Turkey is a dead play7 Jul 2021 09:40
My opinion of course. But what makes folk think that Basur-3 will be a success given the outcome of Basur-1.
No doubt that Sando will focus on initial flow rates and avoid all and any references to water.
How many times has the CEO provided half truths to the market.
1) BB - "I can smell the oil", oil recovered to surface, followed by a sidetrack, then followed by the truth that they knew from early on. BB was never going to be a commercial prospect.
2) HH2z - Oil saturated cores, followed by Oil recovered to surface, Cut the horizontal short as we don't need it to be as long as we planned, followed by, water ingress at the toe, followed by plugging part of the horizontal off, followed my multiple fractures at various points in the horizontal, followed by, oops, it'll only do as an injector despite all the hoohar and fireworks during the drill.
3) HH1, where to start, it matters not, lets look at the end. It's flowing huge amounts of water, the cut is increasing, the oil output is falling. Water disposal costs are eating profits alive. Do we need to mention the dual completion of the Portland and Kim? What happened there then? In my view nothing more than a ruse to cover the truth. HH1 will soon be shut-in. As will the HH site as it will only ever eat cash in large chunks.
4) Then there is Loxley. The much beloved SCC talking point (dreadful committee and councillors) . GB has historically been tested and written off by other parties. Why do UKOG think it'll be any different for them? It will not be.
5) Then IoW. Yet again, it's already been drilled on 2 occasions before with no success. Why do UKOG think it'll be any different?
So back to my original point. Turkey is another of the half baked "Pinky and the Brain" ruses that will provide nothing more than a bush to camp in for the Board and Sando whilst they take their salaries and work closer to retirement.
All my opinion of course, but I am entitled to that.
Sign In
Follow the stocks
