Member Info for Ibug

Check out page 7 of 18 of (14 - Geological Reservoir Parameters Rev4) of the EA application

Could HH-3 be a dual completion well?

"Figure 5: Top upper Portland Sandstone depth map in ft (TVDss). The HH-3 well is a potential infill well targeting the upper Portland Sandstone and the Kimmeridge Clay. The image shows the injection area (red box) within the Portland Sandstone at HH2z. The injection area is located between the 4 ½ inches slotted liner (2990 ft MD) and the Thermatek plug encountered at 3964 ft MD."

wizard
It was in a RNS in April 20 and quite clearly said "many of which were underway before the pandemic struck. These include a significant cut of 20-50% to Directors' remuneration together with a reduction in non-core and non-essential asset related activities." Covid was well up and running in March so I reckon that should be a good 6 months of cost cutting.

Matt Cartwright joined UK Oil & Gas PLC as Business Adviser in July 2014 to help close and manage the Company’s successful Northern Petroleum acquisition.

Don't confuse HHDL with UKOG in the case of KM. He was a DL baby. Angus Energy started Horse Hill.

UKOG announced the appointment of Stephen Sanderson as its CEO on 27 January 2015 and as Executive Chairman on 8 July 2015. Matt Cartwright was appointed as the Company’s COO on 18 September 2015. Kiran Morzaria was appointed as the Company’s Finance Director subsequent to the period end on the 23 October 2015

Cheesy
His remuneration is covered somewhere in here.

Short-term employee benefits £1,046,000

"Operating costs (£/bbl)*
Year 2020 (£/bbl) 28
Year 2019 (£/bbl) 18

During March 2020 HH-1 entered into production, however, due to optimisations and interventions which were carried out during the period costs were elevated and have
reduced since stable production was reached.

* Operating costs exclude depreciation of the oil asset and indirect management charges from UKOG"

The Financial Director took a salary cut of £1k. Nicholas Mardon Taylor £6k. Allen D Howard £6k.

There is no way Directors took a 20-50% cut.

"On the Isle of Wight, due to pandemic related delays, we now understand that our Arreton project’s planning application should likely be determined in late second quarter, which, if granted, will allow us to schedule site construction and drilling once the pandemic situation stabilises."
Looks like it will probably be on 15 June 2021 at 4.00 pm. The April meeting was never on imo.

https://www.lse.co.uk/rns/UKOG/operating-cost-reductions-1631275m-funding-rddjipghfeys7t3.html

"At a corporate level, the Company has also instigated a number of wide ranging cost savings, many of which were underway before the pandemic struck. These include a significant cut of 20-50% to Directors' remuneration together with a reduction in non-core and non-essential asset related activities."

The Financial Director took a salary cut of £1k. Nicholas Mardon Taylor £6k. Allen D Howard £6k.

Has to be a joke.

Such a shame that sarcasm is not understood.

SS salary last year was Stephen Sanderson Chief Executive £314,000 so he only dropped £17k which is sweet FA imo.

Stephen Sanderson Chief Executive £297,000 + £1000 pension

Can't knock that unless you earn less.

Cash and cash equivalents 2020 £1,634,000

I wonder how many tankers?

During the period long term oil production commenced at Horse Hill via HH-1, which along with the oil production from Horndean, generated revenues of £0.91 million (2019: £0.21 million).

They'll be growing weed next.

The vacuum trailer is smaller than the normal trailer in capacity.

Stockraiser
It reached $67 in the last financial year but imo receipts for oil will be under £1.5m and admin could be 3 times that when the report is published.

Depends which table you look at!!!

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

https://www.worldometers.info/gdp/gdp-by-country/

And that's only 3 of them.

I'll wait for the cows to come home. Let them decide.

Wizard
You are not very good with retaining knowledge or you just don't bother reading the RNS's.

This was quite recent.

"The Kimmeridge HH-4 well, also situated updip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, designed with a lateral orientation approximately orthogonal to the known regional open natural fracture direction, so as to maximise the number of open fractures penetrated."

wizard125
Your words not mine. If they weren't going to produce from the Kimmeridge why are they using HH-2 as the re-injection well. It would have made more sense to use HH-1 as the re-injection well and HH-2 as the producer imo.