Member Info for CynderLad

it's incredible. Adrian must be stoked with his investment. Each day is a day closer to the dreaded placing (yeah I've been saying it for 5 months now).
Not enough cash for the NEW well in Turkey
Not enough cash for Loxley
Limited cash for HH2z conversion to injector
Kicked the can down the road for plugging and abandonment costs at BB.

Meanwhile the CEO has his trotters up in the Bahamas, must be getting tired of all those Pina Coladas paid for by the former chairman who used to run Apex solutions. How much did they pay Apex and what exactly was it for? p.s. Apex LLC is no longer in business, so one can only conclude that the "related party" payment to them (for undisclosed services) in excess of £500k was a rather generous bung to persuade the Chairman that he need not put any pressure on the lifestyler CEO.

Suffer says "UKOG sites could be repurposed for geothermal energy"

Could be used for all manner of things, but O&G is not one of the options given the value of dust in the assets.

May suggestion would be to loan it out to artists to build giant straw figures. I think you catch my drift.

Penguins,

" SS will look pretty silly".

I heard a rumour that he was made to stand in the corner wearing a dunce cap at a recent O&G expo.

RNS out, production recommenced at Brockham. ANGS are producing 50 bopd and equal amounts of water in the Portland play there, but the upside is that they are re-injecting all the water. So right now ANGS are probably set to make more profit from that well at 50 bopd than UKOG are from HH1 as ANGS do not have the water treatment/disposal overheads.

... there is no news, zip, zilch, zero!!!

Maybe it has started snowing there again and they cannot afford to buy the gas to keep the portaloo heating operational.

It's certainly Adrian, Cannot spell, crap grammar, usual misuse of certain words and the agenda of the badger drinking dipstick....

As for making a profit, you better hope that placing at 0.08p doesn't drop v soon as SS knows he needs cash for the Drill in Turkey, how much did they waste on the 1st Duster????

As for BB, the 2 year extension is nothing other than a means of delaying the P&A which will cost UKOG a pretty penny, a penny that when spent has ZERO return on investment!

Excellent points Mirasol.

1) SFB = existing field that has produced a heck of a lot of gas with a CPR that supports future production.
2) Cost to get site to production £12m loan.

Loxley = already tested with 2 drills and shown to be a duster territory, and UKOG don't have cash or sufficient profitable revenue to get anywhere near close to drilling + EWT, let alone pay for the production kit.

in my opinion.

Just one piece of news away from massive volumes. Could be the highest volumes seen to date in this junior oiler.

Weird dream on Saturday morning, but I recall pointing at a screen and shouting "30p" followed by "bought in at 0.85p".

LOL, just shoot me down, it was a dream nothing more.

However.... I do see 3p on the horizon in 2022.

.

Alas, the fact that they did not provide any operational commentary or strategy plans in that RNS tells the real truth. The company will do SFA for another 12 months at HH.

... that could have been pushed out this morning. The following could have been added to extent to that released, :

"UKOG is pleased to announce an updated strategy for the HH site. The strategy is laid out as follows:
1) The previously announced intention to convert HH2z to an injector will be kicked off in July 2022 with a target completion date of August 2022. Contractors have been selected and the necessary equipment secured. The budget for completion of the conversion is £525,000, which will be paid in cash. No payments to be made in shares at a discounted rate as the company now understands the importance of turning the tide in relation to shareholder value. The company expects the conversion to save approximately £149,000 per annum based on current water treatment and disposal overheads.
2) The HH1 well be shut-in for a period of 2 weeks, commencing July 1st, this will allow for annual maintenance activities to be completed. Subsequent to the maintenance being completed, the company will switch production from the Portland layer to the Kimmeridge layer to evaluate the benefits of shut-in and perform a series of flow tests for a period of no less than 3 months. The company expects production from the Kimmeridge to produce initial flows of 300 bopd, which will slowly reduce to a sustained rate of 80 bopd for the latter periods of the flow testing. The company is encouraged by the prospects and looks forward to producing dry oil.
3) Following completion of the Kimmeridge flow testing, HH1 will be put into comingled production. The company expects this to provide a steady combined production rate of 140 bopd. Any water recovered to surface will then be treated on-site and injected into the HH2z well. Given the high market rates for oil, the company understands the importance of maximising output and profits at this time.
4) A new well, HH3 will be planned for Q3 2022. HH3 will be designed as a Kimmeridge production well, but it will also serve to establish further data for the Portland. As stated previously, the company had no intentions to use fracking within the Kimmeridge play as it is a naturally fractured, however, given the previous observations that the KL3 and KL4 may indeed be one contiguous layer with a degree of shale, the company will revisit to option of fracking and will commence dialogue with the relevant agencies in lieu of this.
5) A further well, HH4 will be planned for Q4 2022, and will be drilled following completion of HH3. This will be designed as a Portland producer and will target an area that is believed to be isolated from the compartment that HH2z penetrated.
6) The estimated costs for HH3 and HH4 are £8m. This demand cannot be met with cash reserves. Placing to cover this.
7) The company will also submit an application to increase storage on-site to accommodate double that at present. This is seen as an important upgrade to mitigate against logistical risks with transport suppliers."

There's more gas coming from Ocebot's keyboard than there will ever come from UKOG sales to the market.

for the SP which is to be expected as the company fundamentals have not changed.
Also a red day for the recently banned user :-)

Lets just look at the "4 more wells" BS.

UKOG presently have:
1) HH1 that produces from the Portland layer and historically produced from the Kimmeridge layer
2) HH2z that is presently shut-in as it hit a huge water issue and is awaiting conversion as an injector to reduce treatment and disposal of water produced from HH1.

Notes:
1) HH1 was supposed to be setup to comingle from Portland and Kimmeridge, but UKOG have not updated us on this recently and made a point to exclude any commentary on this in the most recent results. Reason being that the Kimmeridge is either dry, sub-commercial (as per Loxley planning application) or they've damaged the well-bore
2) To restate the above, the Loxely planning application specifically noted that the Kimmeridge was sub-commerical at BB and at HH.
3) The 4 wells were not all planned to produce from the Portland, to my knowledge it was just 1 more well to target the Portland and if they tried to go horizontal then they would almost certainly be subject to the same issue as HH2z which ultimately was a complete waste of £5mm+
4) UKOG do not have sufficient cash to cover the EXTRA costs in Turkey, the original well drilled there is a duster and has will be abandoned. If they are going to prepare a new site/pad and drill a brand new well and sidetrack into a dead play then they will have to raise more cash to cover it.
5) See point 4, UKOG do not have cash to drill any new wells at HH, current revenues from HH1 production are < $2m and that'll not cover the costs of the overhead of operating the company.
6) HH2z conversion also need a load of cash
7) Loxley needs £5mm+ cash, and that's yet another dead play
8) The company and the CEO refuse to provide proper operational updates on HH, and they refuse to do investor calls or interviews to boot. Some mentions in recent RNSs, must it's nothing more than lip service as they know that to try and hype it further would leave them in a litigation cesspool.

"I know I followed the trucks lol. Saves on 2 X mobilisation fees ect."

Yes, 100% confirmed it is Adrian Watkins, banned user.

1) He followed the trucks
2) He uses "ect" instead of "etc" as he has no clue that etc stands for Et Cetera (probably because he dropped out of school and didn't study Latin).

They spent a lot of cash on Turkey, that £4m has been eaten alive.
Gideons, ADRIAN WATKINS, BANNED USER..... For you. Yes, POO is > $100, but it hasn't been like that since Sept 2021 has it? Maybe take your head out of your Beatles album collection, stop crying about your ex-girlfriend and take a look at a handy application called Excel, it'll help you do the basic math that you cannot fathom out with your fingers and toes.

... then good luck.
But buying to hold.... get a check up from the neck up...

Bit leaky, yeah, the Placing is being forward sold...
If you are in for a trade you better pray that you don't get spiked. Rinse and repeat machine!

The rampers need to get real.

Here are the uncomfortable truths about the kimmeridge:

1) It has been shut in for some considerable time, and the last few months have seen POO surge about $100, so why would they produce Portland from HH1 well at < 60 bopd IF the Kimmeridge could produce upwards of 200 bopd?

2) The company has stated on multiple occasions that it will comingle production in the HH1 well to produce from both the Portland and the Kimmeridge in parallel. Apparently the well is setup for this and only requires a minor workover with a cheap crane (day rate) to achieve this. Thus no massive cash call to achieve this objective. YET... In the most recent set of results they declined to include any comment on comingle in HH1, you have to ask why they have declined to comment on this!

3)The Kimmeridge layer was producing dry oil, for those that don't understand that term, it simply means oil with no associated water cut. Whereas the production from Portland layer in the same well is producing a considerable amount of water that requires separation and then disposal. The costs of dealing with the water from the Portland production are not insignificant.

SO... Here is the killer question.

WHY would UKOG not produce from the Kimmeridge layer when it supposedly produces much higher output that the Portland, production with no water cut at a time when the price of oil is > $100, and furthermore why would they decline to comment on comingling production in the most recent set of results?

The answer is a simple one; They cannot produce from it.

To expand on that answer:
1) They have either completely screwed up the well bore (downhole of the Portland) in the switch from Kimmeridge to Portland (must be 2 years ago now). or
2) The Kimmeridge oil has run dry and no amount of shut-in will generate enough oil to make it commercially viable over the rather lame production from the Portland.

You can do your own research on this one, but there's an old saying "actions speak louder than words", and UKOG have done Sweet FA in 2 years to produce from the layer that was supposedly "transformational", and that has to be questioned given what would be significant commercial benefits in doing so (200 bopd vs 60 bopd = $7.3m pa vs $2.2m pa).

Yes you've guessed it, the lack of any clarity from the CEO, refusal to do interviews and refusal to update the market all leads to one simple truth. Its better to say nothing than it is to tell the truth, especially when fending off potential future legal litigation.