Member Info for Penguins

Ibug,

Suspicious that yesterday 'someone' dragged the vwap down with a fairly modest value, but 70 million share sell, well below the bid. Surely nothing to see here with an ENS the next morning.

,,,,,,,and still no mention of what the second tranche of the Equity Shares were converted at.

More smoke and mirrors than a magic show.

So what happened to the E Sadak oil sample, and what is the conclusion as to the source of the oil?

The objective of the geochemical study wasn't just todetermine if the Pinarova oil was 'likely' the same as the shot hole oil (from the 3 May RNS):-

'A sample of the oil recovered from Pinarova (as detailed above) along with samples of the 41.7˚ API oil recovered from the active seismic shot-hole seep (see RNS of 11th January 2023 and 30th June 2022) and 43˚ API oil from the nearby East Sadak field, have now also been dispatched to the UK for detailed geochemical study.

The oil study's primary objectives are to determine; a. whether the Pinarova oil sample matches the oil from the shot-hole seep, b. whether it's derived from the same general Upper Jurassic source as E. Sadak or c. it has another origin from shallower Cretaceous origin.'

So they've answered 'a', what about b & c? In previous RNS they mention it as having a Mesozoic origin - but that would include the speculative Cretaceous and the known Upper Jurassic source intervals.

As for the oil smell and the oil recovered from when the casing was set they didn't think it was important enough to mention at the time, swab testing a deeper section that had actual oil shows while drilling, but recovered no oil, and then waiting until after the primary target was drilled and nothing significant was found.

Last chance saloon for Pinarova - and as for Basur 1 being an undeveloped discovery - where's the post phase 2 seismic mapping - after phase1 seismic it was little more than a pimple.

Grasping at straws, wasting time and money for a 'hail mary' test of an interval possibly already tested - and the guns aren't even on site yet.

Trish,

don't worry about the seller, I suspect they are fully aware what they're up to.

Apropos of nothing that did help bring todays vwap down to about 0.0263p which would be advantageous for YA / Riverfort if the SP were to rise tomorrow.

Nobody is scared of a sad and desperate individual who comes on this board primarily to insult other posters - and pretend he isn't davethedrill1 on twitter.

But you are a liar. The tweet I posted earlier existed when I searched for it some time ago - perhaps the other posts from 3 December which show that you were obsessed with tankers on and around that day might jog your memory of deleting all those tanker trick tweets:-

'Adrian The Fool on The Hill@davethedrill1

Dec 3, 2020

#ukog #Horsehill Surprise surprise no Tankers again today. just the 2 on Monday from old oil stock . With the pump not working or the flare stack HH isn't producing anything . SS will probably only have about 5 tankers worth of oil in storage to play,with maybe a little more.

Adrian The Fool on The Hill@davethedrill1

Dec 3, 2020

Replying to @Heid_oil and @alans27

Ha Ha but well done for calling out WealdSpoilers BS

Adrian The Fool on The Hill@davethedrill1

Dec 3, 2020

Replying to @davethedrill1

Tony should be ashamed of himself btw. If ever I've seen a guy misleading share holders Nobody here is scared of you a sad individual who posts rubbish and thinks that hanging around a well site and being BSted by SS somehow qualifies you as a commentator on O&G E&P.it's him . Confetti soon from Sando imo.#ukog

Adrian The Fool on The Hill@davethedrill1

Dec 2, 2020

Replying to @davethedrill1

Wait till she finds how much he's down! GIF

ALT

Adrian The Fool on The Hill@davethedrill1

Dec 2, 2020

#ukog #Horsehill. John should know (HH1AN2 On @LondonSouthEast) if I say there was no oil tankers today or yesterday there were NO oil tankers. Btw John rarely stays at HH when he visits as he fears what his wife will say if she catches him there 2 or 3 mins max!Then he's off'

Here's the tweet you accused me of making up - fits in well with the above - if you think I'd bother to make up a tweet then you really have lost the plot:-

Freeasabird@davethedrill1

Dec 3, 2020

#ukog #Horsehill Pboo Tony . It's the question they don't want to awnser on

@LondonSouthEast

. I screen shot it before it was taken down. I've warned about the Tanker trick with old oil stored before workover started at #Horsehill , which is now being played to mislead . Dave.'

and here's one I copied from your twitter earlier - very earlier - and of course my post is still there from December 2021 (again your tweet has been deleted):-

'Penguins

Posts: 5,081

Price: 0.105

No Opinion

Tanker Trick 7 Dec 2021 16:56

Funny how attitudes change:-

'Freeasabird@davethedrill1

Oct 15, 2020

#ukog Which one of the eyes will get drawn in to SS Rope a dope tanker trick first.

My money is on ***** Tony or Postman Pat ;)'

Oct 15 2020 tweet also gone - If you want to check on my December 2021 post though:-

https://www.lse.co.uk/profiles/penguins/?page=76

Maybe Adrian could explain, give him a call:-

Freeasabird@davethedrill1

Dec 3, 2020

#ukog #Horsehill Pboo Tony . It's the question they don't want to awnser on

@LondonSouthEast

. I screen shot it before it was taken down. I've warned about the Tanker trick with old oil stored before workover started at #Horsehill , which is now being played to mislead . Dave.'

No longer there - seems Adrian has deleted any tweets mentioning the tanker trick.

DL may have used it as an excuse for the farm in not happening but UKOG never have given it as a reason for not drilling - and it certainly wasn't mentioned when the farm in was announced.

The risk of the Supreme Court agreeing with Finch is extremely low - the reasons for not drilling in the four years since planning was granted is clearly because of what happened with HH-2z and then the water influx in HH-1 making further drilling risky in regard to intersecting water conduits - hence the willingness to farm out the 3D (which might remove the target for HH-3) and then the option for PPP to drill HH-3 to get a 49% share of non HH-1 production for a £4.6mm carry.

UKOG has also been slow getting HH-2z converted, despite UKOG claiming it would happen in 2022, which should have been a quick win for cutting the cost of water disposal - but then what's happened since the result of the challenge to Loxley in the High Court - nothing despite claims that that the farm in would happen the moment it was beaten - and UKOG 'planning' to start site preparation this year. Not sure the conditions have even been cleared.

But let's copy and paste post after post of UKOG PR (and version of events) about a project that won't see any income for years - surely not what anyone has invested in UKOG for?

I'll repeat for the fifth time this week my response to your daily visits, gone before I could post for the fifth account (gardenflower) yesterday:-

I see Adrian's back with his nonsense about other posters - but Adrian can spot a P&D opportunity - though timing is everything. Having bought in at 0.0329p here and about 3p in PPP he must be starting to sweat putting in all this overtime in the hope of stitching others up.

As he pointed out a few days and five accounts ago about another po ''He got very abusive and insulting on here like FOTH did and got banned in the end' - FOTH = MaddieSaid / whatever it was Wednesday night / staddler / HSimpson this morning / GardenFlower / Silvertown, and it was a permanent ban that you seem to think doesn't apply to you.

and please don't make yourself look completely off the rails by 1) referring to yourself on X as if it isn't you, or 2) denying you're Adrian, or 3) all the claptrap about being a genuine investor in UKOG - you're a trader, or 4) rambling on about posters 'bashing' a company that has brought about its own demise, or 5) claiming everyone who expresses a negative opinion of the company's projects are greens or swampies - seems they've been the only honest ones so far looking at the share price - apparently understanding the projects better than UKOG - though more likely UKOG just don't detail the risks - preferring vague positive opinions like 'transformational'.

No trades today, yesterday £11,600 worth - vwap about 0.0277p. Though UKOG appear to still have hidden (so far) the price the second tranche of 'equity shares' were converted at.

Will UKOG mention the £500,000 second tranche of the funding facility being delivered yesterday, 17th November, when there's still about £1,000,000 of the £2,000,000 of the initial funding that YA / Riverfort haven't converted yet - so there's a lot more shares to be issued, £1,500,000 worth and another £500,000 before 16th February - and not forgetting the 4.5% of the value converted added to the loan - plus 33% more warrants exercisable for 140% of the conversion price - at 0.0277p that's 0.0387 likely to suppress any rise in the SP.

As for the Portland when will there be any positive cashflow? Perhaps if a company takes on the project but they will be looking at the economics with huge up front costs - economics seemingly not something UKOG look at too closely.

The question is how much salt (not chalk - it's porous) cavern storage is needed? It could end up just a temporary buffer for electricity generation, upgrading the electricity grid, rather than making the gas grid hydrogen proof, a better option when it almost certainly won't be used domestically - maybe salt caverns near industry oop north where there are some already - plus more being created.

Waldorf's turned up - hope he's spotted silvertown is Adrian (of course he has - why else is he here) and not accusing him of being Hmmmnice...

I'll repeat for the fourth time my response to your daily visits:-

I see Adrian's back with his nonsense about other posters - but Adrian can spot a P&D opportunity - though timing is everything. Having bought in at 0.0329p here and about 3p in PPP he must be starting to sweat putting in all this overtime in the hope of stitching others up.

As he pointed out now a few days ago as his last persona but three ''He got very abusive and insulting on here like FOTH did and got banned in the end' - FOTH = MaddieSaid / whatever it was last night / staddler / HSimpson, and it was a permanent ban that you seem to think doesn't apply to you.

and please don't make yourself look completely off the rails by 1) referring to yourself on X as if it isn't you, or 2) denying you're Adrian, or 3) all the claptrap about being a genuine investor in UKOG - you're a trader, or 4) rambling on about posters 'bashing' a company that has brought about its own demise.

Not a lot of trades value so far today - vwap so far today about 0.0273p. Though UKOG appear to still have hidden (so far) the price the second tranche of 'equity shares' were converted at.

Will UKOG mention the £500,000 second tranche of the funding facility being delivered (by tomorrow 17th November) when there's still about £1,000,000 of the £2,000,000 of the initial funding that YA / Riverfort haven't converted yet - so there's a lot more shares to be issued £1,500,000 worth and another £500,000 before 16th February.

With months of waiting for news means there have been plenty of opportunuties taken by posters to predict the news might arrive soon. But what might it be - the guns have arrived at Pinarova, late - not the test; Supreme Court has agreed the pp is valid - but HH-2z not converted, nor the 3D shot, nor any well drilled; Loxley farm out with the longest wait of about 17 months - but not the well drilled and tested successfully.

As for tankers regardless of deceptions about 'tankers' you have made claims about levels of production, based on your supposed 'sightings', that were so wrong that they must have beem made up.

And pretending staddler is not you ie Adrian is a lie.

So I'll repeat for the third time my response to your nightly visits:-

I see Adrian's back with his nonsense about other posters - but Adrian can spot a P&D opportunity - though timing is everything. Having bought in at 0.0329p here and about 3p in PPP he must be starting to sweat putting in all this overtime in the hope of stitching others up.

As he pointed out earlier as his last persona but two ''He got very abusive and insulting on here like FOTH did and got banned in the end' - FOTH = MaddieSaid / whatever it was last night / staddler, and it was a permanent ban that you seem to think doesn't apply to you.

and please don't make yourself look completely off the rails by 1) referring to yourself on X as if it isn't you, or 2) denying you're Adrian, or 3) all the claptrap about being a genuine investor in UKOG - you're a trader, or 4) rambling on about posters 'bashing' a company that has brought about its own demise.

Not a lot of trades value today - vwap today about 0.0277p. Though UKOG appear to still have hidden (so far) the price the second tranche of 'equity shares' were converted at.

Will UKOG mention the £500,000 second tranche of the funding facility being delivered (by tomorrow 17th November) when there's still about £1,000,000 of the £2,000,000 of the initial funding that YA / Riverfort haven't converted yet - so there's a lot more shares to be issued £1,500,000 worth and another £500,000 before 16th February.

As for pasting the RNS

BTW this is what UKOG put in the interims about the testing:-

'The tests are thus interpreted to be invalid until such time that larger perforating guns can be deployed in the well to establish proper contact with the formation and the potential hydrocarbon prospectivity correctly assessed.'

They tweeted a picture of the oil sample (with water and de-emulsifier) without saying where it came from the same day they announced the swab test of the upper Hoya (not the amplitude anomaly).

The first time they mentioned the oil odour was in the RNS on May 3 weeks after they had drilled through the Germik before the casing was set before 18 April. They had the opportunity to mention the oil in the mud pit in that RNS - but didn't.

They then tweeted a picture of the same oil sample on May 4 identifying it as recovered from mud pit after setting the casing - after they announced they would be testing the Germik on May 3 - after the well TD - with no mention of the Hoya seismic amplitude anomaly and a mention of the hope of a deeper accumulation.

and the geochem work included a sample from E Sadak - not mentioned did it match? would that undermine the new working hypothesis of a deeper accumulation now the Hoya had nothing in it?

Ocelot,

Six months wait to perform a test that will hopefully prove the previous testing was invalid on an interval with an oil smell and oil in the mudpit after drilling it when casing was inserted that they didn't think was worth mentioning at the time. UKOG in a tweet even tried to imply the oil sample came from the interval in the Hoya with actual oil shows that they did test but without success. They finally mentioned the oil smell and admitted the oil sample was from when the casing was inserted after the primary target was drilled and then no longer mentioned.

Hardly encouraging.

As for ocelot's 'these 2 matters have been hanging over the share price for the last 5-6 months'. It has however enabled plenty of opportunities to 'expect' news soon / after the weekend / tomorrow etc.

.........think 'Waldorf' is in hiding after this on PPP:-

'Shutupayface

You back already HmmmNice'

when it was Adrian.....

Peel Hunt Holdings had 7.02% - in July - which was 7,052,473 shares (of 100,299,801 in issue), but the Peel Hunt LLC declaration had no previous holding so assume they are different bits of Peel Hunt. So has the holding been transferred internally in which case where's the Peel Hunt Holding's going down TR1?

But the shares in issue is misleading. There have been 2 placings where shares were borrowed off existing shareholders in March a £1.5mm placing with only 10million new shares 'created' and 41,525,325 shares borrowed from existing shareholders - and then in June another 6 milllion shares 'created' and 9 million borrowed - so there are another 50,525,325 shares yet to be issued to those that lent shares - just over 50% more.

I see Adrian's back with his nonsense about other posters - I can tell you two posters he does know - HH1AN2 and pboo - but Adrian can spot a P&D opportunity - though timing is everything. Having bought in at 0.0329p here and about 3p in PPP he must be starting to sweat putting in all this overtime in the hope of stitching others up.

As he pointed out earlier as his last persona ''He got very abusive and insulting on here like FOTH did and got banned in the end' - FOTH = MaddieSaid, and it was a permanent ban that you seem to think doesn't apply to you.

and please don't make yourself look completely off the rails by 1) referring to yourself on tritter as if it isn't you, or 2) denying you're Adrian, or 3) all the claptrap about being a genuine investor in UKOG - you're a trader, or 4) rambling on about posters 'bashing' a company that has brought about its own demise.

Interesting 60million sell though - vwap today about 0.027p. Though UKOG appear to have hidden (so far) the price the second tranche of 'equity shares' were converted at.

Will UKOG mention the £500,000 second tranche of the funding facility being delivered (by 17th November) when there's still about £1,000,000 of the £2,000,000 of the initial funding that YA / Riverfort haven't conveted yet - so there's a lot more shares to be issued £1,500,000 worth and another £500,000 before 16th February.

ZYX,

thanks for that, thought it was mandatory but wasn't certain. Wasn't the buzzword 'octopus' for multiple wells off a single donar well - fishbones was a specific (and v expensive looking) way of creating multiple piercings off a single well bore - usually illustrated as a horizontal.

https://www.fishbones.as/oil-and-gas

Shutupa.......etc

There's a reason certain 'new' posters who arrive fully formed with specific ramping and a list of posters they ae going to claim all sorts of things about are identified as 'Adrian' - and strangely when that poster is banned because they are Adrian, who as mentioned by you is banned (permanently), Adrian whines on 'X' about it.

So are you denying that you're Adrian - neat trick dissing FOTH, but you'll do almost anything when you're desperate 'He got very abusive and insulting on here like FOTH did and got banned in the end' - but putting one post on some random LSE board when you open a new account 'fools' no one.

Your problem comes when you stop doing pastes.........and start ranting and claiming everyone else is losing the argument you're losing.

'The income should help fund 100% of the 3D seismic at Horsehill if all goes well.'

Really? Only if the other wells come in and there's no decline - which is expected (at least PPP mention it happens). The first 50bopd just keeps the company going.

If this is the only success the remaining 60bopd from CT 1H is just under $5,000 or just over £4,000.

That's 1000 days for £4mm - so HH-3 in 2026 out of income - and that would mean CT 1H lasted a year longer producing more than 15 to 20bopd than it did when it was first drilled and put on production.

We'll see - I wouldn't bet that PPP don't raise on any rise to fund the farm in - but first 3D seismic let's hope they don't do a 'Basur-4' and destroy the target.

Does ocelot.

Fishbones - of course, a fantasy that UKOG would use it for a completion in the bKimmeridge years ago. Looks costly but would it be appropriate for the Portland where production is from two thin layers separated by a shale, and it's primarily for horizontals - are UKOG going to drill another Portland horizontal after HH-2z? - that's if there's a target in the Portand after they've shot the 3D.

Still it's something posters can blather on about because it sounds good.

But PPP are yet to farm in, and decide to drill HH-3 - and will Texas drilling practice be OK for the UK - anyway UOG would probably insist on any well plan being vetted by UK experts as any problems arising from drilling on the licence will be the responsinbility of the operator, HHDL a subsidary of UKOG?

AS for 'news' - any expected news is going to be - guns arrived on the Pinarova site (maybe), not the test; farm in happening though next is prep for and shoot seismic at HH with risk it won't confirm the mapping for the HH-3 target; HH-2z conversion planned to happen soon but even UKOG only claim a saving of £250,000; Loxley farm in? final conditions met?

Nothing significant in terme of activity (drilling) but hopefully Pinarova test happening this year, and at the current rate of progress no well even in H1 2024.

Never mind UKOG's main concern seems to be the Portland gas storage project - but nothing happening there for years - but lots of non news, have a look at their 'X'.

Nearly 2 pages of nonsense, most nothing about UKOG, so far today tells exactly who's worried.

(on a more serious note)

'Application has been made for the first and second tranches of the Equity Shares, numbering 2,724,487,652 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 8 November 2023.'

Surely UKOG should inform the market what YA / Riverfort have converted the second tranche of equity shares for:-

'Investors can elect to convert the second tranche of 1,424,487,652 Equity Shares at the lower of the Variable Price* or the Fixed Price**.'

Instead of a discount they get 4.5% added to the loan - so for the first tranche that's nearly £30,000. For the second tranche it depends on the price but the lowest vwap in the last 15 days is probably around 0.028p - that would be a lot less, about £18,000, but then they've paid a lot less for the shares assuming they took the vwap option.

Every little helps but they've got a lot to get rid of even if they have been forward selling, which of course isn't allowed, is this YA / Riverfort this afternoon:-

' 0.02895 55,000,000 Sell'

Assuming they do convert the second tranche of Equity Shares at about 0.028p and they get the 4.5% added to the loan there's still about £1,000,000 outstanding of the £2,000,000 loan.

They are of course close to the £500,000 second tranche of the loan (too many tranches!) being paid out no later than 17 November.

If the SP stays low the £1,500,000 still to be converted (includes the £500,000 soon due) could mean over 5 billion more shares at 0.03p.

As that road trip in the States is going so well - perhaps you can explain what is so wonderful in that RNS - which incidentally is not the latest one which gave the equivocal '4 weeks' statement.

The first paragraph claims it's a 'temporary' suspension (since 23 May and nearl 2 months on it's still suspended) amd they've finally found 7" perforating guns and they were going to import them ASAP - still not arrived?

The second paragraph is just restating what a f-up it's been, but missed the bit in the interims where doubt was cast that the original tests were invalid - 'The tests are thus interpreted to be invalid until such time that larger perforating guns can be deployed in the well to establish proper contact with the formation and the potential hydrocarbon prospectivity correctly assessed'

The third paragraph confirms what I posted that they only mention the shot hole and pinarova mud pit oil (that came to surface only when the casing was being set) - the business about Mesozoic and the source rock being loacated beneath Pinarova is more BS because the Basur oil was also expected to be from a Mesozoic source which encompasses the Triassic, Jurassis and Cretaceous - in the July 2020 presentation (dated 19/12/20 on the Resan-Basur page of UKOG's site) middle and lower Jurassic were cited as the source rocks.

In the last paragraph it looks either contradictory or success means getting another sample because if success meant a flowing reservoir what was all the BS about the amplitude anomaly being the source of the shot hole oil - but this isn't even if successful?

Because of the emphasis on a 'deeper' accumulation since the 3 May RNS I'm not sure that UKOG expected this testing to be particularly successful - but like BB they don't care how much they spend to save face.

From the 3 May RNS:-

'The geochemical results will assist the Company's current investigations into the possibility that a deeper light oil accumulation may also exist below the Pinarova area within Cretaceous limestones.'

You posted,

'Penguins seems to be unaware that they need a rig and the rig crew to set the perforation guns down hole and fire them .'

So did you miss those UKOG tweets with pictures of the perforating gun being lowered into the hole in early May - by crane?

https://twitter.com/UKOGlistedonAIM/status/1658461436811571203/photo/1

https://x.com/UKOGlistedonAIM/status/1656631919239475201?s=20

Doesn't look like they have to have a rig.