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The £30 Million minimum m/cap has made this RTO for companies like DISH as good as impossible.

Minimum Market Capitalisation
The minimum market capitalisation for companies in both the standard and premium segments of the main market has increased from £700,000 to £30 million. The FCA has said that the intention of this change is to give greater clarity and trust to investors with respect to the types of company on the main market. The expectation is that companies with a minimum market capitalisation of less than £30 million would be better suited to the Alternative Investment Market.

Any company that has a minimum m/cap of £30Million can easily afford to do their own IPO. There is nothing to be gained by using the DISH shell. Also who wants to go through the suspension thing all over again.

I'm not a holder here any more but if I was a better idea would be to either get Big Dish back up and running or to install some new directors and make an acquisition, preferably in the commodities sector. J Morley-Kirk is a director of Clean Tech Lithium, which operate in Chile. They could take on a new asset there for a start with his connections and they can do that on a shoe string budget.

ALMHO

Yes, course yes, but in then 2017, when price share hit 35p only there 288 million shares issue in. This give m/cap of £100M. So same m/cap now, with 1113 million issue in, give share price of 9p. Of course, look good though..........

Blimey, Penguins, if it was all as bad as you are making it out to be then I'm surprised that PPP and DL bothered to farm in at all. In fact, I'm surprised that Mr Sanderson is still with us, as he might have just called it a day and found himself a better job.

Also, looking at your posting history, maybe you might want to look around at other shares. There's a whole market full of them out there, all sorts and hopefully not all as depressing as you seem to find this one.

By the way, I'm just here for any potential rise. Nothing too serious. If David Lenigas can create some renewed interest and get the share price to multibag I shall be more than happy. If he believes in the Kimmeridge, and he's the one who used the words "even better" when referring to the past production figures, then I'm more than happy to believe in it too even though you seem to have already written it off. I'm sure SS will have disclosed all of the relevant information before any farm out was signed.

ATB

Also, on thinking about it, Horse Hill never quite recovered from the horizontal drill, HH-1z, hitting water. That just ruined everything and maybe it was simply because of the water ingress that Sanderson said HH was not commercial.

I assume that if they are drilling HH-3 and later HH- 4 from the same and only drill pad that they can and even will have to shut off the watery drill hole and then the whole water fiasco will be in the past and forgotten about.

Let's hope that DL can get things moving again because Mr Sanderson just doesn't give a ****. 21 billion shares in issue and a m/cap of £12.5M.

I was under the impression that Mr Sanderson put Horse Hill on hold while UKOG switched their attention to the 'potentially transformational' drill in Turkey. Unfortunately, due to the near miss of the drill and the decision to go back for the seismic and covid it has all taken much longer than expected.

As for the commercial question there are lots of wells everywhere that flow at lower rates than those from Horse Hill so far that are kept in production. Or maybe that conclusion was made when oil was $30 a barrel or whatever.

By the way I have no idea who Adrian is or what he has meant to have done or not done but it is all so very annoying and I wish it would stop.

ATB

Well at least the farm out news seems to have put a stop (albeit probably only temporarily) to all of the petty posting that ruins this board.

I agree, Jacktrade, it is all just speculation so far.

Personally, I am happy that this hasn't gone up through the roof on just rampy podcasts and speculative presentations. Look at POW - all sorts of ramping by the CEO and then virtually nothing. And WSBN was ramped from 1.5p to 20p on the premise of being the next GGP and then nearly 10 months since drilling commenced there is still nothing of note to report and the share price is back down to 2p/3p and probably heading back to where it started.

Let them drill these first few thousand metres and then we will all know whether they have hit the motherload or not. If not then there will be plenty of other opportunities across the 40km prospect.

And without doubt they will have a hand-held XRF scanner on site and we will know straight away if they hit anything huge and if not then the share price will be lower than it is now so why take an unnecessary risk, you know.

Now it just depends on whether Texas is a better prospect than Turkey and then shareholders can go for either option - PPP or UKOG - with more or less equal exposure to future drilling at Horse Hill. Oh and the m/cap of PPP is less than £5M while UKOG is higher at about £12.5M.

I have found this in the 'Horse Hill oil field update' of 15th January 2021:

"Forward infill drilling plans:
Following the successful flow testing of the Kimmeridge oil pool, during which 52,780 bbl of 40° API oil were produced, further development of the Kimmeridge oil pool also remains a significant objective for the Company. Consequently, plans have now been made for an infill well to determine the lateral extent of the Kimmeridge oil pool, proven by HH-1 to lie within a natural fracture system of significant vertical extent.
The Kimmeridge HH-4 well, also situated updip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, designed with a lateral orientation approximately orthogonal to the known regional open natural fracture direction, so as to maximise the number of open fractures penetrated.
It is expected that the further HH-3 Portland and HH-4 Kimmeridge infill wells will be planned in detail and drilled at Horse Hill following the completion of the Company's potentially transformational initial Turkey Basur-Resan appraisal drilling campaign."

It appears that HH-3 is due to be a Portland appraisal well and HH-4 is into the Kimmeridge.
Maybe I was thinking of an inclined drill rather than a horizontal drill. It's a pity that Turkey has taken so long. Decent management - ie. DL - would put Horse Hill first.

I have definitely read somewhere that the next Kimmeridge well was going to be a horizontal well which I think would work very well.

Mr Lenigas knows the value of the naturally fracked Kimmeridge - he tweeted yesterday "Also great to announce that Horse Hill now produced +130,000 barrels in Portland and even better +50,000 in Kimmeridge before shut in. That will make a few doubters think again maybe."
Note the "even better". Maybe he will have some say in this - or even better maybe he will assume the role of Executive Chairman at UKOG and then Mr Sanderson will have to do what he is told - or leave!!! And the sooner the better!!!!!

And what exactly is HH-3???? Is that into the Portland or the Kimmeridge?????

Anyone please??????????????

So is the Kimmeridge appraisal well that has to be drilled to meet the licence obligation going to be a horizontal well?????

So if the seismic isn't going to help with the Kimmeridge then the partners might just as well drill the outstanding Kimmeridge well as soon as possible as it has to be done by 30th September. The only person trying to spin this out is Mr Sanderson.

Now David Lenigas is back in the oil business as Executive Chairman of Pennpetro (PPP) then it will only be a matter of time before he assumes a similar role with UKOG. Then watch things happen.

Don't talk rubbish. UKOG is Mr Lenigas and Mr Lenigas is UKOG. They are inseparable. Mr Lenigas joined the board in November 2013 and changed the name from Saracel to UKOG. He then set about acquiring assets in UK oil fields and prospects including Horse Hill.

His only mistake was to step down and appoint Mr Sanderson in his place.

I am pretty sure that I read somewhere in one of the RNS's that this Kimmeridge well is planned to be a horizontal well. Is this correct or is it just wishful thinking on my part?

It would be a great idea if it is going to be a horizontal well as I believe that the naturally fracked Kimmeridge will flow very well over a longer drill.

Okay, so has the Portland appraisal well been drilled already? Was that the Portland horizontal drill that hit water or is there another Portland drill still to be done?

Also if the order according to the dates of completion is to drill first a Portland appraisal well and then a Kimmeridge appraisal well and then the seismic - 2019, 2020, 2021 plus extensions - then why are they planning to shoot the seismic before the Kimmeridge appraisal well?

The Kimmeridge well has been extended as stated in the RNS dated 13th May 2022:
"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the North Sea Transition Authority (formerly the Oil and Gas Authority) has granted a one-year extension to the agreed Retention Area work programme of the Company's operated PEDL137 licence (UKOG 85.635%) containing the producing Horse Hill oil field and its underlying Kimmeridge oil pool.
The extension grants an additional year in which to drill a second Horse Hill Kimmeridge well, with the commencement of drilling to be prior to 30th September 2023."

Surely this means that the seismic wouldn't have to be completed until 2024.

The farm-in sounds a very good idea, the return of Lenigas also sounds a great idea but I just do not see the point of doing any seismic. This seems to be one of Sanderson's scatty ideas and there is just no need for it. Both the Portland and Kimmeridge already flow oil and there is little point in planning to drill anywhere else except Horse Hill considering the attitude of the local councils and residents. The seismic is going to be a frightful waste of time and money.

I had read somewhere that there is a requirement to drill a well into the Kimmeridge before 30th September 2023 and that this was going to be a horizontal well. This also sounds like a great idea.

Finally, the best idea of all would be to get rid of Sanderson and put Mr Lenigas in his place, Then we might see some action here. After all, Lenigas put Sanderson in the job in the first place so now he can hopefully manage to get rid of him too.

https://www.investegate.co.uk/pennpetro-energy-plc--ppp-/rns/directorate-change/202303280755094429U/#

So our old friend David Lenigas is now back involved in Horse Hill. Maybe he will oust Sanderson sometime and take full charge!