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Double negative required :-
Loxley is obviously more challenging but there is no suggestion that eventually planning permission will not be granted.........
Ocelot,
''Rapid success case monetisation possible - months versus years in UK:'
E. Sadak was discovered and put into production in the same year, 2014, and has seen a total of 10 wells drilled to date.'
Getting planning permissiom in a densely populated country rather than a barren, mountainous barely populated part of Turkey is going to be different. I also suspect that the operations are less regulated, and the company allowed to produce not necessarily at a rate to maximise ultimate recovery.
But perhaps your second word 'success' is more the reason that HH has not been developed quickly.
2014 the well was drilled and the primary target was dry, 2015 reports were produced calculating vast quantities of Kimmeridge OIP and suggestions that significant volumes could be discovered.
Early 2016 UKOG ran 3 short tests, 18 months afte HH-1 was commenced, nearly a year after the Nutech report. October 2016 they submitted a planning application for 3 x 90 day tests, a new horizontal and a horizontal sidetrack. New documents were submitted for the application up to August 2017, and permission granted in October 2017. But they were busy 2017 and early 2018 concentrating on, and failing at BB.
July 2018 they commenced the ewt and in December 2018 submitted planning for 4 more wells plus an injector. The testing continued and in September 2019 planning granted, 2 documents were submitted in May and July.
End September 2019 HH-2/2z Portland horizontal was started (planning permission granted October 2017) , HH-1z into the Kimmeridge was already no longer mentioned and HH-2 not drilled through the Kimmeridge for information. The delay to HH-2/2z was almost certainly to do with partner issues(Tellurian) rather than planning which was granted October 2017.
So is planning difficult - yes, are there delays between submission and getting approval - yes but there are discussions ongoing and changes made that cause some delay.
Is planning the only reason for UKOG not having 6 horizontals within 6 years of drilling the well - no. The reasons are more likely obvious cooling regarding the Kimmeridge potential (4 of the 6 wells at HH), Portland issues (success), plus partner issues and the distraction of BB.
Loxley is obviously more challenging but there is no suggestion that eventually planning permission will be granted and UKOG's own schedule of H2 2021 probably achievable, which would in any case would be a surprise.
One more point. E Sadak is the only true local analogue to Basur / Resan (on trend, same reservoir). More details of what those 10 production wells are doing would be helpful in understanding what Basur might yield.
Monday is the last day of the month when many salaried people get paid. More chance of more buyers around to push the price up so an increase in price may be a false signal.
If it goes up on Monday I'll buy some again, drop is overdone i expect it back to 0.19 sooner or later
Understand the need to disguise.
You convinced a great many on this board to buy into
this fantastic company ..why come back?
Uncle Steven!
Hello Heid..
-- Rapid success case monetisation possible - months versus years in UK:
E. Sadak was discovered and put into production in the same year, 2014, and has seen a total of 10 wells drilled to date. Unlike UK, which requires numerous planning and regulatory steps before production can commence, Turkish petroleum law Article 6 (10) states that licensees are obliged to develop the field and commence production following a discovery. E. Sadak thus demonstrates that licensees are able to transition a successful well test directly into long-term production with minimal delay... (from the RNS of 14/10)
ErFreh,
Congrat's.
I've been pessimistic about this share for a while.
But I think it may be a bit too low from Friday's reaction.
I've got as much as I want invested in this at the moment.
Will you stay out or consider buying back in at the current price?
I might be tempted to buy back in at this price (if I had spare UKOG cash lying around).
Don't wish to be accused of ramping, just my personal opinion.
ErFreh
Not sure you are looking positively
If you want to invest like that then Saga when the consolidated and AIG werecstonecon a cpl of weeks ago to leave money in there and watch them recover over next 18 to 24 months when travel opens up
I've to much tied up so kicking myself
If you want to trade theres an easy 10 or 20 percent over next 6 to 8 weeks here .
But beat the placing and then back in for Turkey
All in my opinion of course
Glad I sold day before at 0.22, had feeling this is not worth the risk,