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This will change gear once planning drops in , the SP will move upward and once money starts to roll in it will look alot more attractive to investors. Then once the other assets get developed it will look highly attractive for a buy out.
The masterplan is to sell the assets to a big oiler imo
In the hope UKOG can make you a little wealthier, Newboy, all the best.
Ha, I’m not a wealthy man ocelot, on AIM only risk what you can afford to lose is what I say.. atb
Forgot to add: think you may well be right.
Newboy,
If you seriously think there's a quick 50% - 100% to be made, why restrict yourself to a couple of grand?
You know what this “Uncle Stephen” is a bit odd... makes him sound all nice and cuddley when he’s actually a hard arsed businessman who does not give a jot about ukog shareholders, this is one where you have to play the game imho.. Anyway this feels like the current bottom, could be a great time to make a quick 50% - 100% on a couple of grand, what do you recon people??
Penguin, the word initial does appear in that paragraph, as does the word sustainable. We dont know drop off rates yet, and at some point the well will give up water. Sunny garden calling. GL.
gkb,
So you think that in production that they don't bother with prudent reservoir management, it's just something they do during testing. As they won't be producing from the Portland section in HH-1 the formation near the well won't even be close to the HH-2 horizontal so they could test to see what it really could sustain. I'm always a bit worried about UKOG's confidence, it was used a couple of times during BB.
Oakleak,
You (and I) have no idea what steps were necessary to acheive the optimised rate but there have been a number of workovers since that statement, but I do notice the word 'initial' in that extract. Maybe they didn't want to illustrate exactly how long initial meant.
Wizard,
I already said that they would require permission which they must have got. Anyway I keep seeing posts claiming they are flowing 2 tankers worth a day - perhaps you should point out to them your theory.
Nice sunny day, so Happy Easter.
From SEP 18 rns " ("Xodus") analysis of flow and pressure data interprets that further HH-1 Portland vertical well optimisation could achieve a forecast sustainable initial 24/7 pumped rate of around 362 barrels of oil per day ("bopd")* "Further, optimization.". More work would be needed to deliver the 362 barrels.
Penguins
I'm sure that even you are capable of working that one out.
I'm sure to exceed the OGA limit permission would need to be granted.
The most likely outcome being a new daily restriction by the OGA to prevent future problems with them over compliance.
gkb 47,
Someone posts this every now and then - but during production they will also 'protect' the reservoir, limiting the flow rate to avoid damage. It's unclear why the current production rate is set so low, the calculated sustainable rate was 362 bopd.
As the OGA production limit of 5300 tonnes has already been exceeded this must have have been revised upwards so that doesn't seem to be the reason.
No great insight - just that around 200+ barrels a day is very close to a tanker load - so yes - 6 -7 tankers a week on average.
I 'm not sure what the maximum number of tankers there have been in a day but I could see you hiring one for the day and having it make two trips. The on-site facillities aren't a properly designed, long term loading rig either of course so probably a bit inefficient time-wise. That could mean 2 tankers several days next week - which would get some people very excited.........
I occasionally wonder if HHDL's production rate is set to that to keep the cash flowing but not to get the locals upset by producing too much (or rather tanker movements) before they get Planning permission for full production - it's an odd coincidence .......
Mirasol
Not quite sure why you expect 2-3 tankers Tuesday to remove the weekend production. Surely 1 to 2 tankers per day have been removing oil from HH in recent weeks. In which case we could expect a big build up over the long weekend. Unless of course there is some downtime on the well.
Happy Easter everyone! Hope you all have a good one!
Back Tuesday.
#ukog!
Total hypocrites the lot of them ....including swampies atb happy Easter everyone
Oh yes! The famous Emma T, flying in from L A to support a campaign designed to stop others having a carbon footprint on the earth, and using her annual carbon footprint in one foul swoop... Hopefully she will swim back as example to us all.
don't think we'll see any tankers until Tuesday - plus they seem to have a maintenance period most Saturdays. IIRC they might be able to legally get a tanker out by 12:00 today but with all the swampies around and stirred up by Emma T they may prefer to stay low profile. Expect 2-3 tankers Tuesday to remove the weekend production.
Happy Easter from the north sea enjoy your weekend all.
Happy Easter Heid and all
Hope all is going well at Horse Hill today and the Oil is rising over this Easter weekend.