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Looking back through the RNS's on Thursday 07 June, 2018 OMI announced:

"Having confirmed consistent gold mineralisation in the APTA portion of the Anzá project in the first 18 holes of the exploration campaign, the final 5 holes of the drill programme were focussed on maiden scout drilling the untested Charrascala target. Drilling detected the presence of strong gold anomalies, with 4 of the 5 holes drilled intersecting gold mineralisation and a priority follow up zone has been identified.
HIGHLIGHTS
Orosur successfully drilled 5 scout diamond drill holes totalling 3,045m at Charrascala, one of the four untested targets of Anzá."

That was the campaign that OMI financed themselves by raising $3.2M (about £2.5M).

They haven't even made it clear which prospect they are currently drilling.

Even MISTERPOSITIVE seems to agree that this is not going as well as it should. He is always the most positive of posters - sometimes even annoyingly so.

I'm sorry but a 2400 metre drill here is not good enough. As I posted yesterday, when Orosur raised the funds to drill this themselves in 2017 before the farm-in, the initial drill campaign was for 15,000 metres. 2400 metres is a pitifully small target and they are already way behind on the drilling as well. Orosur may be awarded $500,000 if the drill targets are not met and that has happened already but money isn't the issue here. Orosur recently raised £4M

Each hole appears to be only about 300 metres (To date, three holes have been completed and the rigs are currently well advanced on the 4th and 5th holes. Over 1,100 metres has been completed of the planned first phase of 2,400 metres, and over 1,000 samples have been submitted for analysis).

And all that has been promised are the assays for the first hole (Given the time that samples have already been in the laboratory, it is expected that complete assays for the first hole should be available by the end of this month and results from these will be communicated to the market once they become available).

This is a pitifully small expectation and given that even in this prospect not every hole hits the motherload then this is not much to look forward to. At best this is going to hover between 20p (or lower) and 30p at the top for several months with the best plan probably to sell on news.

Can I repeat that in 2017 OMI raised $3.2M - just under £2.5M - and that covered the cost of 15,000 metres of drilling at the APTA and Charrascala targets.

OMI recently raised £4M - roughly $5.2M - which would have paid for 20,000 metres of drilling.

The current drill campaign is for 2,400 metres.

This is just not good enough. Newmont and Agnico need to show more commitment or just walk away. About ten times more commitment would be a good start.

They know there is gold there so they need to get a move on and prove up the asset. Idiots.

2400 metres of drilling is pathetic. Orosur funded and did 15,000 metres of drilling themselves in 2017 before Newmont turned up. 25,000 to 50,000 metres would be a sensible annual target here. The management need to wake up.

I see that back in October 2017 OMI raised $3.2M to drill this project themselves before Newmont farmed in.

"HIGHLIGHTS
Colombia Exploration
Completed C$4.0 million (US$3.2 million) financing in August 2017 to fund drilling in Colombia
Drilling of the planned 15,000m resource definition campaign commenced on October 12, 2017"

That was less than they raised recently (£4M or roughly $5.2M). That would have probably paid for 20,000 metres of drilling!!!
They drilled 18 holes in the APTA target and 5 in the Charrascala target.

"Drilling Update
Drilling work has been progressing well. The Company currently has two diamond drill rigs at the Anzá project, the first of which commenced drilling operations on 15th November 2020.
To date, three holes have been completed and the rigs are currently well advanced on the 4th and 5th holes. Over 1,100 metres has been completed of the planned first phase of 2,400 metres, and over 1,000 samples have been submitted for analysis.
However, the Company has been informed that Covid-19 related staff shortages at the ALS laboratory in Lima, Peru, has resulted in a substantial increase in expected assay turnaround times, especially those related to fire assay, which is the primary assay method for gold. It was originally anticipated that assays could be returned in a matter of weeks, but current schedules suggest turnaround times of well over one month.
Given the time that samples have already been in the laboratory, it is expected that complete assays for the first hole should be available by the end of this month and results from these will be communicated to the market once they become available."

Progress isn't slow - it's very slow. Nearly 2 months (15th November 2020 until 12th January 2021) to drill 1100 metres - how slow is that!!!!!

Considering that in January 2017 - 18 months before the agreement was signed with Newmont - Orosur on their own planned:
"Next steps in Colombia
During 2017, the Company plans to undertake a 15,000m - 30,000m drilling campaign to:
Delineate maiden resources;
Further define and expand the potential mineralization for APTA;
Test mineralization in undrilled areas of the deposit where strong indications of economic gold occurrences exist; and
Commence initial drilling of nearby untested and highly prospective targets.
Upon completion of this drilling campaign, the Company intends to prepare and publish a maiden N.I. 43-101 compliant resource report for the Anzá project."
They got started on that and then the Newmont agreement turned up and since then virtually nothing has happened.

To create any value here, and I mean the sort of value that can be seen at GGP, the drilling needs to increase hugely.

Just to repeat, from the RNS dated 10th December 2020:

"Initial Inferred Mineral Resource Estimate for Havieron
The Inferred Mineral Resource is based on a total of 125 drill holes for a total of 126,643m of drilling as at 26 October 2020. Infill drilling has been ongoing since this date and further results will be announced as per the usual frequency."

Meanwhile Newmont have drilled a mere 3100 metres in the same amount of time. That is why OMI has a m/cap of under £40 Million while GGP has a m/cap of £1.45 Billion.

The management here are very weak. They are allowing Newmont to take the p*ss. They should tell them to get a move on.

No I am not overexposed. I just wish that I'd had the sense to sell at 30p recently. I hate to see a nice profit disappear. (By the way I have taken my profit at RMS recently after buying after the placing). But I missed doing that here.

I have sold here though, albeit at a reduced profit, and will buy back sub 20p before the late assay results (if I remember or unless something more exciting is afoot).

This is becoming a very long term investment, which are not always the best.

In all fairness GGP's shareprice was less than 2p at the beginning of 2020 but huge drilling and the increase in the price of gold have made the difference.

A 2000 metre drill into a previously drilled and assayed part of this resource is not going to do anything for the shareprice.

Nice here for anyone who bought in at 2p, 3p or 4p earlier in the year. They have had a ten times increase in their investment. Is that likely to happen again - possibly but not at the current drill speed - or unless the share price falls back to 2p or 3p all over again at which point yes, it would be very likely.

Bit of enthusiasm here, but more out of desperation than anything to get excited about. Same with the muted increase in the share price, which no doubt will reverse and continue it's downward trend very soon.

I wish I had sold at 30p, having bought in after the recent placing. The real money to be made here was if you bought in when the share price was 2p, 3p, 4p earlier in the year, when despite already having this agreement with Newmont nothing was happening. From that point the share price shot up to over 40p but we are unlikely to see anything like that increase again for a long while.

Obviously the potential is here with a great asset and two majors involved but the whole way they are going about it is very tedious. Comparisons with GGP are justified but considering the agreement with Newmont was signed over 2 years ago, even before Greatland secured their major, very little has been achieved here which is where the comparison with GGP seems to end.

Look at the drilling of the 2 projects:

Greatland completed two successful exploration campaigns at Havieron in 2018, which were instrumental in securing a US$65 million Farm-In Agreement with Newcrest Operations Limited ("Newcrest"), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). Since Newcrest commenced its exploration programme at Havieron in May 2019, it has completed more than 100,000 meters of drilling at the project.

Newcrest commenced drilling at Havieron during the June 2019 quarter and has progressively increased its drilling activities such that up to eight drill rigs are now in operation.

The Inferred Mineral Resource is based on a total of 125 drill holes for a total of 126,643m of drilling as at 26 October 2020.

Compared to that I think that at OMI's project 2400 metres were drilled on the previous campaign starting in July 2019 and now the current drill is for another 2000 metres. Hardly the 126,643 metres that have been drilled at Greatland Gold's project during the same timespan. The difference of drilling speed maybe reflects the difference in the m/cap.

In Columbia only 1100 metres have been drilled in nearly 2 months and this is boringly only a repeat of previous drills for which OMI already have drill results and grades so nothing more will be known after the 2000 metres is finished.

The first assay results are not due until the end of the month - which is about 3 weeks from now - and will be for one 300 metre drill hole for which we know the grades and assays already. That is hardly anything to look forward to.

The board is being filled up with expensive management who are basically doing nothing as the two majors are doing all the work and drilling. No wonder OMI recently had to raise funds.

Greatland Gold have drilled over 125,000 metres since June 2019; OMI have completed 3500 metres of drilling since June 2019. Hence the difference in the m/cap.

They should get Adam Habib to find them a partner. After all what good is owning 100% of nothing (I think AMC still own 100% of Kun-Manie).

Look at GGP. They will be down to 25% of the project with their major partner but the m/cap is a huge £1 to £1.5 Billion. Look at Sirius Minerals - they tried to go it alone and lost the lot - or most of it anyway. To get a major partner or even two is the way to do this. AMC will go from 100% to maybe 25% but at least something will get done. 25% of a huge asset rather than 100% of nowt.

At the moment the NRR investment is the only mover and shaker here and yet the in-ground value of 1.2 Million tons of nickel and 328,000 tons of copper at Kun-Manie is about US$22 Billion.

Thanks. I'm still very confused. Some articles say that it is $100/ton or thereabouts. Other, including the link to the spot price I posted earlier, say $169/ton. I appreciate the difference is in the quality but that doesn't make it any easier to understand as it never mentions the quality when it quotes the price at $100/ton.

But in the FT article that mentions NRR their neighbours clearly say that at the current prices with iron at $166/ton they are making nearly $100/ton margin.

We will have to see when the NRR update comes out. The initial load was ap

The end of year update from NRR re the iron ore project is imminent. Highlights from the last update on 30th October:

"The loading of the first vessel has commenced using some of the low grade DMS iron ore stockpiles that were in existence prior to the purchase of Roper Bar by NRR. This cargo will be approximately 58,000 tonnes and has been pre-sold by the Offtaker giving NRR an expected revenue from the sale of approximately US$3.6 million.
With the recent injection of additional equity capital announced on 27 October 2020, NRR is now targeting four to five further vessels by the end of this year. The processing of previously mined blocks has also commenced, and the transportation of existing stockpiles and processed blocks to port is now operating 24 hours a day. The Roper Bar site is now fully equipped and expected to commence the mining of new blocks in due course."

Since that update the price of iron ore has increased from around US$75/ton to the current $106/ton. With 4 or 5 further vessels due by the year end that will increase the US$3.6 Million by 4 or 5 times plus by the increase in the iron ore price which has been steadily rising through November and December.

The plan is to produce between 1.5 and 1.8 million tons per year for the first 3 years. That is a lot of potential revenue with Iron Ore prices due to stay high at least for 2021.

AMC will get a quarterly interest payment (which should have been received recently), possibly a dividend (quarterly or annually?) on profit, as well as the increasing value of their holding in NRR (which shouldn't need any further dilution now they are up and running - at least not till Stage 2 which is due to start in 3 years).

I'm not actually sure of the exact price of iron ore as of today.

When I check on IG where it offers commodities to trade the price today is $106/ton.

However when I do a google check the price is coming up as much higher at $169/ton.
https://www.marketindex.com.au/iron-ore

Which is correct?

In a recent FT article (5th January 2021) NRR got a mention. I cannot paste the link as it stops me so if anyone wants to read the article just google: Financial Times - Nathan River Resources. It is under the article "Junior miners bring abandoned iron are projects back to life".

No.

Excitement because of the NRR investment.

The only project helping the share price here at the moment is the NRR iron ore investment. This investment saw the share price rise to nearly 3.5p in July when the investment was finalised and just over 3p in October after a couple of updates.

Further imminent updates should see a return to the 3p level or maybe even more as the iron ore asset has got off to a flying start with iron ore at over $100/ton (the price was about $70 when the investment was finalised).

The update on 30th October was for 5 or 6 loads to be despatched by the year end with the first (and probably each subsequent load) of 58,000 tons.

This is looking to be a hugely profitable investment in terms of asset value and it will I believe also pay a dividend. Plans are for 1.5 to 2 million tons for the first 3 years with iron ore set to remain at $100/ton at least for 2021.

As for the nickel, the management should be ashamed of themselves for not finding a partner, or even selling the whole project. Nickel and copper prices are on a similar high as gold at the moment. Gold projects are starting up everywhere at the moment and yet the management dare to just sit on this huge asset and do nothing with it. There is a huge value here with nickel over $18,000/ton and copper over $8,000/ton. This is a real waste of an opportunity.

Also as I've said before the horizontal drill needs to be through the Kimmeridge rather than the Portland. The Kimmeridge is naturally fractured and flow rates will increase with greater exposure. Look at Balcombe which potentially flowed up to 3000 bopd from a 1000 ft horizontal well.

One correctly positioned angled horizontal drill through the Kimmeridge could potentially produce all of the 3000 bopd that Horse Hill is allowed to produce.

The problem here with UKOG, Sanderson and Horse Hill is not the asset or the potential but the manner in which this whole project is being mis-managed and reduced to nothing.

New management could transform Horse Hill overnight and get production to high hundreds and probably low thousands of bopd with very little effort and lead to a subsequent re-rate of the share price.

Instead this poor management continues to drive the share price down to ever new lows in a way that is difficult to comprehend. This is what is p*ssing off the shareholders and leading to all the negative posts.

I reckon let Sanderson go and reinstate Lenigas in the job.

Alternatively they could do what they said they were going to do in the Final Results of 31st March 2020:

"We plan to change HH-1 to a dual Portland and Kimmeridge producer in the coming months following a return to stability post Covid-19. Then, in due course, we anticipate using some of the resultant cash flow to drill further Horse Hill wells."

Of course "following a return to stability post Covid-19" can be interpreted as an excuse to do nothing for now but with oil back above $50 a barrel and rising this seems a good time to get this done. The dual producer could easily flow 500 bopd for a start.

Maybe it's because just about every share - AIM or Main Market - is at least double or even treble or more higher than the lows of April 2020. Even Angus is now more than double it's April low. But UKOG was just under 0.40p in April - so anything around 0.80p to 1.20p would be just great. And most of these companies have done very little to see their share prices rise.

But then considering the price of oil was around $30 a barrel at the start of May and then sunk as low as $20 a barrel during April but is now back to $54 a barrel then they didn't have to do too much.

UKOG share price is now a woeful nearly one-third of the woeful April 2020 level.

Woeful, woeful, woeful.

So little is required to get this back to nearer 1p but Sanderson just doesn't seem to be the man to do it.