Member Info for Craignews

I'm part of the 4p crew, also topped up at 7p, and this morning at 10.6 - My average now is 7.9 and holding till at least 80p, then will likely de-risk for a free carry

Sageman - How do you how much money they have, or do not have for a drill? Considering the latest accounts are not yet published, you have no idea do you? Therefore, unless you have some intricate knowledge of their finances, best not speak unless you can actually state facts.

mrc-Then you need to give your head a shake, your way off at 10p

Board buying 5% at 3p, which is now at 14p sounds like good business acumen from the BOD for me

Managed to sneak into this one late on Friday, and now 2 of my 6 holdings are in the top 3 risers today, looking like could be a good week

Who else is thinking there will likely be an updated RNS next week stating they have increased the chances of COS based on interpretation of updated seismic results currently underway, and further drill sites have been identified? I certainly wouldn't be betting against it happening. They seem pretty good with updating regularly

Large sale could just be down to someone having to close a position on settlement date that they took out on credit. A few have mentioned regular 10 million sales on Friday, so what? There are also a distinct number of buys at 5 million, amongst other volume trades. When buying on a credit account, shares either have to be paid for on settlement day, or sold. It's not unheard of, and quite common for them to be sold on one day, and then bought back later that day, or the following day by the same investor. For instance, if you buy 10k of shares on a 10 day settle, they go down and are only worth 8k, you sell them, and pay the 2k difference, this gives you 10k again to spend on a new position. Yet far to many people read far to much into large sells, I've no doubt come Monday, there will be another similar size position opened, either as a lump, or in a few smaller trades depending on what is available, and at what price. Simply put, it's standard practice in share trading, nothing to panic about, although the de-rampers will have you believe it's all doom and gloom.

Turkey Basur-3 drilling site construction commences



UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that construction of the Basur-3 appraisal well's drilling pad and access road has now commenced. Construction works, located within the Company's 50% owned 305 km² Resan licence, are scheduled to last approximately 60 days.



The Basur-3 location lies approximately 1.2 km north and geologically updip from the 1964 Basur-1 oil discovery well, which as detailed in the Company's 14 October 2020 and 15 January 2021 releases, produced 500 barrels ("bbl") of oil from a short 6-hour swab test, equivalent to an extrapolated daily rate of 2,000 bbl of oil per day.



Basur-3, the first modern appraisal well designed to confirm the extent and commerciality of the discovered Basur-Resan Mardin oil pool, will test the north western structural culmination of the 45 km² Basur-Resan geological structure.



As per the Company's 15 January 2021 release, Basur-Resan's Mardin oil pool is estimated to contain aggregate gross mean and high case discovered recoverable resources (see glossary below) of 37.2 million barrels ("mmbbl") and 67 mmbbl respectively. UKOG's corresponding 50% net share being 18.6 mmbbl (mean case) and 33.6 mmbbl (high case).



The board continues to view the forthcoming Basur-3 and subsequent Resan-6 appraisal drilling programme to present a compelling and potentially transformational growth opportunity for the Company.

Key word in this one, so you don't get confused again 'DISCOVERED', appraisal assesses the commercial viability post discovery

Turkish Energy Ministry grants formal drilling consent for Basur-3 appraisal well



UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Turkish Ministry of Energy and Natural Resources ("Ministry") has granted UKOG Turkey and Aladdin Middle East formal consent to drill the forthcoming Basur-3 appraisal well, located in the Resan licence AR/AME-UKO/K/M47-b1, b2 ("Licence"). UKOG Turkey, a wholly owned UKOG subsidiary, has a 50% interest in the Licence, which contains the potentially significant Basur-Resan oil discovery.



The Ministry's permission, dated 2nd April 2021, follows the partnership's 1st April 2021 submission of the required Pre-Activity Information Form (Annexe-50) and Drilling Programme. The consent requires the Ministry to be notified 5-days prior to the actual spud date of Basur-3.



Drilling pad and access road construction works continue to progress ahead at good pace with completion expected by end May.



As detailed in the Company's announcements of 14th October 2020, January 15th and 23rd March 2021, Basur-3 is the first key step towards establishing the commerciality of the Basur-Resan Mardin oil pool, calculated to contain potentially transformational discovered recoverable oil resources (see: glossary below and Turkey presentations of January 15th and 23rd March 2021 on https://www.ukogplc.com ).

There you go, all clearly stated in the RNS, key words APPRAISAL, drilling pad under construction and completed in may ready for spud, OIL DISCOVERY, another key 2 words (Just in case you get confused), it is not an exploration well.

Perhaps you should do some simple research yourself

Interestingly, my late buy is showing as a sell? 09-Apr-21 16:23:05 0.269 739,964 Sell* 0.26 0.28 1,991 O

Just to add, no one knows if there will be a placing, and it is pure speculation, we also do not know their current financial position, however progress on other producing fields has been positive, and increasing according to historic RNS. It's also worth considering they do not have 100% interest in this, perhaps the other partner is well funded for this appraisal. Remember, the costs will be split between the pair, or from any other funding source they may decide to use, they don't have to place.

ZYX, that's not correct though is it? They are not exploring, they are appraising! Exploring means they are trying to find it by drilling, it's already there, appraising is finding out how much is there, to assess commercial viability. And work is well underway, and is due for completion next month. Simple enough for you? Seeing as you are clueless to the difference

ZYX, that's not correct though is it? They are not exploring, they are appraising! Exploring means they are trying to find it by drilling, it's already there, appraising is finding out how much is there, to assess commercial viability. And work is well underway, and is due for completion next month. Simple enough for you? Seeing as you are clueless to the difference

I wouldn't bet against a 2pm RNS today

PREM is worth a look for a cheap entry and high profit punt on a lithium miner

Considering we are not drilling in Malia, I doubt anyone really cares

Dai, I'm invested in both, slightly in profit on one, about 1/3rd down on Prem though. LTH for most of my portfolio to be fair, therefore not really bothered about the spikes and dips. Another 20 years till I retire, so provided they are in profit and paying DV by then, I'm happy

Cue shameless ramp for lithium companies like KOD and PREM :-)

I'm curious as to your comment 'Risky Drill', that does come across as de-ramping, HE1 drill is probably the least riskiest drill that's been seen in a while, is well researched, and funded - if it seeping out of the ground in large quantities isn't a good indicator, then I don't know what is.

Looks like all the trades in grey at 10.50 are buys getting filled, as suddenly the bid price drops, and buys are going through again