Member Info for ocelot

An update re HH-1 was due, Mirasol, as so many have been saying, so it has now been provided.

The intervention at HH-1 has been completed and one assumes there will now be no more news of that well for some time until the long term pressure build up test is complete.

So attention will turn elsewhere, to Loxley, to Turkey, maybe to Angus's Balcombe application re the Kimmeridge, (and, of course, it would be good to have some news of UKOG's plans re HH-2z).

Re Angus's Balcombe ewt application for its horizontal into the Kimmeridge, WSCC's Planning Officer has until 18/11 inclusive to make his recommendation:

West Sussex County Council have up to thirteen weeks to review the application before a recommendation must be made by the Planning Officer for or against the proposal. (Angus's RNS of 20/08)

closed at 0.49p on a UT of 489k shares

on a UT of 170k shares

208 bopd x $40/1.30 x 365 x 11.765% = c£275k on an annual basis.

208 bopd x $40/1.30 x 365 = c£2.34m on an annual basis.

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that surface-based intervention operations at its 85.635% owned Horse Hill-1("HH-1") well have now has been completed. The well has now been shut in for a long term pressure build up test ("PBU"), designed to provide data necessary to understand whether the Portland reperforation programme has achieved the desired optimisation of well inflow performance.

... but spot gold is up to $1,927.46

To take "effective" control, the lenders would no longer be lenders but management.

West Sussex County Council have up to thirteen weeks to review the application before a recommendation must be made by the Planning Officer for or against the proposal. (RNS of 20/08)

Why would the lenders want to exercise effective control?

In the same RNS, they provided an update re the £12m debt facility negotiations, of which £6.12m is attributable to themselves, so the "liquid cash" position is not a concern of mine.

It's called cash management, HeadinTheSand.

On 23/09, they raised £1m by 9.45am, so we know that the conversion of Riverfort's last tranche is a question of cash management and not a "sign of desperation".

re b): the default position was conversion, it was payment in cash which required a PROMPT RNS (obviously, the increased share capital after conversion would require an RNS).

re b): the default position was conversion, it was payment in cash which required an RNS.

... the clear signs of desperation shown a) by the fact that a finance deal has yet to be announced and b) today's 8 days late RNS stating that Riverfort exercised their rights to get paper, because they weren't given cash.
----------------------------------------
a) why were you expecting the finance deal to have been announced by now, when GL stated that "We would hope to have soft commitments or so-called strong indications for the larger part of the facility during October, however we can’t guarantee third party timetables"?

b) why is it a sign of desperation that the conversion of Riverfort's last tranche was not announced on the day that payment would have been made had ANGS chosen to repay it in cash?

Brent back above $41

Lenders can smell desperation from a mile off and they'll price terms accordingly.
-----------------------------
HeadinTheSand,

How do you know they have not received expressions of interest for considerably more than the sum they are looking to borrow?

After all, £12m was too small for the international bank so they have now turned their attention to a number of other institutions, offices, etc.

Doesn't the debt facility provide an alternative source of funding to placings, as GL has said?