Member Info for Mirasol

danpoe353 Posts: 1,424 Price: 0.295 Strong Buy 18/04/21
RE: ukog next majorToday 16:20
Clearly see this OP...is a suttle troll. Good fun though.
Fantastic work going on in Turkey.. surely heading for 1p+ this coming week..leading up to Spudding...and Transformational news.

"What overhead costs for IOW/ loxley......they haven't started there yet....keep it real"

You think all the lawyers, environmental experts and planning experts work for free Ozzy/Adrain? Or that they accept UKOG shares as payment??

get real......................

Plot the whole history and fit a curve - as an reservoir engineer would do

It's dropped from 240 bopd last April to 101 bopd this April - it look s like a lot of other small UK onshore oil fields - it'll gutter along for some time at these rates

rule of thumb is FIELD breakeven is around 50-60 bopd (depending on water disposal) - but that doesn't pay the corporate overhead and for other operations such as IoW, Loxley etc

Ah yes - Dominic Rabb - the man who had to be told that France was on the other side of the English Channel...................

Whats the point of posting that Ocelot?

You already post all the RNS in full, over and over

Looking at the graphs it looks as if the rapid decline in production is starting to level out - looks like it'll settle in the 80- 90 bopd range and then very gradually decline from there.

water continues to increase at much the same rate tho

50% water cut has probably moved back to towards December 2021 rather than late summer

" UKOG have never made any other announcement other than posting what appeared to be very good flow rates from the HH test"

And that was a long long time ago

the disappearance of any mention of the Kimm since then shows it doesn't work commercially withe current operation

I suspect that a frac or prop job would help but that's not on here and now

"Anyone remember the 60's half a crown a galleon of petrol will we ever get back there, "

Sure - if you are prepared to work for £15 a week and pay 40% tax on that as well................

"Why did they not spend any cash of converting HH1 to dual complete from the Portland and Kim?"

The Kimm clearly doesn't produce well without (possibly) fraccing - the recharge rate is too low for commercial operations

" Personally he has done his best."

I was told many years ago - "it's not YOUR best we want - it's THE best"...................

£ 80 mm burnt here in less than 10 years

"As the joint venture's new seismic acquisition is scheduled to commence in August 2021, AME have advised that to ensure the sidetrack is optimally located, they plan to pause any drilling until after the acquisition and processing of the new seismic data over the sidetrack's envisaged trajectory."

Any seismic will take at least a month to aquire and two to process MINIMUM.

then it has to be reinterpreted and new sidetrack planned - that takes us into November/December at the earliest - the Turkish winter... sure they can operate but it drives up the costs.

There will be no decision on Loxley until late autumn/year end

So nothing at all happening here unless they resurrect geothermal.......

Won't stop the rampers tho'

"Why wait for new seismic? Sounds to me like the well prognosis was wrong and drilling threw up some surprises."

new seismic can't change the rocks nor the stress field - there are quite a few places world where you have to balance sticking against progress - even in the N Sea. I guess they did their best but just got it wrong in this case. A sidetrack suggests to me that the hole is sufficiently damaged by the fishing etc that they really don't want to risk planting the drill string for good.

They'd better get insurance for the logging tools as well - remember that Solo were sunk by losing a Schlumberger logging suite in the West Indies........

"The share price is very low and lower still on this morning's RNS. It takes no account of the possibility of (delayed) success "with the Basur-3 well and success with the Loxley appeal.

It takes every account of previous UKOG sidetracks and the lose-lose situation at Loxley - ( a win means another raise and a loss is a total loss)

"If the appeal goes our way it could cost the nimby council a tidy sum in costs."

I think Egdon's costs were about £1 per ratepayer - not a lot to kick the can down the road for a year or two and even have a chance of winning - as the ratepayers at Mission have done recently

"All is still to play for, but the results have been delayed."

The ship has hit an iceberg but hasn't sunk yet - Ocelot on the Titanic

"Sidetracking is quite common, would be worse if there was no restriction eg water. As a holder I have to be positive, are UKOG not sidetracking in southern England?"

Agreed that its quite common but UKOG have sidetracked two wells in S England

Broadford Bridge was sidetracked at great cost and was still a duster

Horse Hill was sidetracked to be a"1500 bopd producer" but is shut in as it it hit a lot of water

"Looking forward to a comprehensive update tomorrow and perhaps some bigger trading volumes"

Certainly sounds like an update is coming BUT - the usual City low life are noticeable by their absence from buying ahead of any "good news" - which suggest it may not be as good as we'd hope.................

It always looked like 40-50 days drilling - then they have to log etc

That's a bit of a worry.......................

The rampers will desperately try and drive the price up over the next month. Anything from the site will be evidence that UKOG has discovered another Forties Field. The day traders will come back because they know there'll be enough swings and roundabouts to make some pennies.

Maybe we'l get to 0.25p before reality sets again?