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ZYX098. The evidence that the Kimmeridge dream is as dead as a dodo can be found in UKOG's reluctance to commission a new CPR and their own presentations; firstly;
On Page 22 of the Loxley planning document dated 19th April 2019;
"Flow tests and pressure data from the Broadford Bridge and Horse Hill Wells Sites have been sub-commercial.."
Investors were kept in the dark as they sat on their HH sub-commercial conclusion and it was not RNS'd.
Secondly;
This presentation from UKOG themselves drives this home and explains why the company is gambling in Turkey and its damming;
"Why SE Turkey
& Basur-Resan
makes sense for
UKOG’s future
growth"
hTTps://www.ukogplc.com/ul/UKOG_Turkey_Slides%20_FINAL_190121.pdf
January 20 2021
"South East Turkey has 18 times more produced & proven oil than the entire Weald Basin (572 mmbbl vs. 32 mmbbl) "
That document is a clear admission that the Kimmeridge ' billions' dream is truly dead.
From billions to just 32million EVER produced and proven recoverable. Very small.
Cyan 2,
If I've done my Maths correctly, SS's video last week comparing the Weald with Turkey essentially assigned zero reserves to the Kimm at HH & BB.
Good afternoon ZYX098
you wrote; ".. PI's will have to scrutinise the wording very carefully to try and identify if they are referring to shows, or the well is sub-commercial or it is indeed a discovery."
UKOG do have a history of delaying bad news and bigging up in their RNS's. Broad Bridge result was a shocking example. They produced a video with a guy pouring a jug of oil.
UKOG describes Broadford Bridge as "a discovery" ; which I think is a very generous description of what they have , eventually, had to admit was a sub-commercial result ,even after that sidetrack that they kept pretty quiet. Not a lot said about the Kimmeridge these days .
Not surprised your confused...many long time holders are fairly quiet ... traders can be annoying as they can be full af cheer today but tomorrow be ****ging the company off as they want another cheap buy in after selling.. then you have the swampy type who will keep on telling you how bad everything is etc.. dyor
Cyan 2.
Exactly.
Normally this BB has the usual mixture of +ve and -ve views, and people know who the occasional blatant rampers and derampers are.
But this week the BB was taken over by evangelical rampers (some made over 200 posts in a couple of days!) not normally here.
Anyone raising a warning flag with some facts, reason & hard data was instantly rounded upon by the evangelicals - sometimes even having the 'deramper' posts deleted.
Given UKOG's past history of very carefully wording RNS's, I am confident that they will issue and RNS stating that Basur-3 is a success, but PI's will have to scrutinise the wording very carefully to try and identify if they are referring to shows, or the well is sub-commercial or it is indeed a discovery.
Thanks cyan I will apply due diligence , probably sit on fence Monday to watch the show
Good morning Metalbasher.
BB's can be interesting reading ,at times, because , very occasionally, a poster provides a link to useful information or has a thought provoking view backed by analysis of the numbers. You should always do your own research as there are real extremes posted at times. In my opinion some future guesses as to how high this share can go are very unrealistic, BUT, if tulip mania strikes; the sky is the limit , and UKOG has been there before with the now discredited 'billions' commercially recoverable in The Weald. Highly inflated share spikes, with little of substance to justify do have a habit of retreating sharply.
At the moment UKOG appears to be producing circa 100 barrels a day. UKOG have put off the results so we have to await confirmation . AME have been in Turkey for 60 years and have modest productions. The fact they had to bring in UKOG to drill an area last tested in 1964 and abandoned raises questions as to just how great the potential is. Sanderson himself described Turkey as "a roll of the dice' AME have UKOG frontloading the risk with the first drill so we will have to wait and see how much oil is brought to the surface. I am sure anything found will be bigged up and exploited by traders. Good luck.
Mixed messages on this chat site put investors off , was considering to invest next week but now not sure , looks positive but then a band of doom masters come in shouting cash raise, surely a necessary means of funding the drill and should be looked at this way.