The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Since the discovery of the Oymantepe oil field by AME in 2014 in the East Sadak license, the Reşan license has become one of AME’s core exploration assets. The license offers a huge potential for exploring oil in multiple play concepts with its proven hydrocarbon; thrust structures along the Tilan-Başur-Reşan axis, Mardin “Leads” in the tectonically more stable Eastern part of the license, and the shallow amplitude plays in Eocene-Oligocene age formations.
The main target reservoirs are Upper Cretaceous aged Beloka and Mardin Group carbonates within the Reşan-Başur anticline. There are several wells with oil tests along this trend in the license area; Başur-1 (1965) produced 325 bbl of oil during testing the well, Reşan-5 (1957) tested oil at a DST (20 liters oil), and oil shows were observed during the drilling of Reşan 2 and 3 (1955). Moreover, Kurtalan-1 (1961) which is only a 3.8 km downdip from Tilan-1 (1966), produced 219,000 bbl of 33 API oil from Garzan formation between 1961-1971.
In June 2021, the Başur-3 exploration well was spudded to twin the oil-tested Başur-1 well, however, it did not reach the planned TD due to technical reasons and it was P&A’d in July 2021 in the Lower Germav formation.
During the 2D seismic data acquisition program in 2022, light oil seepages (41-47 API) were observed in several explosive shot holes. Oil shows were observed at the Germik base limestone interval during the drilling of a geothermal well (Kezer-1) in 2019. The emulsion also came to the surface while lowering the 9 5/8” casing to the top of the Hoya formation. After identifying near-surface amplitude anomalies associated with positive indicators from post-stack seismic attributes on one of the legacy 2D seismic lines running near both the shot hole and the geothermal well, a shallow amplitude play concept has been developed. Pinarova-1 well drilled to a total depth of 600m to test this shallow amplitude play concept in April 2023. After extensive well-completion operations, the well was P&A’d in February 2024 due to not recovering any hydrocarbon at commercial quantities.
Ocelot
Have UKOG done their research on the underground oil tanks above where they plan to drill these salt caverns? The previous Planning Applications never mentioned them. Better tell your bosses about them.
APPLICATION NUMBER: WSCC/047/23
APPLICATION TYPE – COUNTY MATTER MINERALS
TOWN AND COUNTRY PLANNING ACT 1990
TOWN AND COUNTRY PLANNING (DEVELOPMENT MANAGEMENT PROCEDURE) (ENGLAND) ORDER 2015
To:
Mr Nigel Moore
The Innovation Centre,
Vienna Court
Kirkleatham Business Park
Redcar and Cleveland
TS10 5SH
In pursuance of their powers under the above-mentioned Act and Orders, West Sussex County Council hereby notify you that they REFUSE the following development, that is to say:
Temporary installation of a security fence, gates, and cabins (Variation of condition 1 of planning permission WSCC/001/22 to enable the retention of security fencing, gates & cabins for a further 24 months) at Wood barn Farm, Adversane Lane, Broadford Bridge, Billingshurst, West Sussex
as shown on the application and plans submitted to this Council, for the following reasons:
Reason for Refusal
1.
• There is no demonstrable need to retain the security fencing, gates, and cabins to carry out the appraisal of hydrocarbons at other sites.
• A significant period of time has elapsed since active exploration and appraisal on the site, and there is no demonstrable need for a further extension of time to restore the site. As a result, restoration would not take place at the earliest opportunity.
• Retention of the site in its current dormant state would not enable the extraction of minerals and, therefore, it has not been demonstrated that the development is essential to its countryside location.
Therefore, the proposal is contrary to Policies M23 and M24 of the West Sussex Joint Minerals Local Plan (July 2018- Partial Review), paragraph 217 of the National Planning Policy Framework (December 2023), and Policy 26 of the Horsham District Planning Framework (2015).
APPLICATION NUMBER: WSCC/046/23
APPLICATION TYPE – COUNTY MATTER MINERALS
TOWN AND COUNTRY PLANNING ACT 1990
TOWN AND COUNTRY PLANNING (DEVELOPMENT MANAGEMENT PROCEDURE) (ENGLAND) ORDER 2015
To:
Mr Nigel Moore
The Innovation Centre,
Vienna Court
Kirkleatham Business Park
Redcar and Cleveland
TS10 5SH
In pursuance of their powers under the above-mentioned Act and Orders, West Sussex County Council hereby notify you that they REFUSE the following development, that is to say:
The siting and development of a temporary borehole, well site compound and access road including all ancillary infrastructure and equipment (variation of condition 1 of planning permission WSCC/002/22 extending the permission by 24 months to enable the completion of phase 4 site retention and restoration) at Wood barn Farm, Adversane Lane, Broadford Bridge, Billingshurst, West Sussex
as shown on the application and plans submitted to this Council, for the following reasons:
Reason for Refusal
1.
• There is no demonstrable need to retain the site to carry out the appraisal of hydrocarbons at other sites.
• A significant period of time has elapsed since active exploration and appraisal on the site, and there is no demonstrable need for a further extension of time to restore the site. As a result, restoration would not take place at the earliest opportunity.
• Retention of the site in its current dormant state would not enable the extraction of minerals and, therefore, it has not been demonstrated that the development is essential to its countryside location.
Therefore, the proposal is contrary to Policies M23 and M24 of the West Sussex Joint Minerals Local Plan (July 2018- Partial Review), paragraph 217 of the National Planning Policy Framework (December 2023), and Policy 26 of the Horsham District Planning Framework (2015).
SP has been all downhill since June last year when they did the deal with UKOG.
https://www.lse.co.uk/ShareChart.html?sharechart=RGO&share=Riverfort
Adrian
https://twitter.com/davethedrill1/status/1770777905083154746
If I was @jacksonbollix I would be all over your twitter account 24/7 making your life hell. Get a life you loser.
What I say about you I say on here so all can see.
Adrian
88E, teather and floared give it away.
https://www.google.com/finance/quote/UKOG:LON?window=5D
Market Capitalisation £1.99m
and the 1 week graph
https://www.lse.co.uk/ShareChart.html?sharechart=UKOG&share=Uk-Oil--Gas
says it all. Not sure we will be seeing this next week "2022 Cash and cash equivalents totalled £4.6 million at the year-end (2021: £4.7 million) which allowed liquidity to be successfully maintained."
Someone is making a very bad job of killing it!
21-Mar-24 15:12:54 0.05 1,030 Sell* 0.05 0.065 0.52 O
21-Mar-24 15:12:48 0.055 299,945 Sell* 0.055 0.065 164.97 O
21-Mar-24 13:46:57 0.055 600 Sell* 0.055 0.065 0.33 O
Ocelot
Shame they returned the land to its original condition. But then again did you expect UKOG or AME to inform the investors? You can't even see where the track or pad were even if you knew where it was in the first place.
High hopes of nothing happening. They are the Turkish version of UKOG but are producing slightly more because it is so cheap over there. You just need to look at their website and twitter account to see that they don't update them.
Link to video of Council meeting.
https://westsussex.public-i.tv/core/portal/webcasts
https://westsussex.public-i.tv/core/portal/webcast_interactive/857790
You can read them here;
https://drillordrop.com/2024/03/19/breaking-enough-is-enough-councillors-call-time-on-ukogs-broadford-bridge-oil-site/
https://drillordrop.com/2024/03/19/reaction-to-broadford-bridge-refusal/
Has been slowly rising recently and could hit $90. Unfortunately UKOG possible receipts have been slowly dropping.
Month Receipts POO
Jan 23 $141,668 83.09
Feb 23 $132,347 82.71
Mar 23 $132,451 78.53 $816,321 oct-mar
Apr 23 $115,801 84.11
May 23 $132,738 75.70
Jun 23 $125,815 74.89
Jul 23 $120,150 80.10
Aug 23 $122,864 86.16
Sep 23 $135,360 94.00
Oct 23 $127,029 91.06 $879,757 apr-oct financial year $1,696,078
Nov23 $109,349 83.18
Dec23 $108,294 77.63