Member Info for Foresight22

'we know the oil is there'

007 & moneypenny don't like (drinking) water(?). Why else did they go offshore... meet the crew?

"It reminds me of UKOG two years ago."

I did not realise that UKOG had 3 billion BO Resources, 37 MMBO proven reserves, and ability to flow 20,000 BOPD!, and a market cap of £1 billion.

..sounds like WD has been proved to be a real learning experience - true exploration! ‘Neither good nor bad’ plus DST operations ongoing - flow next week, sounds like HUR Contingent Resources will be supplemented from the Prospective Resources very soon. New learnings always good, if this well confirms productivity index trend then that has reduces future risk. Dr RT missed AGM for good reasons, difficult wells never get easier. Thanks Yuyus, wondered why TT were tip-toeing at AGM, they looking so happy with themselves. That also means we should have at least two RNSs between next week and 11th July.

Adoubleuk
"Shame he couldn't respond himself to tell me that."

I was responding to Taverham.

JayKay1
"Nothing to do with the OGA, reserves upgrade will come after FID on tie-back of one of the Spirit GWA wells to the AM, this requires debottleknecking / tie in to the WOSP..."

Under SPE Reserves booking, need OGA approval of any UK new developments. Production rates/schedules have to be approved by OGA in the operator plans submitted. Once OGA approve (funding demonstrated secured by Board approval letter(s)), Contingent Resources move to Reserves (category) become Proven Undeveloped while necessary infrastructure is installed. Once all operational, Reserves can then be moved to Proven Developed.

ps hope HE is asking OGA, not me! I'm just highlighting there should be more HUR RNSs issued - particularly some production RNSs; eg HE need to schedule a lifting, so make an RNS; not rocket science - why withhold info. Those not present in the AGM rooms will have missed the answers to most my other listed 'SP uncertainties', hence best if HE provides clarity on info flows when needed - ie be proactive now on production.. Maybe HE like HUR SP uncertainty?

I'm just a LT investor in HUR believing the risk of FFD is not that high based on the published WTA by HE... when I see their production testing analysis (hopefully published before the July CMD) all will be obvious. Apparently based on AGM rooms '...' - the production testing was successful.

"other than price of oil, what is the market worried about here?"

… apart from only a couple of sentences - not a lot of tangible HUR information. What did the production testing before FOIL demonstrate?; when is the first lifting from AM?; how is WD going - mechanical sidetrack?; WD TD drilling results - discovery?, demonstrated flow rate in WD?; when will OGA approve 100MMBO reserves; etc, etc, etc. Lot of uncertainty.

I would hope once the full analysis is compete 5 - 10 days before the CMD, HE release their analysis. Well flowrates during the production testing pre-FOIL should have been released at the AGM, plus the lifting schedule. Too much M&M, HUR SP reflecting this uncertainty. Risk of FFD will take 6-12 months more production, but, kill off the uncertainty. No delay needed with production info, once well allocation made, the info is fixed.

Last week's tanker was a full trial based on '...' in AGM rooms. Lifting needs a specific large volume. So HE can organize any time now an actual lifting. Whole offloading system will be fully tested last week. Next tanker that turns up will earn petro-dollars - ie positive success. This is one good example how HE should be actively marketing HUR so that in the future it is 'expected to be interrupted'. Difference between Production and Exploration is that production can be reported regularly - just need marketing strategy. HUR RNS on future lifting can be released without Spirit 'moneypenny' approval.

AGM was poor!, let's be honest, made the 007 video Oscar-worthy. AGM rooms however were insightful. One '...' was WD info update "soon". Seemed very credible source so let's see.

Other '...' was production testing in May preFOIL was successful - analysis results at CMD.

Hopefully Oil Price is up again by end June, as if '...' correct - then HUR SP risk only Oil Price, rest is just uncertainty - marmite & mushroom (M&M).

HUR SP uncertainty simply following lack of info from HE. CMD long way off, still nothing in public domain about WD (sidetrack info appeared two weeks post events!). No lifting schedules published - could have done at least an AGM ppt slide! HE needs to understand production is not exploration, need information flow. Rates are not the same as Reservoir Performance (pressures, choke sizes, etc, etc). ...marmite and mushrooms come to mind. At least they have stopped ‘fishing’ AM.

Hopefully at CMD, HE will present the plan (timescales) to get OGA approval on 100MMBO reserves.

LTH

ps PMO lack of SP robustness down to massive debt! HUR has stayed away from than massive mistake.

...need news on first gas in Italy; and then FOA on Jamaica. Think Tullow tooo busy with Guyana new drilling - once successful (18 + 40 days) they will pursue Jamaica drill programme. Good times ahead for UOG, ...LTH

https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xl5ovjw/export

Spud end June!

One of the ‘...’ from AGM rooms was WD RNS soon. Look forward to this week’s success news.

JOG Jurassic discovery had additional risk of H2S, small fields get smaller.. if high H2S - doubt 25 MMBO economic. Lowlander Oil field still undeveloped.

ARCO well 205/26-1 found oil and was outside structural close. Guess that Uncertainty was why 75% Pwell. Need flow test to be 100% sure.

GLA & GWA P50 is huge - 24 months to 1 billion BO Reserves. Not sure Risk of Upside is that relevant! Save your money as they will not have the pre-FOIL PT data!

Look forward to see UOG's evaluation of Greater Crown new acreage [GCA]! My notes have Crown discovery with 11.4 MMBO STOIIP and 1.8 MMBO P50 reserves... Gas Cap present too, so gas lift PT only required.

Need Italian gas production and FOA on Jamaica - then UOG is offff to the races.

'...' RNS in couple of days. Planned = Delivered, this is HE.

...that AGM comment on “even if Warwick disappoints.....” was from the non subsurface TT. Dr RT in his video hardly had no WD delivery on his mind! He was looking forward to seeing money-penny! for their WD flaring picture. Surprised the Queen did not parachute onto the helideck to join him. Maybe kept back for next year's AGM?

Glad to read no one heard anything different at AGM - around the rooms that I had not heard. TT were so fixed on sticking to script created the peripheral communications and ‘...’ flows. With so much info withheld, rates, future lifting schedules, access to CMD (11th July - news to me!), WD sidetrack reasons and benefits, WD formation evaluation, current well status, picture opportunities for 007 and ‘money-penny’ by the flare, etc, etc. - not surprised by how marmite HUR share are reacting, and will continue to perform.

Post meeting thoughts - even HE seem surprised how successful ‘...’ are going. 37 MMBO Reserves now, 100 MMBO soon (need OGA approval), 500MMBO in 12 month, 1000MMBO in 24 months. ...as predicted as to be delivered ‘...’.

Until ‘joe’ public does start getting good info, ‘marmite’ is not everyone’s choice of ‘cake and eat it’.

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