Member Info for Ibug

I'm banking on one more fundraising for Turkey drilling as present production won't even cover admin imo. We can all have opinions.

If you look at the accounts for PW Well Test you will see what they valued their equipment at on 19 Mar 2020.

Total exemption full accounts made up to 31 July 2019 is on page 10

https://find-and-update.company-information.service.gov.uk/company/09145204/filing-history/MzI2MDMwNTEwOGFkaXF6a2N4/document?format=pdf&download=0

ocelot
I don't see an apology in it at all especially when you have lied blatantly on this board. I quote.

"UKOG has no financial debt and it's one significant liability is of £550k to PW Well Test Ltd due in more than 5 months, so mention of bankruptcy is not really appropriate."

"And yes, a lot of shares have been issued. Consequently, there is no financial debt, the only significant liability being £550k due to PW Well Test Ltd for the 3rd instalment in more than 5 months' time."

That is what I call misleading PI's. I wonder why they paid in shares? Could it be they don't have the cash? It wasn't even part payment.

ocelot
How about apologising then.

I would be interested to know how they are going to drill to the NE using vertical wells. Anything away from the vertical is either deviated or horizontal when it comes to drilling terms. 150 bopd doesn't sound right either considering they were getting 300 bopd+ initially from HH-1. And they wonder why PI's don't believe a word they say.

https://twitter.com/N66BKP/status/1359059084071358464

Well, I can safely say thats the first time I’ve been in a HGV and been concerned about the conditions! This will be fun when I’m loaded! ?? we keep going! Mother Nature wont stop me! STAY SAFE! ??
@GroupBkp

@N33BKP

@Grgwasteuk

@VolvoTrucksUK
8:38 AM · Feb 9, 2021·Twitter for iPhone

The number of operating days may have no correlation with flow rates. In October the well was being cleaned up so amount of oil produced was probably quite low (just over 1400 bbls). Best to stick to what the OGA push out imo.

PS The title of the RNS leaves confused in doubt.

"UK Oil & Gas Investments PLC
20 December 2013
20 December 2013
UK Oil & Gas Investments Plc
("UKOG" or the "Company")
Farm in to UK onshore oil Investment - Horse Hill in the Weald Basin."

The consideration for the 7.5% interest in HHDL shall be paid as follows:

1. UKOG will immediate pay HHDL £10,000 towards the cost of the Horse Hill-1 Well.

2. On completion of all necessary legal documentation within 30 days, UKOG will make a further payment of £50,000 to HHDL towards the cost of the Well.

3. UKOG shall bear a further total sum of £390,000 of cash calls for the drilling of the Well to be drilled on the Horse Hill Licence to own a 7.5% interest in HHDL.

HH was a massive farm-in considering UKOG only started with 7.5% of HHDL back in 2013.
PEDL 234 also has to drill another well to bring the total to 3 in PEDL234 in the next 2 years.
At the rate SCC work they also need to get an application in for PEDL246.It is all very well having the licences but they need to do something with them imo.

Why do posters always forget that the only field UKOG get 100% profit from is Broadford bridge. All the others are farm-ins.

TH2
You really don't read anything of any importance do you. Not sure why you bother posting.
1) The hearing is probably not until Q3 according to the RNS so only 5 months away.
2) it is an appraisal well and the gas will be flared. Where is the money in that?
All UKOG gain is the costs. On the downside there is the embuggerance of having to go through the process keeping consultants and barristers employed plus stupid posts on here.
The October figures indicate that receipts for oil from HH were probably in the region of up to $40k gross.

Working on the principle that SS definitely is not due a bonus this year unless the world has gone totally mad and "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." I don't think he will get over £300k in the next annual return.

PS
If 2D seismic is going to cost $1-1.5m in Turkey how much are they going to need to carry out 40 km2 of 3D in the UK:?

Had UKOG actually carried out this requirement from the "Retention Areas Agreed (Updated October 2020) 2014 Model Clauses"
"acquire 40 km2 of 3D seismic by 30 September 2021"
I am pretty sure they could have saved themselves a bucket full of money. But that is another story. Unfortunately the term "clutching at straws" springs to mind at the moment and we'll just have to wait and see what conspires.

Mirasol
I would go to specsavers.

Reporting Period Month Name October
Reporting Period Year 2020

Injected water mass (tonnes) 14,629.00
Injected water volume (m3) 14,629.00

Where does it say bbl?

How do you know it is not a success? 10 tankers of oil to 3/4 tankers of water prior to workover. Under controlled conditions until such time as the injector well is up and running we won't know what the ratio is until March/April 1st to get the OGA figures. If Wytch Farm can make a profit on their water cut figures anyone can.

Oil Production Volume (m3) 61,425.87
Reinjected produced water volume (m3) 1,534,595.10

Has been updated

Summary of temporary reliefs for companies reporting published financial information

https://www.fca.org.uk/markets/summary-temporary-reliefs-companies-reporting-published-financial-information

Extended period for filing accounts at Companies House
Currently the deadline for filing any accounts with Companies House is extended by 3 months. While this automatic extension expires on 5 April 2021, it will be replaced with an application process to Companies House, with companies granted a discretionary 3-month extension where they cite coronavirus as a factor impacting the timely completion and/or audit of accounts.
Only one filing extension is permissible for an accounting period and the extension cannot take the filing date later than 12 months after the end of the accounting period.

Delaying or adapting Annual General Meetings (AGMs)
The temporary ability to postpone AGMs provided by the Corporate Insolvency and Governance Act 2020 (CIGA) expired on 30 September 2020. However, this will not prevent listed companies from taking advantage of the bulk of our temporary reliefs for listed companies noted above.

Further CIGA measures to provide flexibilities around the conduct of AGMs have been extended to 30 March. The Act provides no scope to extend them beyond that date. The Department for Business, Energy and Industrial Strategy are working with stakeholders on further guidance.

0.135 100000 O 0.13 0.135 17:07:03

0.135 120000 UT 0.13 0.135 16:35:18

0.132 2500000 O 0.13 0.135 16:24:54

Quite easy to isolate the Portland and produce from the Kimmeridge. Just use plugs and packers or tubing. There are alternative chemical solutions as well.