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ZYX
Sitting on a licence for four years prior to doing any seismics or drilling can be considered to be licence banking. Are you suggesting that all licences in Turkey are drilled in the first year ? In the same way, property developers can sit on planning approved land for three years prior to putting any of the footings down.
Ninetails
That's exactly why I see it as a positive change.
Possibly 'dragged along' to success in Turkey by AME.
That, and of course, the rapidly improved speed of progress, without the Uk Councils and Uk objectors and also the lower operating costs in Turkey.
Ibug
Do you know if any of the AME wells use water injection, flooding or fracking to enhance production.
Ibug,
pdf is:-
http://docs.petform.org.tr/docs/scout_reports_18112020.pdf
Takes a while to download.
Unfortunately UKOG so far haven't been very good at spreading risk - effectively buying out partners - probably because they were the only comp[any interested - rather than farming out - dumping the risk on shareholders - for the first well and seismic in Turkey they are carrying all the risk. Well done AME!
AME have 88% of E Sadak - is it another indication of perception by other companies.
Penguins
Many thanks. My computer says no if I try to find the source document but it downloaded in 2s using internet download manager. Better not say what version of windows I am using but it does not update!!! Not sure it would even run version 10.
Wizard
I am unaware of any injection or EOR techniques used by AME but then again they are not always the operator of their farm ins.
Ocelot
'It is for each investor and potential investor to arrive at their own conclusion.'
Absolutely spot on !
Too many on here have been centre stage for years with Act One, Scene One 'The Nagatives', with endless encores and requests for yet more of 'The Negatives'.
Along come a few people with a different opinion about a fairly new development and some won't allow themselves to believe it could succeed and others despise that someone could see if differently to what they're used to.
I get it. Thankfully,, I haven't had to sit there for years whining and moaning and in candour, wouldn't have chosen that option anyway.
Day after day of endless criticism of an investment they chose to make, a ridiculous scenario, almost borderline foolish.
If they think their constant doom and gloom sniping posts have no effect on their own financial prospects, they need to rethink.
This stock is driven by PI interest, not institutions. It's like anything else that someone is considering to throw money at.
My better half is regularly looking at items for the house, sofas, pictures, ornaments, etc.
'I really like this one, it looks great, I nearly bought it but the majority of reviews are bad, so I'm going give it a miss' .... a sentence she often uses, or similar.
These negative posts they keep spewing out are the same, they're 'reviews', read by other PI's .... and then they sit there frustrated at the share price performance to date, day after day, and moan some more.
Truly self defeating and self harming.
Anyway, there's only so much time I wish to devote to debating with negative types and I'm now going to enjoy the rest of my day away from it.
:o)
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.
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
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!
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.
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.
Penguin, you haven't been "accused" of being negative for years....... You *****HAVE*****been negative for years
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.
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)
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.
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...
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.
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.
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.
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, 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
Rollinginit........yes i saw you in "UP POMPEII".............." LURKIO"
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.
• 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
Ocelot.....is that truth untwisting?