The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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On the bright side hopefully these next 2 wells will move forward just as quickly
Turkey
In July 2020 and after much prior consideration, we decided to broaden our horizons with an agreement to take a 50% non-operated working interest in the 305 km² Resan oil appraisal and exploration licence in south east Turkey. Applications for three further follow-on exploration licences, comprising four 150 km² blocks, were also submitted to the Turkish regulatory authorities, again with 50% non-operated working interests.
UKOG's board views the forthcoming 2021 Basur-Resan appraisal drilling programme, aimed initially at proving the commerciality of the Basur-Resan oil discovery, to present a compelling and potentially transformational growth opportunity. If awarded the additional licences could each add similar oil resource potential as Basur-Resan to the Company's portfolio.
Post period, we received formal government consent for the Resan acquisition and subsequently completed the transaction with AME.
Having recently begun construction of the Basur-3 drilling pad, both the Company and AME will now work towards finalising the design and delivery of a successful first appraisal well, aimed at establishing the commerciality of the aerially extensive and as yet undeveloped Basur-Resan oil discovery. Work is also ongoing to design and shoot a c. 120 km 2D seismic programme this year and a further Resan-6 appraisal well.
The Basur-Resan oil discovery was assessed by Xodus Group Ltd to contain an estimated mean case discovered recoverable oil volume of approximately 34 million bbl gross, potentially delivering to UKOG approximately 17 mmbbl for its net 50% interest. The high case target offers approximately 67 mmbbl gross and 33.5 mmbbl net UKOG. Rapid monetisation of the discovery's success case is possible within a year in Turkey, plus drilling and operating costs are significantly lower than the UK.
Basur-Resan, therefore, has the potential to significantly surpass the recoverable oil & gas volumes currently assigned by Xodus to both our Loxley and Arreton appraisal projects and the entire aggregate sum of the Company's UK portfolio. As previously mentioned, to add a comparative scale, Resan's mean case gross discovered recoverable oil volume of approximately 34 million bbl exceeds the 32 million bbl of the total historic production and current remaining reserves of all the Weald Basin's historic 13 producing fields.
We also look forward to hearing the outcome of our application with AME for three further exploration licences in south east Turkey, lying to the south and south east of our Basur-Resan Licence. The most northerly block, M47-b3, is interpreted to contain a potentially significant extension of Basur-Resan and the most south easterly block, M48-d1, an extension of the recent Bukat-1 discovery well.
The main problem is that the company is run by a bunch of third raters which makes it so difficult to figure out what is likely to happen.
They are not investors at least not here and they are well fed - by us.
So where does it leave us ?
Still
"dodgier than dodgy Dave Cameron playing baseball for the Dodgers in Dodge city"
LOL!
Loving that.
;)
gkb47: rather you than me! Even the dodgy AIM system and its participating beneficiaries must notice the writing on the wall. One of these oil minnows is going to be hauled out of the AIM sludge treatment pit soon and hung out to dry. The resulting unpleasant smell may affect some of the others. It’s a question of determining which has the limpest grip on its finances. I doubt it will be UKOG though..
Primula, if as you say they drop to 9 p on Monday. I will be a millionaire. You can’t even put the correct figure to substantiate your argument. We’re you expelled from school?
Gkb47, keep it up, the company is going to be rerated and the price on Monday will show you, what I mean. So here’s to a better future for all the share holders and you and your mates will have to find another company to de ramp. Have a lovely day,can’t wait to see what Monday brings.
Looking forward to nice big rise next week. " "EXCITING TIMES" for Ukog.
Kammi
But what if the shares drop to 9p on Monday! Goodbye profit. Have a fabulous weekend.
Gbk47
After Turkey could be the extraction of oil from seawater.... Seriously.
Who is going to fight that one here?
Gkb47, hope they keep it up mate, made 25 grand in the last 10 days and now 20 mil share at the cost of .014 p. Hope they keep it up. Love making money while you all keep moaning and talking about Sanders salary. Keep it up.
FCA have not the least interest in AIM NOR HAS AIM the least interest in AIM.
FCA goes for the cases which may bear fruit in terms of enormous fines to justify their being.
AIM is all about money, self justification, watching their backs and keeping their fingers crossed.
gkb47: you’re entirely right about this, and about the appalling lack of any kind of oversight on the part of either the FCA or the AIM. If UKOG get to the end of their latest rainbow, they'll doubtless find a fat Turkish leprechaun greedily sitting on their sack of liquid gold, pointing his beastly stick and laughing loudly at them.
The Non-Exec Chairman’s remarks in the Annual Report were hardly calculated to ingratiate him or the company with the local planning authorities, were they? They read like one of Mark Barker’s nighttime posts on the other Angus bb. Shocking.
It's all very well for the chairman to state that he communicates with the so called large investors.
Make no mistake it's not their money so why should they be the least bit concerned about UKOG LET ALONE INTERESTED IN ITS PERFORMANCE.
ALLEN DEE HOWARD presides over one of the WORST performing UK public companies, NOT by any means THE WORST !
In three years or so all the smaller investors have gained are MASSIVE share value declines coupled with excuse after excuse from Directors wholly out of touch with reality and wholly intent on maximising their income at investors' expense to add insult to tumultuous offence.
Is this the AMERICAN dream? Mr Howard are you asleep at the wheel or laughing at us?
IMO. Gla
Desperation is setting in with anyone unfortunate enough to be holding these over the weekend.
Been here before and know that feeling.
Those who are still saying there will be no placing are the sort you shake hands with and then check you still have four fingers and a thumb.
Hopefully a placing will be sorted next week. You don't want a situation like UJO where the placing timing killed the expected SP rise.
Nor being invested and wondering everyday when the placing will drop and potentially half your investment.
Note: If Turkey is a duster this company's days are numbered. Gla