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'In order to retain the full 300 km² licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025.'
So they will need to raise some funds to pay for the cost of the drill. Does anyone know how much this is going to cost? Only problem is the already tiny m/cap.
May we get rich eventually at long last Ocelot
Excellent news. Take no notice of Ibub he lives breathes and dreams of Ukog, the man is obsessed, what a life to have so sad really seeing we are not here that long.
Https://www.londonstockexchange.com/news-article/UKOG/loxley-gas-project-update/16396664
There are still Planning conditions outstanding and no money to pay for the drilling so good luck with that.
Our Reference
SCC_Ref_2023-0094
Application Number
WA/2023/01259
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Noise Mitigation Scheme pursuant to Condition 12 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0096
Application Number
WA/2023/01258
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Noise Monitoring Plan pursuant to Condition 13 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0074
Application Number
WA/2023/01034
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of highway and access works pursuant to Condition 7 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0075
Application Number
WA/2023/01033
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Transport Management Plan pursuant to Condition 9 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
Our Reference
SCC_Ref_2023-0076
Application Number
WA/2023/01032
Application Type
Details Pursuant Minerals/Waste
Status
Under consideration
Decision
Location
Loxley Well Site - Land South of Dunsfold Road and East of High Loxley Road, Dunsfold, Surrey
Proposal
Details of a Construction Environment Management Plan (CEMP) pursuant to Condition 24 of appeal decision ref: APP/B3600/W/21/3268579 dated 7 June 2022.
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following the Court of Appeal's 9th January 2024 ruling refusing any further appeals against Loxley's lawful planning consent (RNS of 10 January 2024), the North Sea Transition Authority has now granted a one-year extension to the PEDL234 licence's Retention Area Work Programme in which the Loxley gas discovery is contained.
In order to retain the full 300 km² licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025. Loxley-1 is designed to confirm the commercial viability of the Company's material 100%-owned Loxley gas discovery and its related hydrogen feedstock project.
Loxley's current Competent Persons Report ("CPR") (see: RNS 21 February 2023) assessed that Loxley, one of the UK onshore's largest historic gas discoveries, contains a mid-case 2C Contingent Resources recoverable volume of 31.0 billion cubic feet net to UKOG. The CPR's associated post-tax 2C case present value (at 10% discount rate) was assessed at £124 million net to UKOG using end December 2022 gas prices and £87 million net to UKOG using an RPS Energy forward price forecast. The CPR is available on the Company's website www.ukogplc.com .
The Loxley CPR's recoverable volumes stated as Contingent Resources (as defined in the glossary below) should not be construed as Reserves (also defined below). Further successful development of the asset would be required to seek to move the CPR classification to Reserves.
The current licensing status is irrelevant. That survey was probably shot years ago chasing the Kurtalan discovery which was mentioned in 1961 - and the licence area may have covered what is now the Resan licence anyway,
I doubt that any recent survey would be a series of 2D lines shot in dip and strike direction rather than a 3D.
ZYX098
Finding it very difficult to find out if anyone has the licence areas to the west at the moment. Several wells have been drilled there but none commercial.
"The Resan exploration licence where AME has currently a 50% working interest and is operator, the Pinarova-1 shallow well (600 meters) was drilled and tested. Oil shows did come to the surface but after several tests thought not to have accumulated in commercial quantities. The Joint Venture (with UKOG) is discussing future operations with 2 potential drilling locations identified. These will be to test a deeper horizon (2,000-2,500 meters) to locate where the surface oil seeps are originating. The exploration licence has 1 more year to run (before extensions)."
"The testing of a shallow accumulation on the Resan exploration licence with the Pinarova-1 well did not generate positive results. However, the surface oil seeps continue to encourage further exploration on this licence. 2023, therefore, did not move AME forward and AME will continue to focus on production wells in 2024 to enhance cash flow."
"There is a commitment well to be drilled on the Resan exploration licence in 2024. The JV is in the process of agreeing the drilling target."
https://aladdinmiddleeast.com/wp-content/uploads/2024/03/AME-2023-Annual-Report.pdf
Could be a number of reasons.
Seismic coverage (lines) will always go some distance past the edge of any structure that is thought to be present, to get rid of 'edge effects' on the data over the area of interest - which may take the end of some lines outside the licence area.
Another potential reason is that if there is a Well already reasonably close to the licence boundary, a line may be extended to that Well so it can be used as a calibration point for subsequent interpretation.
As Penguins pointed out, it's not uncommon for a potential structure to straddle licences. Depending upon how far the structure extends into the next licence, the holder of that licence may make a contribution to the costs in return for access to the data.
The rules governing any desire to shoot seismic outside the licence will vary from Country to Country and also if it's Onshore or Offshore.
Haven't been involved for many years (in any case, I was only doing site surveys to be able to move a Rig into location). It used to be that the general protocol in the UK (for the first two cases) was for the adjacent licence holder to be informed as a matter of courtesy, but their permission was not actually needed.
For the last case, it would be a matter of negotiations between the two Licence Groups involved.
Trish, are all of your screws in the same basket?
One seems to have gone missing a while ago.
Are all of your eggs in the same basket?
Penguins
Beg to differ. Here is the seismic prior to.
https://postimg.cc/ZCmtqTPH
As you can see there is hardly any seismic for the Kurtalan field compared to what they have now.
Ibug,
Not sure what you mean but that's historic data - and doesn't even include the 2 phases shot for Basur and Pinarova.
So there will have been licences over the area previously and seismic shot across those licences maybemlicenced to the same licencee.
Of course prospects are no respecters of licence boundaries and maybe in Turkey it's possible to shoot outside your license if the adjacent acreage isn't licenses.
Oh dear Ian.
I don't suppose you realise that the oil field outside the area has already been identified.
How come the Basur oil didn't flow into Pinarova.
You really do sound like an amateur wannabe.
Ah those pesky greenies - if it hadn't have been for them UKOG would be RICH RICH !!! Oh... they are
Because it can flow into our licence area, as you well know. Our just an activist trying to cause trouble. Have a good day!
Https://postimg.cc/8F8BHWfh
Why carry out seismic outside the licence area?
Since the discovery of the Oymantepe oil field by AME in 2014 in the East Sadak license, the Reşan license has become one of AME’s core exploration assets. The license offers a huge potential for exploring oil in multiple play concepts with its proven hydrocarbon; thrust structures along the Tilan-Başur-Reşan axis, Mardin “Leads” in the tectonically more stable Eastern part of the license, and the shallow amplitude plays in Eocene-Oligocene age formations.
The main target reservoirs are Upper Cretaceous aged Beloka and Mardin Group carbonates within the Reşan-Başur anticline. There are several wells with oil tests along this trend in the license area; Başur-1 (1965) produced 325 bbl of oil during testing the well, Reşan-5 (1957) tested oil at a DST (20 liters oil), and oil shows were observed during the drilling of Reşan 2 and 3 (1955). Moreover, Kurtalan-1 (1961) which is only a 3.8 km downdip from Tilan-1 (1966), produced 219,000 bbl of 33 API oil from Garzan formation between 1961-1971.
In June 2021, the Başur-3 exploration well was spudded to twin the oil-tested Başur-1 well, however, it did not reach the planned TD due to technical reasons and it was P&A’d in July 2021 in the Lower Germav formation.
During the 2D seismic data acquisition program in 2022, light oil seepages (41-47 API) were observed in several explosive shot holes. Oil shows were observed at the Germik base limestone interval during the drilling of a geothermal well (Kezer-1) in 2019. The emulsion also came to the surface while lowering the 9 5/8” casing to the top of the Hoya formation. After identifying near-surface amplitude anomalies associated with positive indicators from post-stack seismic attributes on one of the legacy 2D seismic lines running near both the shot hole and the geothermal well, a shallow amplitude play concept has been developed. Pinarova-1 well drilled to a total depth of 600m to test this shallow amplitude play concept in April 2023. After extensive well-completion operations, the well was P&A’d in February 2024 due to not recovering any hydrocarbon at commercial quantities.
720 to 1080, not 720 to 1280bopd....
If someone has never sold because of belief in what they post is true (which I doubt) and has averaged down through thin and thin surely an ocelot TR1 must soon be on its way as the management, and therefore ocelot, has hoped, expected, claimed:-
That the Kimmeridge in the Weald would provide up to 27% of UK Oil consumption - the report was by EY but based on information provided by UKOG, and was prefaced as conservative following the 2016 testing.
Broadford Bridge - installed a 'production completion' to great acclaim before testing suggested following removal of the production completion that the testing was going well.
That by the end of 2019 HH would be producing 2000bopd.
That HH-2z would produce between 720 and 1280bopd.
That there would be 6 producers at HH producing initially 3,500bopd by end 2020.
That HH-1z would be a horizontal into the Kimmeridge.
That HH-1 would be dual completed.
That Basur-Resan, like almost every project, was 'potentially transformational' when evidence from E Sadak told a different story.
That Basur contained tens of millions of barrels of recoverable oil before drilling Basur-3.
Basur-4 would follow Basur-3.
That sequentially, in Pinarova-1, the Hoya amplitude anomaly, then the Hoya above that and then the shallower Germik was where the oil found in shotholes would be found.
So what is UKOG likely to be wrong about next:-
HH-3 drilled this year (more likely next) - but no predictions from UKOG as to likely success - plenty from DL, though farming out an appraisal / development well updip of a production well is an unusual step - are the risks high and thus risked economics not positive.
Loxley drilled this year (more likely next or never) finding a significant gas column in good reservoir in the Portland.
Another well in Turkey finding the source of the shothole oil.
As for Portland Port the new, presumably core, business where it seems every available penny is being spent - expressions of interest and encouraging words from the (probably) outgoing government need to be converted to partnerships and cash.
UKOG has never issued a RNS that has properly addressed the probable downside vs the hoped for result, is Portland Port no different?
Nearly 16 shares for one penny , in other cases one could say this is the stuff that dreams are made of !
Yeah, wonderful, but some time back you would have paid well over a quid for the same 16 shares, it really shows just what an abomination this has really been.
Nearly 16 shares for one penny , in other cases one could say this is the stuff that dreams are made of !
Who cares, but I hope he didnt sell yet, I would like him to see a 100% loss for all his horrendous antics.
Ocelot
Have UKOG done their research on the underground oil tanks above where they plan to drill these salt caverns? The previous Planning Applications never mentioned them. Better tell your bosses about them.