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UKOG has restricted the flow to 220 BOPD, I understand that this is for a few reasons; well preservation, and to limit daily 'produced' oil during EWT so as not to exceed their quota (i.e. I think they stretched the production to when they were ready to get the rig in and start drilling again).
I am way underwater on SXX but my take is that now that this cloud hanging over us has moved on, and the STG2 financing seems to have been a success (in terms of obtaining it, as we may not like all the vehicles used), things will start to slowly move up.
There is no doubt in my mind now that this mine will be built, and I think well within the budget they have now set, and with the off-take agreements they have secured so far, it is only a matter of time.
I am hoping that the SP will gradually creep up to the 40p levels in the months to come, as the story spreads and the reality of nature's treasures what lie beneath the NE countryside is realised.
Be your interest in SP level or dividends, I think those that got in early enough will reap the benefits in the years to come.
GLA
Well on the plus side, if they are in fact going to do a placing (TBC) then they a.) must be very confident that they can get back to flowing 'dry' oil soon and b.) they will need to do it quickly before they announce the full success and flow rates.
If indeed the rumour of a fund raise is nonsense then it means someone is v keen to get the SP down so they can climb aboard, so again this would indicate the expectations are good.
Don't get me wrong, I am not happy if there is to be another placing of this magnitude because of the significant dilution (again), but if they are going to buy up more acreage then it could be a good thing. Can't believe UKOG and ANGS have it so badly wrong that they'd throw the sink at the Weald.
Looks like a lot of sells set at 6.10 !
I agree the water issue can be resolved (this is not the first time it's ever happened), so just a matter of time.
I'd say 7p is easily possible and higher when the isolation has been confirmed....who knows where it could end up.
I think some people are forgetting what was said about why they are currently only filling one tanker a day, and why they were maxing at 2 previously. As I read it it's all part of the plan to preserve the well and to keep 'testing' while making some cash until the preparations are ready for the next phase.
Very well put Ninetails... "Every time we start to see light at the end of the tunnel he buys more tunnel..."
I think this sums up my sentiments precisely.
Could he not have just waited a little longer......As I was eluding to yesterday, he better have a every cunning plan !
SS better have a very good trick up his sleeve or else I'm going for the jugular ! I need to re-read some of the previous RNS's first but my sense is he has sold us down the river at present (unless as I say he has some trump card at the ready).
I for one was so pleased to hear that we were going to be self-funded come 2020 ! And now this !
I don't know whether to be livid or excited at the moment. But as others have said, it looks like a bottom drawer share.
Given the interview with Reabold Resources CEO and what they have at stake at West Newton and the fact drilling is about to start, I am at a loss to understand why the sentiment is not returning to UJO. The estimated reserves with a 72% chance COS (which given the previous drilling and the analysis that has been done seem to me to be very much on the side of caution) would seem to signal there is only upside.
DYOR but I'm remaining very positive on this.
I wish they would perhaps give something to give us a comparison to or indicate what this means in real terms so the layman can understand what the potential is. I mean 45% THM sounds impressive to me, but what do I know ! A; Nothing !