Member Info for Bridgedogg1

So for those like me who think this company is going down the toilet the results will be out in a few days we will know either way. Has the restructuring worked - 1% of outlets given rebranding and staff role changes. How has the business faired with lower prices - probably not very well. Has market share been taken by competition - was only majoring market share through acquisition. Will the dividend be paid - highly unlikely meaning this will be a non income stock and income funds that hold it will have to sell. Will it even earn a profit - year on year decreases indicate this is a pivotal year, might see losses for the first time. . Will the debt covenants be breached - highly likely, already had been at the last report. will the largest asset be ‘goodwill’ - yes about £600m worth of goodwill vs £100m of tangible assets and £500m of debt.
Will dignity have to restructure the debt/raise cash/use credit facility - who knows??? I reckon so, the company has reached a tipping point. Only hope is for an immediate mass pandemic of coronavirus, still might not come soon enough. Screaming sell. May well bring going out of business / low ball takeover on 2020.

DW played a blinder with that cash raising.

Project debt facility may be in question at current prices. I expect it may be deferred which I guess would suit LEK as we dont have the cash at the moment.

Didnt think this was going to hold up so well today. May have seen 30% drops. GLA

Five years of austerity and safeguarding assets against the threat of U.S. sanctions have left Russia in a stronger position than ever before to cope with lower oil prices. Putin’s plans to increase spending this year can go ahead regardless and a weaker ruble will only help the country’s commodity exporters, which sell their goods in dollars.

International sanctions forced Russia to strip back foreign borrowing in recent years, while stringent fiscal policies pared domestic spending to a minimum. The result is that Russia now boasts the fourth-biggest international reserves in the world, and some of the lowest debt levels. Putin’s new government still has plenty of room to start increasing spending this year even if oil prices drop closer toward $40 a barrel.

Compared to other oil-exporting nations, Russia is in very good shape to cope with lower prices. Saudi Arabia, for instance, balances its budget at oil prices roughly double the level that Russia can cope with.

Russia’s finance ministry said that the country’s oil-wealth reserves would be sufficient to cover lost revenue “for six to 10 years” at oil prices of $25 to $30 a barrel.

I expect Saudi may blink first on the back of US pressure

RNS 27 Nov
The HH-2z EWT testing programme will commence with a planned sequence of normal well "clean-up" operations, designed to ensure that the well can deliver at its full production potential. The clean-up process will run in tandem with flow periods and pressure build up tests.

Once full clean-up is achieved, the well will be flowed over a minimum 90-day flow period to assess its stable production performance. Following the EWT, and subject to the necessary consents from the Oil and Gas Authority, it is planned to transition HH-2z and HH-1 seamlessly from test production into long-term stable oil production.

Russia’s finance ministry said that the country’s oil-wealth reserves would be sufficient to cover lost revenue “for six to 10 years” at oil prices of $25 to $30 a barrel.

Winx is the best read across to Charlie 1: Spud 15 Feb, Topset initial results 1 March, so thats 16 days. Expect we will be moving a little quicker than that is we are going for TD in 30 days, but still will be 10 - 12 days, inline with what most people have said, 50/50 Friday or Monday imo

Target Winx 4 days
ICW#2 7 days
ICEW#1 6 days

We are now day 8

The non company news is a real shame. Sounds like the fix was good, the pros went in and plugged it up, the issue and the fix just as described in the two rns leading up to today. We dont know the flow rates but dry oil to surface is very positive. Just goes to show we should trust more in the rns and ignore the noise from both sides, myself included. Would have been 1p without crash in POO.

Rns ops update would have been nice this morning

Regarding the OPEC non deal, Saudi wont be pumping out additional oil until the restrictions expire at the end of March. That gives time for OPEC+ to work out a deal. Historically Russia didn't agree to cuts until the last minute. Regional cuts to oil prices in the Russian markets in Asia are all part of the negotiating tactics to bring Russia back to the table.

You lot are in an LSE chat bubble thinking that posting on here will influence the share price one bit. I don’t worry that the derampers will have any impact, it’s just annoying. I don’t mind the rampers because I’m a holder but doesn’t influence my trading. All the sados pretending they are trying to protect uninformed investors - have you read any of the hundreds of other chat boards? They are just the same. It’s like ten grown men in a room shouting at each other about politics thinking it will change the world, it won’t. This board needs to lighten up and stop personal attacks.

The fact the the cooked tubing tower disappeared overnight gives some credence to the idea that there may have been night time tanker movements too.

It’s just about putting the evidence together, rns, reports from site, and knowing a little about the processes help. You then have to make up your own mind obviously, which is what everyone does.

For people like me who aren’t 100% on the nitrogen

After workover operations, the killing or stimulation fluid must be removed from the tubing string to return the well to normal operations.......injecting nitrogen in the well column with CT . This is the most common method applied..... acidizing treatments are accompanied by injection of equaivallent of one well tublars volume of water or gasoil in the well as "post flush" during acidizing treatment. Bringing such a well into production requires unloading of the injected fluids with N2 injection. This operation is usually performed by injection of liquified Nitrogen by means of coiled tubing. The N2 lifting process does not follow-up any predesigned operating condition. The nitrogen gas is injected....with injection rate of 5 to 15 gal liquid N2 per minute untill the wellhead pressure rises to an acceptable value and the return fluid being almost oil.

Shorters are really at it tonight - don’t feed the trolls! I guess it must be a worrying time for them. I expect most are simply out and don’t want this to do well before they get in. Thanks to the eyes (keep it mellow). GLA

The fact the Halliburton are leaving and nitrogen on site says to me that the fix was a success. Now we just need to wait fir flow rates. Are the tanker limits more restrictive at weekends?

Predicting a mid day rns 12:30 or 1pm

Get them feking tankers in now

Shut up you lot

Large late BUYS?! Do my eyes deceive? Probably some of the crew's mates getting in before news :)

We had quite a few independent technical reports but we never got the sign off for contingent resources. For example for IOW we have:
Xodus estimate that the Arreton Main structure contains aggregate P50 Net recoverable volume of 10.2 million barrels ("MMbbl"), and state that these volumes can be classified as "Contingent Resources" under PRMS reporting standards.

Nutech Assessment of UKOG Weald Basin Interests and Wider Weald, Onshore UK (Kimmeridge only)
· Within this gross best estimate, an aggregate net attributable 3.9 BBO P50 OIP is calculated for UKOG's economic interests in the Licence Areas.

Without the flow and well data you only really get OIP figures. Not sure how Angus worked it and whether they would be able to get RBL on the back of the CPR they have produced. We need a clear report that provides for RBL than means getting the flow data.

I even found this............

Markwells Wood Oil Field Competent Persons Report

UK Oil & Gas Investments PLC (LSE AIM: UKOG) is pleased to announce that a Competent Persons Report ("CPR") by Xodus Group ("Xodus") of the Company's onshore Markwells Wood oil field calculates that the field's Jurassic Great Oolite limestone reservoir contains a 2C or P50 potentially recoverable Contingent Resource of 1.25 million barrels ("MMbbl") net to the Company.

So yeh, CPR not much use without flowing wells, even if it looks good on paper