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Ozzy
Penguins was saying the same 2.9p.
No one can say that he is not consistent, but the saying goes 'No pay no play!'
Rollinginit...Penguin is not invested in UKOG and probably never has been......he/she has never said anything positive for as long as i have been associated with this share....that is since 2017.....there are many more on here the same........no-one in there right mind would be so negative on their own investment and do it for over five years solid
“Proving that there is commercial oil in Paleozoic sequence in Southeast Turkey by discovering 39 API gravity crude oil in the Arpatepe oil field in 2008, was one of the recent milestones we have reached,” reports Cem Sayer, President & CEO of AME.
“Six years later, another crucial discovery was made in the same region, in an oil field called Oymantepe East Sadak, which turned out to be the first of its kind in Turkey where the same aged/sourced crude oil is being produced to that of Iraqi Kurdistan, but with a better quality – being above 43 API gravity.”
Oil discoveries
With the Oymantepe East Sadak oil field also marking the lightest crude oil discovered to date in Turkey, Cem is optimistic that the discovery will help enhance several prospects located in the Southeast and the North of the country.
He adds: “While the SE Anatolian Basin – part of the Arabian plate – has been developed successfully and is currently producing from a number of fields of different size, the area in between these fields has been almost completely ignored. In an attempt to change that, our exploration efforts focus primarily on these very structures, as we believe that they have significant hydrocarbon potential.
The Oymantepe East Sadak discovery is on trend with the oil discoveries of Tawke and other major oil fields in Iraq, such as the Kirkuk oil field, and is expected to add to the significant resource base already discovered.”
Penguins
You can pretend as much as you like to be the 'armchair expert based in the Uk' of O ~ G deposits, formations and prospects in Turkey, but you're fooling no-one.
You know no more than any of us here and you know a lot less than AME, who have over fifty years under their belt .... and if you hadn't noticed they are still operating there. How would they have survived for so long if they didn't have expertise in their own sector ?
Second point, with everything that you claim being so bad as you purport it to be, yet you choose to remain invested.
Claiming to be in a 'paper loss' or 'waiting for the next spike to get out' and therefore not being prepared to sell yet, won't wash either, because if you thought it was just going to continue to get worse, that would result in a still greater 'paper loss' and also there wouldn't be a 'next spike' either, based on your perpetual doom hypothesis.
Actions speak far louder than words.
Penguin, so you say you're not XR...not anti oil......obviously not invested in UKOG....only ever comment on UKOG..... So to use your formula of "read what's not said" . ...you have to be a N.I.M.B.Y.......it's the only conclusion......and your not on your own.
Full history of drilling and flow rates from the SCOUT REPORTS from AME to the Exploration & Production Consultation Meetings over the years.
DOGU SADAK-1 completed 31/12/13 and put on production.
DOGU SADAK-2 Spudded 26.11.2014. Dr il l ing st r ing was stuck at 4291 feet. Abondaned 5th July 2015.
Dogu Sadak-1
Jan 2014 1786 bbls
Feb 2014 1356 bbls
Mar 2014 1045 bbls
Apr 2014 1190 bbls
May 2014 1076 bbls
Jun 2014 935 bbls
Jul 2014 968 bbls
Aug 2014 943 bbls
Sep 2014 889 bbls
Oct 2014 845 bbls
Nov 2014 721 bbls
Dec 2014 1078 bbls
Jun 2015 894 bbls
Jul 2015 868 bbls
Aug 2015 894 bbls
DOGU SADAK-2/S Put on the wel l product ion with pumpjack on 21st Sep 2015. Daily oil product ion rate is 400 bbls/day without water.
Dogu Sadak-1 and Dogu Sadak-2/S
Sep 2015 4472 bbls
Oct 2015 15016 bbls
Nov 2015 11852 bbls
Dec 2015 9350 bbls
Jan 2016 7216 bbls
Feb 2016 6286 bbls
Mar 2016 5007 bbls
Apr 2016 6825 bbls
May 2016 6793 bbls
Jun 2016 6028 bbls
Jul 2016 6432 bbls
Aug 2016 6063 bbls
Sep 2016 7615 bbls
EAST SADAK-3 Complet ion Date : 28.09.2016 Put on the well product ion with ESP pump on 28th Sep 2016
Dogu Sadak-1, Dogu Sadak-2/S, and East Sadak-3
Oct 2016 18315 bbls
Nov 2016 15022 bbls
EAST SADAK-4 18 February2017 ES-4 well is spudded today at Oymantepe Field, Eruh, Siirt, SE Turkey
EAST SADAK-5 18 August 2017 Our president Cem Sayer's visit to Oymantepe Oil production field and East Sadak 5 drilling activities
EAST SADAK-6 11 December 2017 Casing running operations.
EAST SADAK-7 Not mentioned anywhere
EAST SADAK-8 commencement of production at East Sadak 8 well 13 November 2018
EAST SADAK-9 Not mentioned anywhere
EAST SADAK-10 Not mentioned anywhere
EAST SADAK-11 Spudded 18.3.2019. Completed 31.05.2019. Well was abandoned due to non-economic hydrocarbon potential.
Dogu Sadak-1, Dogu Sadak-2/S, East Sadak-3 and East Sadak-8
Apr 2019 25457 bbls
May 2019 24949 bbls
Jun 2019 22140 bbls
Jul 2019 26494 bbls
EAST SADAK-11S Spudded 07.06.2019. Completion Date 15.07.2019. Put on the well production as of 22 July 2019.
Dogu Sadak-1, Dogu Sadak-2/S, East Sadak-3, East Sadak-8 and East Sadak-11S
Aug 2019 27428 bbls
Sep 2019 22805 bbls
Oct 2019 23712 bbls
Nov 2019 18789 bbls
Dec 2019 20668 bbls
Jan 2020 18056 bbls
Feb 2020 16674 bbls
Mar 2020 19655 bbls
Apr 2020 15125 bbls
May 2020 15573 bbls
Jun 2020 14219 bbls
Jul 2020 13890 bbls
Aug 2020 13489 bbls
Sep 2020 12625 bbls
EAST SADAK-12 Spudded 03.08.2019. Completion Date 16.10.2019 Well was abandoned due to non-economic hydrocarbon potential.
EAST SADAK-13 Spudded 25.10.2020
Wells known to have produced or be in production
DOGU SADAK-1
DOGU SADAK-2/S
EAST SADAK-3
EAST SADAK-8
EAST SADAK-11S
Ocelot.....is that truth untwisting?
• Wells on East Sadak have flowed at 1,300 bopd
from naturally fractured and dolomitized
Cretaceous Mardin limestones
The above is a quote from slide 11:
https://www.ukogplc.com/ul/Turkey%20RNS%20Slide%20Pack%20FINAL%20220720.pdf
Rollininit,
'But, equally, you can keep ignoring the positive information too from those operating in Turkey all you like. Pot, kettle, ....'
But the only operator in Turkey producing from a Mardin field is AME - and it's E Sadak. They are hardly going to say it isn't much good having just got UKOG to farm in and pay 100%.
In the UK there's loads of oil produced from the North Sea - the reason I ignore it is it has nothing to do with the reservoirs targeted in the UK by UKOG.
All those operating in Turkey (including the partner in E Sadak) who know so much about the positive information seem to have missed the opportunity to participate in the Basur / Resan farm-in bonanza.
Sweeping statements are all very well but compare what you say to the reality that no one else decided to join AME out of the pool of companies operating in Turkey. We don't know how long AME have been trying to farm it out before getting Xodus to produce a sales brochure a year before the commitment well had to be drilled - and possibly the seismic.
Ocelot
It's a deceit because it's unrepresentative of what the wells achieve in production - and that's what matters. I don't know where your quote comes from but at least UKOG put 'with initial well rates of up to 1,300 bopd.'
Deceit:- 'the action or practice of deceiving someone by concealing or misrepresenting the truth.'
as ozzy would say - truth twisting.
Rollinginit........yes i saw you in "UP POMPEII".............." LURKIO"
Penguin, ocelot post regarding a company presentation and you call.it deceit.......with your usual added extras.........Cynderlad posts five or six times "TURKEY IS DEAD" and your mild comment is "he was wrong to do it but he may have had his reasons" ......and you expect us to accept your judgement of all things UKOG........you discredit yourself there I'm afraid
Don't know anything about "deceit", Penguins, simply quoted slide 11 of the presentation dated 23/07/20:
• Wells on East Sadak have flowed at 1,300 bopd
from naturally fractured and dolomitized
Cretaceous Mardin limestones
Penguin, you haven't been "accused" of being negative for years....... You *****HAVE*****been negative for years
Whilst Turkey has yet to play out, we shall see what happens if Basur-3 reaches production - and UKOG have made little in the way of predictions - though I see Ocelot continues with the deceit of the 1300bopd I suggest you find all these 'negative' posts over the years that have proved to be as wrong as UKOGs predictions.
Ninetails
Another measured post and appreciated again. I get the distinct impression you're the 'peacemaker' in your personal life, if ever the need arises.
:o)
That said, I've devoted too much time already posting here over this weekend, much to my better half's disgust, so I'll go back to 'lurking', which I often choose to do on many stocks I hold, through necessity. There's only so many 'yes, I know, I promised I'd get that wall painted, and I will' .... etc, that I can get away with.
ninetels,
i am not good at reserch ,
and no good on my english.
i speak 4 languge and i speak them all badly.
but turkey venture i am all for.
just hunch.
The point is from my personal point of view, all trust has been lost in the CEO with his previous running of the company, and over the last 3 years any rises (spikes) have been solely through the hype anticipating good news (pump and dump) but so far that has come to nothing as the share price reflects. There is a possibility that Turkey might be a turning point but it will be a hard fight to get past the traders, and many that have been spiked on the way down, will want out as the sp try’s to rise... Having said all that RollingInIt has thrown up some interesting views and today’s board has been interesting and refreshing reading, from all posters, with out the imminent riches mob...
good point.
also turkey selling iranian oil from the back door lol.
you never know they might pump it in ukog well.
that make them oil producer .lol
also there is pipe from iran to turkey.
so you never know.
Galano
You make a very good point, highlighting the weakening Turkish Lira, particularly against the £.
Turkish costs for Ukog have got roughly 30% cheaper since they first announced entry into Turkey in July last year.
:o)
Haha ! How predictable, on cue, a barrage of sniping vitriol from 'The Negatives'.
ZYX
'Land Banking in the wrong context'. I'll give you that albeit not intentional.
I didn't regard your viewpoint as anything negative, for the record.
Penguins
As touched on before, I'm less interested in Ukog's PR unless it's corroborated by AME and others with decades of experience in Turkey.
But, equally, you can keep ignoring the positive information too from those operating in Turkey all you like. Pot, kettle, ....
And if you think repetetive negative PI 'reviews' have had no effect on the share price, given there are no Institutions playing a role, dream on in ignorant bliss. In which case, at least nobody can accuse you of being an 'intentional' self harmer.
Rich
A little, no make that very, weak accusation. The nearest thing I came near to anything called Sanderson was wallpaper, and it was/is dreadful, in my opinion.
A similar response from me would be accusing you of being a Ukog Uk protestor, which I'm not doing.
As for the lth's whining daily, see above reply to Penguns.
Of course it's the naive decision making of the management regarding the Uk assets, assuming or hoping there would be no costly delays. Involve a Uk Council in any decision making process, and it's bound to cost you time and money.
Hence, my opinion that Turkey is a positive change, without interference, no dithering or fear of their own shadow from decision making and it's future effect on voting direction, etc, from any Uk Council.
Qwerty
'just a few opportunists that are taking a big risk'
And what exactly were you, when you chose to buy Ukog at whatever stage you did ?
You felt at the time that it was 'an opportunity' to make a profit and you took a big risk. You just timed it wrong, as we all can or do from time to time.
So, you can get off your hypocritical pulpit and look in the mirror on that one.
Skwizz
'As if a bunch of small-time, know-nothing, PI's posting on a forum like this are capable of influencing the stock market.'
Considering that for many small cap stocks, they/we ARE the stock market, and while nobody else is trading in them, of course they/we influence a share price.
As for the 'ramper' label, if I was writing '2p tomorrow', 'wouldn't want to be out of this over the weekend' or 'fill ya boots', then fair enough but simply because somebody sees an asset in a stocks portfolio as a positive change, the label is utter nonsense and I hope you've got enough years left to grow out of that one. Yawn.
Penguin, you haven't been "accused" of being negative for years....... You *****HAVE*****been negative for years
It is by having a look at the SP graph that one can measure the opportunity:
the share has fallen a long way and has stayed there for a long time. The result is that, as it turns up, the 200-day moving average of 0.167p is within easy reach.
If and when it rises above that average, there are blue skies above.
Rolloinginit,
Just repeat the company's PR. Ignore any other data, and shrug off anything that is pointed out as being misleading.
Funny thing is I've been accused of being negative for years - have a look at the SP graph - was that just negative posters - or did what UKOG claim would happen not happen because they only put 'good' stuff in RNS or the best possible outcome in interviews.
Unfortunately the Directors are in charge, pi's no sir.
Worry not - our best card on this one is luck and it does sometimes pay handsomely!
There is nothing wrong with AME getting a licence and farming it. It's a well known business model in the oil patch - in fact the UK's Offshore Promote Licences were designed to encourage that model. Someone with ideas works up an idea, gets the acreage and then farms to someone without ideas but with cash.
Egdon are a prime example onshore UK and Reach did pretty well out of it offshore
RollingInit,
If a Company waits until the last year of a licence to do their work program, then they have already decided that it's not worthwhile and are just spending to fulfil their commitments.
Normally the first part of a licence period is taken up with shooting, processing (or reprocessing existing) seismic, interpreting the results and then picking a drilling location. The second part is taken up by getting the well drilled and the final part is used to interpret the drilling results and update the geological model.
Unless you are operating in a well known area with lots of seismic coverage, it is a struggle to get all that done within the licence period.
Besides, you are using the term 'land banking' in the wrong context.
Land banking refers to the practice of developers buying up tracts of land and then sitting on the for long period of time before they submit a planning application - it does not refer to the period after they have planning approval.