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I see steptoes continues on his mission to convince people that HH which ukog recently paid £12m for 35% is actually worth £250m. Such a claim requires a heavy burden of proof. Especially as the company that sold it is an oil company and has seen the full results of recent drills.
Also note ukog has convertible debt of £3.5 outstanding against it and a portion of the balance owed for HH also outstanding.
Or the companies that sold HH where correct. 35% for £12m. Those companies that sold saw the full details of the reports, we haven't.
You also don't mention the dual stock overhang. A massive convertible loan, £3.5m. Then also the stock| cash owed to Magellan.
Demo it. No more fluff. You have talked about having platforms for years. Time for a full detailed demo. Shareholders own this company.
"The primary objective of the platform is based on its ability to deliver the most accurate energy expansion readings (Kcal) based on our proprietary heart rate algorithm that captures both heart (HR) and the variable heart rate (HRV) from raw data delivered by 3rd party devices."
So forget the x million spent on the onitor.
@Steptoes You are claiming that 10m barrels recoverable from the portland.
I have shown the companies own published CPR has a C2 recoverable of 1.4m from portland using optimistic assumptions. e.g. never any water. page 42 https://www.ukogplc.com/ul/UKOG%202018%20CPR%20060618.pdf
You then claim you have evidence. When asked to show it you refuse. You are behaving like a standard ramper.
Now people can see your making your facts up, and that they are unsupported. They now know to ignore your wild claims.
@Steptoes
"Early expectations were for 3 horizontals to drain the Portland, i.e. to recover maybe 10m barrels. "
Where do you get that from? The CPR page 42 suggests 2C of 1.4million barrels of oil from Portland total.
https://www.ukogplc.com/ul/UKOG%202018%20CPR%20060618.pdf
10million is a lot more than 1.4.
The CPR report has a lot of clauses saying they where using optimistic assumptions.
"Although no water was produced during the well test, it is foreseen that water will break through at some pointand ultimate recovery per well could likely be a function of the amount of produced water. No water production profiles have been determined as part of this report"
@argus1 Total BS. initial flow rates have nothing to do with decline rates. As I said initial flow rates are well known to be BS that can be gamed. Just change the choke, or let the pressure build up etc.
Why is there so little focus on decline rates on this board.
"That's £40mln plus per year."
@FreeMoney You can't do math. £ 45 * 365 * 1000 = 16m.
Never mind your optimistic figures, you have totally ignore the most important factor, natural production decline.
I doubt this field will ever be profitable, there is a reason all these companies have sold their stake. The cost of getting a well into the ground is just too high. Look at how much has been spent to date, look at the high admin overheads. Nice little earner for the ukog team. Good luck any shareholders expecting a return via dividends.
Would be a good user name for a paid ramper.
I don't see any reason for him to provide a meaningful update. Even little things don't get done, a point a third director, nope, gone from 5->2->1 (himself). I would bet on more noise to distract from years of broken promises.
b2b? blockchain? new hires? approaches? discussions? negotiations?
Why would you post evidence? Because without evidence there is no reason for anyone to listen to your idea. What is the point of posting something everyone should ignore? Or are you targeting people who are gullible, trying to get them to agree with you? It is interesting to me, why someone would claim to have evidence and not post it.
When you post an insult, what do you hope will happen? How does posting an isult make that outcome happen? Are you trying to get someone else to feel something or are you trying to feel something yourself? It is very interesting behaviour to me, I would love to understand.
Show your evidence? You can't == not worth listening to you. Same goes for any loon claiming their fantasy.
Truth time. 90% of your posts are insults. That says something about you.
@Billyjakey The truth is the truth. Some truths are painful, but that is not a good reason to censor them. I see no malice in HeadInTheSand's words.
The bears on this forum didn't cause cloudtags failures. There is no point blaming those who point out or discover the problems.
However there are people who do deserve blame, Amit and the high level employees, the nomad, the lack of AIM regulation and consequence, the pump and dumpers.