Member Info for ocelot

Ibug,

Your comments on your trading remind me of some of Skwizz's claims (put him on filter many months ago).

You find UKOG to be "easy money": congratulations!

Easy money...
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Does that mean you are no longer waiting but have decided how to play the stock?

Do you really think Boris and the OGA give a fcuk about onshore oil production given those miniscule amounts? I don't or wouldn't.
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So why do you follow a UK onshore E&P company, Ibug?

Stephen Sanderson, UKOG's Chief Executive commented:

"Our strategy at Basur-Resan centres around the cost effective and timely establishment of an inaugural producing well within the licence... (RNS of 07/02/22)

An inaugural producing well within the licence would not do the share price any harm at all.

Equity funding is only a problem because the share price is so low: get the share price up and financing becomes so much simpler!

All the best.

You have my sympathy, of course, Cashintime, it's been very tough for shareholders ever since the excitement of 2017.

But if you have stuck with your investment this long, then now does not appear to be the time to throw in the towel, given the Basur-3s drill is fast approaching and awaiting the government's statement on energy strategy.

Cashintime,

If you are in a position to accelerate the decision-making of the regulatory authorities, please do what you can.

It isn't coordinated: what is the point of the OGA offering some leeway if the local council doesn't?

... Drilling of B-3S is scheduled to commence upon receipt and interpretation of fast-track seismic processing results, currently expected within the first quarter of 2022. First processing priority has been given to Line 3, running directly along the planned B-3S trajectory.

Stephen Sanderson, UKOG's Chief Executive commented:

"Our strategy at Basur-Resan centres around the cost effective and timely establishment of an inaugural producing well within the licence. Consequently, to ensure drilling commences as soon as possible, we continue to advance drilling preparations concurrently with Phase 1 fast track seismic processing. Drilling can then commence directly after the processed data has been received and interpreted." (RNS of 07/02/22)

Ninetails,

Don't overlook the politics:

1/ Johnson needs to be seen to be doing something and to be taking the situation seriously;

2/ when the police report comes through on partygate, he will need all the support he can get amongst conservative MPs and will be looking to shore it up now.

Boris is a populist, he goes where he thinks the votes are.

Right now, there aren't too many votes to be won in a cost-of-living crisis and he knows this.

We shall see what he chooses to do about it (if anything).

Clear as mud.

Russia is Saudi Arabia's partner in OPEC+. Will have to wait and see if Johnson's visit produces anything.

... It was some minor environment civil servant he was talking to. Only the senior civil servants and top aides work at No. 10. The other 8000 Downing Street and Number 10 staff work in various sites in London.
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It was David Cameron's No.10 and, from memory, it was an aide to the PM who was an ex-Schlumberger executive.

As you well know, AME are the operators so it is out of UKOG's hands. They will be doing what is best for them.
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As I understand it, Ibug, the 2 partners are working together to determine the trajectory for the Basur-3s drill in the interests of both parties.

It is reasonable to assume they are quite keen to generate additional revenue and will be doing all they can to adhere to the timetable.

Should be receiving news concerning preparations for the drill of Basur-3s soon(ish).

Is this a CEO "still in hiding"? From the RNS of 11/03, 4 days ago:

Stephen Sanderson, UKOG's Chief Executive commented:

"Recent tragic events in Ukraine have rightly focused attention on the security of UK gas supply and the price volatility that can result from an increasing dependence on imported gas. We believe new UK domestic gas, from sites such as Loxley, could help increase security of supply and help mitigate against such price volatility. In these respects, moving Loxley forward would also be entirely consistent with the Prime Minister's recent statement regarding a new energy strategy that includes using more domestic hydrocarbons to reduce Russian imports.

Prioritising new UK gas production, whether as a transitional fuel or as a source for reforming into blue hydrogen as the Company plans for Loxley, also offers the UK the benefit of a much lower pre-combustion carbon footprint than imported pipeline gas and LNG. It therefore has a potentially significant benefit to the UK's net zero plans versus the net zero downside of imports.

Backing UK domestic gas makes strategic, economic and environmental good sense."

... Gas rationing is a real risk in the coming months, Amrita Sen, director of the consulting company Energy Aspects Ltd., told lawmakers in testimony to Parliament on Monday.

“If we need to rebuild stocks over the summer, so we have a buffer over the winter, it is industry that will need to be curtailed,” Sen said. “Governments may have to step in to mandate some cuts so that we can refill storage.” ...

The U.K. has held exploratory talks with Electricite de France SA about the possibility of keeping open a coal-fired power plant that is due to close in September, in another sign that government officials are preparing for the risk of gas supply disruptions ...

Britain is dangerously exposed to market prices through its dependence on liquefied natural gas, Nathan Piper, head of oil and gas research at Investec, said at a hearing of Parliament’s Treasury Committee on Monday. The U.K. also lacks significant storage capacity since it wound down the Rough field over the past few years.

While the government strategy has been “great for security of supply” it has left the country “completely exposed to the spot LNG market, which is the most expensive part of it,” he said.

https://www.bloomberg.com/news/articles/2022-03-14/u-k-brick-makers-say-officials-want-natural-gas-rationing-plans?utm_source=google&utm_medium=bd&cmpId=google&sref=Em01M8Hr

Extracts from the same article:

Gas rationing is a real risk in the coming months, Amrita Sen, director of the consulting company Energy Aspects Ltd., told lawmakers in testimony to Parliament on Monday.

“If we need to rebuild stocks over the summer, so we have a buffer over the winter, it is industry that will need to be curtailed,” Sen said. “Governments may have to step in to mandate some cuts so that we can refill storage.” ...

The U.K. has held exploratory talks with Electricite de France SA about the possibility of keeping open a coal-fired power plant that is due to close in September, in another sign that government officials are preparing for the risk of gas supply disruptions ...

Britain is dangerously exposed to market prices through its dependence on liquefied natural gas, Nathan Piper, head of oil and gas research at Investec, said at a hearing of Parliament’s Treasury Committee on Monday. The U.K. also lacks significant storage capacity since it wound down the Rough field over the past few years.

While the government strategy has been “great for security of supply” it has left the country “completely exposed to the spot LNG market, which is the most expensive part of it,” he said.