Member Info for Penguins

Ocelot,

You are assuming that shareholders who voted in favour of proposals that were required for the company to continue operating were in full support of the company which is questionable, The low number of shares that were voted illustrate that most shareholders are disinterested in the long term future of UKOG.

Another flaw in your argument is that shareholders are individuals that hold a certain number of shares - the number of shares voted in either case does not necessarily equate to the number of investors. It's possible those with larger shareholdings were more likely to be in favour of the status quo (eg PW- if they still have shares) ie enabling the BoD to continue with their plans.

MM

are you seriously suggesting that my "Strong Buy" opinion will some how have influence over a grown adults investment decision.........ha ha ha ha ha ha ..........then more fool them.

Why post about Oceanmec posting a picture of another well site (earlier today), or wishing their employees at the Basur site happy Eid? As they didn't mention, or show a picture of Basur, in today's Facebook post surely that's bad news, as in your world the Eid post meant they hadn't stopped work at Basur, so does no mention today mean they've packed up?

'greatly encouraged by Oceanmec's recent Facebook posts which suggest that operations are still underway'

By your definition I must support the BoD and everything it does as I was not a supporter rodders campaign, yet.....

I suspect, despite a better response than the AGM/GM voting, many like me would not support an ex-ramper in a campaign seemingly driven by revenge because rodders failed to adequately research beyond UKOG RNS.

£8.3mm would barely cover the cost an essential piece of infrastructure at United Downs and final testing.

'In February 2020, Thrive Renewables announced its intention to invest up to GBP 6.5m to complete the final rounds of testing and to build the geothermal power plant at United Downs.'

But the scheme mentioned by UKOG does not seem to be a deep geothermal project 'we have also invested in a scoping study aimed at cogeneration and standalone geothermal energy at Horse Hill'

If the company would give more information as to what these various new ventures involve in terms of the current sites, new sites, costs and expertise, rather than just mentioning these were things they were evaluating. Anyone can look at a lot of things they can't afford or aren't able to do.

But if all it is is:- 'we are actively evaluating the addition of 250 kW of photovoltaic solar power and 100 kW of battery storage to reduce site energy consumption, CO2 emissions and operating costs, further underpinning long term site economic value and reducing greenhouse gas emissions. Alongside this we have also invested in a scoping study aimed at cogeneration and standalone geothermal energy at Horse Hill.' then although a worthy objective it isn't exactly likely to be transformational unless they're planning a couple of 5km wells (£?mm).

Then it would be possible to understand how realistic (or even what) these objectives are.

Not that long ago HH was going to be producing power for the grid from gas to wire, now are they generating enough to partially power the site if they are considering some solar?

Looking at the July 2021 Corporate Presentation (presumably touted round for the placing) no mention of these fantastic future opportunities. Could it be the sort of scattergun approach to projects that looks like (and quite possibly is) desperation, or they aren't worth mentioning?

MM,

but you don't seem to have any analysis. Just repeating (yawn) PR about 'deep geothermal' (5km) not applicable to any UKOG sites - 'predominately in towns and cities in the North of England, Midlands and South-West.'

Your earlier post featured:-

'This means that new plants will benefit local communities by attracting new business, jobs and inward investment, as well as offering the potential for delivering local heat networks for residents.'

Think those nearby farms to HH (&BB?) would like it but there's this problem:- 'To develop each of the future geothermal power plants, two deep wells will be drilled into the granitic rock beneath the site, the deepest of which will reach upwards of 4.5 kilometers.'

So are UKOG with their vast experience of geothermal going to raise the tens of millions required to set up a new site in Cornwall (maybe with Angus?) with all the infrastructure required?

Its all pie in the sky - just like the 8 sites across the HH licences.

Did MM read that stuff.

Perhaps a read of this might help rather than PR from companies (and 'associations) raising money (and subsidies) on the back of geothermal.

https://www.bgs.ac.uk/geology-projects/geothermal-energy/

A short but informative analysis of potential areas, and what's required.

Wow,

But it would be more interesting if instead of pages of 'information' there was an analysis of how any of it can be applied to UKOG's sites.

But of course even UKOG have thrown out the word geothermal without any description of what its application means in practical terms.

Just like solar and hydrogen.

Seems to be lining up options for stringing along investors if Turkey fails.

Ocelot,

'there is no point in reading posts which do not contribute anything useful to an investor in UKOG'

Interesting that TS never posts anything about the company and Ocelot posts information easily accessed elsewhere, and both currently revelling in filtering other posters.

I suspect they are hoping that others will follow in removing those nasty posts that using information not distributed by the company, or a more forensic analysis of what the company says (rather than just cut'n'pasting vast tracts of RNS) comes to a less positive outlook than they might hope. Whereas reading a random SP in pennies - usually based on the hope something will happen contrary to previous drilling - is far more comforting even if it turns out wrong.

We shall,see what happens at Basur.

HH-2z, in the distant past, was also the start of a multi well programme - this time they've committed to drilling more wells before the first is drilled, completed and tested, with a penalty UKOG 'understands' of $50,000 for each well not drilled: 'UKOG understands that should any of the commitment wells not be drilled, a modest penalty of c. $30-50,000 is payable to the government.'

Let's hope their 'understanding is correct.

MM,

'the delay in any update from Ukog was begining to greatly concern me'

Hate to mention it but there's still no update from UKOG, a picture of the site and personnel from the contractor is hardly an update - though I suppose it shows that they are still there.

But you also posted, many times, the stuff about Oceanmec's testing abilities, which accompanied the picture of a rather battered Christmas tree in a field with a crop, which you didn't mention

Better stay concerned

I particularly liked that the accompanying picture to the stuff about Oceanmec's testing capability that shows that not only have AME got rid of the rig and installed a Christmas (maybe Eid tree?) tree but they've planted the site with a crop:-

https://www.facebook.com/oceanmecenergy/photos/a.1798733840417687/2754627358161659

Or is this just like the video that everyone (well the rampers) got excited about - with a CT Unit that had nothing to do with Basur - that was just a promotional video and not specific to Basur.

As the photographer was at Basur why not show the testing kit there - was it because it wasn't about Basur.

and the picture of the workers at the site and this part of the statement:- 'who work in the field, away from their families' doesn't suggest they all go home for Eid.

TH2

Don't think the SP sailed past 0.5p, more like hit an iceberg 10 minutes later (if that) and sank, will the pool of mugs that can be drawn in to a P&D to buy while the perpetrators are selling eventually dry up?

But next week is the hearing. Judgement according to UKOG not until Autumn. But no doubt there will be posters claiming it will be soon, or even next week.

I'd also be cautious about 'nailed on' that's been said for every planning decision that went against UKOG.

Ocelot,

but the current market cap could exceed the value of eventual 'success' in Turkey as the value of less than £5mm put on HH by UKOG's CP (Competent Person) is extremely low, leaves £23mm hope that something will come good.

Eventually fundamentals will determine the SP even if SS does a 'BB' where the SP was pumped by encouragement based on claims that raised expectations but were nothing but hot air and any value expected for BB and the wider Kimmeridge ended up unproved. Much the same happened 4 months after finally admitting in March 2018 that BB was dead with the mid 2018 HH ewt spun out for nearly 2 years with similar encouragements followed by silence when things didn't happen as anticipated by UKOG.

Of course traders will be long gone, hoping for an 'amplified effect' from 'positive news' before the s**t hits the fan if the success doesn't match UKOG's early RNS / tweets / interviews.

Let's be honest an amplified effect is what (almost) everyone is hoping for - not long term success - it's the only way investors have made money out of UKOG - not holding and hoping UKOG translate early promise into success.

If your trading cost was £9.99 then buying more than 100,000 shares (£170 worth + £9.99) at 0.17p is cheaper than buying 100,000 shares at 0.18p (£180) with no dealing cost.

and if you can't get them at 0.17p but 0.175 p then the amount is more than 200,000 shares (£350 worth +£9.99) vs 0.18p (£360) with no dealing cost.

You can also guarantee getting the number of shares you want.

Tomorrow might see a slight rise as the deadline arrives and pi buy in the market rather than taking advantage of UKOG's fantastic deal. Though maybe the placees will feed shares into the market to keep the price low to reduce the dilution to the shares they have?

The problem with the UKOG shares is you can't sell them until the 27th if there's a spike tomorrow should UKOG RNS some encouraging news (to help get the open offer away?) and the record of these spikes holding is not good (hence 'spike', not rerate)

Ozzy,

unfortunately it's partial because not every scout report is available - it's surprising (and almost certainly a site security error) any are - but every month available has been posted by Ibug so although partial it hasn't been chosen, unlike UKOG who only publish selected partial information. For example the only thing they have said about E Sadak flow rates:-' Wells on East Sadak have flowed at 1,300 bopd' was only in presentations (I believe - so heavily caveated) - which as the whole field production averaged only about 420bopd last September is hardly representative.

If the 'missing' information available from scout reports is expected to be so great - what's negative about posting that UKOG should allow investors know what the 'success' is of a field they describe as a producing lookalike, producing from the same reservoir - and along the same feature:-

14/10/20:- 'Basur-Resan is a geological lookalike to AME's proven producing E. Sadak field, 20 km south west, and sits within the continuation of the same geological fold and thrust feature.'

16/4/21:- 'This has been ably demonstrated by our partner AME's success at their East Sadak field, the closest producing look alike field to Basur-Resan.'

TS

strange those claiming to be invested that seem to know little about the company or its projects complain about those that make the effort to understand what the future may hold, and post it.

Ocelot,

Whilst I thought Rodders campaign was ill thought out (and smacked of a woman scorned if you look at his drooling over SS when he was posting here) he was finally beaten by the issue of about 20% more shares, and the threat in the open offer of a similar amount. Despite the ultimate failure of the campaign he had more 'reach' than voting at the GM or AGM.

Ozzy,

Exactly what's wrong with suggesting UKOG should publish production data from E Sadak - the producing field lookalike (analogue) to Basur- Resan?

If you think that would be negative - because of course both Ibug and I have posted the partial, but nevertheless factual, production data from E Sadak available from scout reports - then surely it's somethin SS could comment on as to why it isn't representative of what they expect?

Ocelot,

If SS gave an indication of the range of production flow rates at E Sadak and declines it would at least be hard data, not some guess - if they expect better UKOG can say so - and investors can judge then how good SS is at his job.

I suspect the problem is not that this information might be wrong but it might be right and it won't sound very transformational when UKOG only get 50%.

By saying nothing it's left to the imagination of posters as to what might be, helped along by referring to fthe giant fields in Kurdistan.

This is fun, handover nearly gone:-

Astute, as in 'AME's management were astute enough'

'having or showing an ability to accurately assess situations or people and turn this to one's advantage.
"an astute businessman" '

Or same dictionary:-

Experience

encounter or undergo (an event or occurrence).
"the company is experiencing difficulties"

I'd say UKOG has experience of a lot of 'difficulties'

Ocelot,

AME's management were astute enough to get someone else to pay for the frontier exploration / appraisal well (delete as appropriate) whereas UKOG have over paid for equities in the Weald, drilled 2 failed wells.

MM,

But according to UKOG Basur-3 isn't frontier exploration, it's an appraisal well with an analogue field next door that for some reason UKOG don't mention production rates from so the likelihood of a transformational discovery is very low so the chances are UKOG will pump any news before production (cf almost any RNS about HH becore 2020).

Ocelot,

'It's not "bound to get ramped", UKOG can't invent news out of thin air.'

Maybe not invent out of thin air but they can certainly ramp the slightest 'news'

BB:-
23/6/17 "I am privileged and excited to have seen, smelt and touched the oil in the KL4 samples today, alongside UKOG's management and operations team. This is a significant and positive result at such an early stage in the well.'

and that was followed by a stream of 'encouraging' and good news.

'We hope for encouraging news from Basur-3, but don't know when it may come.'

Let's hope this time it leads to a success - not:-

21/3/18 'UK Oil & Gas Investments PLC (London AIM: UKOG) has been informed by its 100%-owned subsidiary Kimmeridge Oil & Gas Limited that well testing operations have now ceased at Broadford Bridge in West Sussex. Equipment is being removed from the site and the Company will update the market once data and test results have been assessed.'

You seem to know more than AME and UKOG, I presume you can see the well depth using the forest filter on satellite images as well as convoys of trucks on the road bringing the CT unit in - that they didn't need because they've got a drilling rig on site.

Perhaps if you shared your well prognosis and casing programme with us plus the depths of the overlying formations and the penetration rates through them we could understand where you are getting your estimate from, or maybe it's just a hopeful guess that might be right, might be wrong.

Aren't they setting the next casing when they tag the Garzan, perhaps the upper part is non-reservoir as drilling ahead through a potential reservoir isn't, as I understand it, good practice.