Member Info for ocelot

Agreed, wizard.

Hope that yesterday's very substantial loss draws an accounting line under the commercial failure of BB and constitutes, quite literally, "sunk" costs which UKOG can build upon going forward.

UKOG published their final results on 15/03, 2 weeks earlier than last year.

The quicker they can publish their figures, the better, as far as their potential appeal to IIs is concerned.

or:

Can I offer you anything to eat or drink?

In the hope that next week marks the beginning of a more serious re-rate of Genel:

Withoutt 236
mark888man - 245
ocelot 260

The average 2018 earnings forecast in hasiba's article is 63c or, at $1.33, 47.4p.

That puts Genel, at 218p, on a 2018 p/e ratio of 4.6x.

4.6x looks to be very, very low.

JL hit the nail on the head with his forecast of 218p - well done, Sir!

The prospect of free cash flow and associated proven and probable reserves from Horse Hill in the next financial year, places the Company in a strong position to deliver its ambitious 2020 drilling plans and the associated growth. Horse Hill can solidly underpin our future.

Since our projects to date have demonstrated the ability to produce at high flow rates compared to usual onshore UK wells, we therefore have a significant measure of protection against volatile oil prices. We will, of course, strive to keep our costs as low as practicable, whilst not being afraid to spend capital sums on new technologies that can ultimately deliver higher returns and rewards.

The Company will also not stand on its laurels and will continue to optimise its portfolio, rationalise ownership of key assets and seek further investment opportunities, both in the UK onshore and elsewhere. Whilst much of our current operational plan could be funded by internally generated future cash flow, we do not rule out the need for additional funding for new opportunities that could provide a step change in growth.

https://www.bloomberg.com/news/articles/2019-03-15/venezuela-s-oil-capital-was-ransacked-when-the-lights-went-out?srnd=premium

1/ longer-term ambitions are not limited to the UK:

Our current operational focus is on the UK onshore sector where we aim to build a sustainable production base that can act as a springboard to further UK and world-wide opportunities...

2/ positive comments on BB as a source of information:

... That push does not always yield barn storming results like the "Gatwick Gusher", but at times subtle data points that are critically valuable in understanding the greater upside picture, as we experienced at Broadford Bridge...

The Company learned a huge amount from Broadford Bridge and now it can apply that knowledge to future projects at Godley Bridge, within the PEDL234 licence and Arreton on the Isle of Wight...

3/ firming-up of plans to return to BB:

Next year will also see appraisal drilling in PEDL234 in the central Weald. First at the Godley Bridge Portland gas discovery, ... and secondly with a return to the Broadford Bridge Kimmeridge oil discovery, to drill and test a new Kimmeridge sidetrack.

... The tests also confirmed that the Portland is commercially viable with expected recoveries possibly exceeding 30% of the 30 million barrels of oil in place, provided early reservoir pressure support is implemented...

Have we seen UKOG making that claim before today's 1st RNS?

... “Despite the appearance of extreme calm, we think pressure for an upside move has been building,” Standard Chartered analysts wrote in a note. “The oil market has, in our view, been very slow to focus on and price in a significant fall in Venezuela’s crude oil output due to power shortages. We think Venezuela’s output has fallen below 500 thousand barrels per day (kb/d) over the past week, down from averages of 1.1 million barrels per day (mb/d) in February and 1.2mb/d in January.”...

The RNS then goes on to state "Europa withdrew its application to extend planning permission to drill the Holmwood exploration well from the Bury Hill Wood site, which has since been re-instated". What has been reinstated, the planning permission (is this of use if the site lease won't be extended) or work on the drilled hole?
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I read that to mean the site has been re-instated.

https://globalriskinsights.com/2019/03/kurdistan-region-stalls-government/

ERBIL - Chancellor of Kurdistan Region Security Council, Masrour Barzani, received on Wednesday a Turkish delegation, led by Deputy Minister of Foreign Affairs Sedat Onal, for talks on the the greater trade and energy ties between Erbil and Ankara, Barzani's office said in a readout...

They further exchanged views on the economic relations between the Kurdistan Region and Turkey, both sides hoping for strengthening the ties between Erbil and Ankara, the statement added.

"Both sides expressed their readiness to increase bilateral trade and investment, particularly in energy and transportation sectors," reads the press release...

http://www.basnews.com/index.php/en/news/kurdistan/508089

ERBIL - Chancellor of Kurdistan Region Security Council, Masrour Barzani, received on Wednesday a Turkish delegation, led by Deputy Minister of Foreign Affairs Sedat Onal, for talks on the the greater trade and energy ties between Erbil and Ankara, Barzani's office said in a readout...

They further exchanged views on the economic relations between the Kurdistan Region and Turkey, both sides hoping for strengthening the ties between Erbil and Ankara, the statement added.

"Both sides expressed their readiness to increase bilateral trade and investment, particularly in energy and transportation sectors," reads the press release...

http://www.basnews.com/index.php/en/news/kurdistan/508089

Given the debates in Parliament, neither can I!

The U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico.

While crude output is still expected to reach record levels, the Energy Information Administration trimmed its 2019 forecast to 12.3 million barrels a day -- 110,000 barrels-a-day lower than it had forecast previously. In 2020, production is expected to reach 13.03 million barrels a day -- 170,000 barrels a day lower than last month’s estimate.

“This is just the beginning,” said Phil *****, senior market analyst at Price Futures Group Inc. in Chicago. “The reality of the situation is that a lot of these guys are not making money and are having a hard time keeping these production levels up. Any pullback is going to make it harder to keep that upward trajectory of oil production moving higher.”...

https://www.bloomberg.com/news/articles/2019-03-12/u-s-cuts-oil-production-forecast-for-the-first-time-in-6-months?srnd=premium

ERBIL (Kurdistan 24) – Top delegations from the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) met in Erbil on Tuesday to reach an agreement on the formation of the future regional government, but sources have told Kurdistan 24 that the PUK has made new demands for senior leadership posts...

http://www.kurdistan24.net/en/news/f01b3e1f-6f52-4e52-9f90-bb913cfe1ccc

yes, volume's pretty good: 45.5m so far (mind you, it was pretty good yesterday, too, a down day!).