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Stephen Sanderson, UKOG's Chief Executive, commented:
"Although it's still early days in the EWT campaign, we are very encouraged by the magnitude of the initial flow rates. These confirm that HH-2z's horizontal trajectory can deliver flow rates from the Portland sweet-spot that significantly exceed those delivered by the HH-1 vertical discovery well.
Our team's efforts are now firmly focused upon the routine elimination of water ingress and the continued optimisation of HH-2z's near-wellbore, both of which are designed to ensure HH-2z can deliver the best possible stable oil production rates over the coming year.
Whilst there is still much to be done, these early results, together with the timely submission of the FDP to the OGA, mean we are well on the way to delivering significant production at Horse Hill."
@ Ironhide
So ideally if we need to get the average to $27 we need to extract roughly 350 barrels per day (At present price of Brent)
To show a 1m asset profit which is what is needed to turn the tide here unless they can increase the amount of oil per day
:)
Just bought a few more shares to bring average down to 1.5p (was 7p @ one point).Might go to the bank and buy a few more later this afternoon (ideally want under a penny). Im in no rush to sell if it takes 10+ years for this to get back around 7+p again which I think it will be easily .
GLA
Hi all,
I hope you and your family and friends are all safe
I am a novice at this share lark and have usually bought high and sold low to be honest LOL!!
Many companies shares worldwide have plummet and its a scary time to which path we are going to go down.I personally think in the long term UKOG will be fine.We have a well that is producing a couple of tankers a day (not much at present but its there.And can hopefully build on). Have we got some sort of 20 year lease or something (why ??)We have also got other wells in the foreseeable future..I can personally see in the long term UKOG will be back to 5p+.This is not a ramp just my opinion like everyone else is entitled to view ( rampers/derampers)
Wish you all the best GLA