The rise to 11p was brief but most people could sell for around 8.5p for a few days afaik. It was an 8 bagger at least. A 5-10 bagger from the current sp is easily possible if they plan to re-drill BB next year.
With the BB extension being granted I expect UKOG is building up knowledge gained at the current HH site for the eventual return to BB. Remember BB was hailed as the flagship but due to some completion issues it failed to flow.
The Kimmeridge still remains the main prize and even Angus Energy believes Brokham is salvageable since they now think the water issue was likely due to completion fluids. We should see more planning regarding BB towards the end of the year imo once they have enough info from HH.
RE: I THINK SS HAS GOT THE MESSAGE03 Jul 2020 15:03
If he had got the message he would have stumped up some of his inflated salary on the purchase of UKOG shares. The BoD has so far shown no support for the shareholders of the company that pays their wages.
RE: Surrey County Council website03 Jul 2020 13:47
It looks like the council is reviewing the refusal since there is no decision information listed but was originally refused. It is obviously a huge failure on the council side and they will probably approve it quitely without going to the appeal stage.
No real volume today means everyone is just waiting. Holders are not gonna sell at a loss unless desperate. This will likely stay around 0.2p and consolidate. People waiting for a lower entry may be disappointed. All the bad news was out last week so I reckon anything positive will send this higher. The SCC decision being reversed will be a start.
The company put out the bad news last week immediately after the council refusal decision for the Loxley test. I reckon it's best to hold since they will be appealing the council decision and it's likly to be overturned. The HH well is still being worked on and we should see equipment arrive to re-perforate it over the next month. Both these will increase the sp as people take positions. Downside is fairly low at the moment since no one is going to sell at less than 0.2p without making a loss.
perhaps read the Placing RNS before making a fool of yourself...
"To fund items 1-3 above and to provide further general working capital to move the Horse Hill, Loxley Portland gas appraisal and Isle of Wight oil appraisal projects forward, UKOG has raised £4,200,000 through a placing ("Placing") of 2,100,000,000 new ordinary shares ("Placing Shares") in the capital of the Company. The Placing is being made at an issue price of 0.2 pence per share ("Placing Price"), representing approximately a 17% discount to the closing mid-price of the Company's ordinary shares on 2 June."
0.2p is the lowest anyone has bought in at including the placees.
Unless someone wants to sell at a loss I doubt it would go sub - 0.2p and if it does you won't be able to buy much at all. Most pi's have bought in much higher and even the recent placees got them at 0.2p.
Expect a steady rise as we start seeing workover equipment arrive at the site or when an appeal is submitted to the council.
Something positive from today's ALBA RNS30 Jun 2020 18:17
Regarding the Horse Hill-1 Well ("HH-1"):
"On a positive note we also firmed up our plans for the reperforation and recompletion of HH-1. The current completion and perforation scheme is less than optimal for both pump efficiency and oil inflow. Consequently, if successful we remain confident this programme can further improve the well's oil production rate. We currently plan this activity to occur this summer."
"…the Company also plans a significant intervention in HH-1 specifically designed to further improve flow into the wellbore. Together with a full reperforation of the entire Portland section using a different type of perforating gun than prior operations, a new, simpler production tubing completion will be installed. The new completion will permit the downhole pump to be installed below the Portland interval to significantly improve pump efficiency."
Interesting couple of months coming up. Looks like they will be reworking HH-1 with more perforations and aim to improve pump efficiency. Should be able to a fair bit more than the 300bpd there have been getting. It's all doom and gloom right now but expect a recovery very soon imo.
Sadly last week's rise has proven to be a P&D judging by the apparent failure of the HH re-perforations. The recent placees are laughing all the way to the bank. Water cut appears to still be a problem which they can't seem to get rid of. By all intents and purpose HH is a huge failure. Was thinking 0.2p might be near the bottom but not after today's RNS. Looking at 0.12p as being realistic now.
While people are pre-occupied with a planning refusal the real story is that there have been no tanker reports today. I reckon that is a far more important issue at hand. If we don't see any tankers for a few more days then prepare for the worst. SS and crew may be just have played pi's like a fiddle.
I would be cautious right now since the waste tanker indicates they need to do a cleanup or flush again. Has the pressure dropped after a few days of pumping? High risk at the moment especially if the recent rise was to let out the placing share holders. Still highly suspicious that they didn't tell us who the warrant exerciser was who appears to have got warrants at an all time low price.