Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Penguins
Here’s a thing. Anyone hoping UKOG can rely on HMG support in Turkey needs to take note;
Having stopped licensing in UK Landward and Seaward areas, UK’s government is withdrawing support for overseas oil and gas projects.
This was first announced last December and is now being implemented.
Since the 1st of April this year UK Embassies have received new instructions on how to deal with issues relating to the oil sector. HM Government will no longer provide any new direct financial or promotional support for the fossil fuel sector overseas.
This is a part of the UK’s transition to a cleaner future and, ahead of COP 26, commitment to showing domestic and international leadership on climate issues.
This is not a blanket ban on HMG support for, or engagement with, UK oil and gas companies.
HMG will still be able to support in limited circumstances e.g. decommissioning activity. Full guidance has been published - https://www.gov.uk/government/publications/how-the-government-will-implement-its-policy-on-support-for-the-fossil-fuel-energy-sector-overseas.
UK trade representatives must check internally before replying to any requests for assistance from oil companies.
In practical terms in Turkey, this increases the vulnerability of UK oil companies to domestic Turkish pressures because they cannot turn to HMG for support.
Penguins,
It's a quoted stock, market timing matters, in the long term we are all dead.
Most investors/traders are looking to make money.
Ocelot,
Fair enough, all those that said the price would rise for 2 1/2 years after the 11p must have been right - hold on....
You are still ignoring the difference between guess the SP and the fundamentals of the company - eventually the fundamentals dictate the mcap, not the BS.
The aim is to buy low sell high - unfortunately for 3 1/2 years the most likely outcome has been buy high, hold or sell low, with the odd P&D that have probably introduced a few investors to unintentionally holding UKOG shares longer term.
I guess every time someone says the price has risen I should point out they're wrong as the SP hasn't reached 11p.
Was I wrong if the price returned to 0.8p - and lower? ...
---------------------
For more than 2 1/2 years, yes, you were wrong.
You may not do share price predictions, Penguins, but a good number of posters (not all, I agree) are here because UKOG is quoted on the market and they are looking to make some money by buying in at a lower share price than they sell out at, whether they be investors or traders.
Ocelot,
'I don't want to be unkind, but the most wrong you have been was when you were negative on UKOG at 0.80p in 2017, before it rose to touch 11p.
You were wrong on UKOG for about another 2 1/2 years, the time it took for the share price to come back down to 0.80p.'
*******************************************************************
Was I wrong if the price returned to 0.8p - and lower?
Your post ignores the difference between being right about the company's projects and being right about the SP - and I don't do SP predictions - and almost all of those that do get it spectacularly wrong.
Guess the SP is a different game to understanding what is likely to happen long term. My comments are essentially about realistic outcomes, not the BS on the way which is what determines the SP in between. So my negative view on the Kimmeridge, and reservations about the Portland were wrong for 2 1/2 years while the company hid behind limited information about the Portland and Kimmeridge with suggestions the Kimmeridge would be sidetracked into, dual completed, or even drilled through by HH-2. Sometimes being correct takes time.
But during the 3 1/2 years since the 11p how often have posters been right proclaiming constantly the price would rise.
UKOG had to change horses to get the SP out of the doldrums, but are very selective with revelations about the venture, keeping to generalisations and keeping off detailed analysis which seems to be working in terms of the SP.
So far the most wrong I've been about the future is when I incorporate UKOG expectations - ...
-----------------------------
Penguins,
I don't want to be unkind, but the most wrong you have been was when you were negative on UKOG at 0.80p in 2017, before it rose to touch 11p.
You were wrong on UKOG for about another 2 1/2 years, the time it took for the share price to come back down to 0.80p.
Ocelot,
It's an interesting conundrum isn't it. But I would be disgusted with myself if I encouraged rises by making projections of the SP that are likely to be ephemeral.
So I comment on the more technical side of things, which I've been doing for 6 years. So far the most wrong I've been about the future is when I incorporate UKOG expectations - if my musings appear negative that's unfortunate but it's how I see it.
No Ocelot.....penguin just forgot what it has said in the past.....not invested....never will be...............no-one in their right mind would be ultra negative on a share they are invested in
Danpoo can you board that rocket you keep talking about to save us all having to read the same bull you keep writing.
Look at the "Buy's Coming in.."Blue" Days" all the way. "VERY STRONG BUY". all in my HO.
BBBOOOOOOMMMM TTIIIMMMEEE.
Yup something happening..Turkey news imminent. "STRONG BUY" . Heading for 1p. All aboard the Ukog Rocket. BBBOOOOOOMMMM. All in mho.
Why do posters, who are only here for a P&D on the rig turning up, think anyone cares what they think the price might be when we all know they will sell if the SP reaches a few percent above their recent buy in.
---------------------
Have you forgotten, Penguins, that you remain invested in order to take advantage of any spikes?
Shouldn't you be grateful for the posters who are bullish about UKOG' prospects?
Ocelot.Another one quoting STRONG BUY! What is wrong with you people. Can’t stand seeing such stupid quotes, so into the bin with two others this morning. Have fun together.
Ocelot,
As they had to swab to get the 500bbls to surface surely, even in 1964, they would have tried pumping if other factors - water ingress? - hadn't suggested it wasn't worth it.
There's a saying, the best place to find oil is where it's been found already.
This could mean that a new prospect has a good chance because there's a working petroleum system, or perhaps it could mean that there's an excellent chance of at least an oil show.
If you look at UKOGs list of upcoming wells none are new prospects, and all appear to have been appraised previously - Arreton-3, Loxley-1 (but could be named Godley Bridge-3 or even 4), Basur-3, Resan-6.
As none are 'new' prospects I suppose UKOG hopes for 100% certainty of an oil show - or in Loxley's case a gas show.
On other matters.
Why do posters, who are only here for a P&D on the rig turning up, think anyone cares what they think the price might be when we all know they will sell if the SP reaches a few percent above their recent buy in.
It may be obvious today, Ibug, but apparently it wasn't obvious when they first drilled back in 1964. Knowledge and techniques change over time.
Going to answer the other Questions Ocelot?
ocelot
I would hazard a guess "that pumping is required to recover oil to surface" for 100% of UK onshore wells . What is so special about Turkey? Are they stating the obvious?
Ibug,
UKOG have said "that pumping is required to recover oil to surface".
I know IBUG - I just want the company's (current) premier defender to tell us what he thinks as the company will never answer those reasonable questions
IMHO, Good Luck All!, UK OG Utd etc etc etc
ocelot
4 of the the following quotes have been taken from one UKOG presentation and 1 from the 1965 Petroleum Activity" report Petroleum Office Generation No. 10. Care to guess which one is from the official publication.
"Basur-1 discovery (1964) tested oil at 2,000 bopd over 6 hours from naturally fractured and dolomitized Cretaceous Mardin limestones. Well not put on pump to continue testing."
"In addition, although 44 tons of 35 API crude oil was obtained in the tests carried out in Basur-1 well, the tests were terminated because salt water came later."
"Basur-1 drilled in 1964 targeting the Garzan limestone, the producing reservoir in the neighbouring Raman oil field (200+ million bbl recoverable - Xodus report)."
"The well was tested after strong oil shows were unexpectedly encountered at the top of the Cretaceous Mardin limestones."
"Basur-1 swab tested 2,000 over a 6-hour test period. No attempt was made to put the well on pump."
Ocelot - since you're up early how about answering some of ZYX's questions? I'm sure you have a deeper insight into UKOG than many of us on here
To answer that one, Ibug, I think you'll need to go back to 1964, if I remember right.
And whose fault was it that they didn't put the well on test with a pump? Oil well pumps were invented in the 1800's. We don't all believe the BS pushed out in the presentations.
From the March 2021 presentation:
Prior Basur and Resan legacy wells were drilled in the 1950s-60s in a pre seismic age and with only rudimentary electric logging
• Prior legacy testing was severely compromised as E. Sadak demonstrates that pumping is required to recover oil to surface
Ninetails,
You should know by now that the evangelical rampers don't like facts...