Member Info for Ibug

Isn't it amazing how it is all the rampers that don't have a clue as to what is going on and are losing money hand over fist. I would have thought the production at horsehill would have been stamped on your brain. But then again ........

Really?

"3 March 2020
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Oil and Gas Authority has approved the Horse Hill Field Development Plan and consented to the start of long-term production ("Production") from the field.
Portland oil pool Production will commence via Horse Hill-1 ("HH-1"), with Kimmeridge Production planned to be added in late spring via a conversion of the well to a dual completion. Production from HH-2z is planned to follow upon completion of the current extended well testing campaign."

"#UKOG The EA permit for the water reinjector well must be just around the corner. Way over due now. It an inexpensive fix as the HH2z well is already drilled. Water disposal costs will go. 24 hour pumping can resume. Water pumped back into the Portland will help pressure. "

No evidence to suggest "EA permit for the water reinjector well must be just around the corner".
No evidence to suggest "It an inexpensive fix" as experienced oil workers have already proved.
No evidence of "24 hour pumping can resume. " as UKOG have never said they stopped normal pumping, just that they have adjusted the flow rate.
No evidence that "Water pumped back into the Portland will help pressure." due to fault line and distance apart horizontally and vertically.

All imo of course unlike some who post on here as though they are facts.

"#UKOG OK Let's see who is full of ****e. I'm calling Ibug out on @LondonSouthEast . Let's see who's nearest. ?? December /January. #Horsehill production is 108 bopd. Ibug and ?? says HH is down to 49 bopd and declining. Bull****! Game on! FOTH??"

"UKOG producing 100 bopd" Different story when he posts on here. Bet Adrian can't find where I or Penguin said "49 bopd and declining". Don't worry, he'll be banned before he can reply, not that he would anyway.

How come Epoisse de Bourgogne? You been sneaking down the path? Still waiting for a video of the pump stopped. Next you'll be telling us they held back the August oil to fool all the NIMBYS for September and October.

No doubt about it. The figures do not lie.

month bopd
Mar 20 181
Apr 20 243
May 20 183
Jun 20 158
Jul 20 122
Aug 20 128
Sep 20 93
Oct 20 47
Nov 20 101
Dec 20 82
Jan 21 102
Feb 21 99
Mar 21 105
Apr 21 101
May 21 100
Jun 21 95
Jul 21 92
Aug 21 82
Sep 21 45
prediction for October 80-90 bopd

The interesting thing about the Kimmeridge EWT was the continual reporting of about 220 bopd month after month until.......................what?

20 September 2021

"oil production has now been re-established." No conditions or any other comments to indicate cut in production or pumping in the RNS.

I don't think just over 50k bbl of oil produced from the Kimmeridge is that much.

From 28 Jan 20 RNS
"The HH-1 Kimmeridge interval will now remain shut in for a further long duration pressure build-up test. Plans to install a dual completion to enable HH-1 to produce from both the Portland and Kimmeridge oil pools are being formulated. A future Kimmeridge appraisal/production well is also planned, once full Portland Production and positive cash flow has been established from the field."

Since then?
Turkey shoot time!
"I see this move into Turkey as crucial to the Company’s continued success and prosperity. Our Weald Basin assets, although some of the best in the UK onshore, particularly Loxley and the Kimmeridge, simply do not offer the same step-change growth potential we aspire to and, due to the increasing regulatory burden, take far too long to monetise."
"It is expected that the further HH-3 Portland and HH-4 Kimmeridge infill wells will be planned in detail and drilled at Horse Hill following the completion of the Company’s potentially transformational initial Turkey Basur-Resan appraisal drilling campaign."

Cinders
DOR and ALBA accounts are a good place to start.

It is one thing to give an opinion. It is another to give an opinion with some facts to back it up. And then you have those that give an opinion only based on their need to get their money back. All imo of course as I could never 2nd guess what shares other posters hold on here.

London-based Barclays, the world's leading financial group, revised its price forecasts for Brent and West Texas oil. In the report prepared by the organization, the average price expectation for Brent oil for 2022 was increased by 5 dollars to 85 dollars. In its report, Barclays increased its forecast for West Texas oil by the same amount to $82/barrel. 

SURPLUS SUPPLY WILL INCREASED THIS YEAR

Estimating that there will be a little more oversupply in the market this year, Barclays predicted that inventories will decrease compared to the beginning of the year. Stating that the excess supply will come with the decrease in idle capacity, Barclays predicted that this situation will support oil prices. Barclays forecasts the impact of the Omicron variant on oil demand for the full year as 0.1-0.2 million bpd. 

HH1AN2
What are you smoking?
six-month period ended 31 March 2021
The operating loss for the six months to 31 March 2021 was £1.02 million
Revenue £721k
Other Cost of sales (£544k)

The flow rates then were higher, cost of fuel lower, drivers wages lower and imo they don't get "Brent" rates as the quality is lower. By my calculations the revenue should have been higher as it would include Horndean.

Expected revenue based on average price of "Brent" for each month and barrels produced.
Month Barrels Av POO Revenue
Oct 20 1466 40.47 59329
Nov 20 3038 43.23 131333
Dec 20 2539 49.87 126620
Jan 21 3170 54.55 172923
Feb 21 2786 61.96 172621
Mar 21 3246 65.19 211607

$874433

If they average $85 for the month they will reach the same amount of sales for the month as they did in March last year imo.

It is 9 months since the consultation closed. Perhaps there are difficult ongoing problems as the resolution time passed ages ago.

2nd Oct 2020
UKOG intends to take an active technical role in the Licence's 5-well oil appraisal and step-out exploration drilling and 2D seismic programme, which, Covid and weather permitting, is expected to commence this year.

They had 5 months to do it. But then again why is it no surprise it took so long.

Onshore shale gas company closing
One of the winning companies in the most recent auction of onshore oil and gas licences is going out of business.

More here;

HTTPS://drillordrop.com/2022/01/20/onshore-shale-gas-company-closes/

He is probably still on his old Blackberry so nothing gained there!

Usual rubbish from unowho.

"@davethedrill1
Freeasabird
@davethedrill1
6 minutes ago
#UKOG ?????? Oil tanker just left #Horsehill . @N66BKP . Camera froze ffks!

@davethedrill1
Freeasabird
@davethedrill1
an hour ago
#UKOG That seems to say the CEO is earning around 100 to 120 k per annum. That once again shows up the Swampies for the liars that they are that have infested the @LondonSouthEast Board :) ????????????? Plenty of Oil flowing at #Horsehill to! EA Water injector soon. FOTH??"

Guess FOTH doesn't know what "the director's commitment is envisaged to be in the range of 5-10% of net salary, dependent upon individual circumstance." means or how to take pictures or videos with a camera. Obviously has not found the auto function yet. £12k a year would equate to more than 5% net imo.

And how is that going to pay for Directors remuneration?
This is how it has gone so far with SS taking the lions share.
2014 £472k
2015 £628k
2016 £1066k
2017 £645k
2018 £744k
2019 £1086k
2020 £516k SS £298k
2021 ?