Member Info for ocelot

will1734,

It's so much easier to be negative than to have to come up with constructive proposals!

Of course, you can call an EGM, Hvivo, all you need is 5% of the capital.

To remove SS, however, it is best to be able to offer a credible alternative with a credible alternative strategy, otherwise you are highly unlikely to get any further.

How much are you proposing to offer your candidate?

Market cap before 10/1 consolidation: £19.2m

Market cap after 10/1 consolidation: £19.2m

Re Loxley, it's 4 weeks today since SCC's planning committee meeting.

The next planned test for the Kimmeridge by any company is Angus's Balcombe ewt on its horizontal well.

We await news of the submission of the revised application, possibly by the end of this month.

They are NOT commingling, not for the present, at least.

This was proposed earlier in the year, maybe before the coronavirus lockdown, but has not been mentioned recently.

Signing off now.

Indeed, the proposed commingling of Portland and Kimmeridge production at HH-1 postdates 19/04/19 by many months.

Good evening to you, too, cyan2,

Your comment is more precise than that of Oiler87 which was wrong.

Haven't checked back on RNSs, but am sure the Kimmeridge has continued to produce since 19/04/19.

It is true that there has been no recent mention of commingled production at HH-1, but I have assumed that is because of the problems encountered at HH-2z and, therefore, increased reliance on the Portland at HH-1.

UKOG is a lifestyle company.
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Wherever there is deramping, "lifestyle company" will feature amongst the accusations.

Why do you say HH is a duster?

There are negative comments that can be constructive.

And, then, there is bashing.

A lot of the negative comments on this board are bashing.

They tell us a lot about the posters making them and very little, if anything, about UKOG.

Thank you for your post, Exploration.

"Commitment well" because that it was the holder of the licence is committed to under its terms, I should imagine.

... this was an irresistible opportunity to expand our horizons and to expose the company to potentially transformational recoverable oil reserves that can be rapidly monetised.

"Transformational" is a much over-used word in corporate communications, but you can see why SS used it in this case.

That's for the 1st well and the seismic and is the buy-in price for 50% of the licence.

It's a significant initiative on the part of UKOG.

Capped at $5m maximum expenditure, so about £3.9m at £ = $1.28.

Current market cap =£19.2m, so maximum expenditure equivalent to about 20% of current market cap.

To earn its 50% interest in the Licence, the Company has agreed to fund 100% of the first of 5 commitment wells in the Licence's 5-year exploration term, together with a small 2D seismic survey with an expected cost of $1-$1.5 million. UKOG's net expenditure for the one well plus seismic programme is capped at USD$5 million maximum expenditure. Thereafter, the Company will fund its 50% interest share expected to be c. $1.5 million per well.

... a mega ramp by posters going on about 3 months to payback elsewhere.
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Poster in the singular, I think, Penguins - believe I'm the only one to have mentioned 3-month paybacks.

I mention it because SS has spoke of "quick monetisation" and Genel has achieved 3-month paybacks on some of its wells across the border in Iraqi Kurdistan.

I think the inability of the company to keep PI's onside and the drift in the price meant the pay day lenders eventually realised the gravy train was coming to an end ...
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Think a lot of PIs remain onside and SS wanted to remove Riverfort's downward pressure on the share price.

Bit convoluted, nomlungu.

Nobody objects to fund raising against the backdrop of a rising share price.

Think (and hope!) the Turkish project may signal a greater focus on the share price on SS's part.