Member Info for Bridgedogg1

Thanks Danker, I hoped someone with more intimate knowledge would jump in on that. Great opportunity here

Everything is down today except for the nutters over at PET! No assets and a court case against your new 'saviour' shareholder who are waiting to give it a £100m asset but actually just sold down all the shares he was given. Pump and dumpers all over it. AIM at its worst IMO

Sequence and Schedule of Events - 20 days from start of rig mobilisation to spud, good to know.

"Introduce Petrel to another project in Iraq" doesn't sound the same as "give a £100m project to the company".
Youve only just made a deal with these guys and youve already taken them to court. Really bodes well for the long term outlook. Traders all over this, will be well out before close.

MCAP: £16m

Assets:
£2m Cash
Otakikpo NPV10 of £173 million, after income taxes

Receipts:
£11m (6 weeks)

Debt:
£14m loan notes
£8.8m debt facility (?)

Payments due:
£3m cost of the site survey (estimated at c. US$4 million) on OPL 310
£7.3m to Optimum which covers sunk costs and consent fees
£21m - evidence of its ability to fund first appraisal well OPL 310 deferred until July 2020.

Target:
x4 bopd

LEK may be the most undervalued oil producer on AIM atm IMO

Moving up now. GLA

Haven't seen a P&D like this for a while. Good luck on your trades guys!

MMs slow yo react to increased buying, still going through at 0.7p some bargains taken.

Those that have said no work on site is a disaster will now also tell you that work on site is a disaster. Read the rns.

Great news. Maybe we won’t get an update. It’s all there in the rns - pbu,routine fix of water issue in new year

Large sells and large buys going through. All good to churn out these YA shares holding us back. Even without an update many buying in here seeing the potential at these levels.

Added. Overdone on no news imo

Let’s hope the positive Friday buys continue into this week. GLA Have a happy day.

This is hitting new lows based on the assumption there is a serious issue. We may just get an update saying - nothing has changed. Pbu. waiting for a rig to sort water issue. Still pumping from Kim.
Might even have an uplift on Kim production if improvements were made to get pump system (still not sure what the work on the pump was for) Even that kind of holding rns would lift the price from here which I think we all need, even just for the good feeling. Eventually horizontal flow at >1000 bopd will see us back to over twice the current share price. GLA

Wizard, good to remind everyone of the assets held by UKOG. Of course we had to pay for them but much better to have quality assets and some debt/shares than having very little assets and no drilling which is where we would be without the YA cash and dilution. It’s been painful for shareholders but puts us into a much better position to capitalise in our assets. There is also the the element of luck. I’m hoping we get and update early next week and there is a clear plan for Hh2z if additional workover is required. Shane we can’t snake out fingers and get a rig on-site, but that, like the cash raising is just the realities of the O&G business.

The price support kicked in lower that I expected. History suggests just below 0.8p. Good to see plenty of demand still knocking around for UKOG shares. Shame about the background seller but should clear soon.
The operation on site have clearly stalled, assumption is we are only pumping from HH1 but we don’t know. Last update mentioned forward plan of a pressure build up test and dual flow from 2 wells with some adjustments to maximise oil flow from both wells. The rns so mentioned a water ingress with a simple routine fix.
The current price reflects concerns that the water issue isn’t a simple fix, and the background seller. The bfpd coming out of the ground was positive and maybe enhanced with additional work.
For me the most likely reason for the delay is that we are looking to secure the equipment to fix the water issue. Not much pint in releasing an end to say there is still a water issue, we are still pumping from hh1 and we are still doing a pub on hh2z.
There could be a big surprise in the next rns, previous Annie cements indicates that we would be looking to do another drill and a water reinvention as soon as hh2z is complete. We may be looking to fix the water, drill a reinjection and possibly a horizontal on hh1 - planning permission already in place.
Either way certainly doesn’t seem to be the time to panic. Cash in the bank, further funding already available and oil flowing , albeit less than we would like at this moment in time.
Clearly many are looking for a lower entry, they might get it, they might not, but I am happy to be in now. GLA

Shiiiii

Someone not happy at not being included in the cash raise maybe?

Hit the bottom by the looks of it.

I was heartened by the strong buying yesterday, showing support at these levels. Shares beginning to look very cheap, even with the dilution. No doubts that this will be over 1p again soon enough. Disappointed there was no update today as I was expecting one. Hopefully Monday will bring some welcome news.

Only interesting bit:

subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program

My interpretation being we may want to spend more time and money assessing the shallower targets.