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Planning is for HGV movements i.e. over 3.5t so includes tankers, cranes, lorries and SS and his wallet etc.
Mirasol
You assume that the workovers I'm referring to have been dewaxing and they will be in the winter. Surface temperatures may cause problems in the surface pipework but downhole there will be no variation in temperature. If waxing is a problem it isn't necessary to haul everything out of the hole anyway.
There have been several workovers or maintenance worthy of reporting in RNS in addition to work on the well noticed by the passers by:-.
10/9/18:- 'Successful Portland re-perforation programme targeted 114 feet of oil pay, adding 14 feet of new pay. Following re-perforation, well productivity increased by up to 65%.
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")....'
11/4/19:- 'The well is currently shut in for a 60 hour pressure build up test prior to the scheduled retrieval of down hole pressure gauges. Following the pressure data retrieval and other maintenance over the coming week, Portland test production will resume'.
28/1/20:- 'A short routine intervention on HH-1 is now underway, which aims to further optimise and increase the Portland production capability of the well'
30/6/20:- 'Post period a higher capacity and energy efficient linear rod pump was installed on HH-1, leading to increased production from the Portland'
....... and now the re-reperforation has just occurred. Unfortunately we don't know what production has been achieved on a regular basis since HH-1 production started in March but the available figures suggest it's less than the calculated 362 bopd - maybe this time.....
Wizard,
You seem to be obsessed with length of perforations - 'never mind the quality feel the width'. The previous perforations were just under 35metres (114ft) and no figure for the new perforations yet released,
Prior to HH-2z results being released you kept trying to suggest that oil flow per foot from the vertical well multiplied by length of perforations in the horizontal was a way to calculate production from the Portland horizontal even when the company was saying 2 to 3 times the vertical (or similar).
Perhaps tomorrow UKOG will RNS some BS initial flow rate numbers to keep you and your calculator happy.
I think some of the £12mm raised in 2019 was also spent on drilling HH-2z (plus money raised in 2018) which is why they keep raising cash for the same things. There was provision in the planning for HH-2z and HH-1z for tanker export (up to 20 movements a day (10 tankers!). There was £780,000 left 31 March 2020.
Mirasol
With the compete reperferation of I think it is 38m of the Portland with larger perforations it will be interesting to see what the new flow rates are who knows maybe they will give better production than the HH2 sidetrack.
Beside who would have been happy last year with another £5-7 million raised on top of the £12 million to buy the 35% licence stake especially as there was no permits for transport?
"there have been a few workovers on the Portland, presumably because production tails off (declines) -"
Looking back UKOG/HHDL have worked over the Portland on a regular basis - but more often in winter . I suspect its a waxing issue or similar - nothing to worry about but it means you have to pull the rods every 4-8 weeks - seems to kick in once the night temperatures drop below 8C
Whatever Wizz thinks the absence of any production guidance for the future means that its impossible to value any production except on the basis of 3 month old OGA numbers - and we're due an update from them (if not from the Company) quite soon
Wizard,
Very little maybe, but they have done less than the very little they could do - HH-1z and HH-2/2z. They also have been rather slow in clearing out the conditions- it was quite clear what was required and why did UKOG put this in the RNS immediately following the planning aproval - they weren't telling fibs?
'What Does the Consent Mean to UKOG and Horse Hill?
Critically, this consent means that the field's immediate oil production from HH-1 and HH-2/2z will no longer be limited to existing extended well test planning consents. The ability to produce over the field's economic lifespan also enables the transfer of current and future assigned recoverable resource volumes into the category of Reserves, which, by definition, conveys with more certainty that a known volume of petroleum can be produced commercially over a given time.
The commercial certainty associated with the allocation of Reserves at Horse Hill is therefore a critical step necessary to help facilitate the potential use of debt-based funding for field development and other Company working capital requirements. It is planned to commission a new Competent Persons Report to establish the Company's net Reserves following completion of HH-2z production testing in the Autumn.'
Enjoy the extra hour tonight acting as UKOG's number one apologist, meanwhile bit by bit the future promised by SS and UKOG dissappears. Carribean anyone?
Fool On The Hill
@FoolHereAgain
Well you know that a cat has nine lives #ukog lse Face with tears of joyFace with tears of joyhttps://youtu.be/S6CdpAhwpw8
Another one about to go then, can't be many left!??
Again Penguins you deny the point that very little was possible without the permits which will allow a financial calculation.
Although done in the middle of a oil price crash will never be as valuable as at normal market rates.
Wizard,
your continued belief in the hype is testament to the ability of humans (if you're not a bot) to find any bizarre theory or belief to cling to deny what is clearly in front of them.
Maybe the workover will improve production rates but there have been a few workovers on the Portland, presumably because production tails off (declines) - which is normal, but with production primarily from a limited zone and also from fractures the decline rate may be higher than a 'conventional' sandstone reservoir. We await some information and will hopefully not be fed short term BS rates. Maybe this RNS will have details of the timing of the HH development they seem to have forgotten about. In case SS is reading this here's a reminder - another Portland horizontal, a Kimmeridge sidetrack from HH-1 and 3 further Kimmeridge horizontals, and don't forget the Portland injector (or is that HH-2z?) - all to be drilled by end 2020.
OGA or others making UKOG test for a long time - why - following all the hype & the share price hitting 11p it was a requirement of the OGA, the government or FSA........!!!!!!!!!!! Wow that's unbelievable - literally.
Maybe the delay was because of Magellan/Tellurian - but if the acreage was so great why couldn't they find a buyer apart from UKOG - in fact why is UKOG the only company buying up acreage in the Weald (and then relinquishing it).
They may have the permits - but no cash and having 'spent' £1.65mm on second hand production kit from PW (spent not entirely accurate as there's still £1.1mm to pay, almost certainly in shares one way or another) I doubt they are 'planning' to drill further wells at HH into the Portland or Kimmeridge for the foreseeable future.
The 'site values' you refer to couldn't be put in an RNS - they were opinions - not hard fact, and depended on certain things happening that required further work to verify (obviously those things didn't happen).
The cash flow from Turkey may only be enough to fund the next wells for some time, and requires success - which sure ain't guaranteed as AME only farm out their poorer prospects according to their website.
'We will continue to high-grade our portfolio and consider divestitures and joint ventures where the underlying values are not reflected in our financials.'
Until UKOG produce a plan that includes Kimmeridge production at HH I would assume it's no longer considered a viable target on the basis of the ewt.
Penguins, I could set my clock by you predictable as ever.
Today you even have FOTH's love & adoration.
A match made in heaven I'm sure.
Unfortunately imo. the time lines are not of UKOG's or the OGA's making.
The key question is, was it possible for Surrey council to shorten it or was the time needed for the due diligence required.
In this case the OGA has been obliging to accommodate continued flow testing & cost revenue's over a extended period & who knows maybe following all the hype & the share price hitting 11p it was a requirement of the OGA, the government or FSA.
On the results & requirements UKOG now have all there production permit's for both the Portland & Kimmeridge drills at the Horse Hill sites despite the propaganda against this situation.
The details for the independant Portland report were released by xodus in late 2018 & then updated by UKOG .
The details of the site values were released in a interview with SS & I am surprised that there was no RNS as it effects inside information that has a material impact on the company valuation & share price as does the information in the UKOG presentation regarding the number of sites, but the communication was made & is a matter of record including the interviews on the UKOG website.
Should you care to do a little research you may find that UKOG have until 2021 or 2022 to evaluate the Kimmeridge & bring a field development plans to the OGA which I'm sure will be extended if necessary due to the Surrey councilor's delays with the planning.
As a result I am not surprised that UKOG are pushing forward with plans for a speedy cash flow from Turkey so that they can push through multi site applications for development & drilling in the HH licences & beyond once the president's are set.
What’s boring is FOTH appearing on lse every weekend with the same clap trap and nonsense, get over that... I won’t be responding to any more of it tonight, better things to do good night
BullTurn ...yes that’s a possibility, but he still has no excuse for the way he treated other poster that questioned his then all time hero SS...before he realised how things were panning out...
FOTH...is FCAD...Fly Cunning And Deceitful, When he was invested in ukog, anyone that even had the slightest question to ask that he didn’t like was called a shorter, swing trader or swampy, this man has no scruples, he personally told me that he would burry bad news (waste water tankers) as long as the news he was supplying kept the sp up to comply with his trading agenda, I don’t know what happened did a big trade go wrong or did he get a telling of from someone at ukog but he went in a massive HUFF and has been completely against ukog ever since, He loves lse chat but Is deservedly banned for life, but he tries every other weekend to get back on to his favourite BB under different aliases, but can’t control his hate for long and gets chucked out again...sad story but true...I fully anticipate a slanderous reply to this post on Twitter.
Wizard,
HH-1 was drilled in 2014, Tested initially in 2016, Testing and appraisal drilling applied for in October 2016, with documents submitted in support until July 2017, approved November 2017. EWT commenced July 2018 and continued through to March 2020. Appraisal drilling commenced September 2019.
The only CPR covering HH was released in June 2018, prior to the EWT – and it’s OK that ‘shareholders are to date unaware of the underlying value of the oil in place & recoverability’.
The question is why?
Yet you’re quoting this, having said we don’t know the value?
'Horse Hill £150 - £250 million & each other Kimmeridge site on the licence £100 million & there could be up to 8 sites in the licences before looking at other licences.'
That valuation is based on an interview with SS. No details, based on $70 OP and recoverable oil based on 6 wells - possibly initially producing the fabled 720 to 1080bopd. Whereas UKOG currently producing....?
As for 8 other sites in the HH licences which have to be for the Kimmeridge – when was that last mentioned, when was it first mentioned? Beware the over hyping of a reservoir which they now aren’t even flowing.
Just remember these 'plans'
2017 Master Investor – plan
3x 90 day production tests (2016)
3D seismic (2017)
Horizontal production wells (2017)
Show HH-1 resources can be repeated to south and west in the Basin sweet-spots
Holmwood -1 well (2016/17
2 others identified wells (2017/18)
Proved it wasn't repeated to south
Production test 20 months from Sept 2018
3D Seismic –no
Horizontal Production well – Nearly 2020
Holmwood – no
2 other wells – one in 2017
2017 Feb/Mar Corporate presentation Plan:-
HH-1 production tests in 2017
HH-1/1z production wellbores in 2018
KL production target >1000 bopd by end 2018
Replicate HH-1 within wider basin “sweet-spot”
BB-1 in 2017, approvals granted
H-1 in 2017 approvals granted
GB-3 in 2018, site selected
Bring HH Portland to production by end 2018
Erm –anything, except (unfortunately) BB drilled on plan.
Yet something said in an interview nearly 2 years ago is still valid?
Bull by name bull by nature!
Goodnight.
Funny we actually have board meeting to discuss your antics!
Nobody needs a drink to be merry.
Don't forget my bonus?
Before my time Adrian.
Are you living the dream?
Adrian
I though you had the answer to that with your Hurricaine investment & there debt pile & falling from a market cap of £1.2 billion to £50 million!
Always look on the bright side!
Bull
Sorry I forgot can you add 3. for Dave the dril & list your other personalities in numerical order?
Bull
Can you please put a 1,. for BullTurn replies & a 2. FOTH replies so we understand which personality is relying?
Many thanks.
Adrian
Better question.
Who say he will need to raise funds by then?
Adrian
Normally I think you music taste if nothing else is pretty decent but your Elton John selection this evening seems to like your views on UKOG!
Rubbish!
You must be pretty board with no one to fight with but yourself!
Are you sure UKOG will be granted planning permission on 27.11.20 or do you think Arreton will get permission first?
Be careful Adrian you are making yourself ill with all these multi personalities & your misguided obsessions!
FOTH
Is this you getting desperate?
Wizard On Lse. You go tell your BOSS SS that I'll be watching and reporting any lack of action at HH. Fact is your a lazy load of fekers and are in it for placings money. You should all be sacked and a good look taken at the books to see where the money went.