Member Info for Insidious

A further £75,000 of the £5.5 million convertible loan reduced, the Loan's balance is £1.85 million…

Heid - not really I just pop in now and again to see what is happening here....

Heid - you know this is the UKOG board....

Now I'm really gutted!!!

Reminds me of the build up to the 11p spike...

Reminds me of the build to the 11p spike...

"Once you have eliminated the impossible, whatever remains, however improbable, must be the truth."

Oil prices dive as world runs low on storage capacity while demand plunges
Commodities1 hour ago (Apr 28, 2020 06:11)

https://www.cnbc.com/2020/04/22/oil-prices-heres-how-oil-storage-works-and-why-capacity-matters.html?__source=twitter%7Cmain

More chance of Ewing Oil buying this than BP...

The world is rapidly running out of space to store crude oil, and producers may finally have to admit defeat and cut output, after prices fell below zero this week with supply overwhelming demand as economies slump in the wake of the coronavirus pandemic.

“The worldwide economic shutdown has diminished demand so significantly that we are running out of room to store crude oil,” said Gregory Leo, chief investment officer and head of global wealth management at IDB Bank. “The math is pretty simple. Current oil production is about 90 million barrels per day, but demand is only 75 million barrels per day.”

“While futures contracts expiring later this year are still trading as high as $30, if this supply/demand imbalance is not corrected their fate will be the same,” he said in emailed commentary. “And with the price of oil so goes the fate of some energy companies,”

The Energy Information Administration pegged total U.S. working storage capacity is at 653.4 million barrels. Net stocks held at refineries and tank farms was at about 323.5 million barrels as of the week ended April 10, taking up 57% of storage capacity.

“At the current rate of increase, storage in the U.S. would fill in 7 to 8 weeks,” said Robert Yawger, director of energy futures at Mizuho Securities USA, in a note dated Tuesday.

Brent Crude going up?

By the end of this year where do you see UKOG...

Is it safe to say we are not going to see that 2p to 5p in a few months time then...

Lets not forget we are only a couple of months away from the potential 2p to 5p....

So much cheap oil on the market and will be for quite some time, he would of been better selling the water as that was in great demand when we had the panic buying...

Potentiality this could be 2p to 5p in six months time..

Any news from him lately?

still no movement here whats going on?

UK Oil & Gas PLC

("UKOG" or the "Company")



Horse Hill Field Granted Long-Term Production Consent by OGA







UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Oil and Gas Authority has approved the Horse Hill Field Development Plan and consented to the start of long-term production ("Production") from the field.



This key consent will enable net recoverable reserves to be allocated to the Company, a pre-requisite for future potential debt-based funding. It will also permit the Company to enter into long-term field operations contracts which can help reduce operating costs below $19 per barrel, making the field more profitable even at current low oil prices.



Portland oil pool Production will commence via Horse Hill-1 ("HH-1"), with Kimmeridge Production planned to be added in late spring via a conversion of the well to a dual completion. Production from HH-2z is planned to follow upon completion of the current extended well testing campaign.



UKOG holds a controlling 85.635% interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, which are operated by UKOG's subsidiary company, Horse Hill Developments Ltd.



Stephen Sanderson, UKOG's Chief Executive, commented:



"This is an important regulatory milestone, granting governmental Production consent. The Company can now focus firmly upon maximising stable production, reducing operating costs and generating positive cash flow. The ability to book reserves also opens the way to potential debt funding, a positive step towards both creation and preservation of shareholder value."