Member Info for OofyProsser

NO, Ocelot, that’s not entirely true.

Tony13579: thanks for this. But there’s a difference between oil shows and commercial oil.

“Basur-3 would be the first modern well designed to properly appraise and assess the extent and commercial viability of the discovered Basur-Resan oil pool.”

“The company noted that the data quality, record keeping and operational practices employed in Basur-Resan's 1950s-1960s wells were considered “poor” by modern standards, thus the necessity for new data acquisition and knowledge to properly assess the discovery's overlooked potential.”

It doesn’t read as if they’re expecting to discover much, does it? Re the rest, the oil price is volatile, developments since 1961 in Turkey will only be relevant if they find significant oil. They’ve got borrowings of £3mm already and are currently spending another £3.6mm, most of which they don’t appear to possess, on this well, with further spending to come. It’s Wonga, then, or really massive further dilution to come. It would be nice for the management if the share price were to rise before the result of the well is known, wouldn’t it?

Anyone? Has anyone any idea about why this well is going to find commercial oil?

I’ve refrained from asking what you think will happen to UKOG if it doesn’t, but that question deserves an answer too, surely?

Well, I was only asking. A rational question, I thought. No rational replies though, just the usual ramping tripe. It seems success in finding oil with this well will be as big a surprise to these rampers as it will to the company’s management.

Why are you expecting the well to find commercial oil?

Point proven. Absolutely typical responses from the usual ramping crew to a rational remark.

Why do you expect them to find oil in commercial quantities with this Turkey well?

“They even try to be rational” - yes, well thanks for that, you’re right.

What I don’t understand is why anyone expects this well to find oil in commercial quantities.

gkb47: it also reflects the cost of a programme of wells in an area of Turkey in which even the operator appears to have little confidence, while having insufficient funds to complete even the first of these wells. So they’ll have to resort to more placings or to Wonga.

Ocelot’s bland commentary on volatility in AIM shares misses the point. They’re volatile because many go bust and a few make a lot of money. And because of the totally unscrupulous and dishonest means used to sucker mug punters into them and to discredit more honest and better-informed posters .

Strange that this and Angus Energy appear to have so much in common. The rude element on both bb’s lack any rational basis at all for their optimism. Their confidence in the recent statements made by the management is risible and their ramping language is fact-free. I think I’ll filter more of them.

Dear oh dear.

Nice try Ozzy, but you and your boiler room colleagues would like to stifle debate and and have a site that merely puffs the shares, whatever disaster befalls them. Everyone knows that this site suspends people who post bearish comment while admitting to not holding the shares, so it’s a bit of a waste of time and space posing the nosey parker question, isn’t it?

ian12: well then, you’ll be pleased that I’ve thought of a good wheeze to get the share price moving up. Pay Mr. Sanderson and the Board a decent wage increase, then they’ll have to buy more shares!

IBug: for the gravy, you mean? They’ll need to issue plenty of stock for that, the Turkey meat juices are going to be thin. I fear shareholders will be left with just the bones and the parson’s nose.

Oh dear, the share price appears to have slipped on a piece of Turkey fat.

Ha, ha. That happened earlier than I was expecting. They’re not getting any more subtle, are they, these rampers?

Oh, and HITS, the Directors haven’t committed to buying these shares. It’s subject to each Director’s individual circumstances, isn't it? Still. Mr. Sanderson must be able to afford it, what? That’s £1250 per month or so.

Ramping attention has been drawn away to sister company Anguish. It’s all hands to the pump there, got to get those 30mm. shares off the lenders’ hands pronto. Only a matter of time, though, before it will need to be switched back here for similar reasons. Once you get used to it, it’s comfortingly predictable, isn’t it?

gkb47: if they’re mining for jam,tomorrow, they should go where there are excellent proven reserves. Knotty Ash. There’s a bit of a butty issue there but it’s simple and cheap to separate the jam and the disposal cost is nil, since the Diddymen eat them.

I see that the company’s chums at Anguish Energy, while late to the party, have caught up! A pump and dump of their own. What fun. In their private race to the bottom, it seems UKOG have been recently installed as favourite, though there’s a suggestion it may be only by a shortish head. You’ve got to feel sorry for Mr. Sanderson. He’s committed (though there is a get-out clause!), to buying a few shares. The Earl of Lucan has only said his crew would be willing.. I’m sure we’re all watching them closely.

if you're sure? That’s the place to start drilling then.

I hope the Turkey well will gush and that shareholders here will get a handsome return from it. Though the response on here to these two drilling RNS’s seem to me rather at odds with the management’s statement yesterday about drilling lots more wells before they have an idea of what the prospect looks like. So it appears to have an outside chance, at best. If they fail with this one, they can come and have a go in my garden, I reckon there’s lots of oil under there.

Ian12: that may be the sequence of events but Aladdin are hardly likely to start a contract with the drilling company without having hard cash from UKOG, are they? They will know UKOG’s financial position. So either the money will have been paid to the drilling company by UKOG via Aladdin or post-spud drilling may be delayed while funding is put in place. Either way, Aladdin will not have allowed themselves to be left on the hook for any of the costs associated with it, will they?