Member Info for Bridgedogg1

I was just thinking the same thing. Certainly can’t get shares for much cheaper than yesterday.

Very positive for the planning application
"If oil extraction caused the earthquakes, then it did so by a mechanism that hasn't yet been reported anywhere else in the world."

Seadoc if we were valued at £200m+ and we only had kimmeridge I might give this some credence. As it is even the potential of the safer Portland isn’t priced in. Kimmeridge becomes the icing on the cake.

apologies ocelot :>

Ocelot, all other things being equal (which they aren't) your comparison of the deal vs MACP suggesting UKOG is overvalued has the sneaky assumption that UKOG's other assets are worth £0?
Avington
Broadford Bridge/Loxley/Godley Bridge
A24
Horndean
Isle of Wight Arreton-3/Arreton South +++

Yes the drift in inevitable until drilling IMO. The deal was good, but not good enough to sustain interest for 6 months. HRZ FO commencement news also unlikely to stimulate a huge amount of interest as we all know how long that can take! Hopefully no CR in the meantime, we seem to have plenty of cash to cover us until then.
Going to need something very surprising and positive to move this now IMO

Pboo, the choke restricts the flow. ? The pump lifts fluid out of the well. ?

and maybe this is the reason...

Kimmeridge test production is planned to continue throughout the drilling of HH-2/2z except for two short shut-ins to enable the moving of oil storage tanks and installation of the drilling rig. The drilling rig is now scheduled to arrive on site following routine servicing after the completion of its current job.

Apparently the pump is locked..

Surprised the SP is languishing where it is, near historic lows. FOMO will have a huge impact once rig turns up.

Should there be any issue with the planning (the quality of our applications to date hasnt been the best) would this impact the drilling schedule if it was say put back a month or two? We still have planning for 2 wells which will take a couple of months to complete.

Things are looking a bit desperate, staff not being paid etc. Considering getting in on weakness. It all depends on the outstanding cash obviously. If the payment is with the bank for some kind of AML, DD, anti terrorism, source of funds type reason then PVR could get a short term loan against this on good terms. If it gets to that stage the quality of the funding will tell us all we need to know about the chance of getting the payment through.

We dont usually get a 'rig arrived' rns. We usually get a 'rig is commencing drilling' rns

No issue with the farm out. I did mention a few times that we would unlikely to get any cash with the deal. PMO usually go after deals that have already advanced to a certain stage so we are lucky to get their interest here on an historic drill result. For 88e we get the change to test the majority of our conventional assets for free. My only issue being that this should have been signed 6 months ago. What the _ was the wait for? I guess the division of the Conventional assets came up.

PMO got the sweet spot but I dont see how a single drill could effectively intersect both the topset and the basin fan considering the angle of the slope so additional technical well planning data will be interesting. The Brookian drill sucess rate is really good and would have been around 100% without Winx. So there's a really good change we can get a few hundred million barrels to 88e on this drill alone.

The interesting point is the potential buy into B and C. Looking at the conventional targets in B&C why would you even bother? There are plenty of conventional prospects in 'A' - its a huge area. Could be because B&C are almost intersected by the Dalton Highway which makes access and therefore drilling a bit more straight forward. Perhaps this was a little sweetener for PMO? An unlikely senario would be that the B&C buy in includes the UNCONVENTIONAL HRZ?? This would be disappointing as there would now be now HRZ farm out until post 2020 drilling. Information setting out the revised HRZ fairway and additional details on the optional buy in will will now be very interesting. Lots of technical possibilities to consider and hopefully we will get a nice presentation very shortly.

The Charlie-1 well has been designed to test all of the prospective horizons identified in the Western Play Fairway, giving benefit usually only derived from a multi-well program.

Thanks bob. Another advantage is that PMO will do the PR for us. A lot of oil analysts will be there, these are the guys and girls that make the calls for huge pots of monies. A few might think 88e is worth a punt.

Looks like Malguk1 intersects the largest prospects, Indigo and Stella. A bit confusing to call the well Charlie 1 when we have a Charlie prospect to the north. All of the key horizons tested in one drill. This may seem like a small deal but we essentially have someone paying to test the potential of the majority of the conventional prospects we then have the clout to develop. Further farm outs could follow hence the split into A, B, C. We’ve still got 40% of 1 billion and 100% of over 1 billion.

Bring on HRZ farm out news.

Don’t have permits, cash or partner to drill. Good luck (seriously hope it all vibes good)

7p, thanks

My only concern would be that since the FO process started we have local competing farm outs commenced and additional lease auctions coming up. So our potential partner could have paid the cash to keep its hand in the game but also assess other options. I don't think this is likely, especially as board sign off has been received BUT I no longer this the delay is due to standard ongoing legal/paperwork. i think something else has come up and in my opinion it is the question over the unconventional asset, with the additional data on the revised fairway and how this ties in with the conventional drilling. We might be in for an almighty surprise.