Member Info for ocelot

From the Summary of the Report by Head of Planning Services, extract from pp 18-19

... On balance, in light of the above assessment and taking account of the changes to the
proposed development (in particular the shorter duration of the operations proposed
Page 18 Agenda Item 4
compared with the previous application), the additional information submitted by the
applicant, and changes to national energy policy, the revised application is considered
to accord with the policies in the development plan (in particular, Policies M7 and M13
of the JMLP) and, therefore, it is acceptable.
Recommendation
It is recommended that planning permission is granted subject to the conditions and
informatives set out at Appendix 1.

The CPR was released on 05/03/20, nearly a year ago.

Volume on that day was about 200m shares - it would be good to see that kind of volume again.

1:200 at UJO, will be interesting to see the share price reaction.

They've just saved £550k by paying for the 2nd instalment in shares.

For long-term investors, a few days' additional delay is neither here nor there.

If you think of it as a plane preparing to take off, you don't have to worry about the number of its feathers.

Re asset values:

UKOG reviews for impairment on, at least, an annual basis.

The major new investment in the accounts to 30/09/20 is HH-2z - it is those accounts that will show us how they have chosen to treat the investment in HH-2z.

Ozzy52,

Imho, the oil price should have an influence now, because of the doubling of the prospective margin for the Turkey project (and the impact on oil production at HH, whatever the level of that production may be) and because the market is, above all, interested in the future.

No news to date.

The RNS of 10/12/20 spoke of "within 60 days" which took us to 08/02/21.

ie. it has increased from $25 to $50.11

Brent: $65.11 (10 mins ago)

The prospective operating margin in Turkey has now doubled since the original RNS of last July.

Citigroup Inc. said it expects a production loss of 16 million barrels through early March, but some trader estimates are now almost double that. Vast swaths of production in the Permian -- the heartland of U.S. shale output -- have been shut in.

The result has been a surge in the value of crude barrels in other parts of the world. North Sea traders have been frantically bidding for the region’s cargoes this week as replacements are sought for U.S. crude exports. As Europe’s supplies have gotten more expensive, Asian buyers have been snapping up Middle Eastern shipments at higher premiums ...

What began as a power issue for a handful of U.S. states is rippling into a shock for the world’s oil market.

More than 4 million barrels a day of output -- almost 40% of the nation’s crude production -- is now offline, according to traders and executives. One of the world’s biggest oil refining centers has seen output drastically cut back. The waterways that help U.S. oil flow to the rest of the world have been disrupted for much of the week.

“The market is underestimating the amount of oil production lost in Texas due to the bad weather,” said Ben Luckock, co-head of oil trading at commodity giant Trafigura Group.

Brent crude surged to within 25 cents of $65 a barrel on Wednesday, a level not seen since last January ...

https://www.bloomberg.com/news/articles/2021-02-17/big-freeze-in-texas-is-becoming-a-global-oil-market-crisis?srnd=premium&sref=Em01M8Hr

2-3 weeks made it clear they were not in a position to give a precise date.

It may have become 3-4 weeks.

so the prospective operating margin in Turkey has increased by almost 98% since the original RNS in July:

$64.50 - $15.00 = $49.50 v the original indication of ($40 - $15 = ) $25.

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. (RNS of 15/01)

Reminder that:
1/ WSCC's planning committee re Angus's application for an ewt at its Balcombe horizontal well is less than 2 weeks away, on 02/03;
2/ Alba's George Frangeskides said on 09/02 of the Kimmeridge at HH:
(it) "remains the really big target", "it is a very big prize".

Yes, the planning committee will come to a decision.

I would bet ALBA don't give a monkeys about the share price dropping, as whatever happens they still get paid.
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Don't agree, they need the share price to rise in order to get warrant holders to exercise their warrants and inject additional cash into the company.

less than 2 weeks to the 02/03 planning committee meeting