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UKOG tweeted these both on 12th Feb ;
"UKOG
@UKOGlistedonAIM
·
12 Feb
HORSE HILL LATEST: UKOG planning a downhole pump changeout and scale removal programme to enhance oil production from HH-1. Further updates to follow.
UKOG
@UKOGlistedonAIM
·
12 Feb
HORSE HILL LATEST: UKOG considering a downhole pump changeout and scale removal programme to enhance oil production from HH-1. Further updates to follow."
I suspect that 'planning ' and 'considering' is about all they can afford/do at the moment as there has been no further tweet on the matter. How much would it likely cost?
That’s a very strange apology ibug! So my lack of research actually proved to be correct then!…lol
Uncleal,
On what occasion is SS supposed to have said this?
Do you have a source for your statement?
Any of our oil experts care to guess at the present cost of a rig to carry out the works required on HH-2Z or could it be done by a CTU? Unfortunately UKOG have never said what works are actually required but the planned injector is midway between the heel and toe.
Ibug
But is it actually in use ? The Annual report was very woolly on the detail.
When the SP was 0.19 following the Turkey announcement. SS was overheard saying that he wished he could short the stock but he is not allowed. That should have set warning bells off but my inbuilt optimism still thought that this company could make me a millionaire. I was holding 17m shares? Not any more! No longer a holder.
I don't think £400k that buys them anything, they would still have the RF/UA remaining liability due at end of year.
They either need some sellable bull$hite scheme to put to the shareholders at the AGM to be allowed to raise a many millions or admit defeat and file for bankruptcy.
£400k placing before administration?
I don’t know about administration but investigation springs to mind, SS has blatantly flouted and bent the AIM rules, to his own benefit, as in continually getting paid for failure, and stringing the investors along with fairytales…
WG818
This is the UKOG bb and if you had done your research you would know HH-2Z is the re-injector well and has been drilled.
Yes I get that Brillo, the vultures are circling . Who could benefit from which, hahum assets should be considered now.
The fat lady saying
Cannot sing any louder
Frigging come on, whats not to understand
I was referring to Angus not having planning permission at Brockham Ibug. If they could dispose 150 barrels a day at Brockham it would be win win. Angus increases the pressure in the reservoir and UKOG or whoever controls HH at the time wouldn’t necessarily need to drill that injection well…..just a thought.
WG818
https://planning.surreycc.gov.uk/Planning/Display/SCC%20Ref%202018/0152
"Retention and extension of an existing well site, HH1 and HH2 wells, and vehicular access to allow: the drilling of four new hydrocarbon wells and one water reinjection well; the construction of a process and storage area and tanker loading facility; new boundary fencing; well maintenance workovers and sidetrack drilling; and ancillary development enabling the production of hydrocarbons from six wells, for a period of 25 years."
0.02 trades incoming shortly with under 1m m/c. Unfortunately Sanderson is unable to be frugal and keep UKOG on life support like so many other AIM CEO's are able to do. If he had knuckled down and worked with the assets he had and not frittered away funds on Turkey and Hydrogen he could have kept this gig for a few more years. A terrible CEO who was given the job and was totally unsuitable for the position. Doesn't even feel the need to communicate with shareholders, tells you all you need to know really.
Just to add they have Environmental agencies approval for injection. Still can’t see an application for Planning permission for injection yet however which they require. …Birds of a feather these two.
ILS
Just a thought but Angus have an injection well at Brockham that desperately needs 150 barrels of water pouring down it fairly shortly to support the pressure. Could be a no brainier if it suits both parties?!?!?
I cannot see it being abled to issue more shares. It will certainly be heavily discounted. All value will be lost. If no one supports this raise, the next stop can only be administration. Türkiye was the killer.
That gusher down in Gatwick is non commercial. Who would buy a stake in it? UKOG could suspend the shares at any time. AVOID
So the HH Revenue pays Salmon slack's wages. tidy business plan that. Well done Steve. Thanks a lot.
Is it possible for a share price to go negative? I know companies liabilities are usually limited but in cases of fraud the creditors can chase the owners and as this has been such a fraud for years maybe shareholders will be chased for any outstanding debts once this goes under?
Shame UKOG don't keep much of that "£1m". 66% goes in "other costs of sales". They get a better return from their Horndean investment of 10% rather than the 85% of HH.
Wow gone to dust
At 40% = £8.125m if they can be used.
The Group estimated carried forward tax losses are £20,313,000 (2022: £16,421,000), none of which are recognised as a deferred tax asset.
Not sure on Administration but I could see the business being taken over for a nominal amount.
Horsehill still has oil revenue of approx £1 million per year.