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Just because they over promised and under delivered they should still let investors know what their expectations are - an opportunity to redeem themselves, prove they do know what they are doing? Is the problem they can't over promise so would prefer to keep quiet?
A few days ago I said:- 'Unlike wildcat drilling where it's reasonable to hope for a significant find based on knowledge, but also luck, these are appraisals where hydrocarbon shows are almost a certainty, but knowledge of the reservoirs in production is also known. Even HH has, despite initial flows, conformed to the norm of low flows and water production of wells, in the Weald.'
UKOG don't say what results they expect from the proposed appraisals but I suspect it isn't what many hope.'
perhaps I need to spell it out. Their predictions would be constrained by knowledge - are the numbers (and there will be numbers) not 'sexy' enough.
It was noticeable that for HH-1 after initial claims of material improvement from the workover - which ended up being 'optimising oil flow' - they didn't give any figures of expected production after the workover - which probably would have disappointed judging by the change in wording.
'The management of a quoted company has to be very prudent in what it says in public, if it doesn't want to encounter problems of a legal or regulatory nature.'
Interesting, but surely they could give some guidance about return on investments for each of about 25% of the mcap - they certainly didn't hold back when the numbers were 720 to 1080bopd for HH (times multiple wells) - was that in retrospect prudent. There haven't been any comebacks for the outrageously incorrect predictions - especially those given by SS in interviews rather than RNS where at least there are whispered caveats.
as regards the OP, which you like to point out when it rises - it has little current interest for UKOG - only yesterday you said about posters commenting on the SP 'Not sure people need posters to point out what they can see on any graph of the share price' - or if they're interested in the OP look it up.
There is an element of cooperation in OPEC at present, the 'covid' shock has encouraged unity. Maybe that will continue and the OP will continue to rise, although the current price will allow a lot of US shale production to be switched on. If the cooperation breaks down the OP can drop rapidly.
One thing is certain about the OP - that it's near on impossible to predict, and most predictions are wrong, either way, (as Harold Macmillan possibly said - 'events. dear boy, events') so what it will be if any of the projects are successful could be more or less than today's price, which is only relevant for today's production (except the price quoted is a 'future' anyway) - if in fact HH-1 is producing today.
UKOG has declined to make projections of production for Loxley, Arreton and Turkey preferring to keep to OIP and GIIP and finger in the air recoveries despite having data at hand to do so. --------------------- The management of a quoted company has to be very prudent in what it says in public, if it doesn't want to encounter problems of a legal or regulatory nature.
Penguin, thanks for your reply....yes I've read most of them over time...nearly all with a negative slant ( your opinion,your right to do so)....but without looking all that way back...if you projected 1.5p the sp would probably have been much higher than that at the time....we have obviously different opinions but with no malice....can't say the same for some of the other posters i reply to....i have always had a policy of...I treat as i find.....stay safe
If you read back, or remember as you claimed to have been reading my posts for years, yes I have made unrealistic projections, almost always based on UKOG claims. Such as 1.5p per share or more based on SS claims about the Portland in his 2018 interview - yet was still called a deramper, swampy, non - shareholder, all of which were untrue, because I wouldn't take into account the Kimmeridge 'production' - still waiting for that - and the 362 bopd from HH-1 , and the 720 to 1080bopd from the horizontal and sixteen tankers a day.......
But of course I have also made some pretty good predictions of possible outcomes, not based on UKOG RNS - the stuff they would prefer you don't know.
Negativety relative to UKOG claims of outcomes is actually much nearer what happens, though still seems to be better than the actual results.
UKOG has declined to make projections of production for Loxley, Arreton and Turkey preferring to keep to OIP and GIIP and finger in the air recoveries despite having data at hand to do so.
Yes, but it would be helpful if UKOG would go beyond GIIP based on a dodgy map and 'green' sounding promises as there's the Godley Bridge -1 well data (as short term as it might be) to help them in calculating possible flow rates etc.. of course they need to prove their map is right and the accumulation extends into their acreage but it would be helpful in understanding what it is they are pursuing.
Perhaps if they had said undeveloped since discovery in 1982 following unsuccessful appraisal wells , it might have better described the project.
There is every chance that another appraisal of the Godley Bridge gas discovery hasn't been tried since them1986 for a good reason. One being the difficulty in depth conversion - the first and nearby appraisal was expected to be up dip, it was dry, as was the sidetrack from it.
Xodus would only calculate the GIIP in a 'study', which the claim about the second largest undeveloped gas field must come from, but Xodus wouldn't calculate it in the 2018 CPR as they would not use UKOG's maps and closure because of 'issues' - which they list.
Still UKOG like 'shows' and short term tests - it allows them, and others, to make unrealistic projections based on them.
I prefer a rns about our flagship but guess sando has buried that , also turkey dream rns is late but guess that’s his style. I guess Loxley is good news as long as it don’t get turned down again. See what the sp does today , I guess nothing as usual.
The largest accumulation of gas!! Just like the boundless reserves of oil in the Weald! Unfortunately SS has only manged to extract a comparative trickle of the latter which doesn't give me a lot of hope for the former!
I can’t be 100% certain but I have a slight inkling that funds will be raised via a placing; a few billion extra shares issued and existing shareholders diluted even further. Don’t worry though as some will simply badge it as “an opportunity to top up”!
Loxley appeal public inquiry scheduled for July 2021
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that its appeal against Surrey County Council's ("SCC") refusal of planning consent for the Loxley gas project will now be heard at a public inquiry to commence on Tuesday 27(th) July 2021.
The Planning Inspectorate's formal appeal process has an effective start date of March 1(st) and culminates with the public inquiry, scheduled for up to nine days. Based upon the earlier than expected inquiry date and the inspectorate's average post-inquiry decision timescales, the inspector's ruling is likely to be issued in autumn 2021...