Member Info for Bridgedogg1

Looks like it’s heading sub 1p. Who would of thought it. Fairly relaxed as I’m holding to results and beyond. GLA

IMO BPC is a pure P&D. Even if they do find oil, which is unlikely, they will never get it out of the ground. Can you imagine a company like BP wanting to drill in the Bahamas?

The shares get a P&D every 6 months. What did you expect? Down to 1p until early next eyar when there will be a big pump post CR & pre drill. GLA

Thanks Brom
The Charlie #1 exploration well will be drilled to a depth of about 11,000 feet true vertical depth (TVD) to test stacked conventional objectives within the SeeBee Formation..... The well may be tested and hydraulically stimulated/flow tested, and may include laterals, sidetracks, or additional penetrations from the same exploration pad. Operations also may include wireline logging and related seismic surveys, such as vertical seismic profiles (VSPs).

I think the price is reflecting that there are risks on the first horizontal well. Once its flowing the result can be extrapolated across the wells already approved. Until then nothing is certain. There are issued with drills all the time, my concern is that we don't get it right first time around. I am fairly certain that we will have good flow from a number of wells but there will be learning along the way. GLA

I would have thought the same, but the interim report post conv farm-out below. I guess is someone is convinced enough by the concept/project then may not feel the need to wait for Charlie results.
“The forward program consists of accessing material from regional wells in order to conduct additional FIB-SEM analysis to confirm improved effective porosity and connectivity. Consequently, the formal farm-out process will be deferred until 2H 2019 to allow for this work to be completed. The Joint Venture continues to field unsolicited third party interest in the HRZ shale play and an informal farm-out process is underway.
The Company continues to receive third party interest in the HRZ shale project and anticipates being able to integrate the data from the current evaluation into a dataroom by mid-2019 in order to commence a formal farm-out process.

Since the conventional farm out I’ve been very unclear whether we are still pursuing the HRZ farm out pre drill. Could be a source of positive news between now and drill.

The Loan also includes a provision which prevents the Investors, or any of their affiliates, from holding any net short position with respect to UKOG's equity and, with full disclosure to UKOG, restricts the Investors' trades, on any given day, to no more than 15% of the number of UKOG shares traded that day.

Hear what you are saying LeMajor but PMO are only interested in flow testing the historic discovery, not appraising the scope of the field which I guess would come later.

On the PMO podcast it was stated that they would be targeting exactly the same section as was hit on the Malguk drill. Is there a chance that they miss this on the initial vertical drill? Why drill 1.5k away if there is such a risk? Maybe Desmond the geologist can help with that one.

And I was planning on buying some more tomorrow , typical

When I saw the trade I thought ‘I bet one of the deramper squad try and say it’s a sell’
Traded at the higher price to other buys at the time, let alone sells and then the price kept steady. Jeez

Every single one was priced the same or higher than the one before, sells? Pretty sure that ain’t how the market works. Someone explain about the blue and red again I just can’t...

Luverly 5 mil buy.

Wow it’s right on the board of the acreage. Maybe the east acreage isn’t worthless after all. Can’t see PMO not buying in on the seismic now.
I’m pretty sure that the fact that the highway and the pipe line was on the doorstep to FB was key. Imagine if we had hit oil there all those years ago.

To be fair PMO does have debt of over $2 billion so that will impact the valuation somewhat. Assuming a nice drill result and HRZ data we could be laughing all the way to the bank.

Looking at trade prices seems to be a sell

Nibble, you dont think there will be a transition period from historic lows to full production where the share price rises?

From recollection PMO are only talking about targeting the oil column hit by the previous drill. We will get good data but I’m not sure if they will flow test any other horizons unless a) it’s super massive or b) the target doesn’t come in as expected. PMO are going for the least risky option, one that makes sense to serious investors and BODs. For them it’s a flow test of a previous discovery. For us it’s much more and I’m sure PMO would get on board if we uncovered something interesting in any of the other targets, with the exception possibly of HRZ which they don’t seem interested in. Not sure on others takeaway from the podcast but that was mine.

Jiddy, what I'm saying is that we could, in theory go to 0p. Bankrupt. For example, if a new cheap unlimited power source was discovered we would go to 0p. If Alaska put a permanent halt to all drilling activity we would go to 0p. Nuclear war? Zombie apocalypse? I was kind of highlighting that is was possible, but yes a stupid comment. Chill out dude.