Member Info for Ibug

Isn't it amazing how UKOG apparently nothing to do with drilling for oil in SE Turkey. My geography must be terrible.

"H2P has identified the geology of southeast Turkey as analogous to Northern Iraq with the potential for world-scale reservoirs."

H.I.T.S.
Bit like the use of analogous when it comes to Horsehill and Broadford Bridge which is over the horizon but not Brockham which is nearly next door. Could it be because of Brockhams production figures?
Same could be said about Resan and East Sadak but not Sadak, Bukat and Kedil which are all closer.
They only mention Godley Bridge but never Alford when it comes to Loxley so UKOG really are selective with what the do and don't admit to.

Of coarse you are wright. After all what has SCC to do with the lease. The important approval for HH-2 is not the EA one which is mainly procedural but the approval by the OGA for the FDP addendum.
I have asked UKOG on many occasions why they never put in a FDP addendum to produce simultaneously from the Kimmeridge and Portland at HH-1 and have never had a response. They never even raised it at the AGM.

And yet not one of H2P BoD is an AME board member.

Snaith2
Wrong. They never re-submitted the Planning Application and Holmwood application was withdrawn by Europa.
"03 May 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Markwells Wood Planning Application Update
UKOG (AIM & NEX: UKOG) announces that, in order to progress the acquisition of new site-specific hydrogeological data over and around the Markwells Wood drilling pad, the Company has temporarily withdrawn its planning application to the South Downs National Park Authority ("SDNPA"). The application is now planned for resubmission later in 2017 after the completion of the planned data acquisition and upon the conclusions of ongoing technical conversations with the Environment Agency ("EA")."

" An Interesting tweet from Anton " and yet no picture of this surface piping. All sounds very dodgy to me. UKOGers back to their old tricks methinks.

ocelot
So what. I post many links but don't believe a big % of them.
I don't go highlighting the rubbish, my word, they come out with though.
If SE Turkey was so analogous how come we have not heard of it before. Do you ever hear about the major oil fields in Turkey? Nope. Iraq? Yes.

Christ. How many times have we heard UKOG use that term. The clue is in the first four letters of that word; analogous.
Name one field in SE Turkey that is producing anything worth talking about. Only Batman 80km to the west produces a decent amount of oil.

Penguins
I'm more interested in the production from the fields closer to Resan.

I have no idea what all this is about.

"Tony
@Anton13579
17 hours ago
All the pipe work at #HorseHill is completed for the fully fledged production well Pump is back on and running #UKOG"

Apart from the workver I believe this pump has been running for some time. A bit more reliable than the last make. We will just have to wait 3 months to find out as UKOG don't seem to be in speech mode.

How difficult is it to take a quick photo and post it? It's not as if AME don't have access.

https://www.ipulse-group.com/Oil_Exploration_Production

H2P has become a shareholder and board member of leading Turkish explorer Aladdin Middle East, which has been operating in Turkey for almost 60 years. Aladdin discovered East Sadak, the first light-oil field in southeast Turkey in 2013, on trend with the world-scale Iraqi oilfields of Kirkuk, discoveries of Tawke in Northern Iraq, and Garzan in Turkey.

Penguins
We all have our own way of looking at information. I always go by the last message but put my own interpretation on it and is not something I share very often. Scout Report should be incoming soon imo. It's about that time in the year.

7th SCOUT MEETING 21st December 2016
8th SCOUT MEETING 3rd May 2017
9th SCOUT MEETING 20th September 2018
10th SCOUT MEETING 3rd May 2019
11th SCOUT MEETING 19th December 2019
12th SCOUT MEETING 18th November 2020

Will it be lucky?

"In May UKOG commenced a study with Ceraphi Energy Ltd to review the geothermal energy potential of the Horse Hill site and surrounding area. The results of the work are expected during Summer 2021."

TH2
Several means more than 2 so you are wrong. We don't know that they are carrying out any operations in Turkey so you are wrong again.
They haven't had the Planning meeting for the IOW so that is 3 out of 3.

Penguins
I was going by what UKOG said which is where the £3.16m came from.

"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."

But they still need to drill a well.

CynderLad
It is not what I think it is in the accounts and RNS's. You just need to look back to see that what UKOG lose each month and it is very variable. + or - £200k depending on admin and cost of sales being the big %.

Care to explain the costs for HH-2? After all how much does some pipe and the bits that go in it cost?

Brockham never reinjected water.
Brockham Portland Production from 2002 onwards (m3 per year). There were a few workovers during that time.
1,283
1,713
4,795
5,665
4,193
2,879
4,512
2,889
2,118
2,382

cyan2
Think you are missing the point. The site and Loxley-1 will be less than £7m. The £7m includes Loxley 1-Z if it goes ahead.

And which wells at HH would be suitable? None.

31 March 2021 Cash and cash equivalents £1.94m
Open Offer was £0.46m
Placing £4.97m
£7.37m - £3.16m = £4.21m

£4.21m from end of March this year with Basur covered means they do have a bit of spare change in the cupboard.

If all goes to plan these are the projects they will need cash for and the likely order:

Basur-3S (already covered by last placing)

HH-2 reinjector (who knows what the costs will be)

Resan-6 (£1.5m)

Loxley site and Loxley-1/1Z including testing of both (£7m total into production)

Arreton site and Arreton-3/3Z and testing of both

TH2
Haven't you worked out yet that no one has put any faith in these so called "high value" assets? If they had the SP would be far higher than it is today but then again that is just plain common sense. No matter how many times you try you cannot polish a terd. Even the II's kept clear of the last placing and it was left to "QUALIFIED INVESTORS" , "INVESTMENT PROFESSIONALS" and in the case of the open offer, PI's with shares in the company.

TH2
So why are so many high value assets not recognised in the share price? Surely such a canny investor as yourself can answer that. Or is it just more BS to drag unwarry investors in?