Member Info for Penguins

Ells,

still showing how delusional you are, just you know how to profit from UKOG with your sure misfire method of buying in on a 52 week low.........that wasn't, and then UKOG raised again - shock horror.

btw what was your excuse - boss out at a meeting?

Ells,

Presumably you've been banned before for being, well, you. Your boasts on VAL look like someone who had a previous existence.

'everyone knows you are all butt hurt losers from 2017… move on with your 90%+ losses'

Maybe ocelot who thinks that the rise to 11p (or whatever it was) was fully justified on the basis of not understanding or bothering to properly research UKOG projects and presumably expected it to go higher didn't sell then - but perhaps those that see through the carefully crafted RNS (and say so - and explain what's wrong) might have sold? and repeated the 'trick' many times - and clearly told others not to believe the ramp squad repeating the BS - and why, and still made money on the repeated foolishness.

When there's real positive news with proof, not claims, that's presented and backs it up I'll say so - until then I'll remain unconvinced about Basur and Loxley.

PS - having had a very lucrative career I'm on holiday atm and a bit bored around the pool - though the screen is starting to be a bit smeared with sun cream and keeping it bright enough to see in the sun means the battery is getting low - and I know activists like yourself don't like it but yes I flew here.

What's your excuse, retired on your VAL expertise?

Ells,

You think twitter takes any notice of number one fanboy / number one hater of UKOG - also number one liar about tankers - go look at his claims about production after the surface works last year- claiming that he's seen tankers that suggest over 100bopd (actual about 60bopd or less) - and resorts to lies about posters on this board - which you are now repeating.

Be careful if you think he wants to do anything but take money off you - boasting about selling when others are buying - anyone ells does that you know - though funnily enough many others do without boasting or encouraging others to buy up to the moment of selling.

Ask yourself has any poster or tweeter (or any RNS) that's been 'positive' about UKOG's projects that have been carried through to drilling and / or production been right?

Who to believe eh.........

Probably one of those being bundled out is FOTH in one of his hate SS modes.

Sad that there's more activists than 'investors' - though as Ells and ocelot know there's very few investors - just traders, some trapped having invested during P&Ds just as the tide turned - as it always has - or trapped having bought when they thought an all time low meant it wouldn't go lower.

Waiting for the next 'no sh*t Sherlock' expert advice..........that list looks like a 'those that have called it right' list - though disappointed to be so far down - must try harder.

Ells

What you, and others, call negative posting just illustrates how detached from the reality of the share price you are. Have a look, maybe over the last few weeks it has been semi stable but over the years the SP (and those 'negative' posters) illustrates the reality of the projects, not UKOG's claims or those that repeat them.

I wonder why someone, who bought in soon after the July placing, at probably over 0.09p, has posted over 250 times on this board in the last 30 days Desperately trying to persuade others to buy, usually with some chartist nonsense, pretend city boy nonsense or nonsense about other posters - and any news article that seems positive - but irrelevant.

Please use your diligence on these forums and if others are spouting endless positive posts please review their profile and what they say vs what happens. For some that means only a few weeks of posts to review - but it proves who understands and who does not, hence who to follow and who to filter - especially the continual claims that the change of PM somehow changes the geology of the Weald.

hoping,

yep, really quick, as promised in July 2020 - 'The first commitment well, currently planned to appraise and flow test the Basur oil discovery, must commence drilling before 27 June 2021. Drilling and seismic are therefore expected to commence before the end of this year, Covid, weather and Turkish governmental transaction approval permitting.'

The government didn't finally approve the well and UKOG until Q2 2021, they didn't shoot the seismic until end 2021 and they just started drilling in June 2021 - but despite all AME's experience Basur-3 was drilled in the wrong place - to the extent a well to retest the small closure at Basur-1 would be difficult. The new mapping shows the Basur-1 closure to be small - certainly not testing the tens of millions of barrels previously claimed for Basur-3.

They are now hoping the new seismic confirms their leads.

They also claimed that Basur-Resan was a single oil pool - but now are avoidng the Resan area because of the probability of water ingress from fractures (surprisingly not noticed during due diligence when farming in), meanwhile having never mentioned the Basur-1 test was stopped - because of water ingress.

So it's also only opinions whatever they end up drilling will be successful (not the best endorsement) - the self same opinions that were keen on Basur-3.

Ells,

they've not processed the data yet so they don't have any new seismic - nothing has changed in terms of their understanding since July.

It's obvious that the interpretation they have presented for the Basur-4 target is not certain - otherwise why shoot more data - and they didn't present the strike line in the tweet showing the map and the dip line through Basur-1 and 3.

Ells,

where have I lied.

Pointing out that the reason for the July placing was:- The placing's proceeds will be sufficient to acquire and process the further planned, but previously unbudgeted, Phase 2 seismic'

and on Monday: 'The placing has been undertaken to provide the Company with a source of general working capital and to help deliver the Company's previously stated near term goals of completing the Phase 2 Turkey seismic programme......'

It's a very UKOG thing raising money for the same thing more than once. It will be a while before we can see the cash position up to end September to see how much will be left of the earlier raise (ie how much more than the £3million raised this week there is in the kitty)

Ells,

cost savings - yet needed to raise some more for what they had previously raised enough to 'acquire and process' turns into needing more for 'completing the Phase 2 Turkey seismic programme'

odd but not unusual for UKOG.

Jan

I'm not joking - the Basur-4 lead is only defined on a strike line (in this case parallel to faulting which can cause out of plane reflections) that they didn't show in the tweet, and the structure strangely managed to fill a data gap in the dip lines - and the lead to the south west of Basur has very little seismic'.

Fancy that, and no mention at all it was progressing or nearing completion on Monday but managed this in reasons for the latest placing:- 'stated near term goals of completing the Phase 2 Turkey seismic programme'

When the July placing was for:- 'The placing's proceeds will be sufficient to acquire and process the further planned, but previously unbudgeted, Phase 2 seismic'

Yet the acquisition was under budget - go figure?

Processing next, then interpretation, then a new site unless the new seismic doesn't confirm the leads.

and if it does - then what?

Ocelot,

Such confidence in what an AIM oiler claims will happen (yet so often proved to not happen as claimed).

It's when the expenditure takes place vs Angus's committments at SFB that could be tricky. They'd be committing money they hope to have in the future - I don't see it being Angus farming in.

and Ells - I have previously said a partner would be good for UKOG anywhere, nd specifically at Loxley - to save costs and have someone to stop them making stupid expensive mistakes - maybe a sensible paying partner would have stopped them installing a production completion in BB-1 before any tests, and then having to remove it.

Re another BS post:-

'......completing the Phase 2 Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery, anticipated to be able to add near-term oil production to the Company in H1 2023

So all in all we have a great list of catalysts for the year ahead.'

vs reality:

Not a great list - they need to get the seismic shot to see if the lead they've mapped is valid first of all.

Then they've got to drill it to see if it's really valid and has oil in it. If it does test oil then what production is possible is a major factor as to what profit can be repatriated (or not) to the UK to fund HH.

Basur-Resan has always been treated as a single accumulation (20 April 2022 RNS):-

'..........indicates, in the Company's view, that both Basur and Resan are part of the same 60 km² anticline and could thus potentially contain one common hydrocarbon pool'

and Resan-6 treated as the next well after Basur

'the new data will help facilitate the correct placement and design of the future Basur-3 sidetrack ("B-3S") and Resan-6 ("R-6") appraisal wells'

So it was interesting in the 30 June 2022 RNS to find out water ingress was an issue in the Resan area so Resan-6 plans were shelved:-

'Analysis of further geological information obtained from legacy wells in the Resan area indicated that, whilst oil shows were encountered at similar levels to B-1, questions arose as to reservoir quality and the increased chance of fractures acting as conduits for underlying formation water ingress. Consequently, at this time, plans for a vertical Resan-6 ("R-6") well have been put on hold'

So now the Basur-Resan structure in no longer considered a single accumulation?

Though there seems no reason why this wasn't identified as a problem in due diligence, these are all old wells available at the time of the farm-in - and as has often been posted the Basur-1 test, which UKOG like to only mention the oil produced, was stopped because of water ingress.

The East Sadak field is also said by UKOG to be a geological and producing lookalike to Basur-Resan - however results of drilling and production there are highly variable with dry wells, and with production at best briefly slightly better than HH-1 but then seem to suffer even faster decline.

As for the plan to fund HH drilling from Turkey cashflow that requires significant success as UKOG would only receive 43.75% of any oil (government royalty take is 12.5%) but abandonment of the original plan to fund further obligation wells in Turkey - and AME might not agree..

More likely they hope to raise on the back of success in Turkey - every silver lining has a cloud.

Ellls,

do you not understand that Alba are a shareholder in HHDL the operator of HH - they want UKOG to Farm out not farm in themselves - ie they want the opposite of a farm in.

As for Angus perhaps you need to do a bit of research - they are currently need to increase flows to meet the hedge they are contracted to, with debt repayments and need to drill a sidetrack at Saltfleetby.

It doesn't mean I'm an 'activist' - just a shareholder (at 0.805pps) in Angus and don't want them to be diverted from getting SFB running at maximum potential by farming into Loxley.

You're starting to look as desperate as ocelot.

Ocelot,

The truth is nobody knows how attra tive Loxley is when there is the ability to examine and review UKOG's work rather than UKOG's opinion of their own work which they haven't submitted to be reported on in a CPR - yet claim Contingent Resources as they did for Basur prior to Basur-3 - where revised volumetrics are surely required as there is new mapping.

Ells,

You don't even understand what you've invested into.

Angus won't be spending money on NV or anything else until they've sorted out SFB.

Alba is a shareholder (like UKOG) in HHDL the operator of Horse Hill.

So no Alba is sort of looking to do the opposite (farm out) through their shareholding in HHDL, and Angus is bit busy and probably has no spare cash for a while.

Alba's GF is hoping that someone will farm in to do something at Horse Hill when Alba wasn't paying HHDL's cash calls a while ago - and probably still isn't.

If it isn't good enough for Alba to invest in why expect anyone else to?

As I've posted previously I wouldn't be surprised any further drilling at HH would cost more than a estimated NPV of the new well based on HH-1's NPV (under £4mm) - ie wouldn't make economic sense unless perhaps water disposal works in HH-2z which UKOG seems unwilling to proceed with.

Ells,

UKOG has already said more data is needed before any decision about the next well. Apologies fir the long cut and paste but it's quite clear seismic first decision once acquired, processed and interpreted.

From 27 July £1.25mm placing RNS:-

'The placing's proceeds will be sufficient to acquire and process the further planned, but previously unbudgeted, Phase 2 seismic over the newly revealed western culmination of the Basur oil discovery (as detailed in the Company's 30th June 2022 Turkiye update) and to help determine if the discovery is best appraised from this new more accessible area via a vertical Basur-4, or from the previously planned more operationally challenging highly-deviated Basur-3 sidetrack.'

I suspect the seismic is required to find out if the one (strike) line interpretation of the new Basur-4 target exists.

Oops - Should have started a new thread to avoid confusion, including mine.

NG seem to be confusing things by calling it D+1 (which would make it Tuesday's)

12/09/2022 System Entry Volume, Saltfleetby, D+1 0.0964 14/09/2022 08:30:00

Apologies for wrong day but right date.

Type of financial instrument: 'Equity swap'

'What Is an Equity Swap? An equity swap is an exchange of future cash flows between two parties that allows each party to diversify its income for a specified period of time while still holding its original assets.'

Sounds opaque and dodgy to me

Assuming everyone has huge losses is as dumb as saying the company has a strong balance sheet.

Maybe ocelot and others desperately scratching around looking for any crumb of 'good' news even if it doesn'T affect UKOG.

But strong balance sheet - that would be true if every day the company wasn't spending a lot more than it earns.

Strong isn't limping along until it can drill a well it doesn't even know where it will be placed because the huge Basur Resan 'proved' OIP has disappeared after Basur-3 and must have taken most of the 2C resources with it. Though don't expect that to be updated for a while - whilst UKOG can't RNS fast enough every minor improvement in resources.

Now they need new seismic to find a target - which was originally mentioned in June.

Every previous well since HH-1 they've raised again either while drilling, testing or between the two - seemingly, looking at the dates, when they realise things aren't going to plan.

Does raising on the fracking P&D suggest they don't see any good news on the horizon - surely they could have waited until the seismic was shot - or has that cash gone already?

Luckily there's so many traders they catch out with thier placings there's always a ready bunch of posters and tweeters desperate to recover their losses prepared to post and tweet any old c**p to sell their shares to the next trader hoping.

How's it going Ells?