Member Info for ocelot

to GL, senior management and all the team at Angus and to all those involved at Saltfleetby.

The problem is now in the process of shifting to one of cash-generation and how best to employ it.

OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

It’s a significant reduction for a market where — despite the recent price fluctuations — supply was looking tight for the latter part of the year. Oil futures weren’t trading when the cut was announced on Sunday, but the inevitable price reaction could add to inflationary pressures across the world, forcing central banks to keep interest rates higher for longer and crimping economic growth.

Saudi Arabia led the cartel by pledging its own 500,000 barrel-a-day supply reduction ... (Bloomberg)

Trish63,

The frequency of my posts has actually reduced (although there is further to go, of course)!

The purpose of my post of 12:49 was, above all, to provide some information to the board.

I filter a good number of posters so fully expect to be filtered myself.

A positive answer to an Investor Question was released by Angus yesterday, as follows:

"How quickly will you know the well performance from SF07V at Saltfleetby? Asked on 1 April 2023

Following acidisation and N2 lifting of drilling fluids any decent gas well can be expected to flow immediately. Acidisation took place on Friday and N2 lifting was completed on the morning of Saturday 1 April. We will therefore report initial flow rates for the first 36 hours via RNS on Monday before 7 a.m., however these rates are presently evolving and will be subject to further change (normally improvement) over the following 72 hours as the well continues to blow back residual mud and calcium carbonate".

If Angus is potentially interested by a Loxley farm-out, then they may soon be better-placed to refine their intentions.

Pinarova is for the very near term so I am amending the last sentence of my post of 11:40:

Re the 3rd question: yesterday's annual accounts RNS shows that a number of UKOG's projects are advancing and should advance further, in the very near, near and medium terms.

Flattered by the subject-title but far removed from the reality, imho.

Answers to the first 2 questions can be found in the company's annual reports.

Re the 3rd question: yesterday's annual accounts RNS shows that a number of UKOG's projects are advancing and should advance further, both in the near and medium terms.

KING'S SPEECH: "Our countries are both accelerating the expansion of our hydrogen economies, the fuel which could transform our future."

Work has commenced to discharge planning conditions for Loxley after which site construction plans can proceed. It is anticipated that site construction will commence in the second half of 2023, with the drilling of Loxley-1 to follow in 2024.

... To move things forwards we have also been in regular discussions with the appropriate experts from the Minister's teams in both the hydrogen and natural gas storage sectors and submitted an extensive response to the government's consultation on Hydrogen Transport and Storage. We are also actively contributing to the design of the UK's future hydrogen storage business model and the UK's future requirements for both natural gas and hydrogen storage volumes.

Given the material size and strategic location of Portland, we have requested that the government considers adding our project to its list of critical UK infrastructure as a Tier 2 hydrogen storage facility ...

Commercial success in Turkey should help UKOG's finances and share price.

I am mindful that the Company must still provide itself with near term cash flow so, consequently, was heartened by the discovery of the light oil seep and the underlying Pinarova shallow oil prospect in our Resan licence in Turkey. Many of the world's original oil fields were found by drilling beneath oil seeps so it's interesting to see that such opportunities still exist if capable people scratch away hard and long enough. Confirmation that Pinarova contains a commercially viable high quality oil accumulation would be an excellent result so early in 2023. I look forward to the forthcoming results and a successful year ahead.

Thereafter the HH-2z well will be recompleted from a producer to an injector. Produced water reinjection back into the Portland reservoir is then anticipated to commence during Q2 2023 following confirmation that all EA permit pre-operational conditions have been satisfied ...

Published!

is the last day for release of the annual figures to 30/09/22.

a brief extract from UKOG's RNS re Horse Hill of 28/03:

The Kimmeridge therefore remains a potentially viable secondary conventional production target at Horse Hill.

PS: I glossed over this paragraph when the 28/03 RNS was released but, imho, it's the nearest we've had as to why UKOG did not proceed with the dual production of HH-1:

In addition to the 132,000 barrels of 35-36° API Portland continuous production, approximately 53,000 barrels of 41° API sweet crude were produced from multiple zones within the underlying naturally fractured Kimmeridge section during production testing, before being shut-in to permit longer term Portland production. The Kimmeridge therefore remains a potentially viable secondary conventional production target at Horse Hill.

wizard,

Don't know for sure but I thought HH-3 has always been a fill-in well into the Portland and HH-4 the same for the Kimmeridge.

Really wasn't expecting HH to be farmed out before Loxley.

It's very encouraging David Lenigas has chosen to return to HH to drill HH-3 into the Portland and has helped to put HH back on the map.

Drilling to a total depth of around 500-550 metres below surface is now expected to commence in the first half of April 2023 following drilling rig mobilisation.

Today is 31st March, the first half of April isn't very far away at all.

Well deserved!

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