CEO???11 Mar 2022 09:30
Or TEO? Stephen Sanderson, UKOG's Thieving Executive Officer.
He talks about Ukraine, but he is himself a coward and a liar. That is my opinion!
Coward = refuses to do interviews, refuses to do investor calls.
Liar = refuses to publish the facts about the Kimmeridge at HH
Lets take the latter as an example.
RNS on Mon, 23rd Dec 2019 07:00 : HH-1 and HH-2z Extended Well Test Update :
"Immediately following the current HH-2z shut-in, flow lines were reconnected to HH-1 and dry Kimmeridge oil flow was resumed on 18 December at an initial half-hourly rate of 354 barrels of oil per day ("bopd") with an average daily rate of 301 bopd."
That is the last time I can recall there being any data for the Kimmeridge output. At an average daily rate of 301 bopd (but for how long). SS promised a dual completion of the Portland and Kimmeridge plays in HH-1, yet that has not been delivered. WHY?
Remember, the Kimmeridge produced dry oil, and if the rates were anything above current Portland production then it would be a no-brainer to switch the production back to the Kimmeridge. They have had 2 years of HH-1 drawing from the Portland, not once have they switched back to the Kimmeridge, WHY? 2 years!!!!!! It was a simple switch from one layer to the other in the past, requiring only a crane on site for a short period, no rig needed. So why have they not gone back to the Kimmeridge?
Kimmeridge output (say at 100 bopd) with Brent at $100 would be deliver $10k per day, Portland (say at 60 bopd) would deliver $6k, but then there are water treatment and disposal costs associated with Portland that eats into the net profits (at an asset level).
If Kimmeridge was 200 bopd, then the revenues would be 3 fold that of Portland and net profits likely to be nearer 4 fold.
SO come on TEO, tell the market the truth about the Kimmeridge!!! Is the wellbore damaged downhole of the Portland? Did you lose some tools down there? If you try to swtich it back on would it potentially compromise Portland production as you may not be able to control the downhole components?
- all in my opinion of course, but the lack of action speaks louder than the whiff whaff BS that you see in RNS's from this dog -
Lets take the latter as an example.
RNS on Mon, 23rd Dec 2019 07:00 : HH-1 and HH-2z Extended Well Test Update :
"Immediately following the current HH-2z shut-in, flow lines were reconnected to HH-1 and dry Kimmeridge oil flow was resumed on 18 December at an initial half-hourly rate of 354 barrels of oil per day ("bopd") with an average daily rate of 301 bopd."
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