Member Info for ocelot

No hiccups requiring an RNS, so the debt facility is progressing ... at its own pace.

Not suggesting South-West Turkey will prove the same as Iraqi Kurdistan, but a reminder that Genel was achieving pay-back on the investment in some of its wells of ... 3 months!

Reminder from the original RNS re Turkey of 23/07/20:

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.

With Brent at about $62.00, the prospective operating margin has increased by 88% since then ($62 - 15 = 47 v $40 - 15 = 25).

8. High-impact oil appraisal project with an upside OIP range of 150-500 mmbbl gross with expected recovery factors of 10-20% of OIP

Snap!

Stephen Sanderson UKOG's Chief Executive commented:

"The breaking of ground at the new Basur-3 drilling site makes this material appraisal project very real and tangible. The speed of entry into the operational phase, barely two months after government ratification of our entry into Turkey and despite pandemic constraints, nicely demonstrates the ability to move projects forwards at pace in Turkey, a welcome change from the UK. We salute our highly experienced partner Aladdin Middle East's efforts in this respect and look forward to drilling and testing once the site is completed."

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that construction of the Basur-3 appraisal well's drilling pad and access road has now commenced. Construction works, located within the Company's 50% owned 305 km(2) Resan licence, are scheduled to last approximately 60 days...

Yes, that's the point of my post, Primula, there are no significant shareholders, so PIs are in no position to suggest a change of management strategy.

To do so, it would need someone to come in and build up a substantial position with a view to promoting an alternative strategy.

Primula,

To add credibility to any suggestion of a change of management strategy, you need money, either yours and/or that of others.

3% of UKOG gives you a significant shareholding, 5% entitles you to call a general meeting, 20% might give you some real weight.

Nevertheless, £20m is £20m.

Maybe I'm clutching at straws, but my impression is that the quality of deramping posts has declined markedly recently.

Both the Company and AME will now work towards finalising the design and delivery of a successful first appraisal well, Basur-3, aimed at establishing the commerciality of the aerially extensive and as yet undeveloped Basur-Resan oil discovery. (RNS of 20/01)

Formal government consent granted for Turkish Resan Licence acquisition

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Company's wholly owned subsidiary, UKOG Turkey Ltd, has received notice that formal government consent for the Company's acquisition of a 50% interest in the 305 km(2) Basur-Resan oil appraisal and exploration licence, ("Licence"), has now been granted via official decree. Forthwith, together with the operator, Aladdin Middle East Ltd ("AME"), the Company is a named party to the Licence, officially designated as AR/AME/K/M47-b1, b2.

As per the Company's 14 October 2020 announcement, the board views the Licence's forthcoming 2021 appraisal drilling programme, aimed initially at proving the commerciality of the Basur-Resan oil discovery, to present a compelling and potentially transformational growth opportunity for the Company... (RNS of 15/01)

We are likely to need all the help we can get from Turkish posters, so let's try to make them feel welcome on the board, please.

https://www.angusenergy.co.uk/media/investor-questions/

No

Yanis2005,

Can understand your concern, of course, but the truth is anything untoward would require an immediate RNS, as GL has said, so, for the present, all is on track (even if it is a slower track than we all would hope for!).

reminder: this answer was provided on Sat, 6/03, so is really pretty recent.

Answer to Investor Question asked on 14/02:

We have given explicit updates via RNS. We cannot update further on this platform without further RNS. We can say that given the sensitivity of the matter, if there were any significant road block then we would be under an obligation to inform the market immediately.

The absence of any further update is positive and means there are no road blocks to date.

Think that first one may have been cancelled and replaced by the second one.