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Don't know anything about "deceit", Penguins, simply quoted slide 11 of the presentation dated 23/07/20:

• Wells on East Sadak have flowed at 1,300 bopd
from naturally fractured and dolomitized
Cretaceous Mardin limestones

I've been here longer than I care to mention.

We've seen it before, when UKOG moves up, it can move up very quickly indeed.

I can remember the session when it more than quadrupled (before giving back some of the gain by the close).

It is by having a look at the SP graph that one can measure the opportunity:

the share has fallen a long way and has stayed there for a long time. The result is that, as it turns up, the 200-day moving average of 0.167p is within easy reach.

If and when it rises above that average, there are blue skies above.

current share price: 0.135p
all-time low: 0.105p
200-day moving average: 0.167p

On the graph shown by Zak Mir during his comments of 31/03, the line above the 200-day moving average appears to be at about 0.90p.

https://www.share-talk.com/share-talk-bulletin-board-heroes-wednesday-31st-march-2021/#gs.xghtqb

What is the downside risk at the current price? What is the upside potential?

It is for each investor and potential investor to arrive at their own conclusion.

The top article on the front page of the Times reads:

"Britain on the offensive in race with China for crucial minerals".

So these are the rare-earth elements of which China is the world's pre-eminent producer and processor and which, amongst other things, are "vital for the batteries used by car manufacturers such as Tesla and Ford".

The time is approaching to get back into Greenland and pursue the company's plans for Amitsoq!

Penguins,

Flows may well reduce over time, but, at an oil price of about $63, significant cash can be generated if the oil flow starts at a relatively high level.

Wells on East Sadak have flowed at 1,300 bopd
from naturally fractured and dolomitized
Cretaceous Mardin limestones (slide 11 of the 23/07/20 presentation)

They are focusing on the Mardin limestones but do have Prospect A in the Garzan limestones in the Resan licence area:

An undrilled exploration target in the shallower Garzan limestones, Prospect A, adds further unrisked upside OIP potential of between 68-112 mmbbl in the mean and high case (P10), respectively. (RNS of 23/07/20 and slide 9 of the presentation of the same date).

https://www.ukogplc.com/ul/Turkey%20RNS%20Slide%20Pack%20FINAL%20220720.pdf

• Prior Basur and Resan legacy
wells were drilled in the 1950s-60s in a pre seismic age and with
only rudimentary electric logging
• Prior legacy testing was severely
compromised as E. Sadak
demonstrates that pumping is
required to recover oil to surface.

(Slide 5 of the March 2021 presentation)

£/metre NOT $/metre!

From slide 12 of the presentation of 20/01/21:

Drilling cost comparison $/metre:

E Sadak: £860
HH-2z: £2,800
HH-2: £3,100

"Drilling costs are also forecast to be significantly lower than for a comparable well in the UK. AME's cost estimates for a 1500 m depth well in the Licence are around $3 million gross ..." (RNS of 23/07), so subsequent drilling costs are relatively modest, of the order of $1.5m for UKOG.

One thing we can be sure of is that AME will seek to apply to Resan what they have learnt from E Sadak.

In August 2019 the field was producing 885bopd, a year later the field's production had halved.
================
Average, therefore, = 885 x.75 = 664 x say $63 x 365 x 0.5 (for UKOG's half-share) = c$7.63m.

re Zak Mir's comments of 31/03:

the next line on his chart above the 200-day moving average of 0.167p looks to be about 0.90p.

https://www.share-talk.com/share-talk-bulletin-board-heroes-wednesday-31st-march-2021/#gs.xe9mz4

My impression is that they already know they have a commercial proposition on their hands and are now seeking to expand and reinforce its commerciality.

Re the Kimmeridge, this from the HH update RNS of 15/01:

Following the successful flow testing of the Kimmeridge oil pool, during which 52,780 bbl of 40deg API oil were produced, further development of the Kimmeridge oil pool also remains a significant objective for the Company. Consequently, plans have now been made for an infill well to determine the lateral extent of the Kimmeridge oil pool, proven by HH-1 to lie within a natural fracture system of significant vertical extent.

The Kimmeridge HH-4 well, also situated updip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, designed with a lateral orientation approximately orthogonal to the known regional open natural fracture direction, so as to maximise the number of open fractures penetrated.

It is expected that the further HH-3 Portland and HH-4 Kimmeridge infill wells will be planned in detail and drilled at Horse Hill following the completion of the Company's potentially transformational initial Turkey Basur-Resan appraisal drilling campaign.

Idle speculation on my part, but I do wonder how many PIs have sold out, because of UKOG's under-performance, but continue to keep a close eye on the stock, in the event they might want to buy back in again, ie I wonder if there isn't a pool of money waiting for the opportune moment to come back into UKOG again.

That's the way I see it, ZYX098, ie, a placing to cover the remaining funding requirements for the drilling and seismic costs of the 1st well in Turkey, then a follow-up placing at some stage to finance more work at HH, on the back of a share price (hopefully) boosted by 1st results in Turkey.

The earliest I can see this producing any cash flow (presuming it is a good discovery) is Q4 2021.
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That is very soon, ZYX098, much, much sooner than would be possible in the UK.

Markets tend to anticipate developments about 6 months ahead, we have just entered Q2.