Member Info for nhawan

Problem is that they need to raise cash for the Turkey siesmics due before end of this year and the drill program. People are going to be better off staying out until the placing is done. A potential 2-3billion+ shares could be coming and I doubt any placee would want to risk getting shares at the current price and then being stuck with them.

I reckon we will hit 0.14p when the placing comes. The company has gone into hiding with regards to HH progress and are now trying to raise funding for Turkey.

The results are pretty dismal. It hit 15p on the news and bounced but will most likely drop below 15p by end of week. Now wait for a bottom sometime in the next few weeks.

A rise on nothing as usual. I'd love to think there is positive news incoming but HH seems to be big downer so far. A placing is probably coming soon so not risking being in.

The Kimmeridge layer at HH, Broadford bridge, etc appears to be a failure with water cut being a big problem. The Portland is the only section which will be of any significance but that is fairly low output at the moment. Maybe reporferation will improve flow but still not looking good for HH news overall.

It's Turkey focus from now on imo.

Even if it is £3.4 for Turkey I suspect UKOG will try to place for around £5m or higher to cover for other programmes such as Loxley and HH sidetracks, etc.

Last time I did a calculation UKOG needs to raise between £5m-£6m to fund Turkey siesmics and drilling. That would be around 3Billion new shares to be issued within the next month since they need to perform siesmic analysis before the end of the year.
Probably best to stay out for now.

Not sure why all the excitement about ALBA's RNS. All the info they refer to is already in UKOG's June 30th Interim Results RNS.

"The HH-2z well is currently shut in for a long duration pressure build up test to re-assess its connected oil volume. Consequently, the company has sought an extension to the current test permission in order to ensure that sufficient data is available to enable the correct forward decisions to be made.

We are reviewing a number of options for the future use of HH-2z, including stimulation to return it into long-term oil production, sidetracking the well to a different subsurface location and possibly converting it into a future water re-injection well to further reduce future operating costs (as foreseen in the Horse Hill field development plan presented to the OGA earlier this year). "

The plans were set out over 2 months ago so it's looking pretty bad if they still haven't decided what to do with HH-2z. I reckon the Turkey venture is the new direction the company is taking due to poor results from the Kimmeridge layers. The dream of billions of barrels of UK oil is evaporating quickly. ALBA knows as much as we do.

Probably because some think the Loxley planning may be on the 3rd Sept. However it's actually not on the schedule for that date.

The water issue in the Kimmeridge layer seems to be uncontrollable hence why both ANGS and UKOG have had major problems. The Turkey venture seems like an indirect reference to what the HH asset has turned out to be.

Hollybean,

Rather sad that my post about the water issue is removed even though it was probably close to the truth. Ridiculous admins.

"Our geologist might have more success extracting gold than oil?"

Subjecting investors to a golden shower is probably the closest he will get to extracting gold.

If they do refuse it again then it probably means they don't give a **** about the tax payer's money and are just delaying the planning on purpose to cause financial damage to UKOG. Lots of nimby's are in the council who will do anything to stop drilling in their areas.

Seems to have lost it's steam after the confirmation that the planning meeting on the 3rd will not be including Loxley. Another 3 weeks of fun and games on the cards.

What I don't understand about all this Loxley fiasco is that UKOG is suffering delay costs due to the councils incompetence. I thought they would have scheduled another session ASAP to avoid delays but it seems they aren't that bothered. Surely UKOG could sue them for any costs incurred while waiting.

It can't be normal for brokers to call clients asking them to sell. Surely most people can sell online directly. What is going on??

Can get a live quote to sell 10m shares. Looks like someone is loading up. Hold imo.

Potentially this will be above 0.3p next week as we get closer to the SCC planning meeting. Someone mentioned it may well be on the 3rd instead of the 17th to avoid any further decision delays. Would be costly for the council if UKOG decides to take legal action to recover costs.

Took a position yesterday since it's been showing a steady increase all week. Potentially a breakout next week in anticipation of the Loxley approval coming the the next few weeks.

9m shares is only about £20K. That's simply just pi money.