Member Info for Ibug

Adrian
Do you know what the cost of sales is per month? Probably up another 30% imo since the last accounts.

It's not exactly difficult to spot who got caught with their knickers down last week is it?

ocelot
That was only because UKOG kept changing the goalposts. The regulators can only work with what they are given.
The EA probably got to the stage of "take it or leave it" after being messed around so much.
If you don't follow the applications you are hardly likely to know the timings. It certainly makes my decisions easier.

ocelot
It was a forgone conclusion given the fact that the EA even announced a draft of the result. 2 years of numerous applications and withdraws to produce a consolidated variation is what it was.

https://environment.data.gov.uk/public-register/waste-operations/registration/BB3300XG-V007?__pageState=result-all

mannnan
What good news. All it was was one decision out of 3 expected. Still got NSTA and SCC decisions to come before HH has a flush.

And how long had it been closed in for before they re-started it? HH-1 was closed in for a month so hardly surprising they got a high burst on opening. They only produced from the Kimmeridge for another 3 weeks and that was it. They never did say at what rate. It died a death.

Best to use facts rather than dodgy memories imo.

EWT
February 2019
a stable daily rate of between 208 to 218 barrels per day
March 2019
a stable daily average rate of over 220 barrels per day
April 2019
a stable rate of over 220 barrels of oil per day
May 2019
a stable rate of over 220 barrels of dry oil per day
June 2019
a stable rate of over 220 barrels of oil per day
August 2019 stopped continuing to produce dry Portland oil at a stable rate of over 220 bopd.

January 2020
HH-1 Portland EWT production was resumed on 16 January 2020, at an initial rate of 435 barrels of oil per day ("bopd") over a 6-hour period. Over the past 24 hours, stable dry-oil EWT production has averaged 293 bopd at a modest drawdown, demonstrating the Portland perforated interval has remained in good condition since the last June 2019 shut-in. A short routine intervention on HH-1 is now underway, which aims to further optimise and increase the Portland production capability of the well.

US Senate to file anti-monopoly lawsuit against OPEC
The US Senate Legal Committee approved the anti-monopoly bill targeting OPEC, called NOPEC.

https://www-enerjigunlugu-net.translate.goog/abd-senatosu-opece-anti-tekel-davasi-acabilecek-48233h.htm?_x_tr_sl=tr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Christoffmcd
No. It's delegated powers.

HH1AN2
The figures from the last financial year do not support your theory especially as the revenue exceeded the cost of sales.

month oil m3 water m3
Oct 20 233 0 Well re-perforated
Nov 20 483 188
Dec 20 403 169
Jan 21 504 267
Feb 21 443 197
Mar 21 516 249
Apr 21 482 223
May 21 494 197
Jun 21 452 183
Jul 21 453 185
Aug 21 402 160
Sep 21 214 80 Ground works carried out

How do you know hh-2 and hh-3 will be very busy?
You don't even know if hh-3 will produce any oil or water or nothing at all.
The price of oil doubled during that reporting period and yet UKOG did not open the taps. Why not? They could have afforded to get rid of any water produced with the greatly increased revenue.

Unfortunately, since they carried out the groundworks last September things have changed. Not sure what they did but it certainly upset the apple cart. Just look at the recent receipts just about keeping steady.

month bopd Receipts Av POO in $
Oct 21 63 $163368 83.65
Nov 21 60 $145386 80.77
Dec 21 62 $142824 74.31
Jan 22 60 $159,086 85.53
Feb 22 59 $157,811 95.76
Mar 22 115.59

WSC/001/22 and WSCC/002/22

Both

StatusApplication Pending a Decision
LocationWood Barn Farm, Adversane Lane, Broadford Bridge, Billingshurst, West Sussex, RH14 9ED
Date Valid05/01/2022
Deadline for Comments10/02/2022
Determination Date20/05/2022
Applicant's NameUKOG (234) LTD
Agent's NameZetland Group Limited
DistrictHorsham
ParishWest Chiltington
County CouncillorCharlotte Kenyon, Pulborough
Case OfficerJames Neave

One thing for certain. There is not a lot of sentiment factored in to the SP given a MCap of only £22m imo.
Last reported net assets amounted to £37.50 million.

Given the value of HH and the oil therein what is actually factored in to the MCap?

What price on the following and would it be +tive or -tive?:

HH
Outstanding HH Planning decision

BB
Planning extension expired 31 March 2022.
The OGA approved an amendment to the PEDL234 Retention Area work programme, wherein Loxley-1 is to be drilled by December 2023.

Loxley
Loxley appeal decision

Basur/Resan
Basur/Resan drilling decision

Arreton
Arreton relinquishment. Possible 500 bopd.

There has to be some big negatives on some of them. Is that why the MCap is low as it is?

Personally I think it has a lot to do with the lack of confidence of PI's in the BoD. Welcome to the real world.

I would rather read what UKOG say.

"Water injection to provide production support was also modelled using a single water injection well. The modelling assumed full voidage replacement for the injector, however this has never been achieved onshore UK to our knowledge."
"The structural map (Fig. 17) shows that the lateral extension of the fault interpreted between HH-1 and HH-2 is circa 2.4 km. The offset of the fault based on the top Upper Portland Sandstone depth map varies between 5 and 15 metres, suggesting that fluid injection from HH-2z would allow to pressure support HH-1 via lateral migration."
"Suggesting"? Not a done deal imo.

to drill Resan-6 in Turkey. With the exchange rate as it is they can drill a well for about £380k or under £200k for UKOG share but I wonder how much AME will charge us.

vernonya
What use is full production when UKOG have still got one Planning Application in to reduce the amount of storage on site? Perhaps you could explain that.
Here is the latest change to the application which should go through under delegated powers..
"I refer the above outstanding application.
I hereby submit amended details providing further clarification with regard to two matters:
1. Bunded Storage Tanks
Item 58: Bunded Export Oil Tank, on the Substance Location Plan (see Appendix B(002)) is a cylindrical tank with an integrated metal bund. Appendix B(010) establishes the tank is 54m3 and its bund is 75m3 providing a bund volume sufficient to accommodate 138.8% of the tank volume."
54m3 is only 340 barrels compared to what they did have.

WayneKerr
How come it is always the smart asses who make the wrong calls? Some of us don't fall for the carefully worded news issued by companies and can see past the BS whereas others just see £ signs flashing before their eyes. Karma.

Yep. We can't all be stupid. Another LTL.

Waynesmith

Posts: 6,002

Price: 0.1725

No Opinion

RE: dangThu 09:18
Had to pay 20

ocelot
Doesn't look like the rampers are doing a very good job today does it? I would like to thank them for yesterday though. Best rise we have seen for some time.
At least 1 idiot is well down today. The others are keeping very quiet.
All in all a very good week.
Now where is that decision from Stuart Andrew.

Only mugs would buy first thing this morning when they know what is coming. How many times have we seen these financial savvy idiots boasting about their buys only to see the price drop by the end of the day. Pure genius. And then they have the cheek to blame every man and his dog for their poor financial decisions. You just can't make this ****e up can you?
https://www.google.com/finance/quote/UKOG:LON

ocelot

The EA had already written the draft decision document so it could have come at any time.

https://consult.environment-agency.gov.uk/psc/rh6-0rb-horse-hill-developments-ltd/supporting_documents/BB3300XGV007%20Draft%20decision%20document.pdf