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Wizard 125 wrote"
"Water injection does not work without water & is there to maintain reservoir pressure & boost production.
If it wasn't there naturally it may have been needed to be imported at great cost."
For UKOG to have to convert the planned second producing well to a water injector is a serious setback and imo raises serious productivity questions.
https://uk.advfn.com/stock-market/london/uk-oil-gas-UKOG/share-news/UK-Oil-Gas-PLC-HH-1-and-HH-2z-Extended-Well-Test/81
RNS dated 23.12.19
Extract
"A field development plan ("FDP") was also submitted to the Oil and Gas Authority, seeking consent for the field's planned first "long-term production" phase which will follow the conclusion of the EWT. This phase will consist of two producing wells, HH-1 and HH-2z. Subsequent phases, involving further infill production wells and a possible water reinjection well, are planned to be submitted as FDP addenda in the coming year once longer-term well behaviour is more comprehensively understood."
https://uk.advfn.com/stock-market/london/uk-oil-gas-UKOG/share-news/UK-Oil-Gas-PLC-Horse-Hill-oil-field-update/84101181
Dated 15.1.21
"..to remove the need for expensive off-site water disposal via tanker and to also help maximise oil recovery by supporting reservoir pressure, HH-2z will now be reconfigured, subject to regulatory consent, into a water re-injection well as soon as practicable
"We look forward to the conversion of HH-2z into a water injector in the Spring and to the resultant increase in net revenue from the reduction in water handling costs.."
The water production is a negative here.
cyan2
Water injection does not work without water & is there to maintain reservoir pressure & boost production.
If it wasn't there naturally it may have been needed to be imported at great cost.
Wizard125
Production from the modest Portland volumes should be the priority. UKOG could be turned into a very modest ,eventually profitable business. It will have been at HUGE cost though.
However ,it appears that the development is stalling and beset by water issues. Production volumes appear very modest ;indeed; are they covering costs?
Imo Sanderson just can not seem to concentrate on one thing at a time and has grandiose ambition which has led him to the next 'get rich quick scheme' ; Turkey. Good luck ; I am off out for a bit. now its been nice to exchange views.
Penguins
For once I have to agree with you that you don't post to sell your shares for you it's all about a negative sentement to get the price lower buy in so you can buy on to sell higher.
We all trade. ..but one man's/ or woman's bs is the same as anyone. No one is God. ..but my opinion is Ukog is back and firmly on the "Radar" and will Rerate.
cyan2
Rome was not built in a day.
For all you say HH now has a 20 year production licence with 6 wells & water well permission granted is that because following the EWT there is no oil or it won't come out of the ground?
Wizard
I don't claim to be invested, I am invested, today a lot less than last weekend - but like 99% of the posters I trade, perhaps not as much as some as sitting hovering over the buy or sell button all day long though. I just don't rely on posting BS to sell my shares - in fact I rely on BS like yours to make money - thanks.
Tomorrow I may sell, buy or do nothing - but the fundamentals of the company won't have changed significantly unless there is a placing. What will be will be at HH, Loxley, Arreton and Basur - my view is none of them will be transformative and all carry a lot of risk to be commercial - and I don't mean 100s of millions.
Perhaps Ocelot is right - maybe the negative posters enhance the rises, and maybe I'm right that the positive posts drop the SP - it certainly seems that all the tens upon tens of thousands of positive posts over the years have dragged the SP down to where it is now - even though it's 100% higher than the week before.
Wizard. Hahaha ;)
Wizard125 wrote;
"If you are not invested & no interest why are you here running down others investments?"
I find it hard to describe UKOG as an investment; Its a traders play ground.
I post because I have been dismayed over the years to see so many small investors led into enormous losses by those peddling ridiculous dreams of riches, in particular those 'billions of barrels '.
Who will ever forget Sanderson with his "retiring to the Bahamas " line.
That came from a man has never bought a single share in the company and is now gambling in Turkey; and NOT with any of his money.
I know that some have supported UKOG very vigorously for a very long time. Some are critics and have raised uncomfortable facts and FACTS are not what some on this BB want published.
DYOR ; Know the history and make your choices; roll the dice, nothing is guaranteed .
Spartac
I could not possibly comment!
Gl.
Wizard, I think you know what my answer would be ;)
Pen,you may know far more than myself. ..but I see your infatuated with Ukog,and Ukog alone. I know it has this magnetic attraction,that I think investors and the market see. They smell the coffee..A very a"Rich Aroma"
Spartac
Penguin claims to be invested there are is he a liar or what else?
:)))). This is funny to watch, if you don't smell the coffee, then please go away politely
Penguins
On that basis you should sell your fairytail share holding.
Wizard,
you're assuming something even the company is no longer pushing.
Where, apart from extremely out of date, and prior to HH-2z and HH-1 water production, is there any indication the previous plans have any relevance.
The latest mapping (EA - Geological Reservoir Parameters Rev4 - page 13 of 18) has a much smaller closure at Portland than the previous map. The HH-2z well was expected from the previous mapping to be more or less horizontal - the latest mapping shows it going down dip so the next well depends on an up dip location in an area of uncontrolled mapping (no seismic) - and the plan seems to be to drill the Kimmeridge up dip of HH-1 - for a play that is mean to not depend on closure for production - also no mention of 'horizontal' - probably because there isn't anywhere they could drill a horizontal of any length in closure.
and you just say 'there will be plenty more development imo.'
I think the market has smelt the coffee.
Fine to give your opinion..but one thing you forgot...when Ukog..like 88e are back on the radar...there is no or very few share company's that draw such Attention. Well they are, with Beautiful Turkey, Loxely Appeal..HH..I'm confident. You seem to forget other shares have re rated on pure speculation. If anyone out there looking to get in lower,may happen but I think we are only going one way now. I usually jog on to another share that I think might serve me better ,instead of wasting my energy . If I don't wish to invest.
She would be SS
cyan2
You are entitled to your opinion & I have mine.
If you are not invested & no interest why are you here running down others investments?
Wizard125 wrote;
"Maybe you should look at SS's previous discovery record.
That's why I am invested & you are not! "
I have looked at his record; in particular The Weald. UKOG describes BroadfordBridge where he blew many millions as "a discovery" really? Seriously?
As for HH; how many barrels are being produced? Why did the partners sell out for so little? Why isn't UKOG prioritizing getting production there right?
Instead he's rolling the dice at great expense in Turkey.
https://www.youtube.com/watch?v=-EcvNsIFxzU
from 9mins " a roll of the dice"
AME have UKOG frontloading all the risk with the costs of that first well.
If it fails; not much loss to AME
All begs the questions that why AME did not go it alone if the 'gamble' was such a good bet.?
wizard125,
Unfortunately the market smelled the coffee a few years ago; there may be plenty of oil in the ground but getting much out without fracking or water is proving impossible.
That is why the price dropped 98% from 11p; reality caught up with optimism.
S.S has achieved nothing at all bar from achieving a lovely wage and being wise enough to not invest.
nomlungu
I was being Horse Hill specific only.
As I said there will be plenty more development imo.
Maybe it will be the market that wakes up and ells the coffee.
"Maybe you should look at SS's previous discovery record."
hasn't been very good for the last 8 years Wizz......................
SS said himself that at the Gusher they were looking at between 50 and 100 billion barrels of oil.
https://www.youtube.com/watch?v=a2h2kWmf5iA&t=88s
wizard125 is just deramping when he says billions of barrels. 100 billion is much more.