Member Info for ocelot

re Angus's Balcombe ewt application.

WSCC uploaded to its site on 23/12/20 "other correspondence" which included this question to, and answer from, Angus:

You state that previous exploration indicated “flowrates of 1599.6 bbls/day (254 m3/day)
per day”. I assume this was from the 2018 7-day flow test. How accurate is this, given
that this flow test wasn’t 100% successful?

The previous flow period was indeed in the Autumn of 2018, and flow was intermittent and variable
because of slugging of liquids lost to the well during drilling and other operations. The rate referred
to a period of consistent and stable flow of reservoir fluids. The measured rate is reasonably
accurate given the high spec equipment on site that metered the return of fluids from the well.

You state that previous exploration indicated “flowrates of 1599.6 bbls/day (254 m3/day)
per day”. I assume this was from the 2018 7-day flow test. How accurate is this, given
that this flow test wasn’t 100% successful?

The previous flow period was indeed in the Autumn of 2018, and flow was intermittent and variable
because of slugging of liquids lost to the well during drilling and other operations. The rate referred
to a period of consistent and stable flow of reservoir fluids. The measured rate is reasonably
accurate given the high spec equipment on site that metered the return of fluids from the well.

https://westsussex.planning-register.co.uk/Planning/Display/WSCC/045/20

Haven't checked WSCC's site for a while. These answers to questions posed by WSCC were uploaded on 23/23/20 under "other correspondence":

file:///C:/Users/User/Downloads/Further%20Information%20from%20Angus%20Energy%2014.12.2020.pdf

volume of 143.9m has now exceeded that for the whole of yesterday's session.

about 1.5m shares so far this morning

Quite a good rise on the spot gold price, + $30.52 to $1,870.80

Conclusion: UKOG has overshot on the downside.

On the basis of today's issued share capital, book net assets at 31/03/20 were 0.38p per share.

So the current share price of 0.135p offers a discount of 64.5% to those book net assets.

Reminder that book net assets at 31/03/20 were £47,859m and that asset values are reviewed for impairment at least annually.

On the basis of today's issued share capital, book net assets at 31/03/20 were 0.38p per share.

19m at 0.1395p at 15:03:58.

Volume of 128.3m so far.

"... which, in my view, is perhaps one of the UK onshore's most valuable undeveloped assets".

https://www.youtube.com/watch?v=rEu4M3nCkWI&feature=youtu.be&ab_channel=UKOil%26GasPLC

Penguins,

So how do you propose accounting for goodwill?

UKOG's accounting policies are clearly explained in their annual report and assets are reviewed for impairment at least annually.

Penguins,

Think you'll find UKOG's projects are included in assets in the balance sheet - where else would you put them?

We've not heard the results of ProGraphite's testwork on the Amitsoq project (see the RNS of 19/02/20):

... the appointment of leading graphite experts, ProGraphite GmbH ("ProGraphite") for the next phase of testwork at our high-grade Amitsoq graphite project, in southern Greenland...

Mirasol,

Those net present values in the 10s of millions are AFTER the erosion of 30-40% caused by the delays of the UK regulatory system.

Nope, Penguins, he says, and I quote, referring to the UK portfolio (from about 0:28):

"... which contains projects that EACH provide net present values in the 10s of millions in the success case".

https://www.youtube.com/watch?v=rEu4M3nCkWI&feature=youtu.be&ab_channel=UKOil%26GasPLC

The Weald assets EACH provide net present values in the 10s of millions in the success case.

Question of risk/reward ratio, isn't it?

At current share price level, downside risk looks to be minimal.

If successful, upside potential is very substantial.

https://www.youtube.com/watch?v=rEu4M3nCkWI&feature=youtu.be&ab_channel=UKOil%26GasPLC