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Will see the worth of UKOG, no way is all that expensive equipment being delivered to HH for no reason as some dumb a*******s posting on this BB are posting, looking at some other claims by other oilers and nothing to show production wise,UKOG are way ahead of them,load up while you can at these low prices (not advice just imho) GLA.
I agree TKR234. We know two tankers a day are leaving HH, which started over a year ago. The last set of accounts only included the first start up 2/3 months. The next report in March will include a full year of oil production at current flow. By that time we should also have greatly increased volume added. With lower than average costs equals larger percentage profits. At that stage the market has to bow to the numbers. Black gold, the clue is in the name. Ignore the trolls UKOGers, we are nearly there. There are a number of other companies wishing they were in our position.
Is that an average of 2 tankers a day over a 5 day week, since the EWT started ?
Yes, at a bit of a guess, the Eyes have not given any totals for a while, and was sometimes 3 to deliver weekend output.
Jaykay1. I am not privy to exact numbers same as everyone. But I would guesstimate from Eyes reports and videos 2 tankers 5 day week. so exact number between 1 or 2. Not my intention to mislead.
northfork
You are privy to the same information and numbers as the rest of us. First oil came to surface on 14 July 2018. On 12 November 2019 company announced "production now stands at over 77,200 barrels." I make that 159 bopd. That number is meaningless when you consider well downtime and it has been a controlled test.
351 tankers in 486 days is 0.72 tankers a day. Yet another meaningless number.
Certainly not meaningless. Cash in the bank from the extended well testing., very nice. From the new horizontal 1,200 a day should be achievable.
Correct IBug - when they were producing steadily it was an oil tanker a day , two on Mondays and maybe 3 after a Bank Holiday weekend when they can't move anything.
There have been constant posts over the last 16 months from rampers saying it's 2, 3, 4 a day
Until the eyes report that and back it up with pictures of full tankers with the correct HAZ plates it's just another attempt to push the stock up for a day.
HHDL have exceeded all expectation tho with these tests - steadily (within the limits of actual investigation) chugging out 200 plus a day - there are quite a few outfits on AIM that would settle for that long term - EDR averaged 182 Bopd last financial year and that included some offshore production.
Mirasol
If you go to the OGA website there are not many onshore fields producing more than 200 bopd. Apart from Wytch Farm (majority offshore) there is only Welton, Singleton and Stockbridge.
That was my point - we're better of where we are right now than most of the other UK onshore players (always excepting Wytch Farm)
The interesting thing is this 220 or so BOPD is only under test conditions where the OGA have granted maximum amounts for production over the test period.
This has been increased on a number of occasions as the the OGA are happy to see tests continue at this level.
Once we go into production things can & probably will change.
The consistency of the supply & revenue is a good indicator despite the negative posters here.
More than $5,000,000 revenue from oil sold from HH site alone.
Not to forget UKOG also has revenue from it's share of the 4,200 barrels of oil per month produced at UKOG Horndean oilfield asset.
Honestly shocked and horrified that anyone still has JayKay and Ibug off the ignore list. Two pedantic old codgers that can't see the forest for the trees.
You won't hear about the pipes being taken out of the well again then. How many times is that Zoom? For those that can't work it out they still haven't put the liner in.
The pictures on FOTH clearly show that the Portland is still being cleaned up. I was wrong when I stated that the slotted liner was going in, and for that I apologize. On a brighter note I am happy for us to keep removing the rubbish from the well. A good flow rate should be our reward when we start to produce IMO. It is better to clean up the well this rather than inject a compound in like we did at BB and kill the well. Sorry to everyone once again.
GLA.
Ibug
By pipes I assume you mean drill pipe. Now can I ask how you are certain the liner is not set yet.
I certainly don’t know if it is or is not.
Let me tell you what I do know. The separators and flow test equipment will be charged at a daily rate and are not cheap. I do believe we saw pictures of that arriving yesterday. So I would hope they would not of ordered the equipment to Stand idle costing money if they aren’t close to needing it.
Just my opinion.
Thanks for the apology. For everyone especially newbies , goes to show people who sound like they no what’s going on, usually don’t . Rather read the RNS and make your own mind up. Experts on here don’t know what’s going and make mistakes in the explaination of what is happening on sight. Case in point Mr Zoom.
Zoom ibug
Slotted liner has been seen on site so it's quite possible that it is now in place. As we are not using Wireline, every single downhole operation means the drill pipe has to go in,with applicable tool for the job on the end of it.
The liner will need de-buring and then cleaning, packers will go in to isolate area and then packers will need to come out. Logging tools will be lowered into the well to check the well, liners, packers etc.
Hence why we are seeing pipe going in and out, all quite normal in a well clean up and preperation to make it a production well.
great post Pboo
Be patient and count the tankers - if they ramp up to 800 bopd they'll need to have to keep the tankers moving steadily - 4 a day on average - given that would be 5600 a week I'd expect they'd settle at a steady 5 a day during the week and maybe one on Saturday morning
pboo,
when you say slotted liner has been seen on site do you mean about 80 30ft lengths or the few rusty ones on the lorry the other day?
No one outside the site knows exactly what is happening. The ewt will start when everything is ready and I would expect the rig to have left the site once everything is ready. Until then unless someone firstly sees what's on the end of the 'pipes' going in or coming out and then actually knows what it is all these guesses are pointless. btw I would expect all logging to have been completed immediately after drilling finished
Argus,
you keep forgetting to mention that UKOG only has 10% of Horndean, current production is between about 3900 and 4300 bbls per month and in the year to 30/9/2018 the net to UKOG(GB) Ltd was about £130,000 (with a higher average OP), less than SS's UKOG plc salary.
As for $5mm revenue the last accounts showed that the group was spending considerably more (about 3 times) in the 6 months to 31/3/2019 than the ewt was generating. With a lot of the testing kit now duplicated what consistent flow rate is needed to actually have enough free cash flow to fund further drilling without more YA coin?
penguins, if you take the blinkers off and read what I wrote you will see that I did include that UKOG had a share of the 4,200 approx barrels of oil per month or approx 50,400 barrels per year from it's Horndean oilfield asset, "UKOG also has revenue from it's share of the 4,200 barrels of oil per month produced at UKOG Horndean oilfield asset."
At Approx. $65 a barrel over the last year that would be 4,200 x $65 x 12 (months) = $3,276,000 per year or £2,620,800 ($1.25 to £).
10% to UKOG is over £262,000 per year.
You also seem to have overlooked that UKOG ringfenced a substantial amount of it's cash for the HH 2/2z drill and the EWT:
"It should be noted that the cash consideration will not impact UKOG's ability to fund the forthcoming Horse Hill 2/2z drilling and extended testing campaign, as cash funds for its full 85.635% share were set aside and ringfenced internally in Spring of this year. "
"The funding of UKOG's increased 85.635% share of the new HH-2/2z horizontal drilling and testing campaign, scheduled to commence later this year following transaction completion, will not be impacted by this acquisition, as existing cash funds were set aside and ringfenced for this purpose in Spring 2019."
"To fund this acquisition, UKOG will primarily use cash from the £3.5 million placing raised in March 2019"
ARGHHHH Mr Tidwell, you are asking others not to guess, but all your posts are suppositions and guesses.
Kettle pot springs to mind.
You seem to be getting more down as time goes by. Lighten up and smile. We all will be soon,
(PS Penguins = Tidwell for the uninitiated)
Pboo
Is that Chris de burgh? R U aving a laff. Slotted liners are deburred during the manufacturing process.
And yet no mention of all the other spelling or grammatical errors on this board and you can't even recognise sarcasm! I was taking the mickey out of "de-buring" in the post from Pboo. Hypocrites don't do a lot for me.