I posted this yesterday but I think people have missed the significance. Yesterday Surrey CC granted UKOG permission to use water injection to optimise production at the Portland. Angus have stated that production at the Portland at Brockham is possible but requires water injection. I would expect Lucan to be prioritising this ASAP. Brockham currently valued at nil by the market we start pumping 300 bopd and things change very quickly...
So no reason why we now can’t produce from the Portland at Brockham
Planning Consent Summary
The planning consent gives permission to produce oil over a period of 25 years at up to 3,500 barrels of oil per day from a total of six wells within the Portland and Kimmeridge oil pools, including the existing Horse Hill-1 ("HH-1") and the forthcoming HH-2/2z horizontal well. Consent also includes permission to drill one water reinjection well to help maximise oil recovery. All existing and future wells will be drilled from within the existing 20 x 15 metre concrete pad. No further drilling sites beyond Horse Hill are required.
IMHO a cracking result would be stabilised rates at 1000 bopd. In short the BOD need to show investors they are not total fek wits and actually know what they are doing. It’s worth remembering that it was ANGS not UKOG that have delivered the highest flow rates at the KIMMERIDGE at HH. They just need to get a move on
I think every man and his dog wants that dump it for whatever they can get or do something with the Portland pronto. Oh yes and early Balcombe planning permit submission would be a bonus. Then if Brockham is not being sold Lucan to actually put his hand in his silver spoon pocket fit a 6 figure purchase
To me it’s the only thing that makes sense here. PVR are now totally skint I see good old Tony booted the rest out and kept himself on. So if no news by Monday expect a chump change placement and as you say apec buying cheap shares to increase holding....
I’ve been a follower for years of BOR and I can’t help think there really are 2 options
1 seek a special resolution to recapitalise the company similar to PVR did for the Druid drill. A successful appraisal and flow test would surely see the mkt cap re rate to well in excess of 100 mill
2 the lack of farm in success implies to me it’s not the asset which is excellent but the percentage BOR want to retain I would imagine to fund an appraisal as bor are skint they likely would want 70 percent of the asset. No way these old duffers would agree to that so IMHO potential farmers would rather sit this out for another 3 years and get the licence for nowt...