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Expecting an update?

Working backwards from the most recent comms below, when would we need to have an agreement signed so that we can get the permits/contracts in place for a 2020 appraisal well? That has got to be the hard deadline.

Subject to the negotiation of terms and conditions, the Conventional portfolio farm-out deal is targeted in Q2 2019, with the intention to drill an exploration / appraisal well in 2020

Another thought re farm out, the big players already in the area seem quite well set up in terms of acreage and drilling oppotunities, I'm thinking ConocoPhillips, Repsol, Exxon and Oil Search.

However the 3d programme just completed by BP indicates they are open to exploration in new areas. My feeling now is that it will either be BP or a new player to an exciting region. Fingers crossed and all that.

Director Deals
31-Oct-18 Rights Issue David Wall 0.02 USD 4,613,096
24-Oct-18 Exercise of option David Wall 0.02 USD 2,500,000
17-May-16 Buy David Wall 3.75 USX 2,000,000

Maybe I'm reading it wrong but:
April Meeting - delayed due to number of objections
May meeting - delayed due to Application not progressing and there being one item on the agenda

What does this practically mean? Why has the May meeting been cancelled. What is the next step. What do we have to do/wait for before a meeting can go ahead?

Is that rig coming our way or what?

Some sizable sells going through today as well.

“The planning and regulatory meeting has been rescheduled because the Horse Hill application had not progressed sufficiently to take to committee, and there was only one other item on the agenda."

Application has not progressed
One item

So UKOG's fault then

Sad face

Let’s look at it this way - how many farmouts has DW delivered in his career? What does he know about how long it’s going to take?

Price has hit the floor, spread has narrowed and should now move back up to within the range towards the end of the week.

Always surprises me how much the price can move on so little volume.

I know it is small potatoes but not much else going on zzzz

Someone big will want a piece

Imo Just saying

If you pay an account fee rather than a transaction fee you can do all the trades you want. Perhaps someone trying to get some marginal movement on a spread or an entry price, could be that late buy for 7k?? who knows.

Seems to be quite a bit of technical analysis news being held up. Is this likely to be material to the FO discussions? Can see why it hasnt been released unless there just isnt the time to put together the release note atm

Some oil will be recoverable at commercial rates somewhere on the acreage, but lets not kid ourselves that after our drill results we will be valued based on reserves in the billions of barrels. As I've said, the market has valued us where it has, unless something material changes, such as a FO with a strong exploration commitment and free carry i dont see that we have much upside beyond and 60-100% rise and would be more than happy with that .

Current MCAP is £50m. Takeover would be offered at around 60-70% premium to current price.

It's the market that prices our value and assets, not us PI's who own a small number of shares each.

Someone could buy us for £100m and be done with it

Alaska
Little political risk
210,000 barrels of oil
Cash in the bank
Share buy back
Nice distributions
Reducing costs

We have a huge acreage right in the mixer.

Hmm thought as much. Not huge bit nice all the same. Have we every had institutional investors? A solid farm out should allow for that in a big way.

I know its peanuts but is there a hidden buyer here? Trades not explaining the Ask pushing up as it is.