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I think LSE should offer other opinion options. I'm thinking "deluded", "clueless", "unresearched" and "herd follower" as good ones. But to balance the books, maybe for me "CEO basher" "Critic" and "Hard earned elsewhere"
If you think that, Primula, shouldn't you post your opinion as "strong buy"?
No one can predict with ACCURACY what the outlook is!
Should this operation run of funds for whatever reason, a skilled administrator / receiver would find enough value across the board to retrieve a minimum of 1.50p.
also has any one noticed it gets very hard to buy once hits 0.27 to buy... Most of the time goes to NT... MMS TRYING TO SHAKE few before next NEWS... REMEMBER when NT to buy means price will RISE..
Mr D , I’m a long term holder. A few have jumped ship because they are expecting a placing, which will happen over the next few months, anyone's guess really. They are also expecting the interim results to be poor which are now due by the end of this month. The positives are the Loxley Appeal and Turkey. GLALTH
Relax - the resurgence of the de-rampers is a good thing as means they are worried ( I hold more nervousness when it’s being ramped to death)
Facts - construction of infrastructure end of May
Then a spud and potentially transformational find - trend is upwards !!
Wizard,
Why do you keep pouring over ancient scrolls. The latest information about HH is in recent RNS, OGA published production reports (though all of 3months out of date) and the EA Geological Reservoir Parameters report dated 2021, though just an update to the previous report with a new Portland map, and details of pressures and a number of other changes.
Do you still use the SP from 2017, 2018, 2019 to calculate the value of your shares.
The new map in the EA report is very different to the one published in the CPR, as I have previously pointed out HH-2z instead of being approximately horizontal dips from heel to toe. The Collendean Farm well is now in the same fault block as the Horse Hill wells. These are significant changes UKOG has failed to mention.
Perhaps the biggest take away from the pre-drill HH RNS you linked is don't believe pre-drill estimates of OIP. Horse Hill had an estimated 87mmbbls and 164 BCF prospective resources, far more than Resan / Basur.
CynderLad
As advised by SS RBL would be available.
Wizard, there is no value in debating whether it was exploration, appraisal, etc, etc, etc.
Facts remain.
HH1 is approaching a sub-commercial status. It needs to keep above 75 bopd to remain sufficient to keep the lights on at HH.
HH2z is still waiting for approvals to convert. If converted (big IF), then it may give pressure support to HH1, but I'm not banking on it given the statements from UKOG in the past about HH2z being into a different compartment / virgin play. Whether it does anything to help HH1 is a big question. Failing that, it will at least give UKOG a reduction in OPEX through not having to pay BKP to truck water away.
Regardless of what the RNS's state in relation to the Kim, the actions speak louder:
1) Haven't seen any activity on HH1 to produce from the Kim for a long long time. Why is that?
2) They didn't drill down to the Kim on the initial HH2 vertical. Why is that?
3) They commented in the Loxley application that the Kim at BB was sub-commercial. Its in the planning documents.
4) They haven't undertaken the dual completion on HH1 to produce from Portland and Kim in unison. Why is that?
HH3 = big cash call. HH4 = same.
No cash in the coffers for either. If Turkey comes off (big IF), then they'll need to continue to shove cash into AME's pockets to pay for subsequent drills. That's going to impair their ability to pay for anything on-shore in the UK. Meanwhile, the clock is ticking and they'll unlikely be able to do anything further at BB, certainly not going to be able to do anything on IoW (even if planning is granted), and unlikely to be able to do anything at Loxley.
The lack of cash, and commitments to Turkey == UK exploration will be on-hold for 2+ years at a minimum. That's unless SS goes back to the PI money tree with further placings. Check the trend and history of UKOG placings. It makes for terrible reading.
Mirasol
Just in case you wander why they need 3 Portland wells with the currant oil flows.
https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=22165494&company=ukog
Mirasol
Let me help you while the HH1 drill was exploration but it was based on estimated volumes of oil in place & recoverable oil long before the Xodus & Slumberger reports.
Below is a link to the estimated resources in place & recoverable from 2013 at the point of entry for HHDL.
https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=21376004&company=ukog
Mirasol
Please clarify.
Mirasol
If you are saying they had no knowledge what oil was there I do not believe you?
Ibug
Forgive me but does that mean it is at a shallower depth than the Portland possibly the KL5 layer or at what depth to you think it is targeting?
"I will say SS...talks a very good case for Turkey."
Go back Dan ans see what a brilliant case he made for the Kimm and the Portland at HH
Wizard
You are not very good with retaining knowledge or you just don't bother reading the RNS's.
This was quite recent.
"The Kimmeridge HH-4 well, also situated updip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, designed with a lateral orientation approximately orthogonal to the known regional open natural fracture direction, so as to maximise the number of open fractures penetrated."
"You imply that HH1 was a wildcat exploration well which was not the case , It was a appraisal well. "
Wizz - you need to take a break - you are seriously confused
HH1 IS an exploration well - it was so classified by the OGA. Appraisal wells are drilled into pools already discovered - HH1 was the first Portland well discovery at HH and the first Kimm discovery at HH.
Secondly HH1 - the upper hole is vertical and then it bends significantly to the NW is not vertical - its fairly vertical through the Portland but reached angles near 45 degrees further down. HH2 was drilled vertically through the Portland then sidetracked as HH2z horizontal through the Portland. Neither wellbore reached the Kimm - lack of interest or lack of cash.
These are basic facts which you seem to be confused about
Ibug
I know & HH 1 is already drilled to Kimmeridge depth unlike the HH 2.
The other wells are not stated as vertical or horizontal as far as I know & could all have a dual completion with water injection.
wizard125
Your words not mine. If they weren't going to produce from the Kimmeridge why are they using HH-2 as the re-injection well. It would have made more sense to use HH-1 as the re-injection well and HH-2 as the producer imo.
In the audio recording, SS also said of the UK projects that they are "b****y good" :-)
Ibug
If the difference between the Kimmeridge being commercially viable & commercial is your pipeline connection Penguins is going to have kittens.
Wasn't specified, wizard. "This is a 30 to 60-day well".
They forgot to mention Turkey in this one.
https://www.youtube.com/watch?v=4Jta6n51c64
SS Turkey Video
https://www.ukogplc.com/vid.php?aID=437
Ocelot
What part of it?
Is that from start to finish or just the drilling?