The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Four tankers today.
880 barrels of oil.
Dual completion planned for HH-1 by the end of Spring. So another 300 barrels per day should be added to the 880 barrels.
After water ingress is rectified in new horizontal wells they often begin to produce more oil than was in the initial total water/oil mix as the water actively inhibits the flow of the oil. So further increase in HH2z is possible. Initial oil/water output of HH2z was 1,087 barrels per day.The
Looking good today.
MarketWatch
"Oil rallies, with U.S. prices scoring their biggest daily percentage climb on record"
"Russia indicated it would like to see higher prices, and the Trump administration reportedly said it may intervene in oil-price war between Saudi Arabia and Russia."
"The Trump administration is considering intervening in the Saudi-Russian oil price war by pushing the Saudis to cut oil production and threatening Russia with sanctions"
Published: March 19, 2020 at 3:18 p.m. ET
https://www.marketwatch.com/story/oil-prices-stage-rebound-after-days-of-relentless-selling-2020-03-19?mod=pulse_full_story
"The Wall Street Journal"
"Oil Posts Biggest One-Day Percentage Gain on Record"
By Sarah Toy
Updated March 19, 2020 3:27 pm ET
https://www.wsj.com/articles/oil-posts-biggest-one-day-percentage-gain-on-record-11584645171
U.S. may intervene in Saudi-Russia oil standoff - WSJ
Mar. 19, 2020 12:55 PM ET|About: The United States Oil ETF, LP (USO)|By: Carl Surran, SA News Editor
The Trump administration is considering a diplomatic intervention in the Saudi-Russia oil price war to get the Saudis to cut oil production in an effort to stabilize markets, WSJ reports.
The U.S. also is weighing possible sanctions against Russia, although the details are not known, according to the report.
The new strategy reportedly follows lobbying from U.S. oil companies asking the U.S. to ramp up its diplomatic intervention in the oil markets.
WTI crude oil (NYSEARCA:USO) extends today's strong gains, now +20.4% to $24.54/bbl.
https://seekingalpha.com/news/3553450-u-s-may-intervene-in-saudi-russia-oil-standoff-wsj?utm_source=investing.com&utm_medium=referral
Crude Oil Price Update – Sustained Move Over $24.82 Will Scare Weak Short-Sellers
James Hyerczyk
47 minutes ago (Mar 19, 2020 4:44 PM GMT)
https://www.fxempire.com/forecasts/article/crude-oil-price-update-sustained-move-over-24-82-will-scare-weak-short-sellers-639808
We still have those " experts" pursuing the "not enough oil at Horse Hill to fill an eggcup" and other follow up deramping agendas.
Originally they claimed there was no oil at HH, it was all a scam.
Then it was, if there is any oil it is locked in and so can not flow. So it's a scam.
When the first tanker loads of oil were produced we were informed by the self professed "experts" that it was just a residual puddle that would soon fizzle out. Just a scam.
Hundreds of tanker loads later and some were suggesting some were actually bringing the oil to site to pretend oil was flowing, just a scam.
The "experts" claimed planning permission for extra wells would never be granted, and the scam would be exposed. Planning permission granted.
2nd well drilled, the "experts" claimed there was no fix possible for water ingress in an uncemented horizontal well with slotted liners so there would never be oil produced from HH2z.
When a simple frequently used rectification method was pointed out the "experts" said it was very complicated and would take months and months of on site work and would fail any way. It worked first time and took just a few weeks.
The "experts" claimed Ukog would never achieve production status at HH. Production licence granted by OGA .
Now the "experts" are fuming more than the HH flare stack.
HH2z water ingress located at the toe of the well, just as SS stated.
HH2z water problem successfully fixed at first attempt, as organised by SS.
Dry oil flowing from HH2z.
Tankers leaving HH oilfield site.
Brent Crude closed back UP over 10% yesterday.
Cash flowing into Ukog accounts.
Trolls fuming and desperate.
Could easily be 3p to 4p by Q4 2020.
With HH1 flowing from both Portland and Kimmeridge reservoirs, and HH2z flow at 700-1,000bopd+ after the clean up etc. is completed, $2+ million a month revenue. Enough to cover the costs of a new well every 3 - 4 months without any dilution using in house cash.
Also cash income from Ukog's share of its other producing oilfield, Horndean.