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Penguins, if you do hold shares, what prompted you to buy them? I think I may have asked you this in the past, sorry if I missed your reply but I cannot relate your posting history to someone who holds shares. I'm sure you can see where I'm coming from and how I've formed my opinion as to your motives on here. For the record, a good chunk of what you post is rational, just completed unbalanced.
Leewayne,
You seem to wait, like a few others, for me to post and then make unsubstantiated and factually incorrect claims about me.
Obviously you would prefer no one asks questions, challenges misleading statements or points out inconsistencies between RNS.
You may not understand why as a shareholder I post but surely If you disagree with what I post you should respond with reasoning to refute my views - like Argus did earlier, or filter me if you can't - but don't go around making claims you can't possibly back up - when I say I hold UKOG shares I am telling the truth and that's why I make sure I know as much as possible about UKOG - perhaps if more did as I do there would be less dismay when the SP doesn't react with the same enthusiasm as certain tweeters and posters.
Oakleak
I do read a lot of posts, all the RNS and lots of other stuff and lead a very full life which is why I might not reply for a while - maybe I read and write faster than you. Look at my posting history - I've posted on about 14 days in the last month, about the same as you. Disruptive - only to some who don't like anyone posting who doesn't follow their mantra of every RNS is good (see above re dismay) - and then it's the MMs etc. that stops the SP rising, never the RNS.
Bladehater,
don't be silly - Tidswell was a driller - I'm insulted, anyway according to PCS I'm Ruth (also insulted) and have been accused of being a shorter or even an MM - all wrong. As for positives. I'm on record posting that the SP - if the ewt of the Portland is in the range SS has suggested - should be higher even up to 3.8p but depends on shares in issue, the ewt and more importantly the CPR.
Penguins = tidswell
Why?
Very knowledgeable about O&G and 100% negative.
He must have a big gripe with the company (no-one would spend as much time & effort on something they don't believe in)
Also, too knowledgeable to be a "City Slicker" as they have fingers in many pies, not just one.
Just wish he would lighten up and give us some positives, but fear this is too much to ask for.
Leewayne, good luck trying to get a straight answer. Penguins lurks in the shadows, waiting for someone to post a comma out of place. He clearly reads every post on here and spends a shed load of time thumbing through rns's, applications and accounts and posts hundreds of negatively slanted comments. Either bored with nothing else to do (bless him), or an intentional disruptor. The latter for me. GL.
Penguins
Seriously what is your problem,you seem to know a lot about ukog, although you bend the truth a lot,but you are not invested so why are you here, don't lie again and say you are invested, you are just some sad individual whos life is so boring you come on here for no reason at all
Pboo,
Interesting they would risk running a mill down 2,500ft of slotted liner 'just in case' - they really should minimise any risk of anything getting stuck in the horizontal as a redrill would be an expensive option - though what they would have been rotating down the hole yesterday is a mystery. If they were milling they would need to be circulating but someone said the mud tanks had left, but maybe they hadn't.
Argus,
at least you have begrudgingly mentioned that UKOG's share of Horndean is 10% and not just an unspecified 'share of' as some might assume, given the importance you seem to attach to it, that it's a significant share.
As for your figures I prefer to use as a guide the numbers in the UKOG(GB) Ltd. accounts (ie not guessing) for the year ended 30 September 2018. These are revenue £227,000 and cost of sales £97,000 (43%) leaving a net £130,000. The average Brent OP 2017-2018 accounting period was higher than it was during the 2018-2019 accounts year, and certainly higher than now - and production levels have also dropped since 2018 (OGA dashboard) so I think it's reasonable to expect less than £10,000 a month net to UKOG.
OK so the cost of drilling and ewt of HH-2z is ring fenced, that should take some pressure off (!) - but other costs will have continued so the new loan will have been eroded by the continued testing and other company costs. We will see if the optional YA loan is triggered.
Scallywag,
I've noticed that the pump has been going at about 8 cycles a minute for quite a while (and it isn't a figment of my imagination) - it's apparent that there is no direct relationship between pump rate and production rate for the Kimmeridge.
The only facts we have for production are figures that are irregularly put in RNS - and we don't know how many days actual production they represent, although the pump seems to be running constantly and the averages seem to be less and less.
At least freeasabird made an effort with his ramping. It was original unlike your very poor efforts.
"The noise I heard at horse hill was very simular to the noise on this youtube video.
Hope this link works. https://youtu.be/coogZwPpm1U
From the noise I was hearing from site today I think they maybe flow testing..There is no sign of a rig but I think I read a while back Shclumberge (sorry about the spelling) supply a bit of kit that negates the use of a rig to flow test..There also apears to be a large grey building I have not seen before .Now the leaves have fallen from the trees in the wood I can just see it.
I've invested my shirt on this striking lots of oil."
The large grey building was the container covering the well!
Ibug
Is that all you can pick on??? A bit of miss spelling.
What a ****-r you are.
Ps. As you cant see what is in the middle of the liner all good oil companies will still run cleaning tools just to be sure.
Just a little post for the grammar police, Chris Dawson can’t read or write. However, that doesn’t stop the billionaire founder of The Range from communicating with his army of employees – he simply subjects them to phone calls at dawn. Dawson left school with no qualifications: “Dyslexic is a polite way of putting it.
And yet no mention of all the other spelling or grammatical errors on this board and you can't even recognise sarcasm! I was taking the mickey out of "de-buring" in the post from Pboo. Hypocrites don't do a lot for me.
Pboo
Is that Chris de burgh? R U aving a laff. Slotted liners are deburred during the manufacturing process.
ARGHHHH Mr Tidwell, you are asking others not to guess, but all your posts are suppositions and guesses.
Kettle pot springs to mind.
You seem to be getting more down as time goes by. Lighten up and smile. We all will be soon,
(PS Penguins = Tidwell for the uninitiated)
penguins, if you take the blinkers off and read what I wrote you will see that I did include that UKOG had a share of the 4,200 approx barrels of oil per month or approx 50,400 barrels per year from it's Horndean oilfield asset, "UKOG also has revenue from it's share of the 4,200 barrels of oil per month produced at UKOG Horndean oilfield asset."
At Approx. $65 a barrel over the last year that would be 4,200 x $65 x 12 (months) = $3,276,000 per year or £2,620,800 ($1.25 to £).
10% to UKOG is over £262,000 per year.
You also seem to have overlooked that UKOG ringfenced a substantial amount of it's cash for the HH 2/2z drill and the EWT:
"It should be noted that the cash consideration will not impact UKOG's ability to fund the forthcoming Horse Hill 2/2z drilling and extended testing campaign, as cash funds for its full 85.635% share were set aside and ringfenced internally in Spring of this year. "
"The funding of UKOG's increased 85.635% share of the new HH-2/2z horizontal drilling and testing campaign, scheduled to commence later this year following transaction completion, will not be impacted by this acquisition, as existing cash funds were set aside and ringfenced for this purpose in Spring 2019."
"To fund this acquisition, UKOG will primarily use cash from the £3.5 million placing raised in March 2019"
pboo,
when you say slotted liner has been seen on site do you mean about 80 30ft lengths or the few rusty ones on the lorry the other day?
No one outside the site knows exactly what is happening. The ewt will start when everything is ready and I would expect the rig to have left the site once everything is ready. Until then unless someone firstly sees what's on the end of the 'pipes' going in or coming out and then actually knows what it is all these guesses are pointless. btw I would expect all logging to have been completed immediately after drilling finished
Argus,
you keep forgetting to mention that UKOG only has 10% of Horndean, current production is between about 3900 and 4300 bbls per month and in the year to 30/9/2018 the net to UKOG(GB) Ltd was about £130,000 (with a higher average OP), less than SS's UKOG plc salary.
As for $5mm revenue the last accounts showed that the group was spending considerably more (about 3 times) in the 6 months to 31/3/2019 than the ewt was generating. With a lot of the testing kit now duplicated what consistent flow rate is needed to actually have enough free cash flow to fund further drilling without more YA coin?
Be patient and count the tankers - if they ramp up to 800 bopd they'll need to have to keep the tankers moving steadily - 4 a day on average - given that would be 5600 a week I'd expect they'd settle at a steady 5 a day during the week and maybe one on Saturday morning
great post Pboo
Zoom ibug
Slotted liner has been seen on site so it's quite possible that it is now in place. As we are not using Wireline, every single downhole operation means the drill pipe has to go in,with applicable tool for the job on the end of it.
The liner will need de-buring and then cleaning, packers will go in to isolate area and then packers will need to come out. Logging tools will be lowered into the well to check the well, liners, packers etc.
Hence why we are seeing pipe going in and out, all quite normal in a well clean up and preperation to make it a production well.
Thanks for the apology. For everyone especially newbies , goes to show people who sound like they no what’s going on, usually don’t . Rather read the RNS and make your own mind up. Experts on here don’t know what’s going and make mistakes in the explaination of what is happening on sight. Case in point Mr Zoom.
Ibug
By pipes I assume you mean drill pipe. Now can I ask how you are certain the liner is not set yet.
I certainly don’t know if it is or is not.
Let me tell you what I do know. The separators and flow test equipment will be charged at a daily rate and are not cheap. I do believe we saw pictures of that arriving yesterday. So I would hope they would not of ordered the equipment to Stand idle costing money if they aren’t close to needing it.
Just my opinion.
The pictures on FOTH clearly show that the Portland is still being cleaned up. I was wrong when I stated that the slotted liner was going in, and for that I apologize. On a brighter note I am happy for us to keep removing the rubbish from the well. A good flow rate should be our reward when we start to produce IMO. It is better to clean up the well this rather than inject a compound in like we did at BB and kill the well. Sorry to everyone once again.
GLA.
You won't hear about the pipes being taken out of the well again then. How many times is that Zoom? For those that can't work it out they still haven't put the liner in.
Honestly shocked and horrified that anyone still has JayKay and Ibug off the ignore list. Two pedantic old codgers that can't see the forest for the trees.
More than $5,000,000 revenue from oil sold from HH site alone.
Not to forget UKOG also has revenue from it's share of the 4,200 barrels of oil per month produced at UKOG Horndean oilfield asset.
The interesting thing is this 220 or so BOPD is only under test conditions where the OGA have granted maximum amounts for production over the test period.
This has been increased on a number of occasions as the the OGA are happy to see tests continue at this level.
Once we go into production things can & probably will change.
The consistency of the supply & revenue is a good indicator despite the negative posters here.
That was my point - we're better of where we are right now than most of the other UK onshore players (always excepting Wytch Farm)