Member Info for ocelot

https://www.bloomberg.com/opinion/articles/2022-04-21/war-in-ukraine-the-second-wave-of-russia-s-oil-shock-is-starting?cmpid=BBD042122_CEU&utm_medium=email&utm_source=newsletter&utm_term=220421&utm_campaign=closeeurope&sref=Em01M8Hr

... If the (Russian) production losses so far in April continue and deepen in May, as many in the industry expect, the laws of supply and demand will take over. Oil markets are like the proverbial tanker: they take time to turn. But turning they are. And that means prices are heading higher, again.

Looking at the 3-year graph, the current share price is around the level of the highs of the last 2 1/2 years+.

Break above this level and it looks like a pretty clear run up to 3-4p.

Just as Sarah Finch has tried to make a point of HH, so it is possible the government may make a point of Loxley.

Don't know about "the" people, but local people, agreed.

But the government can recover that power, as we've seen with the Loxley appeal.

The councillors may be the same, it's the government's priorities which are changing.

In their report, council planners concluded that the development was needed to address the “ongoing demand for oil”. They said:

“The Government recognises there is a need to maintain a stable and reliable supply of indigenous energy sources and this would include onshore oil and gas into the future.

“It is therefore appropriate that such indigenous supplies of natural gas and oil, regardless of how small in scale, are properly husbanded to make a valuable contribution by maximising energy recovery of indigenous supplies and contribute to the energy sector.”

Council officials have supported plans for more oil production at a small site in the Surrey greenbelt, saying it would help meet a “growing demand” for hydrocarbons.

https://drillordrop.com/2022/04/20/demonstratable-need-for-more-greenbelt-oil-production-at-brockham-surrey-council-planners/

Investor Webinar

Angus Energy Plc (AIM: ANGS), announces that George Lucan, the Company's Chief Executive Officer, will be presenting at the London South East Retail Investor Webinar on Tuesday 26 April 2022 at 6pm (UK local time).

Following the presentation, attendees will have the opportunity to ask questions. If you would like to attend, you can register for free using the link below:

London South East 26 April registration link :

https://us02web.zoom.us/webinar/register/2016503689087/WN_3rLdEw2tQWewuntgo1U_Kg

a trailer for an upcoming programme.

The simple fact of a presentation on 26/04 looks encouraging to me.

Glad to hear you have great expectations, Ibug.

It certainly looks as if Basur-Resan could be the source of a number of further RNSs in the near(ish) future.

Given that the share price has been above 1.20p for, in all, quite some time, I'm surprised not one of the warrants exercisable between 1.20p and 1.50p has yet been exercised.

Does this mean that the warrant holders are in no hurry to think about cashing in?

"The new seismic ... for the first time links the original Basur-1 discovery with the Resan wells at the southeastern culmination of the anticline, providing encouragement that a single hydrocarbon accumulation could be present over the entire 60 km(2) Basur-Resan anticline ...

True, the spread was 0.115p to 0.12p at that time, still means it was a buy at 0.1188p.

Dealt at 0.1188p when, as you show, Ibug, the bid was 0.11p and the offer at 0.115p.

A sell above the offer price?

Trade 39 has yet to be reported but is a buy for 26m+.

New seismic line AME-21-8, the first seismic line running northwest to southeast along the 'strike' or geological axis of the Basur-Resan anticline and passing through key Basur and Resan wells, indicates, in the Company's view, that both Basur and Resan are part of the same 60 km(2) anticline and could thus potentially contain one common hydrocarbon pool. Both the B-1 discovery and Resan-5 wells which fall on the new seismic line, some 9 km apart, are reported to have recovered oil to surface from similar depths within the Garzan to Mardin target section, albeit historic 1950s-60s data quality and documentation is poor. The proposed B-3S and R-6 wells will test whether this interpretation is correct ...

... Given the new seismic indicates B-3S requires a longer and higher angle trajectory than previously envisaged, the joint venture is considering the merits and potential cost savings of drilling the simpler R-6 before the more complex B-3S. The Company awaits the operator's drilling cost comparisons, expected timings and final recommendations in this respect before confirming its position ...

Turkey: Basur-Resan seismic processing completed

Stephen Sanderson, UKOG's Chief Executive commented:

"The new seismic is an improvement on the prior 1982-92 data and for the first time links the original Basur-1 discovery with the Resan wells at the southeastern culmination of the anticline, providing encouragement that a single hydrocarbon accumulation could be present over the entire 60 km(2) Basur-Resan anticline. As originally envisaged, the new data will also help facilitate the correct placement and design of the future planned B-3S and R-6 appraisal wells, designed to determine the future commercial viability of Basur-Resan."

Ibug,

The artist formerly known as OGA now goes under the name of the North Sea Transition Authority (which always makes me think of New York City's transit authority) :-)

Ibug,

You were the one to quote this from UKOG's annual report in your post of 07:56:

"HHDL has continued the process of obtaining the full environmental production permit, including water injection and additional development drilling, from the Environment Agency (EA). The permitting process has taken longer than anticipated with the regulator but award of the permit is expected in Q2 2022."

Q2 could prove to be an exciting quarter for UKOG, even if there is no evidence of that excitement right now:
Basur-3s, the Loxley appeal decision, maybe permits for conversion of HH-2z into a water injector, maybe an acquisition in the US, ..., positive news could arrive from a number of different directions.
For investors in UKOG, the long term has become longer and longer. Nevertheless, if its share price has been declining or, at best, flat, the company itself has been changing, from a Weald-focused concern to a company much more international and diversified in its interests.
Imho, the share price has an adjustment to make, better to reflect the current make-up of its near and longer-term prospects.