Member Info for ocelot

Nobody knows and there is nothing anybody can do to accelerate the process - the OGA's approval will come through when it comes through.

The truth is, Ninetails, that all the regular posters tend to repeat themselves on a frequent basis (I am no exception to this rule!).

It's only in the last few days that Greenland has re-opened.

We know that Mark Austin has been looking to recruit in Greenland for this Summer's work-programme, we expect to hear more about the company's plans soon.

I've no idea what kind of flows should be anticipated for Basur-3, but it's important not to forget that:
1/ Basur-3 is the 1st of a planned 5-well programme;
2/ at the present price of 0.2275p, UKOG's market cap is less than £30m.

Wizard,

For accounting purposes, would expect the treatment of the ewt to be the same as in the UK, UKOG aren't going to change their accounting policies because of a change of location.

The big change, however, is that, if successful, the ewt is superseded immediately by the production phase.

Just to complete the citation, taken from the original Turkey RNS of 23/07/20:

"Any future oil production is therefore expected to be economically robust ..." "... at current $40/bbl oil prices ...".

Turkey would need to produce at 2000 bopd to take the SP to 2p imo.
-------------------------
Wasn't expecting you to say that, Ibug!

At $70, the prospective operating margin in Turkey is up 120% since the RNS of 23/07/20:

($70-15=)$55 v ($40-15=)$25.

unable to see my post of earlier, hope this will bring it back up

"The re-opening of our stores to all customers on 12 April has once again been received very positively and we have seen a strong recovery in sales and gross margins, with Retail like-for-like sales 16.8% ahead of the same period in 2019 in the five weeks since re-opening. We are confident of a much-improved performance in the second half and believe the Group remains well positioned to take advantage of an expected increase in consumer spending as we focus on our market share goal of '1 in 5 by 2025'."

-- GBP32.7 million increase in adjusted net cash against H1 2020;
-- No interim dividend declared, however it is the Board's intention to
reinstate dividends by the end of year.

Clogau won't be a big mine, it will be a high-grade one. (Mark Austin).

The gold is there and it is of high-grade.

500,000 ounces is the estimated resource for Clogau and the Dolgellau gold field according to the report of 2012.

The gold price is of relevance to a gold miner.

Oil advanced as rising optimism around a demand recovery in regions such as the U.S. offset Covid-19 flare-ups in parts of Asia.

Futures in New York climbed as much as 1.4% on Monday. The U.S. and China, along with parts of Europe, are rapidly recovering from the pandemic as vaccinations accelerate. In the U.S., passengers at airports jumped to the highest since the pandemic began. However, Indian fuel demand continued to weaken in the first half of May.

The oil market’s structure is showing signs of strength. The premium for global benchmark Brent’s nearest contract over the next one has started widening again, signaling a tightening market ... (Bloomberg)

Any future oil production is therefore expected to be economically robust at current $40/bbl oil prices as front end capital costs per barrel are relatively low and expected operating costs, derived from those at AME's nearby East Sadak field, are forecast to be comparable with UKOG's Horse Hill field operating costs at around $15/bbl. An equivalent production stream in Turkey will therefore pay back far quicker than in the UK. (RNS of 23/07/20)

Current Brent price: $69.50

it's a good movement on the spot price now, +$23.32 at $1,866.75

I listened to the presentation and to the audio recording afterwards: at about 40:30, Lidsey "could be a ready-to-drill opportunity by the end of the year".

It was Andrew Hollis who spoke of Lidsey during the investor presentation of 04/03. He gave the impression of being in a hurry to push ahead as quickly as possible.

That's not what they said during the investor presentation of 04/03.

Think they said they'd set aside the funds for the seismic.

Apart from Saltfleetby, there could be news on Lidsey (the revised seismic) and Balcombe (an appeal?).

Sageman,

The recent trend is up.