Member Info for Ibug

should be "running total of £5.36m + money from UK production income"

Perhaps UKOG should tell AME they don't like getting ripped off.

1
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.

2
it has successfully raised £2.2 million to fund its share of initial drilling and seismic costs through a placing....

running total £2.2m

3
The Company has contributed its share of drilling and seismic costs to date from its existing funds and UK production income.

Use of funds

The Proceeds of the Placing will, therefore, be used primarily to pay UKOG's remaining share of Basur-3 drilling and seismic acquisition costs and for general working capital. The Company anticipates that its remaining net capital commitment to such programmes is approximately £2.06 million for the Basur-3 appraisal well and £1.1 million for the 2D seismic programme.

running total of 35.36m + money from UK production income

Now I reckon that all comes to much more than the "capped at USD$5 million maximum expenditure" (£3.75m)

Sorry. But I reckon UKOG are being taken for a ride when wells are being drilled in Turkey for far less than £0.5m.
Here are 2 examples.

https://www-enerjigunlugu-net.translate.goog/tpao-eruhta-petrol-arayacak-40302h.htm?_x_tr_sl=tr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui,sc

https://www-enerjigunlugu-net.translate.goog/tpao-cizrede-petrol-arayacak-41597h.htm?_x_tr_sl=tr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui,sc

Biggest troll was that idiot freeasabird or https://twitter.com/davethedrill1/with_replies as he likes to call himself now. Just look back at his tweets before September and you will find out what a real troll is.
If you want to find him down the path you will find him on here https://twitter.com/SallyAnneOil/with_replies

"Dryboy1

Posted in: UKOG

Posts: 281

Price: 0.12

No Opinion

Dunsfold17 Nov 2021 13:57
I’ve just spoken to Elizabeth Humphrey who is the case officer for the dunsfold appeal. She said we should have a decision in the next 2 weeks"

Densil
Posts: 26
Price: 0.1075
No Opinion
RE: AdrianToday 09:13
What about the rest of you half wit greens pretending to be disgruntled investors. I say Loxley news very soon.
Cat got your tongues lol."

Only Adrian and TH2 admit to being greenies by driving EV's. Couldn't you spell Denzel?

Gold? International? Perhaps they are going to make an offer on a well known prospect in Wales lol

At least we know Cem was there. Just look for the short blokes. I wonder if SS will send him salmon trews for xmas.

https://twitter.com/Petformtr/status/1463894982033657857/photo/1

If it was Adrian it would have been DaveLeeTravis.

Perhaps he should have read the RNS or was it put back before the RNS came out? If it has only just popped up I doubt it.

"We are now pursing 3 resolutions to be heard at an EGM, as follows:

?

Resolution 1: Pursuant to section 168 of the Companies Act 2006, that shareholders vote to remove Stephen Sanderson from his role as CEO and with it his position on the board of directors.

Resolution 2: Pursuant to section 168 of the Companies Act 2006, that shareholders vote to remove Kiran Morzaria from his role as Finance Director and with it his position on the board of directors.

Resolution 3: Pursuant to section 168 of the Companies Act 2006, that shareholders vote to remove Allen D Howard from his role as Chairman and with it his position on the board of directors. "

no longer relevant

Mirasol
About £5m of shareholders money has gone to the brass in the last 7 years. I gave up counting after they had raised £70m over the years so it must be about 5% of all monies raised. Money for old rope? KM knows where all the bodies are buried. Would you go?

Fascinating reading and just goes to show what you can find online. Don't even get a time frame for a ruling in the Finch case.

https://www.judiciary.uk/wp-content/uploads/2021/11/The-Will-of-His-late-Royal-Highness-The-Prince-Philip-Duke-of-Edinburgh.pdf

https://www.judiciary.uk/wp-content/uploads/2021/11/Abramovich-v-HarperCollins-judgment-241121.pdf

I did like this bit.
""We are delighted to welcome Matt Gormley into the UKOG team. His fresh perspective from an alternate sector will be particularly valuable as UKOG seeks to expand internationally and diversify into green geothermal and hydrogen energy within the UK.""

Not sure what a money man knows about green geothermal and hydrogen energy. But then again the BoD have got their priorities right. Issuing a RNS that has sweet FA to do with oil, gas, Turkish licences, seismic surveying, green geothermal and hydrogen energy. They really must think a lot of themselves.

No. Looks like he is an artist ;o) I couldn't comment on what type.

One of Adrians mates.

https://uk.linkedin.com/in/matt-gormley-593706130?trk=people-guest_people_search-card

ocelot
Unfortunately I don't have the Scout reports that cover the period December 2016 to April 2019 which cover the majority of wells drilled at E Sadak but over 2 years worth from April 2019 is pretty conclusive.

ocelot
I don't think ""Production figures indicate the total production of each field before government royalty."" which was a footnote to the production table for all fields could be much clearer.

ocelot
You need to factor in the 63% decline rate and "Production figures indicate the total production of each field before government royalty."
By the time they possibly get into production who knows where they are going to drill or even find oil. They have drilled 9 holes in the Basur/Resan licence areas and not produced anything yet. Not a record SS would be proud of imo. Give AME their due. They are probably producing from quite a high % of sidetracks. Just goes to show how cheap it is if you own a rig. It probably costs them less than £1/4m a well if you look at how much other wells by independants cost and they are paying £1/2m per well including pad and seismic in some cases.

Penguins

Jul 2019 26494 bbls E SADAK-11S put on production
Aug 2019 27428 bbls
Sep 2019 22805 bbls
Oct 2019 23712 bbls
Nov 2019 18789 bbls
Dec 2019 20668 bbls
Jan 2020 18056 bbls
Feb 2020 16674 bbls
Mar 2020 19655 bbls
Apr 2020 15125 bbls
May 2020 15573 bbls
Jun 2020 14219 bbls
Jul 2020 13890 bbls
Aug 2020 13489 bbls
Sep 2020 12625 bbls
Oct 2020 12172 bbls
Nov 2020 10241 bbls
Dec 2020 11487 bbls
Jan 2021 10661 bbls
Feb 2021 9482 bbls
Mar 2021 10499 bbls
Apr 2021 10160 bbls
May 2021 11681 bbls 376.8 E Sadak-13s put on production

Between August 2019 and May 2021 production dropped by 27428-10160=17268 bbls. I would say that is far worse than HH. AME have drilled far more wells in the same period.

No sign of vibrators or controllers roaming the hills from the satellite photos I have seen over the last few months. I'll wait for official notification that it has been done. I'm sure Tony would have reported them if he had seen them.

From November 21 Scout report September 21 production 525 bopd. Considering 3 wells have recently been put in production the decline rate for the field is quite high.