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Victoria2
What proof have you got that HH1 is flowing water?
I think that the directors have informed shareholders & the market of there plans & intentions with regards to future plans & funding which it aiims not to do via dilution unless it is shareholders interests in the current circumstances.
Victoria2
You can't say the following as there is no proof that HH1 is not flowing Oil and UKOG have not stated that water is flowing into the well.
Facts not Fiction please.
"HH1 and HH2z are not flowing any oil. Both have water flowing in to the wells"
Penguins
My thoughts are that they confirmed a change of plan for whatever reason.
I'm not sure that company directors have a duty to issue a reason for a change of plan.
What they did was issue new plans & have completed them.
Hopefully we have seen some of the result of that & will hopefully now see some more.
HH1 is in production now not under EWT & you have I think had a update from the company aswell as from the OGA figures.
Wizard
What planning permission haven't they got? They haven't bothered to get planning permission for the seiamic obligation at HH, and they've had PP for the Kimmeridge sidetrack (HH-1z) since end 2017. They weren't intending to drill Loxley until H2 2021.
I don't blame UKOG for failures, that's mostly just bad luck. The problem is they know their audience and have played heavily to it in RNS failing to include importent information, just supposed highlights to feed to those that would repeat them. So most of the time I'm pointing out misconceptions of posters. They also don't like RNS ing bad news, an AIM trait, so often it has to be dug out of other information sources or deciphered from what they say, or rather what they are avoiding mentioning.
For instance did they ever confirmed that HH-1z wasn't going to be drilled immediately following HH-2z, yet it was in the original plan.
Exploration
At some considerable expence is it not the case that UKOG now has at least one planning application in per licence awarded to meet its obligatory work commitments?
It does not need to buy any more licences from the OGA. for the UK especially as the UK planning & regulatory process is such a drag. & drain on resources.
IMO. Turkey 5 well farm in will provide some speedy cash flow solutions & if successful will help speed the NIMBY UK sector development.
Personally I see many developments & opportunities for UKOG in the years ahead especially with the major players going to be offloading assets & many not continuing much exploration work as they will need there investment capital to invest in deniable infrastructure.
At some point as oil is still needed & US fracking companies go bust due the oil price being below production price oil will be in more demand with less exploration & new supply to replace depleting wells, opportunities will return with better times.
Penguins
For your information.
No planning permission no meeting the work requirements. I do not see UKOG taking the actions to fulfill them.
I hear you constantly criticizing every move UKOG make what is your agenda & why are you so bitter as a self proclaimed ammeter have you ever drilled a oil well or worked in the industry?
https://drillordrop.com/2020/11/20/regulator-gives-oil-and-gas-companies-more-time-to-meet-exploration-commitments/
Exploration.
Why would the government not support its own work requirements?
Penguins
I have been listening to you claims of being a shareholder & complaining & negativity at nearly 3p per share & I listen to your complaints & negativity now of being a shareholder.
If you had or have no belief in the company or it's goals why did you not get off the roundabout . When you had the opportunity to ask questions & have a debate on here with poster Sanderson you ducked your opportunity but complain that you don't get responses from UKOG in my opinion you are you just a fraud with a agenda?
Victoria2
I am nothing to do with UKOG & state my long term posive opinions despite the ups & downs along the way the goals important.
From your posting history it is easy to see why comparisons are drawn with Heidi account on LSE.
Oh Wizard,
you've just pointed out to Victoria that there's risk and some other BS - now you're telling me because they once said they had years to submit an FDP for the Kimmeridge they have to.
also UKOG had to assure the OGA they had planning permission for production for the FDP to be approved.
UKOG were meant to do all sorts of things (seismic, wells at HH) but the OGA is kind and lets companies off because the OGA also doesn't make a company spend money doing (seismic, appraisal wells) something the company can demonstrate isn't worth doing.
Anyway every time you run out of argument you changed the subject - you really like this Kimmeridge thing because it's still got time to happen though UKOG actions speak, in regard to the Kimmeridge, far louder than your words.
If they were going to produce a Kimmeridge FDP they've already got months of ewt data to do it with and they certainly need the production - that they haven't is also telling.
Can't drill - but they weren't going to until H2 2021 (earliest) - and you keep saying the appeal is nailed on so maybe a delay.
Penguins
Not to call you petty but in all your rantings, considerations & negativity you seem to neglect to mention or consider the bigger picture & the obligatory work mandated under UKOG licences to appraise the Kimmeridge & bring a field development plan to the OGA by the licence extended date of 2024. Which includes HH licence drills, probably a second BB sidetrack & Loxley Kimmeridge drill.
No planning permission no drill!
How do you expect this to happen or don't you want it to happen?
Actions speak louder than words!
I initially invested in ukog on the words (pure ramping) of the CEO and continued believing him when he said he would up the shareholder value in multiples of what it was then, so I invested more, and more and the only thing the sp has done is nosedive, now some posters say wise up and start playing the ramping game and sell on spikes and buy on the dips, now I have nether the time nor inclination to do that as I have a full time job with 12hr shifts sometimes dayshift or nightshift and even split shift, I genuinely thought I was making an investment in a genuine uk onshore oiler with potential (national significance) But after 3 years following my investment in ukog I believe that the CEO has lead me up the garden path and has absolutely no interest in shareholder value, as long as he is getting his salary and bonuses, he will keep having a story to tell (Turkey) and continue with false promises, he has delivered nothing but more acreage of license that no one else seems to want...I have continually thought that he has a great master plan and something up his sleeve that will prove me wrong and I would be prepared to eat a large portion of humble pie...Now I believe he just doesn’t care and is collecting his wages regardless...
Victoria 2
You can try you lies, opinion & burying your head in the sand.
But facts are facts & had you done some research you would have read the percentage of success chance of risk or success in the UKOG documents.
I don't want to say you are gulable but obviously they would argue that words speak louder than action's in that instance.
Are you or they responsible for your investment decisions?
That sounds tough & I can not say that we all have lessons to learn myself included & hope that the statements in the UKOG interim results were correct at the time of issue & that RBL would have been used at the time of the last dilution.
My interpretation of that statement was that following the production licence being issued a CPR would have been issued with reserves allowing RBL.
There are two possible reasons for this not being the case on my personal opinion
1. The legal challenge in the Court of appeal never mind how it is pulled by the hair. Only the court can decide & we will see what happens after to the 25 year production licence & the other 4 well permission is decided.
2. The value of oil forecast in UKOG's forecast for comerciality was $60 giving a net present value of £15-18 per barrel. Whiteout that the company would be paying a very high price to borrow money by RBL in the short term compared to dilution to bring HH into production reduce opex to about $13 per barrel which makes HH production profitable at a low oil price as stated at the time.
The oil price has increased & will continue in my opinion but time will tell.
Maybe you should look how other oiler have faired by comparison in the relevant period as thing go it is a difficult time for many companies & I am sure survival & preparations for when better times come is paramount in company agendas.
Wizard,
The UK won't have energy security if it continues to depend on O&G, the shortfall will be imports - and I'm afraid Loxley isn't going to close the gap.
BTW:- I seem to remember you constantly dissing Hurricane, a UK company producing oil West of Shetlands, and reveling in it's problems.
If Loxley's mid gross recoverable resources (40BCF) are there and if they can be produced at an economic rate then that would be equal to about 5 days UK average consumption in 2019 (about 8BCF per day).
Windmills - at least they work some days, there's also a good chance that there will be one more gas well and no gas..............HH seems to have one disused oil well - and then there's BB.
There's posters seemingly suggesting if Loxley isn't drilled it's a disaster for the UK - it isn't. But it is significant for UKOG so everyone is disappointed in the delay (if there is one) - it's just a hoped for boost to UKOGs SP, which is fine - but stop wrapping it up in some greater cause pretending it has any national importance.
Not sure what that rambling post about 6% meant but I think the answer is yes I don't think it was time limited or location specific - otherwise make sure you upset the locals that do support the drilling by reneging on the promise - incidentally I don't think UKOG are that petty.
Anyway this started because you posted that it could be taken out on appeal - but as it isn't in the planning it can't be, you're just changing the subject.
'If under national policy if it is not a policy to pay 6% of revinues in taxes & benefits to local causes anything which is not due could be taken out at appeal'
anyway where's your abusive mate gone - just to be clear I mean Sinbad.
Penguins
SO what you are really saying is that as long as UKOG pays up to a certain percentage on certain applications that have been supported it's commitment has been met as for subsequent production wells where the community has forced UKOG into a corner or refused permission & cost the company & it's shareholders there is no obligation?
In the north of Scotland offshore wind farms are regularly shut down as they are producing to much electricity and at certain times and there is nowhere to store it!! Allegedly
Victoria2
While I am not UKOG defender did you read the RNS?
Did you consider that they may be forward looking statements?
Did you consider that you were taking any risks on investing here?
Please show me the guarenteed as I would be happy to see them.
Fortunately or unfortunately oil & gas is high risk & high reward.
What responsibility are you taking for your short, medium & long term investment decisions?
Exploration
The reason that I personally believe that the government will support it's policies for indiginous gas is that it is in the national interest for jobs, the economy & emissions over imports from wherever in the world & at present I don't believe that renewable energy like wind is proven especially with the current number of wind turbines which on a journey to Wales today through the many hill's & turbines were all idle as there was no wind to drive them & this is the end of November.
The irony is that you can have a million more wind turbines but with no wind you will have no electricity.
How many would say the want more nuclear power plants like the new one proposed for Soufolk.
Let's see the alternatives & what guarenteed energy security will be provided.
On the current wind generation it's lights out unfortunately with no security.
Exploration
I hear plenty of 'NIMBY' comments about UK energy security like a 2017 report states the UK has 20 of secure gas supply.
If so why did this make one iota of difference & why are we a net importer?
securityhttpss://uk.mobile.reuters.com/article/amp/idUKKBN2880CC
Victoria2
So why did you invest with your fears of it wasn't to make a fast buck out of LTH.
Sorry I & many others will not be able to feel sorry for your current losses.
You paid you money & took your chance.
Some you win some you lose.
Let's hope you don't get diluted aswell to be sure sell up & take your loss?
The way to average down here is not to buy more but to sell some and buy them back cheaper. The SP keeps hitting new lows so you get lots of opportunities. Anyone trying to "invest" has lost money because the SP is at a new low. Only traders are making money. If you add to your holdings you just increase your exposure. I sold over half of mine a few months ago over 0.2 - wish I had sold the lot! Anyone who has bought and held for a year is circa 90% down.
Wizard
Thanks - point taken.
But, as we all know, politics trumps planning officer recommendations in controversial applications.
I’m all for exploration drilling, but all it takes is for a certain uber-conservationist in No 10 to speak to Boris and we’ll see government attitude change - rightly or wrongly - to garner more support for cleaner energy.
Meanwhile, behind the scenes, plentiful domestic and pipeline gas will keep us warm and supply electricity for the foreseeable future. Hypocrisy? Of course - there are always opposing points of view and it so happens UKOG’s business is on the wrong side at the moment.
Wizard,
please stop digging.
The comparison to national guidelines is what gets a positive result.
Have a read of the Wressle decision - it's attached to the Applicants (UKOG) Final Statement in the Loxley docs. on SCC. You'll find this after the inspector went through and confirmed that the application conformed to national guidelines.
Conditions
39. A set of planning conditions was agreed by the appellant and the Council in the SOCG39. I have made only minor changes in the interests of precision.
So conditions feature.
as for the 6% that isn't in the planning - it is a direct promise to the local community (less business rates) and I didn't see any 'conditions' attached to it.
As mentioned in the Annual Report and accounts to 30/9/2018:
'UKOG has also committed to set aside around 6% of gross revenues from its production for the community. This royalty would pay local business rate taxes, with the remainder going into a community fund for the benefit of those surrounding our sites. We believe it is right that communities benefit from our activities, however temporary.
Breaking a promise wouldn't be good.
PS Sinbad01?
No, don't think so, she was a buyer at 0.19p on Thursday.
Victoria2
Troll I think.