Member Info for Ibug

So far income from HH-1 is probably in the region of £6m. Income from 4 new wells could be over £24m in the next few years and they are giving it away for about £4.6m. Now that really is too good to be true.

You mean all same ALBA and DOR payments?

https://www.lse.co.uk/ShareChart.asp?sharechart=PPP&share=Pennpetro-Engy&chart=historical

Will be interesting to see how much they have to raise to drill HH-3. I wonder where UKOG will get the money from? Has to be about £2m net to UKOG given rises over the last few years.

Still no mention of HH-2Z injector I see. I wonder if that is being put on hold. Let's see what the Annual Report says.

Giving the rest of it away though, "Pennpetro will receive a 49% share of all production derived from Horse Hill-3 and future wells plus a 49% interest in the Licences."
After all what is 50 bopd?

All we need now is for DL to take over from SS to really mess it all up.

Transaction Conditions Precedent



1. The Transaction is conditional on the following conditions having been satisfied or waived on or before the date that falls six months from the date of this term sheet (the Longstop Date):

1.1. the Parties entering into a farm-out[1] agreement in agreed form (Farm-out/Farm-in Agreement);

1.2. if required, all applicable and necessary consents, authorities or approvals required from any applicable statutory or quasi-statutory body regulating the oil and gas industry in the United Kingdom having been obtained;

1.3. HHDL having obtained all applicable and necessary approvals from its shareholders approving the Transaction;

1.4. the board of HHDL having approved the Transaction;

1.5. the board of UKOG having approved the Transaction; and

1.6. Pennpetro having obtained all applicable and necessary approvals from its shareholders.

2. Completion of the Stage 1 Farm-out/Farm-in is conditional on:

2.1. the conditions in paragraph 1.1 having been satisfied or waived on or before the Longstop Date;

2.2. Pennpetro having provided 100% of the funding required in order to complete the Seismic Survey; and

2.3. the Parties entering into the following documents in agreed form: (i) assignment of Stage 1 Farm-out/Farm-in Interest; (ii) deed of assignment and novation in respect of the Stage 1 Farm-out/Farm-in Interest; (iii) deed of adherence in respect of the Licence Document.

3. Completion of the Stage 2 Farm-out is conditional on:

3.1. the conditions in paragraph 1.1 having been satisfied or waived on or before the Longstop Date;

3.2. Stage 1 Farm-out/Farm-in having completed;

3.3. Pennpetro having provided 100% of the funding required in order to complete the Farm-out Programme;

3.4. the Farm-out/Farm-in Programme having completed and Horse Hill-3 having been drilled; and

3.5. the Parties entering into the following documents in agreed form: (i) assignment of Stage 2 Farm-out/Farm-in Interest; (ii) deed of assignment and novation in respect of the Stage 2 Farm-out/Farm-in Interest.

https://www.lse.co.uk/rns/PPP/ppp-signs-farm-in-to-drill-new-production-well-eu8fvsyiic3az2q.html

Their 4th RNS today.

Only 3 tweets so far.

UKOG
@UKOGlistedonAIM
·
6m
HORSE HILL NEWS: UKOG CEO Steve Sanderson says: “This transaction will inject new activity into Horse Hill, aiming squarely to deliver increased production and revenues from the oil field, without the need to raise capital”. https://tinyurl.com/3t23pryb
UKOG
@UKOGlistedonAIM
·
9m
HORSE HILL NEWS: Pennpetro to fund 100% of new infill production well, Horse Hill-3, to be spudded after PPP 100%-funded high-definition 3D seismic survey. Planning and environmental consents remain in place for a further 4 production wells. https://tinyurl.com/3t23pryb
UKOG
@UKOGlistedonAIM
·
12m
HORSE HILL LATEST: UKOG subsidiaries have executed conditional binding term sheet with Pennpetro Energy plc (PPP) who will farm-in to the Horse Hill Oil Field to fund acquisition of 3D seismic and the drilling of the next infill production well. https://tinyurl.com/3t23pryb

LMFAO Lenigas has just joined their board.

https://www.youtube.com/watch?v=LC1FggE8sc4&ab_channel=RogerDaltrey-Topic

https://www.youtube.com/watch?v=V1_stpqkU7w&ab_channel=WaterIslife

50 seconds in and his lips were in sync

With Brent crude at $40 a barrel we will make a tidy profit with Brent crude at $50 a barrel we can all retire to the Bahamas.
My recollection was SS saying $40 a barrel though.

Will JH be out with the protestors next time?

7) a. No development shall commence until a scheme has been submitted to and approved by the County Planning Authority (including the entering into of an agreement under s. 278 of the Highways Act 1980) for the carrying out and completion of the proposed access road within the site, including its junction with High Loxley Road, any highway works at the junction of High Loxley Road and Dunsfold Road and any carriageway widening works on High Loxley Road between the site access and the junction of High Loxley Road and Dunsfold Road (“the Initial Highway Works”). The junction of the site and High Loxley Road shall be provided with 2.4m x 70m visibility splays in both the leading and trailing traffic directions in accordance with drawing number LTP/3134/03/05.01 REV B dated 10 October 2018 and, thereafter, the visibility splays shall be kept permanently clear of any obstruction above 0.6m high. Any works to the highway necessary to accommodate the development hereby permitted shall use flush set concrete retainers incorporating a ribbed surface to demarcate the edge of the carriageway.
b. No development shall commence until an agreement under s.278 of the Highways Act 1980 (in such form as may be agreed with the County highways authority) has been entered into providing for the permanent closure of the site access onto High Loxley Road, the full reinstatement of any curbs and verges, the removal of the highway works at the junction of High Loxley Road and Dunsfold Road and any carriageway widening works on High Loxley Road between the site access and the junction of High Loxley Road and Dunsfold Road and the full reinstatement of the highway, and providing for such works to be undertaken prior to the expiry of the time specified in condition 4 for the duration of the planning permission.
8) No operations associated with the well site compound shall take place unless and until the proposed access road within the site including its junction with High Loxley Road, any highway works at the junction of High Loxley Road and Dunsfold Road and any carriageway widening works on High Loxley Road between the site access and the junction of High Loxley Road and Dunsfold Road have been constructed in accordance with the scheme approved pursuant to condition 7(a). No other development shall begin before the junction works and the new access road within the site have been completed in accordance with the approved scheme.

My daughter has told me the "Change in spend (over next 12 months)" has gone down. Not sure what you are now paying for petrol but it has gone down here as has inflation (it only ever got up to 6% for 1 month).

What a bargain basement UKOG and its assets have become. They can't even give it away. At least Markwells Wood would have guaranteed some regular oil and Aretton had some chance although there no producing sites on the Island.

Not even a £1k buy today. Times have changed the same as the sentiment by the looks of it. No discernible rise into the spud. Guess most have seen it all before by now.

elle version 0.065p
What has the challenges got to do with anything? Nothing.
We are talking about planning conditions which by the sounds of it you nothing about. You weren't here then.

With 1988 seismic (look how that turned out for Basur-3) and a "working hypothesis" nowhere near the "oil seep" in a "short-fuse project" is a sound basis supposed to produce oil?

elle version 0.065p
Perhaps you would care to give the timetable for Loxley-1? You could start with getting the time it will take to get all the conditions passed that contain the terms "No development shall commence until", "No operations associated with the well site compound shall take place unless and until", "No operations hereby permitted shall commence until". During the campaign there are a total of 32 conditions in all that have to be complied with.
It is all in here:

Our ref: APP/B3600/W/21/3268579
Your ref: WA/2019/0796
7 June 2022
Dear Sir
TOWN AND COUNTRY PLANNING ACT 1990 – SECTION 78
APPEAL MADE BY UKOG (234) LTD
LAND SOUTH OF DUNSFOLD ROAD AND EAST OF HIGH LOXLEY ROAD, DUNSFOLD, SURREY
APPLICATION REF: WA/2019/0796

Mummy, mummy, mummy. Those horrible investors are saying horrible things about me. They think I am the reincarnation of https://www.lse.co.uk/profiles/ells_valexpert/ which I obviously am.
There is no chance of them producing oil from Pinarova-1 given the nature of the water well in close proximity drilled in 2018. In fact I'm pretty sure the Kezer-1 heavily oil cut will will be reproduced. The summer starts at Wednesday, June 21, 2023 at 10:58 a.m. EDT and I'm pretty sure we will know the outcome by then.
2 years to get the conditions passed or not by SCC, another 2 years to drill and test, more permissions from NSTA and EA and then back to SCC for them to go into production should take about 6 years. Bound to all end in tears.