Member Info for Bridgedogg1

Just want to say good luck to all on here who have been in a lot longer and a lot deeper than myself. Some great info and analysis provided over the years, should all come to fruition in the next few days - then onwards and upwards from there.

Bdog

Hoping for a positive start this week to the next phase in the development of this company. Good luck if you are in it.

Not posting on UJO but anyone think that when everyone ‘knows’ its the biggest find ever but hasn’t yet flowed is the time to be cautious? Obviously I only know as much as anyone one else... which is kind of the point. Hope it comes off for them. Plenty of room for gains from here but isn’t a done deal by any means.

Same thing applies to our rig I guess. Until we are told what’s what it could be going anywhere.

I’m feeling positive atm but good to be aware of bias

As detailed in UKOG's 23 January 2019 Strategic Review, the HH-2 Portland flow rate target of 720-1,080 bopd from the HH-2 horizontal well, which has been externally verified as a realistic and viable expectation by Xodus Group Ltd ("Xodus"), is designed to position Horse Hill as the Weald Basin's leading oil producing field by year end.

Long term production can be estimated at 5-6 x the horizontal flow rate. That just from Portland on HH. Plenty of other similar drills being planned and developed across assets in the near term.

It’s currently under going testing and will shortly be going in to full time production along with 5 other wells each targeting around 5x the extended well test flow rate.

The plays are also being developed on a number of other sites, some of which UKOG have significant interest and some operated by other companies . These are onshore, low cost, low risk drills which are only just beginning to be developed. There are plenty more in the pipeline. The naturally fractured Kimmeridge which has huge potential was first discovered at horse hill.

So national significance.

Horse Hill
Portland play- plan for 6 wells (4 awaiting planning approval) 720-1080 bps each. Declared commercially viable 2018.
First two horizontal wells HH2 & HH1z being drilled soon. Reserve lending should also be available rather than share issue to raise cash.

Kimmeridge play- vertical KL3&KL4 naturally flowing at 700bpd. Thought to be a single 900ft oil column to be tested by sidetrack on HH1z. UKOG hold 592 square km over the sweet spot. Reserves upgrade from current 10m recoverable expected.

Godley Bridge- Portland gas discovery 56bcf. 40 square km acreage held. Loxley-1 to test Kimmeridge potential in 2020.

Bradford Bridge - Kimmeridge - didn’t flow commercially and written off. Discovery that acidisation process prevented flow test. New sidetrack planned 2020.

Isle of white
Arrenton south - Portland -P50 15m bbls - similar in Kimmeridge. Side track to test could be 2019/20
Arrenton 3- drill and test A3z

PEDL143 - A24 - Portland and Kimmeridge thought to be similar to horse hill.

Horndean - stable production 10% to UKOG - £130k profit per year.

Drillordrop
The application for long-term production and additional wells at Horse Hill is expected to be discussed by the Surrey County Council planning committee on 11 September 2019. Link

This is the latest postponement of the decision, which had previously been scheduled for March, April and most recently July 2019. Surrey County Council has reported there have been at least 1,000 objections to the proposal.

EPS is just a ratio, it doesn't mean anything on its own, just how it changes over time for the same company.You cant really use it to compare companies because it is dependant on the number of shares.

Is a company does a stock issue it dilutes the stock and which CAN lead to a lower share price and DOES lead to a lower EPS, but the SP doesn't fall BECAUSE the EPS has lowered. It's not a driver, just a ratio. No reason to artificially target an increase in the EPS because it wont mean anything. However if the EPS increases over time due to increased profit then this is a good indicator.

Pushed back to August. Hasn't been updated yet.

The spread has changed because the bid has increased while the ask has stayed the same. That's not manipulation.

A few nice buys going through.

Can't believe its coming to the LAST working week of June and we are BELOW 1p. Didn't see that coming a few months ago. People think a deal wont come off? DW certainly thinks a deal is to be done.

In it to win it.

Out of it to shout over it?

Good to know its going up

Yes the values suddenly jumped a few decimal places Maybe Monday the same will happen but it wont be an LSE site issue....

Anyone else seeing the incorrect values at 1,000s? Almost pooed a brick

If we dont hear anything the Worst case scenario is we get an update on all projects at interim results in a week. We’ll be able to see cash flows and see how our increased ownership has impacted revenues and cash from HHDL.

2 days before Last years interim results we got a drilling update so no reason to think we will have to wait til Friday if there is news to be released.

Don't encourage him... talking about dividends and number of shares. Consolidation!

Oh OK give him a spade, should be fun

To be fair we could have just as easily hit oil with each of our drills and DW would be an oil genius.

Salaries are ridiculously high on all these companies. DW not worse or better than any of the others. Plenty of directors who were O&G analysts who realised the huge payouts you can earn. Spend a little on permits. Raise money from institutions, give them a good profit at PI share holder expense. Hopefully all comes good. 5 years later. Cash raise. A little 3D, a couple of drills. 5 years of director pays. Sell it on the the real oil companies who make money. If it doesn't come good for the shareholders you've earnt loads of salary and plenty of shares. Network, move on, do it somewhere else or buy another permit. Tell everyone its fantastic and no one else realised how fantastic except them. Raise more money. Do some more 3d. Another drill or two. Oops another £1m direct pay down the drain. Might come good, might not, doesn't really matter. Sit on the remuneration committee of other companies, vote on your friends salary who then does the same for you.

BUT we are at an inflection point, now realising the assets and getting back the money spent on them plus a little jam... hopefully

Here it comes....

IMO 1.3p-1.5p range.
The drills are low risk and high reward so expecting positive news flow on the drill from there.
Oil production is set to increase one drilling starts should provide another boost once flow rates updated.
Acquisition in the background that could drop anytime.

Wouldn't want to be out from now...I believe we are at the floor and wish I had more cash to buy more.

Fair enough, I don’t know the specifics but my impression is that some of the objections could have been anticipated and dealt with on the initial application:

Further information received from the applicant as a result of issues raised by technical consultees has resulted in another round of consultation and publicity. This has delayed the determination of this application which will not be taken to committee until officers are satisfied that the submission is robust and all outstanding matters have been addressed. The time taken is as a result of technical matters.

Anyway as I mentioned before It will come good and I don’t think the delay will have too much of a material impact on the drilling schedule. Hopefully lessons learnt and all that.

I predict an update on drilling during market hours today.. 11am?