Member Info for CynderLad

I think it was your bad judgement to chase the rainbow. Maybe stick to funds managed by big boy pro's.
You should only blame yourself. This placing has been telegraphed since the Turkey deal was announced back in July.

Its no joke. How were they going to fund Turkey? Money does not grow on trees, they dont have enough in the bank and HH is not producing enough cash flow.

You may ask; where is the CPR and the resource based lending? That is my worry, the placing itself is as expected, but 4 weeks sooner than I had anticipated.

On a positive, this does oil the wheels for getting Turkey into action. And UKOG are not the operator, they are providing finance. So it'll be on the Turkish guys to get on with the drill. That for me is a huge positive, no turkey NIMBY or XR folks to deal with.

When will the workover be completed? 7 days? RNS end of next week? Initial flow rates? Placing?

My predictions;
Work-over completed by next Friday
RNS on the 12th with initial flows and outcome of workover
SCC meeting on the 22nd Oct, approval on Loxley
Placing on the 29th for £1.5million
Fool of the Hill to have tried to create another 10 accounts by November

I'm not making any predictions on SP over the next 4 weeks.

Why would that be a surprise? They have excellent partnership with PW Well. Maybe some would say that they are too close and that they paid too much for the kit. Others would say, better the devil you know. I prefer "go with who you know".

As far as CEO's go, SS is pretty poor. Sure, there may have been a few bad news stories in the last 6 months, but as CEO he should man up and get on with things, PR is not just about shouting from the rooftops when times are good, it's about providing a calm voice when things go wrong. The HH2z well issue, Kimmeridge production concerns at HH, flow rates from HH1 Portland, Loxley planning, IoW, Turkey, etc. There is no reason why SS should not be front and centre at least twice per month as the face of the company. Its disappointing that he's such a quiet chap. Maybe the next CEO will be a little more front and centre, open and honest, just so long as its not someone like Lenigas.

Maybe SS will turn UKOG around, HH is not a game changer. Loxley could show some positives as could IoW, but its Turkey that provides the best opportunity for a significant uprate in company fortunes. They need cashflow badly. The MO must change from placings to raise cash, to oil production cashflow.

Penguins, maybe they will not do any further wells at HH, and just stick with HH1 for the next 2 years. I would not be surprised. The cost of drilling wells is high and UKOG are low on cash, with big calls in Turkey and Loxley to come in late 2020 and to the end of 2021. Think they would be happy to comingle Kim and Portland to get 300-400 bopd, but if its 250-300 bopd, then that would just have to do. Its cash in the bank, and profit when calculated at the asset level.

Not sure what to make of HH2z, will they provide some more details to the market? What interventions are required to bring that into any form of production. Can they use a more modern setup and dual purpose the well as both a water injector and oil producer? I really dont know. I would look to inject water in HH2z rather than pay BKP to truck it away. Every little helps.

Penguins,

Do you know if HH2z counts as production or not? Is that still formally in EWT stage?

I am a little worried by water cut, especially as HH1 had only ever produced dry oil.

Guess we need to wait for that elusive RNS, must be due as soon as this current workover is complete.

Ibug, can you provide a document from an official source that stands by your statement that kill fluids dont count?

When did the Twitterati spread the rumour of the well being a dead duck? I watched that video but cannot remember if it was June or July. The mumbling voices in the background sounded engineered to me, FOTH and his fantasy world where he is right and everyone else is wrong (unless its a matter of fire extinguisher safety).

Mirasol, but do you know whether they were doing anything with HH2z? They may have been, and if so, the water produced from that well would have to be counted in the figures right?

Why did they pull the rods from HH1 in June? That doesn't sound like routine maintenance to me, must have been to achieve something.

Thanks Tony, I did not realise that you kept such good notes.

So it looks like they were in production for 24 of the 30 days in June. Which means that the overall production in total over those 24 days was in the region of 200 bopd. A tanker a day. That's not bad.

Interesting to see what they get in the figures for July.

Were they trying to get HH2 sorted in June, does anyone recall any activity on that well? If so, the water figures in the June figures would be skewed as HH2z had water ingress issues and would have produced quite a bit if they did try to flow it.

Sorry Penguins, but I think the main point being made was that HH1 was not in operation for all of June. That still seems to be the case. Question remains, how many days was it in production, as that will have a large say in the output.

Tony, are you the same Tony as the one on Twitter who just posted the activity back in June? If so, was production in June less than the full 30 days? Do you know how many days it was down for?

Also, looking at Twitter, looks like the guys on site there are steaming ahead with the workover on HH1. That's nice to see.

Trollhunter Twitter indicates that he is fascinated by UJO. Whereas I am not interested in them. Does that tie things up for you?

I take it that Teamster is the new account of Adrian, aka Fool of the Hill. I used to like your Twitter posts until you became heavily biased against the CEO.

Penguins,

How do you know that UKOG do not have ESP's ready for HH1? They may have them ready. We will have to wait and see won't we.

As for the post by Mirasol. I do not know who Trollhunter is. But I guess that it was someone who was banned here.

Like I said, I've just moved over from the other site, for reasons already disclosed, and within being here for a few days I am already being shot down with rubbish posts. Stick to debate, if you don't then I know why. There are lots of the XR community on here, we all know that, its pretty obvious.

Let's see what is released by way of RNS in the next few days. We are due.

Penguins,

I brought 4 discussion points yesterday, and my timing was pretty good on the HH point. The responses received from the known trolls were as expected. I reserve the right to respond to them in kind calling out my opinion.

I brought debate, which is more than can be said for many here, those who just post negatives about the company without any technical analysis. It really has become a soap box for the XR community. They are proliferate.

Back to HH, and HH1 workover. I am not expecting HH2z to have a workover at this point, UKOG probably dont have the cash to do what is needed there. I've written off HH2z as a water injection well. HH1, re-perf is on the cards and dual completion. SO lets see what it provides. As for HH1 anticipated figures, why do UKOG need to put anything out there? They are clearly not after a loan at this point. The OGA figures for June will be interesting (water cut increase or decrease, oil production, etc). Plenty there for us to pick the bones out of tomorrow or Friday?

Glad that you are in part wishing to have a debate, but don't call me out for putting others down as you are simply then doing what I consider to be poor practice. Just accept that I will bring debate, and that when I see rubbish responses from folks that would prefer to brag about their investing mastermind trading results, or rubbish responses from known haters, that I will put their response into context. e.g. Rich3648, someone who does not ever enter into proper debate and just takes the opportunity to **** the CEO off.

Who was I before this user? I was someone on the ADVFN board, and got sick and tired of the same rubbish from the same XR trolls there as I've already witnessed here. As for who I am outside of this board, that I will not divulge. But you can take what you like from my timely posting of updates at HH in my post earlier this morning. And before you jump to any conclusions, no I am not someone who goes to site with a camera and sits in the bushes.

So to quote from my earlier post:

"Discussion Point 1 -- Horse Hill
- We were assured by way of RNS that HH1 would be subjected to additional perforations of the Portland, and that this would be done in the summer of 2020. By my reckoning, that is overdue, but maybe this will happen soon pending some supplier hook ups.
- We were also informed by way of RNS that they would move HH1 into dual completion, with both Portland and Kimmeridge to be flowed. So that is another key milestone for this well.
- We've seen production data for HH1 show some water cut in the May 2020 figures. It was speculated that this may have been kill fluids as the well may have been killed during some workover. I've not seen the hard evidence to support that argument (kill fluids). But we do know that the production data for June 2020 is due before the end of this week.
- Then there is HH2z. Its been shut-in for some time now, and we have not been told whether anything has been progressed on that well. We are aware of the additional water issues, but not what UKOG plan to do or on what timescale (not that their timescales can be taken literally)."

I refer all readers to the above, and yes my timing was pretty good wasn't it. I wonder?

See, I provided the opportunity for open and honest debate, and what did I see through today in response? A load of rubbish responses from known detractors of UKOG. We all know why.

The insults and detraction, and deflection, none of that stopped the cranes turning up, nor has it stopped the workover work. Nor will it stop UKOG from ploughing forward.

So how about you lot focus on discussion rather than berating people like me for bring proper discussion to a board, a board that was designed for proper debate, and not for BS.

Sorry scallywag, but the directors are only granted the rights to issue £300,000 of new shares at nominal value.

So they cannot raise 4 billion new shares. They are limited to 3 billion per annum, thats unless they raise a motion at an EGM to grant the further rights.

At a 25% discount to current SP (0.18p = 0.135p), then they would raise £4.5million if they were to issue 3 billion shares.

Agree?