Member Info for Ibug

The Sp has dropped 10% since the GM. How much longer can UKOG afford to delay a placing? They are cutting it a bit fine imo.

"The first commitment well, currently planned to appraise and flow test the Basur oil discovery, must commence drilling before 27 June 2021"

"Fixed cost to produce in Horse Hill and Turkey below £20."

trillhunter
Ever heard how much it costs to dispose of waste? Hazardous and non-hazardous waste disposal costs vary so there is no way you can forecast production costs at HH.

Ditto for Turkey but you can't even remember the costs that UKOG quoted for there.

JustBe
I would have thought all present shareholders would be offered the chance to take part at the same time. How come your broker has got notification before the rest of us?

trillhunter
Is that price for buy, sell, fob, cif or cfr?

It would not surprise me if the 2nd site was at Loxhill which would confuse the hell out of some of the posters here. Go back 2 years and you will know why.

IGas announces two hydrogen schemes in Surrey. He who blinks!

Https://drillordrop.com/2021/06/14/igas-announces-two-hydrogen-schemes-in-surrey/

Https://igas.surreyhydrogen.co.uk/albury?fbclid=IwAR0xAUXR7wMp9_lSkTpfIxoeCuWUv2oUsR9D57mq5RLz5pdwNNgIcc4Id8c#Process

Even if it went to $100 HHDL would only get £2,586,810 a year. Approx £2.2m to UKOG which covers admin for a year and little else. As it is it just about covers it.

It is over a month since they finished the pad. Even TH2 should be able to work out that all is not going well if no rig has turned up to spud Basur-3. The question is why.

No rig available
UKOG not paid AME share of costs
AME seeking extension to licence period.

JustBe
Make of it what you will but "water handling costs increased substantially....... expensive off-site water disposal" are in the annual report. Costs will vary depending on content ( hazardous, non-hazardous or site water) and where it goes for disposal. BKP have their own facilities at various sites and twitter accounts gives clues of Avonmouth and other sites in Southern England.

Production in February 21 (2786 bbls) is nearly the same as it was in September 20 (2799 bbls).

Last years accounts were dated 30 September 2020 when Brent was about $40 a barrel.

https://countryeconomy.com/raw-materials/brent?dr=2020-09

Only 16 days till the unaudited results.

trillhunter
Is that going to match your previous prediction from last week? You never did say what those "three or four commercial fronts" were going to be so I'm guessing it was all talk.

"Yes a good stream of positive news flow on three or four commercial fronts in the coming weeks."

UKOG not on the agenda for next week's Planning Committee Meeting

Also full of Bsitters. Think your record speaks for itself.

"zoom
Posted in: UKOG
Posts: 1,734
Price: 0.243
No Opinion
TANKERS01 May 2021 13:59
From next week should increase, and we should see HH going back up to 3 tankers per day. I expect our price could go up to as much as 4p in the next 3 to 4 weeks. IMO."

Many are still inspired by

https://www.youtube.com/watch?v=afreVyG_8do

and think they can get away with similar claims with anything to do with the company. What is good for the goose is good for the gander. It could be more like a turkey shoot imo.

Turkey couldn't attract Turkish money. What chance have UKOG got?

Given that the previous partner (SNR) in the Resan/Basur (AR/AME-SNR/K/M47-b1,b2 Resan Anticline) was still a partner in the licence in November 2020 I find it rather strange that a RNS was issued on 23 July 2020.

https://www.lse.co.uk/rns/UKOG/entry-into-turkish-oil-project-x3pit06z547voen.html

No mention was made of SNR in the RNS

The next RNS was issued on 02 October 2020
"Funding of initial Turkey operations costs achieved via £2.2 million placing" Again no mention of SNR.

https://www.lse.co.uk/rns/UKOG/16322m-placing-funding-initial-turkey-operations-18mpwfu8lkosqlo.html

The next RNS was issued on 14 October 2020
Turkey Resan licence update
Again no mention of SNR.

https://www.lse.co.uk/rns/UKOG/turkey-resan-licence-update-0tc9uswp1zhm31h.html

It wasn't until 15 January 2021 that another RNS was issued
Formal government consent granted for Turkish Resan Licence acquisition

It is the first time that the name "AR/AME/K/M47-b1,b2" has been named in any RNS.

AT no time has SNR been mentioned in any RNS.

I therefore have come to the conclusion that UKOG were kept in the dark about SNR being a partner in the licence for whatever reasons and that SNR relinquished their share in the Resan Anticline licence sometime after November 2020. See Scout Report 18112020 where SNR are still partners in the licence.

http://docs.petform.org.tr/docs/scout_reports_18112020.pdf

Make of this what you will but it is rather strange that the company that has farm-ins with AME in other operations suddenly pulls out of AME's next project and UKOG steps straight in.

Obviously the Turkish company (SNR) is not backing drilling in that part of Turkey.

Did UKOG do their due diligence? Did UKOG know what was going on?

Just think yourself lucky that SS has not done a "Dick Dastardly" and done a placing without involving the PI's.

April 4th wasn't a trading day. I would have used the 8th. No agenda. I play this by a wing and a prayer. You never know what is coming next. That is the fun in it.

No idea when Easter was. Nor do I care. Used date of AGM. Does it really matter that much to you? You are more than welcome to post your figures. I get the impression no matter what anyone posts you are going to comment on it anyway if it doesn't fit your agenda.