Member Info for Ibug

HH1AN2
Do you think UKOG would tell us if it wasn't working? Luckily my mates live in a house on the way down to swampies. Only problem is they can't see the haz plates from the window. No doubt videos of the old flare will become collectables soon.

https://twitter.com/JCranam/status/1508086128603279368
Must have been ****ing themselves laughing when they took it.
Not sure you can get a smaller flare. The other one wasn't designed for the low volume of gas produced.
Why take a video of gas that is adding no value? It's a bit like posting a picture of the well site with 100% cloud coverage.

Same old story. Just change the name of the horse. Don't they call that a "ringer"?

Red flash still shows

"January 2022: Turkey latest: Seismic acquisition over the target area of proposed Basur-3s sidetrack now completed. Drilling expected within first quarter of 2022."

HH-1 production remains in contingent resource category, while the company waits on the Environment Agency Production Permit. Upon the receipt of this permit, the company intends to review the HH-1 production decline and attribute reserves to HH-1, thus transferring them from Contingent Resources to Reserves category.

One thing we have learned is that UKOG were waiting for the Loxley decision prior to proceeding with the Arreton appeal. Perhaps they have got wind of which way the Loxley appeal was going to go. No matter that there was such strong support for Arreton to be approved they obviously decided it was not worth £0.5m to pursue it.

UKOG say what they want. It is not necessarily true imo. Take Basur for instance.

What UKOG said in RNS's.

"The Basur discovery, made in 1964, whose primary target was the shallow Cretaceous age Garzan reefal limestones, recovered 600 bbl of oil to surface from deeper naturally-fractured and dolomitised Cretaceous Mardin limestones. Core and cuttings contained live oil. Of the oil to surface, 500 bbl were produced over a 6-hour test period, equating to an extrapolated rate of 2,000 barrels of oil per day ("bopd")."

"Basur-1 flowed 500 bbl to surface over a 6-hour period from naturally fractured and dolomitised Cretaceous age Mardin limestones, an extrapolated rate equivalent to 2,000 bbl of oil per day. "

"As previously reported on 14 October 2020, 15 January 2021, 21 June 2021, Basur-1 flowed oil to surface at encouraging rates over a 6-hour test period."

What the Turkish Oil Authority at the time said in 1965 Petrol Faaliyeti Petrol Dairesl Nesrlyati No. 10.

"In addition, although 44 tons of 35 API crude oil was obtained in the tests carried out in Basur-1 well, the tests were terminated because salt water came later."

What UKOG don't tell you is that the licence was surrendered by a major Turkish O&G company after a final drilling in 2014. The well was classified as a "water well". It didn't even get reported as a P&A.

UK Oil & Gas – FY Results – explicit warning of bailout placing ahead
By TOM WINNIFRITH, THE SHERIFF OF AIM
If folks are looking to punish Russian war criminals for atrocities committed in Ukraine, I suggest they be locked up for years and made to re-read today’s FY results from UK Oil & Gas (UKOG) fifty times a day. Wading through pages of ESG guff and self-congratulatory horse really does make one lose the will to live. But buried in it is a stark admission of impending share price doom...............

Goldman Sachs: High oil price plunges US economy into recession
Goldman Sachs reported that if the oil price spikes to $200/barrel, as some experts say, it will most likely put the US economy into recession. 

US investment bank Goldman Sachs has announced that there is a high probability that the US economy will enter recession if the price of oil rises to $ 200 a barrel.
Jan Hatzius, economist at multinational US investment bank Goldman Sachs, evaluated in his investor note yesterday that high oil prices could push the US economy into recession. “We estimate that a sustained rise in the price of oil to the $200/barrel level will produce an income shock of the same magnitude as that seen before the 1974 and 1979 recessions. "This seriously increases the likelihood of a recession in 2022," he said. 
“OIL CAN END THE YEAR WITH 50 DOLLARS/BARREL”
RBC Capital Markets analyst Michael Tran also stated that it is possible for the oil price to skyrocket to $200/barrel this summer, spark a recession and close the year close to $50/barrel. "This is not our baseline scenario, but as of today such a scenario does not seem impossible," Tran said. 

The annual report was so well received the volume and number of trades were down on Thursdays figures.
# Trades 107
Vol. Sold 27,197,451
Sold Value £34,877.82
Vol. Bought 74,611,392
Bought Value £97,131.84

They only just broke 100m shares traded.

"UKOG is taking an active technical role in a 4-well oil appraisal and step-out exploration drilling programme
designed primarily to assess the commercial viability of the significant Basur-Resan oil discovery. The transaction
was approved by the Turkish government and completed in January 2021."

I thought the deal was for 5 wells.

wizard
Why is it always greener somewhere else? Brockham was producing 5 times water than oil before they stopped producing at about 20 bopd. HH looks to be going the same way in the Portland. Why would BB and Loxley be any different as they are further from the centre of the Weald. I do love these pipedreams.
IOW license has till June next year for a decision. Geothermal is EA and not NSTA.

Probably not. At least 8 or 9 of them.

Such a shame that Loxley is miles to the west of them all. BB will be next for the chop imo.

Administration expenses during the year amounted to £2.10 million or about £1m every 6 months. Add the costs of Loxley appeal and Finch case and money put aside for Basur drilling and Loxley pad and there won't be much left in the kitty.

It will take at least another 2 years at this rate to get to 200,000 barrels imo. Not even a mention of timings for more wells at HH.
" plus further infill development of both Portland (HH-3 well) and Kimmeridge (HH-4 well) offer significant upside for the Horse Hill field."

https://drillordrop.com/2022/03/25/breaking-ukog-gives-up-on-oil-drilling-at-arreton-isle-of-wight/

Breaking: UKOG gives up on oil drilling at Arreton, Isle of Wight

No flies on an upbeat report.

ocelot
Not the first time they have done it. Bad news on a Friday is forgotten by the Monday imo.

Pboo
Think what you want as you are not invested here lol. "average sale price" is what it says and what it means all day long. Disposal comes under cost of sales.

"Revenues for the year from sales of oil amounted to £1.56 million (2020: £0.91 million). " divided by 36664 barrels = $43 by math.

ocelot
For some of us who have been here since 2013 we know full well that the majority of what UKOG say never comes to fruition. Latest example being Basur-3s drilling in Q1. It is never going to happen. How is Arreton doing? Yet another prospect to hit the dung heap of UKOG shame.

ian
What you mean is you don't want reminding of the reality compared to your fantasy. New investors may want to know what they are getting into.