Member Info for Bubblepoint

I think the idea is to economically find & produce hydrocarbons in the UK, not pump around £110 MILLION of investor money into a return of ermmmm 50 bbl/day !!!!!!!!

Your just making yourself look more stupid with some of your comments, but heyyyyyyy so be it..

Though yes correct about the Co2, it would be liquid, and a simple one way ticket until the reservoir is full.

As for Helium ermmm who said owt about Helium, HYDROGEN !!!!!! think you been suckin on them party balloons again

By the way WG, you didn't respond to WHAT they actually put as info within their "transition" section. as below !!! odd, it does not mention YOUR version of gas storage lol...

As our Saltfleetby field is directly connected to all of the production facilities on the Humber, it has the potential to bring benefit to the Humber Hydrogen Initiative whether as a feedstock source or a potential storage field for hydrogen or CO2 once the remaining natural gas has been produced. Angus would like to explore and assist in the industry’s general efforts to improve the efficiency of conversion of methane to hydrogen.

!!I would point out that the industry expert has less than a stellar record when telling us what’s happening in his opinion.!!

PMSL, I think you will find I have been pretty close to the mark on most occasions, but then as with your CPR ermmm evaluation,,, you like to post with a "doomsday" view, and anything or anyone that dare argue that simply results in you firing out your own insults.

The reality is they are NOT doomed at all, it is simply more a case of them undermining the retail value to the point it only has worth to them for the foreseeable, or at least for the next 12-18 months until they complete most of the works needed, and even then it is limited for upside.

I don't believe the "storage" project will see major uplift at this time, maybe a small uplift but nothing of major note, as it is simply too far down the road at this time.

What I always find strange is people with NO industry experience or knowledge shlaaaggging off those that HAVE, simply because it does not align with their view, so you prefer NOT to have ANYONE giving some industry insight on these faceless forums, you would rather it consisted of a lot of posts of twaddle, nothingness, PMSL...

It isn't so much about who is right or wrong, it is far more about generating discussion that likely gets somewhere lose to the reality of the company unwritten and therefore a chance of a more informed decision on such a punt.

Agree with HIts,

As for WG taking the advice from so called "experts" it does not take away the FACT that a CPR is NOT FACT, it uses input parameters based on HISTORICAL data, that can also be skewed, because much depends on HOW that data was both taken and how the production was set up to give those figures.

It ALSO requires ACCURATE info from the company in question, which can often be a little "rose tinted" a bit like a "creative" accountant. you can keep juggling parameters all day and come up with VERY different answers.

I KNOW because I have been performing reservoir data analysis during my career part of being a reservoir logging engineer. BUT hey,,, what would I know !!!

As said, lets see what THEY come back with as THE project !!! and I will wait for your apology when it does !!

The reality of the ramperthon gang is that THEY can only make their weekly housekeeping by forum ramping, in the hope they can make a few hundred by simply fleecing less experienced punters as they stupidly think it is something worth punting, robbing thy neighbour, rather than actually punting something that is undervalued and has good potential to move up !!

Such is life, nice world we live in these days lol....

Hardly noted in "fact" just as as note, and their other 2 references within the answers ONLY state STORAGE.

As said, you clearly have zero understanding of what is needed for GAS storage, and the end parameters of the reservoir by the time they reach end of production makes it 100% unsuitable. Other than it having a working TRAP mechanism, which makes it perfect for Co2 or Hydrogen which have totally different needs associated to the pressure parameters remaining in the reservoir.

It is OK, you can simply agree to disagree, BUT we will find out soon enough, and then you can apologise lol

Ehhhh not sure which glasses your wearing this morning WG, but they CLEARLY do NOT specify anything in particular, they note twice in their answers "storage" but do NOT state for what !!

Also if you understood any part of what is needed to convert an existing depleted gas field into a storage for gas, you would also understand that draining down/depleting the reservoir to rock bottom as they are planning, is not in any way what you would be doing if you were to plan to re-use for gas storage. 100% goes against such a process, if they were going to use it for gas storage then they would need to be stopping production NOW....

I know you want to be correct, but unfortunately, not this time !!

Answer one:

We are working to finalise plans for a Storage Project at Saltfleetby and expect to be able to announce these plans and a partner shortly. And the terms of a global refinancing have been agreed with Trafigura as announced on 20th December last year.

Answer two:

We are working to finalise plans for a Storage Project at Saltfleetby and expect to be able to announce these plans and a partner shortly.

My money is on the well having nothing much more than a dustbin lid sat on top of it, more to stop wandering wildlife falling in lol....

No depth to you what so ever.""

You mean shallow and non productive like the Pin well lolol

Peeeeee booooooooo talking of credibility, yours was wiped off my boot earlier, must have trodden in it,,, ghastly stuff !!

I have no issue sharing industry knowledge with GENUINE people, same as ZXY, Penguins and a few others, but scourge such as yourself deserve nothing !!! Simplzzzzz

Ps,, always makes me smile to know I get under the skin of scuzzz such as yourself, Adrian etc....

PPs,,, Snorkels are back on sale on Ebay, i think SS bought some to flog on to his fave retail mug punters ,,, specifically tailored for the likes of yourself and a few others,

Ahhhh Peeeee boooooooooo the kerlown,,,, how is life under your rock ???

As for me, well, YOU don't get to look back at 10 years of industry filled posts, requested deletion to stop grubworms like yourself gleaning useful info from them !!! anyway GOOD lUCK

Not expecting much to change on the SP until our resident 100k seller has finished dumping their stock, been going on since the long awaited Anchois RNS, seems they have more to offload for whatever reason.

Personally feel it may be associated to whomever made an offer for Char and failed, or something along those lines.

"Perfect opportunity to get that oil pumping to surface in Turkey. Oil prices way up today !"

Ahh you mean prices way up, but still under $80 bbl pmsl.... And what pumping to surface ??? they are swabbing after perforating, which will simply result in them dragging any fluids out from perforation depth to surface, there is NO drive mechanism for this depth to flow anything to surface and they are not pumping anything.

The ONLY pumping going on is your posts lolololol

I don't think there was anything outstandingly surprising within any of the answers, pretty much just affirms what we already know, and yes of course the financing is a positive for the COMPANY, they needed it like no tomorrow, but ultimately it only goes to alleviate the pressures they were under through their OWN making.

The debt hasn't gone away, it is just more manageable & under the control of a much more aligned lender, who now also controls the revenue flow through what will be the "discounted Dynamic pricing, or hedge, which Angus clearly prefer not to use such wording, but it is neigh on the same.

Lets see JUST how much "detail" of the small print they share with the public, "transparency" is everything if they want to gain any retail confidence.

Well I would say that Co2 storage at SLBY is predominantly a one way ticket, simply repurposing the empty reservoir trap to dump Co2 permanently, once full it is then totally redundant, but likely a very cheap repurposing, as there is no requirement for extraction, just depositing.

The Hydrogen route will keep the field active for however long "hydrogen" is maintained as an alternative fuel, which will also keep the wells within the field as active for store and supply, along with field plant utilization, I don't think comparing earlier noted gas storage conversion costs to the costs associated with either the Co2 or Hydrogen storage are remotely comparable, we can only wait to see what Angus and their potential partners in either venture propose, but it is likely way, way different to anything already published relating to gas storage.

Time will tell, but agree, it is some considerable time down the road for any of that to start materializing & has minimal relevance to the near/mid term workings at SLBY, and also because it is so far down the road it is also likely to have limited near term uplift potential to the MC/SP.

WG,

Not posting to incite an argument, but it is very clear that Angus are NOT going to utilize SLBY for GAS storage, in part because they are focused on TOTAL drainage/depletion of the field, which makes it by default, unsuitable to repurpose for GAS storage, gas storage in an existing reservoir requires a decent level of baseline reservoir pressure BEFORE pumping store gas into it.

Angus are going for pretty much complete drainage/depletion which will put the baseline way tooooo low, meaning anyone wanting to store gas would need to pump huge volumes of gas back into the reservoir JUST to reach baseline pressure, and it would simply be too costly, along with issues such as dew point causing stored gas to drop out as condensates and a number of other issues associated with that, which also includes the suitability of the current pipeline to grid likely not being sufficient to provide such levels of reverse flow back to SLBY to support the levels needed etc etc.

On Angus own website they are clearly noting the use of SLBY for "hydrogen" or possibly Co2 storage, using the existing direct connection to the Humber facilities & industry to support this, noted in their "transition & ESG" section.

If they opt for Hydrogen, then it is likely "some" of the current surface plant at SLBY will be converted to facilitate Hydrogen storage and retrieval, as Hydrogen is not impeded by the depletion of the reservoir, in fact the depletion/total drainage only serves better for maximum storage volume for either of the noted options.

OK, it is some time down the road, meaning they have to drain/deplete the field to the max over the likely coming 5-6 years of the finance term with Trafigura, and it is also likely that the latter end of this phase will see production fall off quiet hard, as they fight against the increasing dropout below dew point in the wellbores and into the reservoir, but actually it is the right thing to be doing if they want to maximise the m3 of usable storage within the geological trap.

""In his Linkedin profile, SS states he is "Now constantly committed to securing a sustainable energy future for the UK".

At some stage, think the market may begin to give credit to SS and UKOG for moving ahead of the pack""

Well that is because he is kerapp at exploration and hydrocarbon production after blowing over £100 MILLION to produce a whopppping 50bbl/d.

As for being ahead of the pack, well not by a LONGGGGGGG way, there are a number of players in this field that are WELL advanced in the process, whereas this shower has barely scratched the surface, and of course he will go down this route, because you don't need to find anything, just create/provide storage, hardly rocket science, storage via salt caverns etc is NOT some new brainstorm, they have been doing such for the last 70 years IN THIS COUNTRY !!!

TC,

Revenue for the foreseeable WITH the new finance deal "signed off & monies released" debt's consolidated, will be needed to cover ALL the noted works at SLBY, there will not be much of any lose change left from that, and that is taking into account the 12 months holiday on payments at the start.

I would not expect to see any excess to debt servicing for at least 12-18 months, and that assumes they can at least average the current production levels throughout the year.

Move the decimal point one more to the right, will be about right I recon !!!