Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Whilst UKOG are now all over the oil smell and oil returning when the casing was inserted - in the RNSs immediately following the Germik being drilled (13 April) and the casing being run (18 April) there was no mention.
To recap for those excited by today's RNS:-
The first mention of the oil sample (bottle with mostly water and some oil) was in a tweet just before the swab test of the Hoya section, having just drilled it with oil in cuttings (21 April). The sample wasn't attributed to when the casing was inserted or the Germik, and the tweet was described as 'urgent' as if the sample had just been recovered though it must have been recovered some days earlier - Lenigas was fooled into thinking it was from the freshly drilled section:-
'David Lenigas@DavidLenigas Apr 21
'Brilliant. This is amazing oil from @UKOGlistedonAIM #UKOG quick look see from their ~50m of oil shows in their new #Turkey #oil well"
It was only later did UKOG mention where this oil was from, and it was not from the 50m of oil shows that had just been drilled.
The swab test was a failure and only after reaching TD with no mention at all of the primary 'amplitude anomaly" target in the RNS (3 May) did UKOG remember the well site geologist smelt an oil odour during the drilling of the Germik weeks earlier and UKOG issued another tweet showing the same oil and water sample, but now attributing it to when the casing was inserted.
Tweets à bout testing followed then 3 weeks later (23 May) finally UKOG claimed the perforating guns had failed to penetrate the casing and they would seek bigger guns. However in the interim report they suggested that the test may have not been invalid,
They also sent samples of the oil from Pinarova, the shot hole and E Sadak (3 May RNS) for testing - but now only mention the similarity between Pinarova and the shot hole oils - what happened to the E Sadak sample? Was it also similar? Would it being similar spoil the story being spun?
Food for thought - It took 2 days for the lorry mounted drill rig to drill down to, and through, the Germik that we're still 4 weeks away from an extremely expensive test that might only confirm that the Germik is tight. Why didn't they slim hole redrill and test, possibly open hole so no casing, or cased using easily sourced perforating guns.
Even when thay do issue RNS they appear to be designed to hide information.
Just comparing what was RNS'd about the oil sample testing in May:-
'As per the RNS of May 3rd, the geochemical analysis of samples of Pinarova oil collected from the mud pit, the nearby seismic shot-hole seep and from East Sadak-12's Beloka/Mardin reservoir, proceeds ahead via laboratories in the UK and Norway.'
With the last RNS in September:-
'demonstrate that both the Pinarova mud-pit oil sample and oil samples from the nearby shallow seismic shot-hole seep are a geochemical close match and most likely originate from the same Mesozoic age oil source rock'
Did they lose the E Sadak sample? are the lab so slow that it took months to do two samples? Did the cash run out to do a third sample?
Or was it that those samples also 'most likely' matched the E Sadak sample which would make it less of a local system and therefore the shot hole oit not necessarily from the new working hypothesis of a deeper accumulation at Pinarova?
Smoke and mirrors, like so many UKOG RNS.
Insidious,
In your visits to the UKOG board you rightly point out that oil and gas exploration is high risk as is AIM. Yet you criticise posters that bother to research the risks and are prepared to write about them and/or challenge posts repeating UKOG claims as if they are guaranteed outcomes. So far any activity that has finished has shown that UKOG predictions are unlikely to be the outcome.
Nobody has made money here by waiting for an outcome so if you are still investing having profited previously surely it isn't because you believe the current activities will be successful, but in the hope that there is news not of success but of an activity that's very likely to fail (Pinarova re-test), or not make much difference (HH-2z conversion, Supreme Court decision) - but will be hyped as if success is guaranteed.
Over the years UKOG gave edited highlights from reports, often without publishing the report so that any likely problems or caveats or weren't mentioned.
Those reports that were published did contain caveats but posters claimed they were there because reports always had them and they didn't mean anything, they could also contain quite serious warnings.
In the recent Loxley CPR there was a statement that the resources calculated depended on the Loxley well proving the gas column. This CPR also contained a significant error that impacted the premise for the GWC in Alfold and thus Loxley.
There is no compulsion to make reports public except for CPRs - I suspect one of the reasons UKOG hasn't commissioned a CPR for Horse Hill since the CPR in 2018 prior to the extended testing despite promising on several occasions on would be done. However in 2019 they had a report on the Kimmeridge done by RPS (2C resources at HH of 1.5mmbbls net to UKOG) and there will have been extensive work done for the FDP for the Portland and more recently developed a decline curve for HH-1 externally reviewed to support their valuation of £0.8mm for that well.
All these unpublished reports would probably enable pi to understand what the likely outcomes are fron further work at HH rather that the recent dredging up of estimates made before the ewt in 2018 / 2019 quoted by DL and his acolytes.
What ocelot doesn't acknowledge is that even if UKOG doesn't have to pay back the loan the money comes from somewhere - and it's pi that provide it by purchasing shares in the market when the loan notes are converted and those shares sold..
But those already holding suffer the loss in value in shares, usually after the loan notes are converted, but this time the SP is nearly 50% down since this 'non' loan was taken out - for £2mm of loan notes. - which is directly linked to the loss in mcap of about £6m. The loan notes can be converted, subject to certain restrictions, at the lowest vwap in the previous 15 days - none of which have supposedly been sold as there hasn't been a TR1.
Of course it was obvious the last time UKOG had a CLN loan that the 'rules' were got round - this time the destruction of the SP by relentless selling which lowers the vwap is, co--incidentally, advantageous for YA / Riverfort.
It's simple. You keep setting up accounts on a site where you got yourself permanently banned for being abusive on the Angus board - after 3 temporary bans for being abusive.
The clue is 'permanently banned'.
You now seem to think that you have a right to return to the board and make all sorts of lies up about other posters you don't agree with, sometimes spamming the board endlessly with nonsense post after nonsense post - and then play the victim because posters then report you.
Desperate that the news you hoped for hasn't materialised since you bought in and there's every chance that the SP will drop if there's no news.
Of course even your claim you're a 'real investor' is a lie - you're just a small time trader - only a couple of weeks ago you said you had no shares.
'now they have the energy miniser backing '
'Can you describe how you came to the conclusion that the Energy minster backs UKEn?'
A meeting with the minister is not the same as them 'backing' the project / company - and SS saying 'it was important to gain the support of the minister....' - is not the same as saying he gave his backing
Ocelot,
'Big oil' is quite smart when it comes toacquisitions, especially from tiny little oil companies. In the 'noughties' they used to buy licences or carry wells to get equity. Then they realised a lot of the companies couldn't afford to drill offshore wells and if they didn't farm in or buy them out they could wait until they ran out of money / lost the licence for failing to complete the work programme. Then they could apply with a well and not have a tiny partner.
The original Portland gas storage and effectively got starved out because the government wouldn't subsidise it and the business model for a small company could not survive the spending years. Let's hope the government subsidises it or the same may happen to UKOG.
'UKEn finds itself in the company of big players' - a bit like swimming with sharks.
'RE: AdrianToday 10:33
Only onces that are desperate are shorts like you Penguins. Or you wouldnt all be so obsessed in me looool'
It wasn't me posting lies at 4:30 this morning in a drunken stupor.
'Celiac
Posts: 58
Price: 0.0345
No Opinion
RE: I bought in at 0.0329Today 04:30
One ofvyou lies imo Penguins ...........' - I won't repeat the lies.
On current levels of BS and lies I suppose you'll deny that post exists?
Perhaps you don't understand how a short works - if the SP goes down you make money, and apart from the past 2 weeks it's been on a generally downward trajectory for about 6 years.
Looking at the SP today I'm not so sure the last 2 weeks aren't like previous periods of relative stability before the SP drops again
Having boasted about your buy at 0.0329p you might look a bit (lot) stupid if it drops now, you need to hope that SS who you've said some pretty nasty things about pulls a rabbit out the hat.
UKOG not even on the post leader board any more, and even when it was - sells - and 'someone' sold 10,000,000 at 0.0327p and 0.0325p- you did sell when you were in profit?
On Monday it was difficult to sell, easy to buy - that should tell you something about what's going on.
I suppose you see it as a double play with your PPP shares which you started buying when the SP was around 3p needing help when (if?) they come out of suspension and will need cash for Texas and HH 3D (BTW it was DL that claimed there was 3D before HH-1 was drilled - I was one of those that said it was a lie). PPP already need 60 million shares to replace shares borrowed for previous placings (currently only 100,000,000 in issue) - massive dilution coming at PPP - and you were buying at over 3p (suspended at 1.875p).
I can see why you're desperate.
Adrian,
It's hilarious you trying to mock someone about a non-existant short that would have been by far the most sensible thing to have done until two weeks ago - and may still be worth holding onto - after all there was a poster who was convinced that 0.06p was the floor when the SP steadied at that for a while, though anyone shorting (a CFD?) has had plenty of time to cash in while the SP has steadied over the past 2 weeks after two months of ever lower 52 week lows.
We'll see if a win in the Supreme Court will see the SP 'bag', the Loxley win was muted.
But are you living in the past - TW, shorts - next up BDI will be back and £1 party - sorry for those that held in 2017 because they believed the BS.
Adrian,
'They show them selves up for what they really are . Bully greenie leftie uncoothed louts :)'
Says an uncouth bullying lout who makes up stories about other posters whilst pretending he's not the uncouth bullying lout who has been permanently banned from this site for being an uncouth bullying lout.
You did write those posts - and of course you don't report posters - you're a permanently banned poster, and what would you report posters for - saying you're Adrian
Still an opportunity for you to bathe in victimhood again - twice already today - tomorrow morning another opportunity.
Desperate, just desperate.
You posted:-
'Penguins.
He is an Energy Minister.'
I knew - as that was in reply to a post where I stated:-
'it was actually with the Minister of State for Energy and Climate Change'
but I asked you 'Maybe you could point some others out?' as you claimed 'SS has had several meetings with the likes of the Energy minister fairly recently'. I could only find the one meeting in UKOG's tweets mentioned with anybody since UKOG got involved in the Portland project and that was with him on 25 January - so did you just make up 'several meetings' because it sounded more important as you avoided mentioning any other meetings?
You seem to be getting rattled - desperate to post here (endlessly) just in case there is no news soon? Even lost your walkman ID after being such a good boy for so long.......and still exhibiting the stange behavious of referring to yourself as if your not Adrian.
But as you're here still waiting for you to say where I've been 'unfair' about the projects that have results, nor have you identified where a pi can 'borrow' shares to short.
Maybe instead of making up stuff post about things you can justify.
Several meeting with the 'likes' of the energy minister?
I only found one meeting mentioned on UKOG twitter since UKOG got involved with the Portland gas storage project with the 'likes' of the energy minister - it was actually with the Minister of State for Energy and Climate Change on January 25th this year (cute picture), though UKOG milked it with several tweets.
Maybe you could point some others out?
But a 'big announcement' - maybe, who knows, not sure how it generates cashflow until around 2030. Best chance is selling the project on.
I see ocelot missed that there's 4 different 'posters', they're probably meant to sequence but it doesn't in Edge - the last one mentions being ready for 2050........
Just like ocelot, toys / pram.
'Cancel culture' - oh really - Adrian virtue signalling his conspiracy theory credentials of victimhood. Next up 'woke'.
I suppose filtering another poster is the nearest you can get to cancelling another poster when they aren't posting here despite a permanent ban and keep things cival [sic].
The point of this board is discussion, not an echo chamber. Though I can understand that it's difficult to endlessly post how great everything will be only to find out that UKOG forgot to mention the downsides the so called negative posters mention as a possible problems.
Anyway I'm still puzzled that despite the Finch challenge being continuous since September 2019 (until the Supreme Court rules on it) that has stopped UKOG doing anything at HH (except everything they have done) that UKOG were planning to convert HH-2z in 2022, RNS 5/5/2022:-
'UKOG can now proceed ahead with its plans to convert Horse Hill-2z into a water injector during 2022.......'
No mention of Finch, and no mention that the EA permit needed more activities before they could actually do it. June 2023 they were still waiting for the permission to proceed.
Also didn't see Adrian telling all and sundry here and on twitter that it wouldn't happen because of Finch.
Adrian
What's there to be positive about, but I frequently post that Finch is expected to lose. I've also posted that the PPP deal is good for UKOG - if only because of the risks.
But I'm not going to post them for you when you can't even say where I've been 'unfair' about the projects that have results, nor identify where a pi can 'borrow' shares to short.
When there's something truly positive not just UKOG's or other posters opinions I'll say so. At the moment Pinarova testing a formation that isn't considered reservoir, UKOG avoiding any information going public about HH and the Loxley CPR with errors is not positive.
Adrian,
UKOG stopped snapping up shares in HHDL after HH-2z was a disaster and anyway UKOG had spent all the spare cash buying Tellurian's share of the licence equity and already had a controlling interest in HHDL. Was Alba prior to HH-2z hopeful that it would be successful and HH-1 wouldn't decline so kept hold just in case (maybe Tellurian had better technical people?).
Posters thought UKOG buying up shares in HHDL for about £300,000 per percent was a good deal - doesn't look so good now - PPP, if the deal happens, are getting licence equity for about £50,000 per percent if you consider only the 'carry' of £2.3mm as they would have to pat 50% anyway.
The value of Alba's share in HHDL would depend on the price anyone was prepared to pay and after HH-2z and the rapid decline in production of HH-1 that might have been a lot less than the loan they were owed.
The language is pretty clear though whether 'HHDL can generate sufficient returns during and until the end of it's commercial life.'
Walkman,
You have been saying for years my posts are negative. As I've previously pointed out my posts only appear negative if you believe the highly optimistic opinions that UKOG put in RNS and quote from reports assuming there's no risk of failure. I challenged you yesterday to explain where I had been unfair in my opinions of the projects that have had some sort of result - HH! BB and Basur-3 - as none of these have been anything like as successful as UKOG claimed they would be it's hard to understand why 'being negative' was wrong although I would contend that it just confirms my opinions are realistic.
Perhaps you should read the UKOG RNS and reports that are full of 'up to' and 'ifs' and 'coulds' and posters then quote as if they're certainties rather than the opinions they are.
Still waiting for you to explain where a pi can borrow shares to short that means they have to buy shares to give back. Your helpful advice to 'close shorts' here is unlikely to be seen by the entities that can actually 'borrow' shares.
In fact I think you're talking about a CFD which is essentially a bet on what the price might be. A CFD company usually balances shorts and longs but there was an occasion when IG covered their bets and had to declare an over 3% holding.
Walkman,
The economics of another well, if its performance is anything like HH-1, and they might have been lucky not intersecting a fracture in HH-1, could be marginal. Water disposal may help but risked NPV may be barely positive with the rapid decline seen though earlyhigh production helps with NPV. In a normal company there would be an expectation of a decent return on cash spent, not just making a small profit. NPV isn't just oil recovered times OP less OPEx (which is much more favourable and often used by posters) but takes in the time value of money. Risking it acknowledges the chance of the well being a commercial success.
Four wells though. They've already changed the map considerably since the planning permission for four wells and it's highly likely that new 3D will, like it seems has happened with the Basur-4 3D, change the map where currently there is no seismic control - coincidentally where HH-3 is notionally targeted.
You seem to have diffficulty not only with maths but understanding English - Albas uncertainty as to whether HHDL will pay back the loa is clearly whether 'HHDL can generate sufficient returns during and until the end of it's commercial life'
Not because of the legal challenge.
Anyway July production seems to have coupled production of one of the lowest full month's averages (50bopd) with one of the highest water cuts at 40%. Not a good sign.