Member Info for ocelot

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Stephen Sanderson, UKOG's Chief Executive, commented:

"The HH-2 coring programme, a key step towards delivering the correct placement of HH-2z's horizontal section within the field's most oil productive interval, now also has the welcome task of helping confirm a deeper oil water contact. If correct, the deeper contact will have a potentially significant positive impact upon oil in place and recoverable volumes, a welcome development."

Reminder from the Shareholder Q&A:

CAN YOU PLEASE PROVIDE SOME SENSITIVITIES OF YOUR FREE CASH FLOW AT DIFFERENT LEVELS OF OIL PRICE?

“To start with, due to our low-cost production it is worth noting that we breakeven at a Brent oil price of $17/bbl. Going forward in 2019, for every increase in the Brent oil price of $10/bbl, we would expect to add c.$2.5 million in free cash flow on a monthly basis.”

Boyobach,

"In excess of", he doesn't specify by how much!

By abandoning the Kurds of North East Syria to Turkey, Trump has now got all of the US's allies in the region worried: Israel, Saudi Arabia, ...

This is a very hard-hitting article v Trump:
http://nymag.com/intelligencer/2019/10/trump-abandon-kurds-in-syria-turkey-invasion-stupid.html

Oil rolling out the gate might also be the moment that an II or two takes an interest, in which case YA/Riverfort's shares could be absorbed really quite quickly.

They can't be sure of the day's total volume until the end of the day.

And what isn't intra-group debt will show up in UKOG's consolidated accounts to 30/09/19.

seadoc,

HHDL have changed their accounting period to coincide with that of UKOG, 30/09.

There is no way they are going to produce a balance sheet made up to 31/12/18 in order to satisfy your curiosity about their debts at that date!

dsfat,

£3m is the maximum YA/Riverfort can convert in a quarter unless UKOG agrees otherwise, but there is nothing to stop them from converting less.

UKOG published its final results to 30/09/18 on 15/03/19.

We're in the first quarter of a 2-year facility.

Now where have I heard that expression before?

They seem to be acting quite "responsibly", easing off on the conversion amount as a function of daily volume.

Further Loan Balance Reduction

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that, in relation to the GBP5.5 million financing announced on 7 August 2019 ("Loan"), following receipt of a notice from Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") to convert GBP150,000 of the Loan into UKOG shares, the Loan's balance has further reduced to GBP4.35 million.

Not great - Riverfort (RGO) is quoted.

Too big an "if" for me, dsfat.

Where there is room for speculation is just how quickly the YA/Riverfort debt will be cleared by the sale of UKOG shares.

More of a technical achievement than a financial one, but I liked this sentence from this morning's RNS:

UKOG's innovative use of bespoke safety equipment to protect the HH-1 wellhead and pump during sim-ops places the Company at the forefront of safe UK onshore operational practices.

Good resume of the situation, dsfat.

TrollHunter2,

Nobody is obliged to read Penguins, if they don't want to.

Imho, it is actually quite a healthy thing to have someone expressing another point of view.

My criticism of Penguins has to do with the length of his posts!