FACT it’s BULL and you don’t fool anyone!!!!
think you mis spelt HEIDI´s name?? Its HEIDI--whether you agree with her or not same spelling!!!!
So much for SS ´´Drill by end of 2nd qtr¨?? Now well into 3rd qtr lucky to be here by end of July??
If you go on to Centrica Web site CAYTHORPE you can see latest pictures--a RIG??? Only a small tri pod???
still could be this week though, sneid
I used to like in Marske, just down the road. Small world.
So Drill Rig BDF 28 from West Newton has left Moorhouse Bridlington and being used by Centrica at Caythorpe.
So BDF 28 won't be arriving at Horse Hill yet. ...Ok...
Note from pictures they must have renewed the May 2017 2 year contract
Plenty that Ss has had to do over the last few months
Wonder how dunsfold is coming along
Wonder what his plans are for A24 site
Arreton will be taking up time
Then the nemises of BB will always be there
Planning approval for HH on the horizon
Then the 3.5m !!!!
Cant think of a share with so many exciting opportunities and news on the horizon
Come on UKoggers
I’ve got mine also. Zealand group near to where I live in the Great Up North
Further information has been submitted: https://planning.surreycc.gov.uk/planappsearch.aspx enter SCC Ref 2018/0152 in the our reference box.
The applicant has submitted the following additional details: 11/07/19 Spectrum Acoustic Consultants Noise Technical Document dated 11 July 2019; 03/07/19 Zetland Group letter dated 5 July 2019 clarification to landscape, visual and restoration comments; 04/07/19 ZG-HHD-HH-PROD-PA-34 Process & storage Area HDPE Mebrane Layout Plan dated June 2019.
The website lists the documents in date order followed by the plans in date order.
Any views to be in by 19 August 2019
21ATS - i can't argue with that - all oil field projects drift to the right I'm afraid - it's now nearly 5 years since they started to drill Horse Hill 1.................
My statement was a little on the simplistic side. But fundamentally there's no point UKOG producing a CPR until it's reasonably further along in it's drilling and permissions.
After all the purpose of a CPR for UKOG is to raise traditional debt based finance based on recoverable oil as opposed to listing lots of "undeveloped probable". Whilst at the same time producing oil form wells to pay down that traditional debt based finance.
Of course at that stage Institutions may or may not be interested as well as other parties that are interested in cold hard production numbers .
Until all those things are in place the spectre of potential further placings always exists. UKOG is at the whim of too many things outside of it's control to be anything more than vague with timescales, the most obvious being planning permissions.
Sanderson discussed it here from 6:15 onwards.
I feel there's a lot of delusion here about how quickly this is all going to happen.
I'm underwater with a 2.17p average, a lot better than many I imagine. If there's a spike back to that level I fully intend to get out (then re visit when it's a bit further along). I just have a feeling this could drag on longer then we think.
I've just received a letter from Surrey planning department about HH.
Ukog are bringing in professional company's in their up coming application for their new 4 wells and injection well
The company is Zetland.
Any opposition to this has to be in by the 17th of August 2019.
Looking good for September
Thank you Mirasol for that very informative post.
Best post I’ve seen for a longtime!
ATS:- "Only recoverable oil in operational drilled fields with full PP can be included in a CPR"
that's not quite true
The standard system is whats called the PRMS - its definitions are explained here
This classifies all resources in any field or prospect into a grid which ranges from Undeveloped Probable through to Proven Developed Producing. A CPR will try and categorise all the resources into these categories.
When it's all blue sky and no information you can still get a value for that category but it'll be maybe 5 cents a barrel.
A bank will give/value/loan you maybe $15 a barrel for proven undeveloped and maybe $ 30 a barrel for proven producing developed.
Proven means (amongst other things) that you have all the Govt permits in place, an export route and (maybe) a customer.
So right now any CPR will just put all the Portland into Probable Undeveloped and the Kimmeridge into Possible Undeveloped which isn't worth a lot to a bank TBH. Once they have Development approval from the OGA the Portland moves into Proven Developed and (probably) the Kimmeridge into Probable Developed - which is worth an order of magnitude more than today.
It's amazing how many people on here accept that SS is an industry expert, BUT as soon as he makes a decision, they disagree with it.
As investors we NEVER know all the facts.
If you can't trust/ accept that SS makes the best decision at the time, then I suggest there is no future on here for you.
It pains me every day that I have to wade through lots of negative, agenda driven, gossip.
Suggest you go away and enjoy life. Pint pot half full is better for your health.
As soon as I don't believe in UKOG, I will go, NOT stay on here bitter and twisted.
Why is it strange that the SP has dropped considering it's been declining for months its nothing new .We are awaiting a series of imminent events which should move this along.