Mickybee, at a day old I wouldn't consider it old news, the rns today will put the start of EWT firmly in the public domain, just waiting on the first of many oil tankers and I'm sure we will see it over the weekend leading to a nice rise in the SP on Tuesday.
Excellent deal by an excellent team.
Attractive acquisition metrics of less than US$0.30 per barrel of oil equivalent for the gas discovery alone.
Preliminary data suggests West Newton 2C Contingent Resources* is at least the pre-drill estimate of 189 Bcf.
A net 65-metre hydrocarbon saturated interval has been encountered from within the Kirkham Abbey formation indicating a substantial hydrocarbon accumulation, including a significant liquids component.
40 meters of oil/condensate?
Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled, with Best Estimate Prospective Resources of 79.1 million boe and considered to have an NPV of $850m.
Cadeby formation encountered hydrocarbon shows with an oil saturated core.
WN B ;-)
"The drilling of the material West Newton conventional appraisal well, where success is expected to deliver a significant onshore gas development project, will be transformational for Union Jack"
"We look forward to working with Rathlin, as Operator, and Humber Oil & Gas Limited ("Humber"), as our Commercial Partner, and drilling the West Newton conventional appraisal well in order to firm up the project's significant potential and upon a successful appraisal well, progress to a Field Development Plan. Union Jack can book immediately 5.3 million barrels of oil equivalent Contingent Resources to its existing reserve and resource.
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
Time for a top-up!
With the flare kicking off today and rbd spending another million on WN it looks like the oil has come good, lets not forget this was a surprise to everyone and is a complete bonus along with the gas of at least 189bcf (the larget ever uk onshore gas discovery) that the board claim is a dead cert as its was to prove up the previous discovery at the WN A1 well.
Now if we add in the wressle oil discovery to come online in a couple of months and a sidetrack on the 35m zone in biscathorpe (14,000,000 to 40,000,000 barrels) it is clear UJO is extremely undervalued and im shocked you can still buy at .3, exciting times ahead with minimum risk now.
Not to forget WN B targeting 79,000,000 barrels mid case and spring hill and its lookalike structure.
"final results expected to be received by early Q3 2020"
Nothing to see here for a year then anthor 6 months before drilling.
Mid 2021 before any drilling and probably Q4 2021
£19m Mcap will drift lower with no new and no revenue.
We really should be getting an operational update with the start of EWT, update on the volume from wireline logging, giving us details of the stages we are testing, telling us the payzone in meters for oil zone and gas zone and we still don't know if we are testing oil or condensation.
Argus, looks like you have been trapped and ramping ukog for some time now.
What's your average here? 6p?
Looks like you became emotional invested and cant see what's in front of you.
Care to tell me why kimmeridge was tested and then shut in for so long, why it is only producing 200bpd and the pump is running flat out, why drill a horizontal well on the Portland and not the kimmeridge, why almost all partners have dropped HH or where is the rig that was due months ago?
Nobody on this board will answer some simple Questions!
Just for your information I have work offshore for almost all my working life and worked onboard everything from anchore handlers to semi-subs and now on production platforms where I have been for as many years as you have been on the dole.
I'm not seeing a sell off on ujo, you clearly have no idea about AIM or the oil industry, UJO would have a long way to fall before my stop loss @ .08 is triggered, gas is 100% and any oil is a bonus, not to forget about Wressle!
Wizzard, Bigger and bigger? Was it not SS that said under HH was 10.99 billion barrels?
Nobody want to address the issue of the kimmeridge?
Are you one of the people that think UKOG will be worth more than ENQ or PMO in 2 years time?
WN will make HH look insignificant, it already has at least 31million barrels equivalent in the gas zone making it the largest ever onshore gas discovery in the uk.
In 2-3 years to have an Mcap to match PMO with their 90,000bpd and the reserves they have? Or twice the Mcap of ENQ with 67,000bpd? All from 1 Small field?
The big onshore gas/oil find is being test in humberside BTW ;o)
"UKOG has abandoned plans to drill a horizontal well in the Horse Hill Kimmeridge in the immediate future, in favour of bringing the smaller conventional Portland level into production.
Tellurian’s sale of its 35% stake in Horse Hill for £12m, gives an implied total value for the asset of £34.3m. In turn, this suggests UKOG’s 85.6% stake is worth £29.4m. This compares with the company’s market capitalisation of £66.9m at the current share price and with the current number of shares in issue."
Some questions need to be answered about the
Kimmeridge, Why was it tested and then shut-in for an extremely long time? Why is the next drill not targeting the Kimmeridge? Why is it only producing 200bpd and why does it require a pump going at full rate if its supposed to be free flowing?
Wressle is an excellent asset for UJO and im sure after we get the production licence there will be further wells drilled on the field increasing the flow rates.
Exciting times ahead and so surprised we can still buy under .3, with any luck we can hit .25 before initial results for WN and i can add (Highly doubtful) .28 looks like a solid floor.
On June 5, 2019, the Company announced that it had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project with APEC and Lansdowne, including a revised backstop date with APEC for receipt of the US$ 9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to August 19, 2019.
Extension of Backstop Date As at close of business on August 19, 2019, no funds had been received in the Company’s account but the Company has again received assurances that the US$ 9 million loan advance due under the Updated FOA is in the process of being paid. Accordingly, the Barryroe Partners have agreed to a backstop extension of on or before August 26, 2019.
This is mad, is it ever going to happen, at some point you need to call it a day with this terrible farmout partner.
Another drop today?
"with acquisition over half way through, CLNR is looking forward to seeing the intial results of the processing over the next few months"
£20m mcap and no news for months, no revenue and expensive overheads with drilling not expected till mid 2021 can only see the SP going one way!
True words woodstock
Minimum of 189bcf is worth .4 to ujo and wressle is worth .2, current SP .3
Upside is any oil/condensate in WN and Biscathorpe 35m payzone.
I find it very encouraging that permission is in place for 3 more wells and they have been given permission to do anything they want to get oil to flow, i think the council have been informed how massive WN is.