George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Clearly see this OP...is a suttle troll. Good fun though.
Fantastic work going on in Turkey.. surely heading for 1p+ this coming week..leading up to Spudding...and Transformational news.
ANGS had to raise some cash at v short notice in March just to cover their outgoings - the main financing is supposedly being stitched together by an outfit called Aleph - who are serial company formers with not much of a track record. The Company has said that potential lenders are discussing the security on the loans - in other words who gets the asset if it all goes pear shaped. Problem is that if several small lenders are involved they all want the security for themselves- and its hard to show its worth £ 12mm
The finance - it was promised months ago -
thi sis from someone else's posts last week on ANGS:-
Finally, please inform what you consider the difference to be between the latest and continually varying pronouncements of the incumbent MD regarding the schedule on raising the very unexpectedly needed £12 million of financing for Poundland?
"...in the coming two to three weeks, with drawdown shortly thereafter" (25th Jan)
"...imminent" (25th Feb)
"...we believe that we are in the final furlong" (15th March)
"...in the near term" (29th March)
Mirasol: sorry, has that not been completed yet, then? I’ve been following the conversation on ADVFN, where the people seem a bit more clued up, what?
If that's the case then move on to a share Company that suits you and the trolls..simples. ..Hun.
Trolls will only end up with high B Pressure trying to get the Sp down...always the bridesmaid. So we get the odd dip heading for 1p+ maybe this week. Ukog too strong now. (Dyor). ALL ABOARD THE UKOG TRAIN.,... BOOOOOM.
" There’s a small oil/gas company called Angus Energy (which also has assets in the Weald) which is borrowing £12million from banks to complete an onshore gas project in N. Lincolnshire, "
what a laugh - go onto the ANGS pages here and see how successful they've been at raising their £ 12mm - about as successful as making money at HH
Exploration... that's a nice report on the Turkey structure. All in place ready for the drilling. The company are ready to be transformed. Coming week will be very interesting.
Definitely, next Major.
Trolls in full swing. "Car Crash RNs"...yet no mention of a placing..which would be covered in a day's trading..if and when . We might be producing far more,and have self sufficient revenue by then. Oil tankers coming out of HH..Turkey Spudding coming which will also be transformational to the company. Ukog the next BP ?. The company are now forward thinking. (Dyor)
Wizard125, Skwizz: Many thanks for these replies, very helpful.
Can I ask why investors here are willing to gamble on this Turkey prospect when UKOG’s partner there was keen to cash in many of its chips in this game? Surely Wishee Washee at Aladdin knows more than UKOG knows about it? What will Aladdin be spending the money on that it received for UKOG’s new share in the prospect? If the oil prospect looks good, it should be possible to borrow the money required to complete drilling and bring it to production. There’s a small oil/gas company called Angus Energy (which also has assets in the Weald) which is borrowing £12million from banks to complete an onshore gas project in N. Lincolnshire, whose outlook is no more assured than this Turkey prospect. Aladdin/UKOG should get on the magic carpet and beat a path to the door of Aleph Energy, who are arranging the loan for Angus, innit?
Agree Sage.
Good luck.
:)
OofyProsser
You mentioned in another post you were new to this, so I hope you don't mind me mentioning;
UKOG always had the option to use water-injection.
This should not be confused with 'fracking'.
Fracking is very high-pressure system to force out product above its' natural recovery pressure.
That's unrelated to the injection technique UKOG would be considering.
:)
Mirasol - correct
There is extensive literature on the nature of the Cretaceous tight, fractured carbonate reservoirs in the area where AME is planning to drill. Luckily, Turkish petroleum geologists have untangled the evolution of the basin. Note, the timing of events and source of petroleum is different from NW Iraq,
In AME’s area major deformation phases took place in late Cretaceous times, before oil charging into the reservoir began during the Eocene/Late Eocene with later folding during Oligocene and Late Miocene i.e. after the oil charge. Fractures that were generated before oil emplacement tend to be cemented or partially cemented by calcite.
Partially-cemented fractures in cores are oil-stained with cement-lined walls, suggesting cementation began before oil emplacement but was not completed. Image logs and cores also show the presence of clean, open fractures with no cement present on the walls. These open fractures cut across the cemented or partially-cemented fractures and are, in general, related to Late Miocene compressional folding which dominates NW Iraq and the whole Zagros fold belt in Iran.
In a nutshell, Miocene structures usually have best open fractures and older, Eocene structures have cemented fractures. Wells produced with too much drawdown generally suffer from early water via fractures and the low-permeability matrix needs time to recharge the fractures with oil.
Does anyone know why are we bothering with Loxley and Arreton when Turkey offers much more potential in terms of ‘bang for buck.
Yes actually Simple you are perhaps correct to ban me as I left out a relevant fact in my attempt to be optimistic. A placing is usually not done at the 30 day average price but at a discount to it! GLA hopefully savvy PI's will make some money here. I have nothing further to say and will wait to see what next week brings. GLA
OofyProsser
Yes.
Sageman
One man's rubbish maybe another man's gold!
We shall see Gl.
When a placing is done, it is likely to be done at a discount to the prevailing share price not the 30-day average share price.
Have UKOG got planning permission to inject water?
The bit I am struggling with is how anyone expects this to open up tomorrow? We had a very welcome spike on Friday then after the market had closed we had a car crash RNS. It had write downs, a promise of a placing and a description of our only producing asset as a "teenager" throwing tantrums. Any placing is always at a discount and if they use a 30 day average the placing will be circa 0.15p. Not a ramp or a deramp just a simple statement of fact. I sold up my last holdings on Friday and expect to buy in post placing and sell pre results and claw back some losses. I have been here nearly 5 years. Newbies who ignore the rampers have a good chance of making money here but trade it don't hold...unless SS buys a large holding. GLA
gkb47,
My back of the fag packet calculation was a loss of £840 per barrel [and over £10 a barrel to Lord SS].
Not sure if there are worse figures for a producer.
"Obviously AME are looking to UKOG for a technical support partner "
I doubt it - what knowledge and expertise do UKOG bring? AME has been drilling in Turkey for about 8 times longer than UKOG has existed.
UKOG and the LTHs bring $$$$ - that's all AME want
Penguins
Why do you caim to be invested when all you want is a perfect world?
Even the likes of Shell & BP have there problems but have not got where they are today without facing & overcoming challenges.
We dont know what oil extracion method are used in Tawke or even if water injection is used at East Sadak it could be a very rewarding partnership for many reasons.
Obviously AME are looking to UKOG for a technical support partner it could be win, win we will see.
Mattmoo,
As you will be aware I don't work in absolutes (the SP will be x, will go up, will go down, UOG will produce x bbls) - and nor does UKOG, or anyone sensible - it's couched in if, could, possible etc. - that's because even the most understood reservoirs can throw up unexpected outcomes.
But UKOG did put in the 15 January 2021 despite all the logs, months of testing and production etc.
'Technical work is ongoing to further characterise the Portland reservoir's delivery mechanisms and, in particular, the prevalence and role of the natural fracturing within the Portland section'
UKOG seem to have either a lot of bad luck - or is it that they fail to convey the possible problems that they are likely to encounter. If you think it will be put water down hole and everything will be great - I don't, it may be but fractured reservoirs are not simple entities and just because UKOG don't mention the possible problems doesn't mean they don't exist.
But is saving the cost of water production what was expected from HH-2z. Was a massive decline in Portland production mentioned by UKOG? But there were posters saying that fractured reservoirs were liable to 'gush' and then splutter. Of couse they were called swampies, shorters, nimbys, derampers - all sorts of names just because they had a realistic view.
Wizard,
I think most posters understand that the oil will have migrated from a local source rock, whether or not it's the same as the source rock in Iraq.
It's such a structurally complex zone that migration paths are unlikely to be very long.
Most of the North Sea oil is sourced from the Kimmeridge, but it doesn't migrate from the Weald where it is also the source rock.
You should do your research before, not after, posting.
Mattmoo,
The plan will have to also be agreed by the OGA. They will have to run a test to see what happens and in a fractured reservoir what happens is important.
The well was originally planned as a producer and is fairly close to HH-1, but there was a suggestion that the reservoir is compartmentalised, possibly because fractures can act not only as conduits but also barriers. There is also the suggestion of a fault mapped between HH-1 and HH-2z in the latest mapping.
The production primarily comes from a restricted interval which is where the horizontal is placed so any sweeping will be limited to this more porous zone.
What will happen - I doubt even UKOG know - in January they were still working on their understanding. Most likely it will stop or reduce decline, might increase production by pressure falling during production which necessitated the interrupted production so maybe they will manage continuous production at a lower level (as it won't be total replacement of the volume produced) than the about 170bopd they got on the 15.5 producing days in December - the December average was about 85 bopd.
yes wizz.
drill is only show off to say we brit are here.
no briner.