Nothing if the Tories get in
If they don't there has t be a question about the future of the whole of the Onshore oil business - I could see Labour holding back any FDP approval at HH for "review" with their Green friends fraccing or no fraccing
"You do realise that it is VERY common for multiple companies to have the same registered address?"
Yeah especially small O&G companies connected with DL - none of which are making any money fro investors.
Tho' TBH, DL did dump JTP for Sanderson as soon as he thought they'd REALLY found oil. It still bugs me no end that ANGS sold out of Horse Hill - there must be great story there.
"The EWT comes first. No CPR until EWT complete"
You can do a CPR at any time - sometimes one has to be done as a major shareholder or lender requires an update for internal reasons. The point is that one done without any new hard data is just another expensive (in time, angst & cash) arm waving exercise that the professionals will ignore
"Just wondering if there is a specific date for the long awaited CPR or will it just come after the flow test results."
you never get a firm date from anyone for a CPR - the problem is that the company send the data to the experts who then spend a lot of time working through it - more data is coming in all the time and the question becomes what is the cut-off date? The Experts want to issue a document that is as non-committal as possible with as many "on the one hand but on the other" as they can cram in and the Company wants a definite single number. Also the experts (who may be around a lot longer than the Company execs) will always go for as low a number as they can to protect themselves. The execs of course want the Moon.
I believe it can get very fractious with ongoing meetings where both sides beat on each other.
Generally speaking the big II will look more kindly on a CPR from someone like Gaffney Cline, who have been in the business for over 50 years, than on Joe's CPR of PO Box 3456 Alice Springs , whatever it says. UKOG use XODUS - who are fairly small but reasonably well thought of I believe.
As a stock holder for over 4 years my problem is I see a vast amount of stock that has been issued or bought at prices between 9p and 0.8p. This means that there are millions of shares which go into a profit for every small rise in price. UKOG has always been a favourite of both day traders and the Riverfort type players due to the liquidity.
every step forward (and I really believe that we will see a steady progression now) should lead to a share price rise - but it's likely to be swamped by the herd taking their 10-20% profit on low prices. At best we'll see a two steps forward, one step back slow growth in price- probably driven by some II interest once we get a decent CPR.
"Let me know when the UKOG share price is rising will you?
Over the weekend of course! When the train will be leaving the station (again)!!!
Where is Double Faced Crook when you need him to work up some enthusiasm on a wet Friday???
Quite a few DL outfits were/are there - IIRC HHDL & UKOG were there and Solo were on the next floor down..............
It was undergoing renovation for a while but still occupied - right next to Princes Arcade - where the poor folk shop.............
" Lots of price sensitive information is legally held onto in order to protect the company from hostile takeover"
We should be so lucky................
I think PDMSPiper is right - there are no signs of immediate plans to EWT -2 well. The reason there is no RNS is there is nothing to report - or nothing that can be given a positive spin.
Thanks FJ for the update - I'd guess the herd of people SS was with would be the on-site meeting - seems they hold one every couple of weeks mid-week - FoH was often reporting "suits" on a Tues/Wed/Thurs a/m
"after seeing the site and layout and speaking with SS with was a total surprise to say the least,"
FJones - YOU SPOKE TO SS? Was it him in his earthly manifestation or just a voice from a Burning Bush?
What did he say FFS???
Igas - dead from the neck up - their backers won't put in any more cash and were rumoured to be looking for a sale earlier this year.
All this kit going on site means HHDL are pretty confident it will flow
"wasn't it Rockefeeler who bought into oil when most others were shunning it"
John D Rockfeller didn't get involved in oil production and exploration until quite late in his operations
he made his money by controlling shipment and sales
"DL wasn't DOR back then was he? His old buddy Strang is still at DOR though. And KM didn't get where he did today without DL! Amazing how the same names keep popping up"
IBug - can't remember but the whole HHDL consortium was "mates of Dave" IIRC. To be fair he had the idea and it has worked - but I doubt the OGA would ever let another, similar, corporate structure to hold a Licence again - it's clearly not "Joint & Several". I suspect they dropped the ball in the shift from Dept Energy or whatever to OGA.
As for KM at al has anyone ever heard form ANY of the board of UKOG other than SS? KM is into Lithium Mining as well, Allan Howard is based in the USA and runs a company that seems to do a lot of work for HHDL, Nicholas M-T was at HUR but never seems to speak...........................
"2 (UKOG) to 1 (ALBA) in the Directors stakes makes all the difference imo."
Doesn't matter if there is a legal agreement giving Alba a final say IBug - I just have a high level of suspicion about anything that came out of DL's fertile mind - I'm sure he would make sure he couldn't be voted into large expenditures without some control
Lets be realistic - look around the rest of the Onshore UK
It took UKOG/HHDL 2 years to get from a discovery well to their first test and another 2 years to start the EWT plus over a year and they still don't have Production Approval
IGas are scheduling 1 - 2 years at Springs Road to test
Holmwood was over 8 years in planning and still hasn't happened
Balcombe - 3 years between drilling and a short test - now over 2 years and still no approval for an EWT
Onshore UK is a very very slow & uncertain process
"The field has been built and kept in immaculate condition " ...
has Malcy been there? has he examined the pipework and the well heads and the liner under the site? Or is he just regurgitating the RNS?
"It doesn't work like that. HHDL is the operator and as explained earlier UKOG will have agreed with the OGA to fund their subsidiary to enable it to perform the agreed work programme"
penguins is correct - It is HHDL who get the production permit and HHDL and UKOG who have to sign the letter of support.
The only way Alba or DOR can put a spoke in the wheel is if they can stop HHDL from sending the letter. Now UKOG have a big majority of HHDL which should be fine UNLESS there is some squirrely side agreement dating back to 2014 that requires all shareholders to be onside.........................