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The reason it’s an exploration well, it they believe there is a missed oil play, over and above the oil found.
Although I get the point it’s an appraisal well if you “discover” another seam of oil. Then there is an exploration element too.
Just read a post by one of the rampers in which they say can't understand how the SP is still down and then goes on to say it's got to be a strong buy.
Lololol.
Different worlds.
Rapid monetisation, months versus years in UK
• UK 4-5 year wait to long term production erodes ~40% of project net present value
• AME’s E. Sadak field in production within 1 month of well finish, official production consent in 7 months
• Right to produce enshrined in Turkish Petroleum Law (Article 6 (10))
• No lengthy planning or regulatory permission hurdles after commerciality established
• Turkish refineries must purchase all produced crude at market price - enshrined in Petroleum Law
• Export via road to Batman refinery - approximately same distance as Horse Hill to Perenco Hamble
Posted this last night, re-posting it now (things quickly get buried under all the posts!).
From SS's comments at the AGM (08:15-11:00):
"There already has been a number of wells in the Basur-3 structure which have demonstrated the presence of oil, that's why the Xodus report allocates a mean recoverable of about 37 million barrels.
So this is an appraisal well, it's not an exploration well, so the oil is there, we don't know exactly how much because the data is very old".
The main purpose of the well is to prove:
1/ the hydrocarbon volume; and
2/ commerciality.
https://webcasting.brrmedia.co.uk/broadcast/60633359d7d1917e69019aa2
Desperate.
Why would AME with a report that says that this well is going to confirm 37mmbbls recoverable - 9mmbbls more recoverable than the E Sadak field where AME have about 88% equity - hand over 50% of such a sure fire winner for a few million dollars, why did their partner exit the license? There must be some pretty big drawbacks that UKOG are keeping to themselves - something I can't imagine them doing - hold on............
They don't know how much oil is down there yet then claim 37mmbbls recoverable when they probably have even less idea what recovery is likely to be.
Seems garbage in - garbage out might be a reasonable assessment.
The well is to find out if the oil is producible commercially, like the Kimmeridge OIP is a big number and theoretically a few percent is recoverable but getting that few percent might require a huge number of wells. I wonder what percentage of the 28mmbbls theoretically recoverable oil E Sadak has managed to produce in the seven years since discovery with maybe 13 wells drilled on it.
In the 4 years of data available in scout reports total production was just under 500,000bbls.
In the best six months in the available data total production was 150,000bbls, so say every 6 months in the missing 3 years of data data production was that, that's an additional 900,000 in 3 years, so say 1.4mmbbls or 5% of the recoverable figure in 7 years and 13 wells (I would be surprised if the missing production was 900,000bbls). Extrapolating that to recover the 28mmbbls that's 133 more years and maybe 200+ wells.
Of course if UKOG would let investors know the actual production etc of this geological and producing lookalike field they like to quote selected information from we would be able to better understand the investment case.
Probably AME see Resan/Basur as likely worse than E Sadak and that's why they wanted someone else to pay for the first well on Basur/Resan.
PS I'm pleased the SP is rising - predicting when it will drop is the gamble now - obviously it has nothing to do with the above for a while.
From SS's comments at the AGM (08:15-11:00):
"There already has been a number of wells in the Basur-3 structure which have demonstrated the presence of oil, that's why the Xodus report allocates a mean recoverable of about 37 million barrels.
So this is an appraisal well, it's not an exploration well, so the oil is there, we don't know exactly how much because the data is very old".
The main purpose of the well is to prove:
1/ the hydrocarbon volume; and
2/ commerciality.
https://webcasting.brrmedia.co.uk/broadcast/60633359d7d1917e69019aa2
Try the fish, I'm here all week.
;)
Post of the day...Skwizz
Posts: 3,757
Price: 0.215
No Opinion
RE: 0.5p this week!!!Today 14:53
I wouldn't trust SS to tell me if there was oil in his car!
I wouldn't trust SS to tell me if there was oil in his car!
I've seen better sales pitches given down the local market by a barrow boy selling fine bone china. SS couldn't outsell a 7 year old selling lemonade on a pavement. He's a terrible salesman. Where is the professional company strategy document from UKOG with info-a-plenty for all existing assets and Turkey? Probably not produced because they would have to put some interesting comments against; BB (dead), HH (dying), IoW (waste of time), Loxley (yawn), Turkey (stonedust guaranteed). But then there is Horndean which has given a nice little stream of cash into the accounts for a while now, problem is that is doesn't cover the cost of the coffee machine in the office.
For those interested, SS actually gave quite a good brief resume of Basur-3 and its prospects at the AGM, in answer to a question. Approx 08:15-11:00:
https://webcasting.brrmedia.co.uk/broadcast/60633359d7d1917e69019aa2
Oofy, you've been acting a dick now for many months.....nobody could take your part....although someone probably already did in the past......Eton rifles......jam
Penguins gets my thumbs up for providing unbiased honest posting with fact based research. The rampers here just put out the same old rubbish all the time. "0.5p this week" being yet another classic example.
Penguins,
We've had this conversation a number of times before.
Instead of counting posts, why not count words? If you do, then the probability is you yourself emerge as a major poster on this board.
What happened to Doubleheadedcoin? Brute force discussion board pollution was his MO right?
Lol Penguins.
A very similar history to Simple00....
;)
Member Info for Lucky-Strike
Posts (Last 30 Days ) 490
Posts (All Time) 501
Last Post 22nd Jun 2021
Member Since 27th May 2021
How many posts do new accounts come from the same rampers?
Less than a month (new account?) and 500+ posts. Pretty obvious what Lucky Strike's agenda is.
Along with Ocelot LS has about 30% percent of posts in the last month on ANGS (319 out of about 1080) and now building up on UKOG - today they're 37 out of the 109 though it's hard to keep up.
Admittedly the majority of these posts are LS not Ocelot.
If you are looking to cast folks, then there are plenty of unicorn owners on here ramping the rainbow chasing dream.
Just research the history on UKOG and beware of the half truths and careful words used in UKOG RNS's.
...or maybe Cynderlad could play Dick Whittington and you lot the pus in someone’s boots.
Maybe they could be the ugly sisters!!!
With wishy washy calling out all their lies!!!!!
ozzy
Skwizzy Abbot in panto i would pay to see that .
Hed balls up counting out the beans to jack and ruin the whole show for the kids
He'd forget how many wishes he had left and pee the genie off losing count.
god knows how many dwarves he would have ,ooffy,rich 123 ,Cynderliar
Would we cast cynderliar as the sleeping princess
You couldn't write it
GLA
He’s an idiot LS
UKOG interim report & accounts are going to be interesting due by the end of June.
Lots of news flow to come from UKOG!
LMAO. Seriously, the ramping is a feast for the rainbow chasers. How many unicorns do Wizard and TH2 own between them?