Member Info for ocelot

Warrants raise necessary cash thereby reducing the need for additional placings.

They encourage management to get the share price up and to keep it up.

Operating costs down, oil price up, let's see how things develop both at HH and in Turkey.

Don't know, Crocqman, will wait for the company to provide more information.

To have reduced their operating costs by 66% is a phenomenal achievement.

Are they in the process of turning the corner?

Await the RNS re the 2nd instalment of the purchase of HH equipment with interest.

Recent Angus’ news announcements have stressed an increasing focus on geothermal programmes and hydrogen/carbon capture solutions. Whilst these seem interesting given the current ESG environment, it is less clear how the economics of these projects would work and how remunerative they’d be versus traditional hydrocarbons. At an appropriate time please can Angus provide some more detail on these and also whether, asides Saltfleetby, any of Angus’ other sites would be suitable for these types of projects. Asked on 16 December 2020

A good question. The economics of geothermal vary considerably depending on heat flow and proximity to urban centres or sizeable national or local grid connections. Like hydrocarbon exploration, the initial phase is relatively high risk but, getting past that phase, anything which is lacking in immediacy of high return is made up for by the longevity of geothermal generating assets and the ease with which such long-term assets can attract sensible finance in the development stages.

We will be sharing details with shareholders of at least one of two geothermal projects in Q1 2021. One project relates to an existing site, the other to a third party brownfield site. Storage projects require largely depleted reservoirs and reman a potentially lucrative revenue stream in the more distant future.

The problem with a loan is that it has to be repaid and the government is unlikely to accept UKOG shares by way of repayment.

... the Company will now focus its efforts in the first half of 2021 towards the design and delivery of the Basur-3 appraisal well.

Wonder if UKOG's immediate cash needs aren't somewhat less than previously assumed.

If they have the cash in hand, might be a temptation to pay the 2nd instalment for HH equipment with as much cash as possible and recover the cash outlay as part of a placing further down the line.

There's another RNS in preparation, re the 2nd instalment for the purchase of equipment at HH.

The 1st instalment RNS was dated 16/07/20, the 2nd instalment is due 6 months later.

Mirasol,

My post was made with Balcombe in mind.

If you miss an RNS, you can google london stock exchange, UKOG, RNS:

https://www.londonstockexchange.com/stock/UKOG/uk-oil-gas-plc/analysis?lang=en

£40k of warrants at 0.32p.

The 2 RNSs of this morning map out a path ahead and remove a lot of the uncertainty (although the detractors will disagree, of course). Personally, feel much more positive about prospects.

... From January 2020 to January 2021 our total operating costs have reduced by 66%. The savings will help place Horse Hill in a good position to take advantage of the strengthening Brent crude prices seen in the past month.

66% is a very substantial reduction in operating costs.

From George Frangeskides of Alba's comments in this morning's RNS re UKOG's Horse Hill update:

"Also encouraging is the Operator's reaffirmation of the potential of the Kimmeridge oil pool. HH-1 has already proven the Kimmeridge's ability to contribute substantial production to the overall field, so there is certainly merit in testing the Kimmeridge's producibility from a new vertical well...

Re HH-1:
Early results are encouraging, with stable water influx levels achieved by the end of 2020.

From George Frangeskides of Alba's comments in this morning's RNS re UKOG's Horse Hill update:

"Also encouraging is the Operator's reaffirmation of the potential of the Kimmeridge oil pool. HH-1 has already proven the Kimmeridge's ability to contribute substantial production to the overall field, so there is certainly merit in testing the Kimmeridge's producibility from a new vertical well...

Very good to have some clarification re HH and HH-2z, the Portland and the Kimmeridge.

Yes, ZYX098, it's the Kurdistan Regional Government.

Was an investor in Genel for a good, long time, wasn't expecting to be brought back into the overall region by UKOG but do feel pretty comfortable with the decision.

Agreed, Kurdistan is recognised by Iraq, not by Turkey.

Would prefer that they update us when they have something to say and not in order to keep the doubters quiet!

There always will be doubters, as there are on every board.