Member Info for Ibug

The latest application makes no sense as they have changed the number of re-injections wells from 2 back to 1. They are now defining HH-2 as Horse Hill 3 Reinjection Well. They have lost me.

Penguins

So that's 2 planning application at HH still to be passed now.

https://planning.surreycc.gov.uk/Planning/Display/SCC%20Ref%202020/0018#

and

https://planning.surreycc.gov.uk/Planning/Display/SCC%20Ref%202022/0052#

When you have no confidence what is below the ground you get someone else to pay for it. HH is a prime example. How many of the original owners are still here? NONE

It could get worse. This could be your next PM.

https://www.youtube.com/watch?v=6z7PoJv-NNw&ab_channel=jesusbuddhacult%3Acom

gwilliams71
Probably because the good news that was going to be published on the 7th turned out to be not so good. All we got was excuses for Turkey, flogging a dead horse at Loxley and lets win the lottery at Portland.
They can't even update the website with the Interims or the latest news.

This was the latest.

25/3/2022 Annual Reports & Accounts 2021

23/6/22 Business Secretary Kwasi Kwarteng supports UKOG’s Portland Energy Hub

30/6/2022 Basur Seismic update presentation

Nope.

ocelot
So what. You seem to be obsessed about everything I say. I don't have to like a share or someone to make money out of them. I am more than happy to make money here. I'm not the one stuck here and can't sell at a profit. Just goes to show how long I've had those share. Or is it that?
How long do you think it will bounce above the 0.1 line?
At least they have made my decision making process easier with todays RNS but that could all change again with the next one.
HH, Loxley or Turkey? They really do seem to have a thing about Turkey.

"Councillor Steve Williams, Waverley’s portfolio holder for environment and sustainability, said: “This is the worst possible outcome for the people of Waverley, and we are bitterly disappointed at the Secretary of State’s decision. Without doubt, allowing this planning application will lead to irreversible harm to our environment and to local people.

“We are very concerned about the lack of a risk assessment relating to the release of extremely toxic hydrogen sulphide gas, the loss of ancient woodland, impacts on local businesses, protected species and other local wildlife and the detrimental impact on the landscape and adjacent area of outstanding natural beauty.”

The council also has concerns that UKOG does not appear to have the funds to pay for reinstatement of the site so that if oil is not found in commercially viable quantities, the company can simply walk away, effectively transferring liability for clean-up and restoration costs to the local community.

Councillor Williams added: “The success of this appeal is deeply troubling for the people of Waverley. UKOG can effectively ruin part of the environment, decide that drilling won’t make them any money and then dump the problem of clearing the mess up on the people of Waverley. This is simply not acceptable.”"

https://www.haslemereherald.com/news/planning/waverley-executive-bitterly-disappointed-at-dunsfold-drilling-appeal-outcome-549875

No backbone. Look at him standing all butch, hands on hips with his sleeves turned up and pinkie ring.

https://investigatingbalcombeandcuadrilla.files.wordpress.com/2017/06/stephen-sanderson-drillordropsmall.jpg

I'm sure the usual suspects will bluster their way through to treat it as an invitation to lose even more money.

ocelot
They have obviously spent money previously designated for Turkey and Loxley already otherwise why do they need to raise again. The extra raised for Turkey seismic would easily be covered as they didn't finish B-3.
"To earn its 50% interest in the Licence, the Company has agreed to fund 100% of the first of 5 commitment wells in the Licence's 5-year exploration term, together with a small 2D seismic survey with an expected cost of $1-$1.5 million. UKOG's net expenditure for the one well plus seismic programme is capped at USD$5 million maximum expenditure. Thereafter, the Company will fund its 50% interest share expected to be c. $1.5 million per well."
1/2 of $5m is $2.5m yet they raised over $7m.
The new requirement for Loxley includes the drilling and testing imo which was not previously budgeted for but why would they need someone to farm in for such a piddly amount? Something does not ring true imo.

After spending years investigating frauds I would say conmen operate just on the right side of the law until they get caught.

UKOG
@UKOGlistedonAIM
·
1h
HYDROGEN HUB UPDATE: Portland's envisaged key role in new UK Southern hydrogen energy hub pathway https://tinyurl.com/42h9jr9b
UKOG
@UKOGlistedonAIM
·
2h
BASUR UPDATE: Our focus for the next 6-9 months is firmly on delivering new seismic and Basur appraisal well, now anticipated to be able to add near-term oil production to the Company early in 2023, subject to necessary funding. https://tinyurl.com/42h9jr9b

Strange that Prospect B has not been mentioned before. It has appeared on only 1 of UKOG Turkey presentations and even then is only named "Prospective geological feature (surface anticline)" . Wonder why UKOG have previously discounted it as the previous seismic is not dissimilar to the other Basur wells.

UKOG
@UKOGlistedonAIM
·
12m
BASUR UPDATE: Our focus for the next 6-9 months is firmly on delivering new seismic and Basur appraisal well, now anticipated to be able to add near-term oil production to the Company early in 2023, subject to necessary funding. https://tinyurl.com/42h9jr9b
UKOG
@UKOGlistedonAIM
·
21m
OPERATIONAL UPDATE: Turkey and Portland energy projects, together with an outline of its near-term forward strategy. https://tinyurl.com/42h9jr9b

5eightsaccount

Turkey and Loxley (pad, roads etc,) should have funds. You only need to check the placings. Have UKOG psised those funds up against the wall on admin and other projects?

No mention of possible Loxley appeal in the RNS. Sounds suspiciously like the Emperors New Clothes to me. Not everyone on here will get mugged off.

ian aged 12
Have held shares here on and off for the last 9 years. I currently hold and voted at the last AGM. What's your excuse? Troll?

"AME's desire to shoot new unbudgeted Phase 2 seismic before continuing the Basur appraisal drilling programme (as per UKOG's 30th June RNS), combined with a longer than expected seismic acquisition period over winter, has both required additional previously unbudgeted working capital and deferred the start of the anticipated cash flow from a successful Basur well. The Company will, therefore, need to seek further finance before mid Q4 2022 to fund this planned programme and for general working capital purposes. Success at Basur is anticipated to provide additional working capital to help fund UKOG's other significant projects which, by their nature, have a longer lead time to cash generation."

Where did all the money go?
Wells are being drilled in Turkey for £400k. Please tell me seismic did not cost over $6m.
UKOG being ripped off by AME. PI's getting ripped off by UKOG.

And now for the good news.
"Forward Strategy
Given the promising positive outlook derived from the Company's Basur Phase 1 seismic programme, plus the confirmation from the oil seep that the area has an active light oil petroleum system, the Company's focus for the forthcoming 6-9 months will be firmly upon the delivery of Phase 2 seismic and a new Basur appraisal well, now anticipated to be able to add near-term oil production to the Company in H1 2023, subject to necessary funding. As previously stated, the Petroleum Law enables a successful oil well in Turkiye to be put into full time production within days to weeks of a successful test.

AME's desire to shoot new unbudgeted Phase 2 seismic before continuing the Basur appraisal drilling programme (as per UKOG's 30th June RNS), combined with a longer than expected seismic acquisition period over winter, has both required additional previously unbudgeted working capital and deferred the start of the anticipated cash flow from a successful Basur well. The Company will, therefore, need to seek further finance before mid Q4 2022 to fund this planned programme and for general working capital purposes. Success at Basur is anticipated to provide additional working capital to help fund UKOG's other significant projects which, by their nature, have a longer lead time to cash generation.

With respect to the June 7th 2022 grant of planning consent for the Company's 100% owned Loxley gas appraisal project the Company will now implement a pre-planned farmout programme, whereby the Company's costs would be either fully or part carried by any farminee. The Company believes that this is the most prudent course of action to both manage uncertainty and to help ensure the best use of the Company's working capital."

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

ocelot
You should have also mentioned the last 3 lowest SP's which were encountered in the last year starting in December. I can see it reaching more all time lows in the coming 5 months after reading the RNS.

At least we know that HH and Loxley have delayed the publishing of the Corporate presentation and Portland will cost "Together with the capital expenditure for the envisaged LNG receiving terminal and the project's green hydrogen generation capability, the project's total cost will, therefore, likely exceed £1 billion."
They have to be taking the ****.

UK Oil & Gas PLC

("UKOG" or the "Company")



Operational Update



UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce the following operational updates in respect of its key Turkiye and Portland Hydrogen/Energy Hub projects, together with an outline of its near-term forward strategy.