Member Info for JiffyBag

I like Merlot tinted glasses, not too many mind:)

Jay,

Not what your thinking, Ros Ey, no I like Merlot:)

Jay,

OOOps, thanks, too many glasses of Red :)

Orson,

I was in a similar position, but had an average of 4p, then averaged down to 2.7p.

3p IMHO is achievable in the not too distant future, maybe think about that strategy?

Yes, moving forward will be incremental, but if HH is declared commercial with the Kims then we move onwards, the first step on the commercial ladder, it won't be a piece of cake, but there is a good chance of reaching higher valuations once the reserves are verified by Exxon and production is realised, all reflected in the balance sheet, etc.

Then people may start to listen and take notice.

Yes, it's a difficult decision to take, understand that, but that's what I have done and if it's wrong then I can only blame myself

Penguins,

Yes additional perfs were planned for (Old Oct 2017 Planning doc) and carried out.

10th Sept RNS
ie. Successful Portland re-perforation programme targeted 114 feet of oil pay, adding 14 feet of new pay. Following re-perforation, well productivity increased by up to 65%.

Jay,

I am no 'Oil Expert' but have learned a few things on the way.

Re: 'My take is that the market hasn’t reacted all that well because the company stated max flow rates of 400/470 on 3rd Aug, then all the talk of ‘bigger pump’ (though that’s just here, not UKOG themselves) and yet when push comes to shove its only 140-160 until ‘future’ (as yet unspecified) optimisations and then it’s only an ‘initial’ 362 that is ‘forecast’…'

The thing is the 03rd Aug RNS was a specific 'Short term high rate test', and only a short term high flow rate test.

ie, 'Portland short-term high rate tests achieve stable implied equivalent daily pumped rates of 401 and 414 barrels of oil per day ("bopd") of dry 36 API oil over two periods of 6 and 2 hours, respectively. '

I wish understood more about testing wells, but is clear that they undertake many tests, with various choke settings, gathering data on pressure build ups and drops, replenishing rates, etc.

I liken it to say adding a valve to a bottle of champagne before you uncork it, see how much comes out and for how long starting with a small choke, and measure, open the choke some more and measure, etc.

Then shut the valve, shake the bottle, and start again, what volume this time? what is the depletion rate, etc.

It's a rather complicated exercise to arrive at n 'Optimised rate of flow' I would have thought.

And that is the exercise that we are going through.

Orson,

Genuine question.

Why did you buy UKOG, was it because of what you read on here or was it because you did some initial research and thought it was a sound opportunity?

Or did you think you could make a quick buck and get in and out but got in at the peak and got spiked?

Kaykay,

Understand where you are coming from, however it's all down to interpretation of the information given in the RNS etc.

For me, I read the RNS as being very positive, I also recognise that the key here in all of this is, 'Optimisation'. Now that might require further perforations etc, as only an extra 14 ft was perfed to the Portland.

For me this is the key statement to date.

'In order to calculate the Portland oil volume connected to, or "seen by" HH-1, steady state flow conditions were required (i.e. stable; oil rate, gas oil ratio, bottom hole and tubing head pressures). Consequently, post perforation, production was restricted to sustainable 24/7 rates of between 140-160 bopd. It should be noted that these rates do not reflect the Portland's full flow potential that could be achieved either via successful further optimisation of the HH-1 vertical well or a new horizontal production well.'

The key which I take as a positive is the phrase,

'It should be noted that these rates do not reflect the Portland's full flow potential that could be achieved either via successful further optimisation of the HH-1 vertical well or a new horizontal production well.'

That is still to be worked on, ie horizontal etc.etc.

Jaykay,

Re: 'No wonder they got the perf gun down the hole PDQ..'

Perfing was always planned for on revisit to HH1, see item 28.Planning Report.

https://mycouncil.surreycc.gov.uk/documents/s40797/Item%209%20PDF%20FINAL%20Officer%20report_SCC%20Ref%202016-01894.pdf

(Note, Substitute Rig For Crane)

Oct 2017
Item 28
Workover operations will be required to prepare the existing HH1 well for EWTs and will require the use of a workover rig. The workover rig will be mobilised to the site to remove the deepest barrier, make new perforations and install flow test equipment and rod pumping equipment prior to each round of testing. The applicant proposes a workover rig (smaller than a drill rig) with a maximum mast height of 32m and its associated equipment will be brought to the site over an anticipated 2 day period.

Boyzeee,

To be fair, you do sound worried, why is that?

LEJO,

I guess you are happy today :, I am:

Scara,

Exactly, buy when there is blood on the streets, a transfer of wealth from the impatient to the patient, sad but true.

We have a few more milestones yet to achieve , but let's not forget nor diminish today was imo a Great Leap Forward. Those whom believe in the long term prospects of the Weald Concept will be rewarded.

I'm off for a pint to celebrate!

SpruceGoose,

Agree with what you say, many folk are quite rightly angered at the SXX debacle etc, myself included, but fortunately for me I have not been financially disadvantaged by the news.

In fact, I sold most of my Sxx and have put the proceeds into HUR which I think in the short to medium term re risk/reward is far more attractive.

Nothing of course is guaranteed, but Imo, HUR is one of the safer bets currently running in the AIM/FTSE casino at the moment.:)

Looking forward to the newsflow in the coming months.

Malcolm,

What ever happened to Airfix, used to love painting and building those pieces of plastic German and Brit models, Spi, Hurricane, Messerschmidt, etc

I was out cycling on Barton Moss on the day that last last flying Mosquito crashed at Barton and saw the smoke plumes, very sad.

Johnpwh,

That is so very interesting, never twigged with me until now you have mentioned it.

Last Sunday a Lancaster flew right over my house! in Manchester, awesome!

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/live-lancaster-bomber-flies-over-15102460

Is RT a historical WW2 aviation enthusiast?

Looking forward to news updates over the coming months on the Spirit /Hur alliance, all looks good to me, primarily because it moves everything forwards into top gear, and that can only be good for drawing the attention of the majors interes,t whom I think will be keeping an even closer eye on developments.

Interesting Read, from Solo Oil re history of Horse Hill 2014 to date, a must read for those whom are new to UKOG.

In particular..

'Base Case Portland initial oil-rate estimated at 350 barrels of oil per day per well'

http://www.solooil.co.uk/our-portfolio/europe/uk/horse-hill.aspx

RNS, 03rd August 2018

ie, Look at the recent DT, comments

https://www.telegraph.co.uk/business/2018/09/03/anti-shale-fractivists-barred-gatwick-gusher/