Member Info for ocelot

PS: the government didn't see the cost of living crisis coming but it was there, in natural gas futures prices, last September.

Front month August closed up 19.8% at 288.73p - looks as if the cost of living crisis will be with us all for a while:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5253322

Lots to come behind first gas.
1 sidetrack this year, more sidetracks in 23. Other assets to develop, too, (Brockham, Lidsey, geothermal and, if the appeal goes their way, Balcombe). Plus the possibility of other deals.
If the company seeks to expand via share-financed acquisitions, then they will be wanting to see their share price climb much higher.
Best wishes all invested, or thinking of investing, in Angus.

Ozzy,

Fair enough, to each his own, I lack the patience, I'm afraid.

Fail to see why the share price has come back a bit - the RNS simply confirms what we already knew and expected.

Ibug,

So let's see how things develop in this time of energy crisis and of a higher priority accorded by the government to energy security.
In the meantime, UKOG are 100%-owners of a potentially very valuable asset which is likely to engender interest from other players in the industry.

ocelot
And what difference is that going to make? ...
-----------------
Bit surprised by your question, Ibug. Loxley is a potentially large project the development of which will require to be financed.

Ozzy52,

Thank you for your post.

I have a good number of the naysayers on filter so am not aware of a lot of this but, to be quite honest, I have no objection to their posts (provided they remain within lse's guidelines) because, in some ways, they help to broadcast the content of my own posts.

Front month August up 15.3% at 277.76p, November and Winter 22 both above 400p:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5253322

I didn't scroll down far enough:

November and Winter 22 are above 400p, even Summer 23 is at 248p.

Front month August natural gas price up 12.8% at 271 .88p at present:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5253322

Different teams, Ibug, from different companies.

You will notice there is no statement saying that it is a good indication of recoverable oil or indeed of any oil at depth.
------------------------------
Would do you expect a statement from them saying that it is a good indication of recoverable oil or of any oil at depth?

Wouldn't you expect them to indicate, as they have done, that they are carrying out analyses and considering acquiring a new seismic line?

... their (AME's) field crew has discovered a live, light, 41.7°API oil seep in an unused seismic drill-hole (drilled during this year's seismic programme), approximately 4 km north of the recent Basur-3 ("B-3") location.

The seep's API gravity is close to the 43° API gravity of AME's nearby producing East Sadak oil field and provides evidence of an active light oil petroleum system in the central area of the licence, lying to the north of the joint venture's ("JV") focus on appraising the Basur-1 oil discovery. This has positive implications for future exploration in the licence.

... Oil was initially recovered on successive days from a sandstone layer at approximately 4m from surface using a bailer on a cable. Two new drill holes located 8m to the east and west were completed several days later and also recovered light oil to surface from the same depth ...

Oil samples have now gone for analysis in T ü rkiye and the UK. The JV is also evaluating the potential acquisition of a new seismic line over the seep to help determine if the oil could be derived from a deeper subsurface oil accumulation. (RNS of 30/06)

The map included in Ibug's post of 14:35 shows a total of 14 oil seeps in an area which looks to be of the order of about 25,000 - 30,000 square kms.

The chance of the partners coming across oil seeps close to the surface while undertaking their seismic programme appears to be, therefore, infinitesimally small.

Has UKOG's exploration luck just made a turn for the better?

And the answer to my question: Has anybody heard of any similar oil seeps in the area?

is, yes, but they are a relatively uncommon occurrence.

Thank you for your post, Ibug.

SS commented: "The discovery of the light oil seep is positive and encouraging as it confirms the prospectivity of the central area of the licence to the north of the Basur oil discovery ..."

Could the oil be derived from a deeper subsurface oil accumulation? is the question the JV is itself asking.

My question was as follows:

Has anybody heard of any similar oil seeps in the area?

So, no.

Not the same area, not the same operator either.

Oil samples have now gone for analysis in T ü rkiye and the UK. The JV is also evaluating the potential acquisition of a new seismic line over the seep to help determine if the oil could be derived from a deeper subsurface oil accumulation. (RNS of 30/06).

It's an unexpected development. Has anybody heard of any similar oil seeps in the area?