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Heid
Do you really believe that Wressle will be in production by October?
I know that UJO have had to wait for the planning inspector but I think you may need a little more patience as October is very optimistic
Penguins,
You are entitled to your opinion, but it tax losses are a material hidden asset which will come onto the balance sheet when UKOG becomes profitable (which no longer appears to be far off).
Ocelot
pointing out UKOG has managed to spend nearly all of £59 million + any oil income drilling and testing 3 wells in nearly 6 years is great because when they make a profit they can offset it against tax is not a reason to invest.
It's now clear that the commerciality of the venture seems to depend on selling shares not producing oil.
If we say accumulated losses at 30/09/19 = tax losses, then this is an important hidden asset:
£59.153m at 19% = £11.2m, more than half of the company's current market cap.
The average of MIrasol's oil production estimates suggests UKOG is approaching profitable trading in the fairly near future.
When UKOG does achieve profitability, then there is a hidden asset than can be brought onto the balance sheet, tax loss carry forwards.
Heid is also 100 percent clueless , sold out here at a loss , bought into ujo got caught in the hype and never sold !!!!
Now claims ujo will be 3 p , goes to show how much the oddball needs to dig herself out the hole
Sting,
Whilst you don't see 'compartmentalisation' it seems UKOG were interested enough to perform an interference test to check out why the section of reservoir that HH-2z was in was at 'near virgin' pressure:-
'"interference" testing campaign undertaken to assess the degree of communication between Horse Hill-1 ("HH-1") and the new HH-2z horizontal,'
and the analysis lead to them determining 'that both HH-1 and HH-2z can be produced from the Portland at the same time, without any detrimental effect to the reservoir's overall performance' presumably whatever the interference test showed it enabled the production change from Kimmeridge to Portland - which wasn't the original plan.
The fact that the 'lions share' of production is from a restricted and variable quality zone means that sub seismic faulting or even depositional features could interrupt connectivity across the field, and managing to drill either side of whatever interruption exists is either a chance in a million or a sign of a more extensive system of fauting or other means of separation.
Near virgin does suggest some connectivity but that might be tortuous.
To return to the 'more than 300bopd' I still can't think of a good reason why UKOG would release a figure for only the flow from HH-1 when they stated the HH-2z ewt was continuing. This coupled with the approximate 4000bbls produced in 28 days to 28 April (ie not 28 days at over300bopd, about 13 days) when HH-1 production had already begun by 31 March according to that RNS.
heid "I check back in here but do not see a trade at the moment, sadly."
CAUGHT!! It;s a bank Holiday here Heid - not sure what is where you are in(in India perhaps?) but you clearly aren't here - and you're conversion to a deramper fools no-one...............
if you know anything about planning then you know what's coming :)
BTW dId you get out on the spike or did you forget lol
Sorry ? What are these numerous assets you speak of ?
Broadford Bridge ? Dunsfold ..no planning ? Isle of Wight.. no planning ?
Good thing about Ukog not a one trick pony with numourous assets . It also controls its own destiny and once (if) in production will monetize it's assets.
Bad thing is the illustrious leader.
With an entry at .3 and effectively a free ride and a small part of my portfolio I have plenty of time. Wouldn't want to be stuck in the mud tho hey
Correct, this is oil and gas, so be realistic.
What is a few more weeks wait ?
Just gotta love the 'ish'
Bit like the rig arrival here then if you remember.
UJO has no issues that I am aware of Ohmetoe.
Everything is going to plan. Wressle producing October ish. Then a Profitable company , no debt and cash in the bank.
This is the UKOG board though, so if you want to discuss UJO further, Ohmetoe, please do so there.
Don't tell me a major is looking in.
ExxonMobil is about to abandon Arabia and pour all its resources into a dating gas project.
UJO has as many issues as UKOG only further behind.
BMW
I don't see the statement of the RNS below meaning that we are into compartmentalisation or pockets as you seem to imply.
You could say every oil field in the world is a pocket of some varying size or another if you were a cup half full type of person.
RNS of 23rd of December was:-
Downhole pressure gauges also confirmed that HH-2z penetrated a near virgin pressure section of the Portland oil pool. This finding has likely positive implications for the magnitude of connected oil in place and recoverable reserves seen by the field's two wells. Determining the oil volume connected to HH-2z remains a key EWT objective."
This means a Cpl of things to me a new recoverable reserve not previously part of the RNS below but also scuppers a few people who were banging on about depletion if we pumped oil from Portland HH1 and the horizontal HH2 at the same time.
The words are in the RNS magnitude of connected oil in place and recoverable reserves .Separate or separate pressures and connected (seems implausible but either way you want it its an increase again on the already quoted figures.
Prior to the Kimmeridge production switch, which was necessary for the safe drilling and coring of HH-2/2z through the Portland reservoir, total aggregate Portland production reached 29,568 bbl, with HH-1 continuing to produce dry Portland oil at a stable rate of over 220 bopd. Preliminary Company analysis of the final Portland pressure build-up test, indicates that the Portland connected oil volume accessed by HH-1 has significantly increased from 7-11 million bbl to 11-14 million bbl, a robustly commercial volume.
I can dig out Exodus or other details in RNS but frankly I am trying to get work done .
I am here for the Kimmeridge and for some reason along with all of the delays we have had reported verbatim there is a delaying of flow which has achieved the percentage ownership of HH and now the time is to stop peeing about and get on with maximising the asset.
Portland is a hold and while some have not managed to average or cant average down from the rampastic crap over zero assets 3 years ago I believe Kimmeridge is still a Buy
UKOG United
West Newton is fast approaching EWT with an increasing share price.
I check back in here but do not see a trade at the moment, sadly.
Morning Heid
Glad you're here I lost my tumbleweed last year last seen at West newton.
Morning BWM
Lets concentrate on your first point HH1
Brilliant so we are starting to slowly get somewhere.
Thankyou for at least conceding that we are getting 300bpd from the HH1 well . Now slowly review the RNS of 28th of Aprill
and bare in mind every man and is god on this board know there is only one pump on HH1 at the moment so only one source that's a fact
Rns 28 April 2020
"Consequently, with daily flow rates from production start at Horse Hill averaging over 300 barrels of dry oil per day ("bopd"), asset-level opex, inclusive of tanker export, sales and marketing, now equates to $17/bbl."
R28April 2020
"These include interventions to add commingled Kimmeridge oil flow. If successful, the resultant incremental production will further reduce the field's overall variable opex costs per bbl."
NOTE :- The word add Commingled Kimmeridge yes ADD and " incremental increase"
So your a clever bloke and most people on here are not fools.
We are waiting to add Kimmeridge to the already agreed 300 bpd Portland
Read my other posts on RNS about Kimmeridge and you can see another potential 200 BPD "incremental Increase"from KL 4& 5
RNS 23rd December
"Immediately following the current HH-2z shut-in, flow lines were reconnected to HH-1 and dry Kimmeridge oil flow was resumed on 18 December at an initial half-hourly rate of 354 barrels of oil per day ("bopd") with an average daily rate of 301 bopd. "
That's why I have conservatively gone 560 bpd from HH1 but expect maybe we might open up and let it go to get ergonomic pathway going and company recovery ,minimise future placings of which there will be some but at a higher and hopefully well bought into cost
GLSA
Penguin
Yes my fault that but clear in RNS
I keep imagining the vertical (near ) bore and the horizontal intersection
sorry
All clear in other statement I believe.
300 for Portland hh1 yes as they say they are obtaining 330 dpd they say they have yet to commingle in the same rns of 28th
February.
GLA
Apologies,
I just thought you'd made a mistake - you're saying the 300bopd is from HH-2z only - just seen it in your previous post as well.
That's a new one.
BWM
Go on explain why you believe even though we have 300 bpd from the Portland HH1 you think in your esteemed official O&G expert on shares role that the HHZ2 horizontal will see only 100 bpd
RNS 23 December 2019
"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce the successful completion of the first phase of open hole EWT and associated well clean-up at its Horse Hill-2z ("HH-2z") horizontal well, in which the Company has an 85.635% net controlling interest. During the initial clean-up phase, HH-2z achieved initial rates of up to 1,087 barrels of fluids per day and oil cuts of up to 60%, demonstrating the horizontal's ability to flow at rates significantly greater than the HH-1 vertical well. Produced oil, brought to surface via an electronic submersible pump or "ESP", has been exported to Perenco's Hamble oil terminal for onward sale at market price.
RNS 09 March 2020
"Dry oil flow rates during the initial 48-hour "clean-up" period to date are encouraging, with metered daily rates averaging 223 barrels of oil per day ("bopd"). However, as is to be expected in the early clean-up stage of such a horizontal wellbore, both oil and associated gas rates have been very variable. Half hourly rates have thus ranged from a high of 778 bopd to a low of around 10 bopd during intermittent short periods of "slugging" (i.e. the return of discrete pockets of gas and/or completion fluids).
The water ingress problem meant that HH-2z remained shut-in for almost 3 months, with spent drilling and completion fluids within the near wellbore. Consequently, it is expected that the full clean-up process is likely to take a number of weeks of aggregate flow. As part of the clean-up process, to ensure the full remaining horizontal section contributes towards aggregate oil flow, further interventions are planned to help fine-tune and optimise flow from the well."
Note that the well was shut in before cleaning up and the half hour rates 735 to 10 barrels will still yeald good results.
The biggest thing I took from the RNS of 23rd of December was:-
Downhole pressure gauges also confirmed that HH-2z penetrated a near virgin pressure section of the Portland oil pool. This finding has likely positive implications for the magnitude of connected oil in place and recoverable reserves seen by the field's two wells. Determining the oil volume connected to HH-2z remains a key EWT objective."
All very good for me
GLA
Ukog United
Sting,
Whilst I understand that you think that the 300bopd 'flow' is only from HH-1 I don't.
However if you read my reasoning it's solely based on what UKOG have asked for in terms of tanker export from the site when it's been rearranged which was 3 a day, 18 a week, and assuming it was a maximum allowing some headroom so based on 15 tankers a week. See:- SCC Ref 2020/0018
How that squares with all the temporary flow rates you (short period averages included) and others quote I don't know, maybe they know something you and I don't - eg all the data, not just what they have published. I agree it is disappointing but based on something other than UKOG 'propaganda', poor as it is.
So Penguin
You claim to be an holder and despite knowing we are as per rns flowing 300 bpd from the Portland horizontal you do not accept that the kimmeridge along with the horizontal hhz2 will raise another 150bpd
So as an holder your expectation is for failure of hhz2!!!!!!!
Cant be very much fun in your house on Christmas eve
Bet you never leave a mince pie out,humbug complete waste of time
Gla
Portland HH1
Rns 28 April 2020
Consequently, with daily flow rates from production start at Horse Hill averaging over 300 barrels of dry oil per day ("bopd"), asset-level opex, inclusive of tanker export, sales and marketing, now equates to $17/bbl.
R28April 2020
These include interventions to add commingled Kimmeridge oil flow. If successful, the resultant incremental production will further reduce the field's overall variable opex costs per bbl.This indicates the above flows of over 300dopd are from the Portland Horizon
Prior to the Kimmeridge production switch, which was necessary for the safe drilling and coring of HH-2/2z through the Portland reservoir, total aggregate Portland production reached 29,568 bbl, with HH-1 continuing to produce dry Portland oil at a stable rate of over 220 bopd. Preliminary Company analysis of the final Portland pressure build-up test, indicates that the Portland connected oil volume accessed by HH-1 has significantly increased from 7-11 million bbl to 11-14 million bbl, a robustly commercial volume.
From the above it must be conceded we are getting 300 + barrels per day from the Portland HH few feet of perforation and in fact it tallies all the way back to .
Independent oil consultants Xodus Group's ("Xodus") analysis of flow and pressure data interprets that further HH-1 Portland vertical well optimisation could achieve a forecast sustainable initial 24/7 pumped rate of around 362 barrels of oil per day ("bopd")* when full scale long-term production commences, exceeding original estimates. This analysis is key as it establishes the absolute flow potential of the Portland reservoir for future production wells.
Kimmeridge HH1
Rns31 march 2020
"The two Kimmeridge oil pools (KL3 and KL4) in the HH-1 well are now recognised to be one single accumulation 358 ft thick, as evidenced by fluid and pressure data."
Rns 12 September
" Prior to the current shut-in, Kimmeridge test production reached a total of 36,559 barrels ("bbl") of dry Brent quality crude at a final metered rate of 313 bbl of oil per day ("bopd") over the final 48 hour test period. Peak instantaneous rates of up to 374 bopd were recorded during this period. Total aggregate Portland and Kimmeridge test production now stands at a landmark 66,127 bbl. Kimmeridge production is planned to continue during the drilling campaign. "
Rns 1st August
Kimmeridge oil flow was re-established at initial half-hourly metered rates of up to 332 bbl of oil per day ("bopd"), with continued stable production of dry oil at daily rates of 200-266 bopd. Total Kimmeridge production to date, now exceeds 30,618 bbl with no apparent produced formation water. Following a 5-month shut-in, flow rates and flowing bottom hole pressures appear more stable than during Phase 1 Kimmeridge testing.
Ukog United for Tymers