Member Info for Mirasol

"Has UKOG got a claim against SCC...Today 11:03 ... l wonder ? because of the effect on the SP due to the huge delay, in the re-run of this Loxley meeting Re: UKOG..."

Not a hope - you'd gave to prove corruption or something similar - remember Egdon only got their legal costs for the SECOND planning enquiry after the council there decided not to contest it at the last moment

and you never get "loss of business costs" - almost impossible to prove - especially in drilling oil wells............

It's another blow tho to the idea of a Weald based oil & gas company..................

"Don't the O&GA require an operator / licensee to drill a well in the given PEDL within a certain period after award of that
PEDL?"

yes but.... the experience is that thing like planning (over whioch the OGA have zero say) always get in the way - the OGA waive, delay & defer wells onshore all the time - TBH they'd rather it all went away but they do the absolute minimum to keep it ticking over.

A lot of rampers have always added Holmwood/A24 to the long list of "future positive news flow" or " assets that the market doesn't value". Both UKOG and ANGS are gradually coming back to a couple of pretty average assets in the Weald (which was going to be a National Treasure in 2015) and both have punted on areas outside their previously core areas.

Of the two I think ANGS will do better tho how much will be left for us mug punters after the gravy is skimmed off by whoever loans ANGS £12 million remains to be seen

"Why do people go to the trouble of copying RNS "

In this case because, as previously, bad news was slipped in under an update - the RNS title say nothing about relinquishing A24. And one might have though the detailed study that makes it un-drillable should have taken place BEFORE they bought out UJO and EUR

But those were the heady days when there were only 6+ billion shares around

still nothing on the Kimm or HH2z or the future strategy tho...................

RNS 16/04/19
The Licence contains the significant "A24" Portland and Kimmeridge oil prospect that is a direct geological look-alike to the Company's Horse Hill oil field, situated on-trend some 8 km to the east. Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified. Work is well advanced to find a suitable drilling
location that is situated outside of the Surrey Hills Area of Outstanding Natural Beauty ("AONB").

Stephen Sanderson, UKOG's Chief Executive, commented:
"We are delighted to acquire this further significant share of such a highly prospective exploration Licence, which contains, in UKOG's view, one of the best undrilled Portland and Kimmeridge prospects in the Weald Basin. The proximity to UKOG's Horse Hill field, together with the Company's operational and subsurface expertise in the area, adds potentially significant operational and cost synergies to the project's overall benefit. UKOG, as the new Licence operator, will now push ahead to finalise a new well location outside of the Surrey Hills AONB. This acquisition is in full accordance with our stated strategy of holding majority operated interests in key assets."

RNS 03/06/19
The total considerations of £300,000 and £112,500 to Europa and Union Jack, respectively, will be satisfied through the issue of an aggregate total of 35,683,391 new ordinary shares in UKOG ("Consideration Shares"), with 25,951,557 and 9,731,834 Consideration Shares issued to Europa and Union Jack respectively, as outlined in the announcement of 16 April 2019.

PEDL143 Update (UKOG 67.5%)

A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target depth wells are neither technically viable or economically feasible.

Consequently, UKOG and its partners have now relinquished their interests in the licence. It remains a great disappointment to the Company that the licence's former operator, Europa Oil and Gas, whilst in possession of planning consent, failed to drill the prospect from the Holmwood site, around 1 km from the target.

Croq - for a short period around Broadford Bridge UKOG had a significantly higher market cap than Premier.....................

"Why wouldn`t they want to update the 2018 CPR "

We all know why - it would show a fall in resources......... the reservoir model was wrong (hence the issues at HH2z) and they'd have to ignore the Kimm again. And they have RNS'd the award of a CPR contract before IIRC

"CPR is still expected in due course....no word of anything different."

No news of it at all - they haven't even said they've commissioned one so it'll be at least 3 months before it comes out

Wed, 14th Oct 2020 07:00

RNS Number : 9697B Union Jack Oil PLC 14 October 2020

Union Jack Oil plc ("Union Jack" or the "Company")

North Kelsey Further Acquisition and Alignment of Interests in PEDL241

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce a further 30% acquisition of PEDL241, containing the conventional, drill-ready, North Kelsey Prospect, the alignment of our equity interests in that licence with Egdon Resources U.K Limited (the "Operator") and to jointly pursue a farmout for the drilling of the North Kelsey-1 exploration well.

North Kelsey is a conventional oil prospect along trend from and analogous to the Wressle oil development, which lies approximately 15 kilometres to the northwest. The prospect has been mapped from 3-Dimensional seismic data and has the potential for oil in up to four stacked conventional Carboniferous reservoir targets. The Operator estimates that the Prospective Resources range from 4.66 million barrels up to 8.47 million barrels of oil, with a Mean Resource volume of 6.47 million barrels. In September 2020, the existing planning consent for drilling North Kelsey-1 was extended to 31 December 2021 by the Lincoln County Council. Requisite permits for drilling have also been received from the Environment Agency.

Under the terms of the agreement Union Jack will acquire an additional 30% interest in the licence for a cash consideration of £100,000. Previous financial farm-in obligations in respect of the 20% interest in PEDL241 already held by Union Jack will lapse. Further financial obligations will be equally carried on a 50/50 basis by Union Jack and the Operator. The transaction is subject to Oil and Gas Authority consent. Upon completion of the acquisition the interests held in PEDL241 will be as follows:

Company Previous Interest New Interest

Union Jack Oil plc 20% 50%

Egdon Resources U.K. Limited (Operator) 80% 50%

David Bramhill, Executive Chairman of Union Jack Oil plc commented: "North Kelsey is a low cost, drill-ready onshore acquisition for Union Jack in our focus area, consistent with our strategy. "The increase in our interest to 50% increases our exposure to this potentially value adding project and expands our balanced drilling and development portfolio. "North Kelsey sits within our focus areas of the East Midlands, Humber Basin and East Yorkshire and is on trend with our Wressle oil development project which is on-track to produce first oil later this quarter. "The acquisition of this additional 30% interest has been executed on attractive terms without any promote and will also deliver additional savings by removing our previous farm-in carry obligations. Subject to a successful farm-out process, North Kelsey-1 is expected to be drilled during 2021."

"Basur-1 flowed 500 bbl to surface over a 6-hour period from naturally fractured and dolomitised Cretaceous age Mardin
limestones, an extrapolated rate equivalent to 2,000 bbl of oil per day"

fractured limestones? big flow on short period?? massive "extrapolated flow rates??? VAST upside????

I seem to have heard that before.............................................

"EOG final results are interesting if DB is looking to spend some of the funds!"

EOG are another lifer-style company who have roamed around for years trying to find a big find - Egypt, Ireland offshore, UK onshore, now Morocco - and hardly any income and a steady erosion of value - in other words a typical AIM oiler

"very time the price per therm goes up by a penny it is pure additional revenue (profit) to Angus."
Revenue increase is not a profit increase JD - there are taxes to pay - see the CPR but it is true that the costs base is relatively stable (other than Directors Bonuses of course).

The CPR took NBP FWD and applied discounts of around 1.7p a therm for transportation and system entry and 1.5% for off-takers charge so around 30-39p a therm

"Have read on a few other boards about rising gas prices (not unexpected due to time of year, demand, etc).
Will this have a material impact on projections for earnings (low, mid, high, etc)? If I am reading correctly (ICE futures), the average contract price over the next 5 quarters is around 41p which looks to be at the high end of the CPR figures.
Would the off-take agreement be based on a discount to volumes being supplied, and set at the quarterly futures price at a given point in time, or based on an average? Not sure if I have seen this detailed, so apologies if this is freely available"

The CPR used an annual average for FWD of between 32.49 p and 42.24p over a 7 year period. You'd have to keep a running average to check. Details of the gas sales contract have not been published and nor are they likely to be . They can be fiendishly complex - especially if anyone with an MBA gets involved. Price may depend on how much is baseload, if there are provisions for the buyer to request more or refuse to take some offered................. Might be daily prices, weekly , monthly, yearly or even a fixed price irrespective of market price.

I'd assume as volumes are so small it won't be to complex as it's not worth the effort by the buyer but your chances of calculating what they're making on your own is zero I'm afraid - you have to wait for the annual accounts

All you get are your legal costs - nothing for delay or loss of business

Looks good................

"on the new HH-1 figures.."

Which are???

" realise Made in Britain is the only option to create jobs"

I remember the great days of British manufacturing - the Austin Allegro, the Triumph motor bikes that sprayed oil all over the rider, it taking 3 months to get a phone line in your house because of "lack of demand"

The world has moved on - making most things is best left to robots and people in poorer countries - we can still make things like aircraft engines (just) and other hi-tech gear such as satellites but the days of mass production are still waning. The future is in software, design and media

I know its not popular but that's the facts