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UKOG have said this (5th slide of their 23/03/21 presentation):

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.

Not sure the market has yet taken on board the revenue and cash flow implications of the indications provided below re the projected gas sales on the basis of updated prices:

How much would four trucks of condensate be worth each week? Asked on 14 February 2021

For year 2022 the CPR estimated 28k barrels which is about 550 barrels a week or two to three tanker loads depending on tanker size. We have a better oil price, and condensate sits at a discount, so about £20k a week which is good but well less than 1/10th of projected gas sales on a like basis using the same report with updated prices.

Amongst GL's answers, I liked the mention of an experienced commissioning specialist having joined the team in February.

Continue to believe the market is underestimating Angus, its team and its prospects and this, by a wide margin.

Will Angus Energy be purchasing critical spares as well as the parts for the gas field? Asked on 13 March 2021

Yes and we have on contract on our team since February an experienced commissioning specialist who has commissioned over a dozen such fields the world over.

The risk reward of any of the current projects doesn't change, what's changed is the hope that it's changed, in your opinion.
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Penguins,

My comment that "the risk/reward ratio looks to have turned very much in favour of investors in UKOG" related to UKOG's share price.

PPPS: ie, the risk/reward ratio looks to have turned very much in favour of investors in UKOG

PPS: if UKOG can break through AND hold above the 200-day moving average, then the upside potential looks to be very considerable.

What is interesting about the volumes of the last 3 days is that they were not prompted by any news specific to UKOG, the volumes were generated by the market itself, money on the hunt for overlooked opportunities.

Yesterday morning, the share broke through the 200-day moving average, but failed to hold above it.

Nevertheless, more loose holders have exited.

The next assault on the 200-day moving average will benefit from yesterday's exits.

PS: 200-day ma = 0.167p

I'll venture an answer to my own question:

is it possible the denigrators have not seen coming a recovery in the share price?

... The 23-nation coalition will boost output by 350,000 barrels a day in May, add the same volume again in June and increase by 450,000 barrels a day in July, Prince Abdulaziz told reporters after the meeting. On top of that, Saudi Arabia will roll back its voluntary extra 1 million barrel-a day cut, adding 250,000 barrels a day in May, 350,000 in June and 400,000 in July, he said.

“OPEC+ agreed today to cautiously increase production quotas,” Ann-Louise Hittle, Wood Mackenzie Ltd.’s vice president of macro oils, said in a note. “The agreement is supportive of oil prices, yet should also help avoid a sharp spike upward as oil demand picks up.”

Brent crude rose after the decision, climbing 3.2% to $64.75 a barrel in London...

Looks as if the volumes of the last 3 days have upset some of the denigrators, they didn't see that coming.

What else have they not seen coming?

... lack of cash flow detail for Turkey ...
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Given that they are currently undertaking the construction of the well pad, the lack of this detail is not entirely surprising, Primula!

Sunk so low appears to have been picked up on the radar of a number of investors.

We have a significant shareholder prepared to pay 29% over the current mid-price in order to pick up 15m shares:

to my eyes, that suggests ANGS is currently undervalued by the market.

Tuesday's healthy volume of of 429m shares saw the share price remain flat on the day.

It was only yesterday we were able to measure the impact of Tuesday's volume, it had enabled the reduction of an overhang.

Is today going to be somewhat similar to Tuesday, enabling the exit of more loose holders with the effect on the share price only showing up in subsequent sessions?

G.P (Jersey) Limited:

TR-1 of 26/01: 77,266,666 shares
today's RNS: 15,000,000
total: 92,266,666

% of total issued capital of 931,502,269 shares: 9.91%

UKOG is winning, imho - thanks to the much higher volumes of today and the previous 2 days, we all now know that a lot of investors have UKOG on their radar, are watching it closely and are prepared to invest in it at these levels.

If my calculations are correct, yes, G. P (Jersey) Limited's holding has passed from 8.43% to 9.9%.

Yanis,

We already know who got them:

George Lucan, CEO, Angus comments: "We are pleased to welcome into the recent placing Mr. Frazer Lang of G.P. Jersey Limited as a significant shareholder with valuable experience elsewhere in the onshore UK oil and gas sector. We appreciate his continuing support of the Company as it is engaged in detailed documentation on the proposed Saltfleetby loan facility." (RNS of 01/02)

GL's answer to this month's Balcombe question:

We agree and are not minded to walk away and nor are our partners Cuadrilla. The Planning Committee’s decision rested on a view of public interest which we believe to be narrow and misguided. We are a company that is clearly urgently engaged in Transition but we have legacy oil assets which shareholders have spent many millions of pounds on. We are not asking for a new site at Balcombe but to recover what we have invested. If every oil company engaged in Transition, from BP down, had all permits withdrawn for legacy oil business, there would be no Transition as everyone would be bust. Oil companies need to fund generally more expensive Transition projects and this cannot be done if all legacy assets have to be tossed in the bin immediately and the Energy White Paper is clear about the intention of government to help us, and not hinder us, in Transition.

Angus has been negotiating loan documentation for a long time now with resultant delays at SFB. I understand the joint financing effort has an exclusivity period until 5 April. If Angus do not conclude loan documentation by that date will the Angus board seriously consider walking away from the loan negotiations and/or ii imposing a drop-dead date which is communicated to shareholders by which loan documentation must be concluded? At this stage will other forms of financing/HP commitments then be considered?
Asked on 15 March 2021

We believe that this question was superseded by our recent RNS. We believe that we are in the final furlong.