Member Info for ocelot

Didn't you listen to the webinar, balancedviewer?

He said that because of the UK regulatory regime, he would like to have a pipeline of about 8 projects, he didn't say he has 8 projects in the pipeline now.

The reasons do have to be published.

George Lucan of Angus led a webinar yesterday evening.

Angus do not yet know the official reasons for the rejection of their application.

Why balanced "viewer"? (instead of "participant" or "operator" or something like that).

It suggests the poster is simply a spectator on the sidelines.

Reminder that the 500,000 ounce estimate comes from the top of the range of a report dating back to 2012, before Alba's involvement in Clogau.

It is interesting, therefore, that Alba has no objection to the use of this figure in the media, the highest figure that can be used without the production of a more recent report.

Any market-sensitive information in yesterday's webinar would have required an RNS beforehand.

It was clear, therefore, as suggested by the presentations, that it was, above all, to provide an update on management's current thinking and on Lidsey.

We did learn more about the geothermal project and the priority now being attached to the development of Lidsey.

It IS bombed out, because of the commercial failure of the Broadford Bridge (Kimmeridge) and HH-2z (Portland) wells, disappointing the hopes placed in the stock by investors and leaving UKOG with a range of assets and short of funds to develop them.

The focus is now shifting towards South-East Turkey and its partnership with AME.

Penguins,

It is agreed that, in the past, UKOG have over-promised and under-delivered.

So why do you now reproach them for declining to make projections for Loxley, Arreton and Turkey?

To quote from your post of 10:02:

"UKOG has declined to make projections of production for Loxley, Arreton and Turkey preferring to keep to OIP and GIIP and finger in the air recoveries despite having data at hand to do so".

In order to deal with the delays of the UK regulatory regime, GL said he would like to have about 8 projects in the pipeline.

The geothermal is an ambitious project, potentially twice the size of 100% of Saltfleetby, it only becomes really profitable when it is scaled up.

Oil surged to the highest in more than a year after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.

U.S. crude futures climbed more than 5% to near $65 a barrel, while its global counterpart Brent also jumped after the OPEC+ producer alliance agreed during a virtual gathering to hold output steady in April. Saudi Arabia will maintain its 1 million barrel-a-day voluntary production cut, saying it is in no hurry to bring back the supply...

https://www.bloomberg.com/news/articles/2021-03-03/oil-market-counts-down-to-critical-opec-meet-with-wti-near-61?sref=Em01M8Hr

Re Saltfleetby's processing equipment:

it sounds as if at least one of the key pieces of equipment has been bought in the US, dismantled and re-built in accordance with EU (and UK) requirements.

PS: re Balcombe, they do not know yet the official reasons for WSCC's rejection of the ewt.

Didn't take notes this time, so here are some impressions.
Saltfleetby continues to sound very attractive and, imho, justifies a much higher share price. At one stage, GL expressed the hope that the final costs might come in within the last budgeted figures.
GL gave some indications re the economic implications of their geothermal project which, if scaled up, could generate revenues of £200m over 20 years. Re funding, think he said hopes to announce more soon. Accepts that they may well have to surrender some of the equity.
Re Lidsey, they are in quite a hurry, by the Summer may be in a position to obtain a CPR and seek a partner. Reluctant to commit to figures, but the potential value is clearly exciting in relation to Angus's current market cap.
Re Balcombe, his personal inclination is to appeal, but it will be a decision for the board, of course.

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UKOG has declined to make projections of production for Loxley, Arreton and Turkey preferring to keep to OIP and GIIP and finger in the air recoveries despite having data at hand to do so.
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The management of a quoted company has to be very prudent in what it says in public, if it doesn't want to encounter problems of a legal or regulatory nature.

Having said all that, Penguins, it is good news that the appeal's public inquiry will begin on 27/07, isn't it?

... UKOG's wholly owned Loxley project ... centres upon appraising the second largest undeveloped gas accumulation discovered and flow tested in the UK onshore.

Good news, "earlier than expected inquiry date".