Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Not soberedup since last night?
what are you goingon about, most posters who have managed to at least retain some graspof reality would realise that 'BP,' is addressing the poster named Bubblepoint.
Like most posters will addressthe most recent to register poster as Adrian.
Too busy today to play your silly games.
Your posts don't upset they go to prove this point in my post:-
'How easily were investors fooled by that and subsequent claims about projects where desperate posters were happy to repeat any positive claim by UKOG (and many probably not fooled judging by the dumps before results) whilst regularly there was conflicting, factual, evidence that UKOG's expectations were highly unlikely to be the outcome.'
As true about Dunsfold / Loxley as Turkey, Broadford Bridge and HH.
But the sky does keep falling in.
and I made an error in my last post the third paragraph should read:
'But if there are any 'greens' they are a subset - a few posters on a fairly insignificant bulletin board that has few posters anyway except on days when it's swarming with pump and dumpers like Adrian.'
BTW it's pretty obvious who on this board knows what they are talking about vs a person who claims no knowledge of O&G E&P (ocelot) and a person who was fed BS by SS for a short time at HH and takes photos of tankers and the site from a footpath - usually coming to the wrong conclusion from either observation.
BP,
'Framing' posters as activists is trying to suggest that their opinions are biased rather than realistic.
Perhaps there are nimby or green activists, or posters who are upset with the company for continually making unrealistic claims - but they tend to out themselves with very little commentary on the projects but plenty about the company or SS.
But if there are any 'greens' they are a subset - a few posters on a fairly insignificant bulletin board that has few posters anyway except on days when it's swarming with pump and dumpers.
Ocelot, and others, have tried in the past to suggest that those that are negative, in their opinion, are responsible for the lowly share price, it just shows how unrealistically positive they are about projects, and by their slavish repetition of UKOG PR, how unrealistic UKOG RNS about the projects are, given the outcome of every venture so far vs UKOG expectations.
I became interested (possibly for reasons that may be obvious to some) in UKOG during the claims made about the Kimmeridge in 2015 and having read the BGS Weald Shale report was amazed at the negative spin being put on it by DL when it was possible that the report was responsible for UKOG's attempts at producing the micrites (the KLs). The report suggested the micrites could be a possible target for production but the report was about the shales and the small volume of producible (and large volume of locked in) oil etc quoted was that in the shales.
How easily were investors fooled by that and subsequent claims about projects where desperate posters were happy to repeat any positive claim by UKOG (and many probably not fooled judging by the dumps before results) whilst regularly there was conflicting, factual, evidence that UKOG's expectations were highly unlikely to be the outcome.
The raise was 3.75billion shares last Friday.
There's theoretically £1,300,000 of the current level of loan remaining of the CLN, though it's very possible the loan note holders have been given more that haven't been RNS'd yet. I doubt they will convert all of that at today's vwap (approx 0.0172p) but if they did that's over 7.5 billion more shares - and there's meant to be £500,000 more loan handed over before 16 February.
Let's hope they deploy the somewhat forgetful wellsite geologist with the sensitive nose to calibrate the oil smell gauge just in case, like the swab test, they recover zero oil - though maybe they could resurrect for the third time the bottle of oi / water / de-emulsifier that so far has helped ramp the swab test in the Hoya, and then encouraged the first perforating of the Germik.
Sometimes the deception is in plain sight, other times it's just that they only RNS the most positive interpretation / opinion.
With Pinarova the most positive outcome stated by UKOG seems to be it will encourage them to look elsewhere for the oil, let's hope it's not that encouraging and they can perhaps realise that AME did unto them as they have done to shareholders -though if they had done any due diligence they surely knew it was a long shot, not transformational - and concentrate at least on getting their UK 'assets' advanced. Although my opinion on both HH and Loxley isn't positive at least then the last veils will have dropped and the reality of what UKOG has in terms of O&G 'assets' will be exposed and investors can decide if they want to go on the long journey to gas storage or get out.
'ignor the idiots who claim they can fortell the outcome of the drill. they are full of ****e.'
Strange how the ****e that 'the idiots' claim has been proved right so often - and how wrong you've proved to be. But then I don't suppose you'll be holding on to your newly minted shares until UKOG RNS the results of the Pinarova test.
Nobody can be certain of course, but expecting anything but something positive that leads to looking for where the oil comes from seems to be what UKOG were expecting in the September RNS:_
'With this in mind, should further testing be positive, consideration is being given to the acquisition of a small 3D seismic programme to identify a possible deeper oil pool, seepage/spill from which being the most likely primary source of both the seep and Pinarova oils.'
But even that is disingenuous as where the oil came from might be an active source migrating straight into the shallow section at the shothole and the not much deeper probably very 'tight' Germik, rather than a leaking deeper accumulation somewhere around the area. Even if there was a deeper accumulation it would probably be in the Mardin a fractured carbonate reservoir with rapid decline in E Sadak.
As for what they're quite possibly re-testing - the earlier perforating might have reached the formation and it was tight - the Germik (oil odour formation) was only considered for testing after the Pinarova target/s were found to be dry and they scrambled around to find a reason to keep the fantasy going so elected to test a non-reservoir layer where an oil smell was observed, by the UKOG geologist on site, but wasn't reported at the time, probably because they had decided it wasn't worth testing as they cased the well and drilled ahead.
Almost immediately in the Hoya they got oil shows (not just a smell) - and stopped to test - which failed.
As you mention PPP they've gone quiet after almost weekly updates in November about CT-1H production and no news about the progress of the workover of CT-4H which started in mid December.
As for this - 'and pin point portland and kimmeridge oil pools at hh with the more accurate seismic information accumulated.'
More likely remove the culmination contoured between seismic lines at HH, the target for HH-3 - just like the Basur-4 target that the Basur phase 2 seismic appears to have removed or at least reduced considerably.
Ocelot,
last night you posted:-
'There is a potential reversal of situation here: with so many shares in issue, any rise in the share price will quickly increase market cap to level where it becomes easier to finance the company's needs.'
Looking at the way they're able to issue a billion plus shares to the CLN holders without informing the market for months they might already have increased the mcap without anyone knowing (apart from UKOG, the CLN holders and any one they tell privately).
Cunning plan though, issue billions upon billions of shares so a rise of 0.001p is worth about £287,000 pity it trashed the share price to do it - and if the CLN holders have converted another billion or so shares we might hear about eventually (today's vwap under 0.018p) that's increased the value of the company by £177,500 at this evening's mid price - no flies on ocelot or SS.
Jeez ocelot,
The share price is less than 0.02p. There's shares worth over £100 each, or half a million UKOG shares - yes you can get more than a million UKOG shares for less than £200 - not all that long ago they would have cost £10,000 - @1p a share - though there were a lot fewer shares in issue.
Tor example 150 AZN shares cost a lot more than 75 million UKOG shares - not sure that UKOG regularly being the largest traded share means anything anymore - especially when there's holders of billions of shares eager to get rid of them, and in the case of the CLN holders ever more shares for their loan notes as the SP (and vwap) declines.
Ocelot,
Surely It's a very different question for true investors especially ones that presumably haven't sold a single share because the outlook is always so positive, such as yourself. Traders and unbelievers in the BS maybe can buy and hope that there's a P&D before the results of the Pinarova test, just like the swabbing test in April and that the holders of billions of shares don't hog the selling - or that the Supreme Court decision or one of the farm outs happens and it can be pumped before anyone enticed into buying realises nothing much will happen before H2 2024, or quite possibly 2025.
IG,
The downside risk is that not only are there nearly 4 billion placing shares from last Friday but also, depending on how truthful the June CLN RNS was, there's definitely £800,000 or probably £1,300,000 (rising to £1,800,000 in February) of loan to clear. At 0.02p (though Friday's vwap could be 10% lower) that could be a conversion of 4, 6.5, or 9 billion more shares - up to 50% more shares for cash they seem hell bent on spending in the hope of getting an allocation of government cash, probably from a new government and maybe the allocation won't be until 2025.
Near term PPP seem to have gone quiet about their wells after almost weekly updates in November - so how quickly they will be able to farm in to HH is an unknown, and they start by shooting 3D, so no well until H2 2024 at best ppresumably the PPP AGM voted in favour of being able to issue over 100 million shares - although they first need to replace about 60 million borrowed shares. Loxley seems to have no takers and Pinarova they're testing what's probably a tight zone that had an oil smell, the pre drill targets being dry. The most likely fairytale for the best outcome - some recovered oil - Is they'll keep flogging that dead horse.
Loxley farm out. Heralded as a pre-planned farm out as if farmouts usually just happen unplanned, some posters assumed it could be rapidly consummated. With no takers early in 2023 a CPR was produced on hardly any data with a revised interpretation of the Alfold well supposedly proving it had a GWC similar to the GWC in Godley Bridge-1 - this was contrary to all previous analyses including the Final Well Report (FWR) and various licence applications (available on the UKOGL site).
Warning - for those of limited attention span stop reading here (if you haven't already)
Hung over today and had another look at the Loxley CPR whilst watching the snooker:-
The revised analysis of the Alfold well included a poroperm crossplot (fig 5:14) with ellipses meant to demonstrate that the reservoir properties above the GWC in GB-1 and Al-1 were preserved because of gas emplacement. A cursory look at the two crossplots clearly show that the green and red data points (coloured depending on depth) are reversed. In fact the opposite is endorsed by the core phi (porosity) plot in the Alfold well log petrophysical display (figure 5:17) - incorrectly identified as GB-2z - which shows core phi (porosity) down at around 10% above the supposed 2945ft TVDSS GWC, but vastly improved to 20%+ below 2945ft TVDSS the GWC in GB-1 and hoped for in Alfold – they haven’t plotted the core permeability in fig 5:17 but it is shown in figure 5:18 (furthest to the right column in the Al-1 panel), more difficult to see on this multi well display though clearly permeability (red * points) is far worse above 2945ft TVDSS than below.
Alfold rft data is mentioned, though only from below the GWC (and is water gradient), but not mentioned in the CPR were the four failed rft in the supposed good reservoir around 2925ftTVDSS (Top Portland Sst at 2919ftTVDSS) - the formation is described as tight in the FWR
Another supposed support to the GWC is the increase in resistivity above 2945ft TVDSS taken as indicative of gas above 2945ft TVDSS - but could this be a response to the tight formation RPS/UKOG appear to not realise exists?
SRBS,
To break even, let alone profit, don't the placees need to sell at 0.02p, and the MMs agree to buy them at 0.02p?
More likely this buying is being supplied by CLN shares where at least they can convert at today's vwap - and get 4.5% added to the loan. As I've pointed out there's not much headroom for UKOG to issue shares (less than a billion) but as they seem to be able to avoid norms by not revealing when and not adding the converted shares to the total until months laterit looks like they don't have a limit to shares they can issue despite the AGM limit.
Now that there's a floodof shares bought below 0.02p if there is a P&D on news all those that bought recently (after Xmas) are going to be struggling to get out before the dump, and there's no guarantee that the CLN holders might work hard to get the price lower if they are selling today.
Ridiculous situation - just to hope to get a grant for the Portland Port project.
Indeed with traders coming on to this board trying to profit by claims of successful projects ahead, but to make money can only do it by selling before the results, and then disappear - as long as they time it right - before the fateful well test results RNSs.
Even the continual supposedly good test results at HH served only to help the SP limp along and in production the reality of the detail missing from the UKOG RNS came home to roost.
Best get back to those other forums where you can get away, without challenge, with posting UKOG PR that so often turns out to be misleading at best.
3.75 billion more shares and quite possibly still billions of CLN shares that will need more authority to issue, though given they didn't admit that addition shares were converted until months later (converted in early August, mentioned in November) maybe they can wait until after the AGM to adjust the total shares in issue.
If the Portland Port project is so investable why don't they float that project off, see if it can be funded on its own merits rather than subsidised by investors in oil and gas, and give UKOG investors the choice to keep or sell their shares in what is effectively an utility.
They currently have authority to issue 8.43855 billion shares from the 2023 AGM.
Before today's raisee they've issued under this CLN 3.8221 billion shares, which left about 4.6 billion shares UKOG can issue until the next AGM - unless they call an EGM.
They still have about £800,000 of the CLN remaining to be conveerted, and if the June CLN RNS is to be believed they took another £500,000 in November, and there's another £500,000 in February.
Yet with today's placing have now issued 7.57 billion shares, leaving about a billion shares authority left.
What have they done with the money, and what does it say about the oil and gas properties that SS has bet the farm on getting a government subsidy for a gas storage project.
Presumably SS has pointed out the likelihood of a P&D on news, not success at Pinarova.
I haven't looked but did Zak Mir pump UkOG yesterday?
Hmmmm.
It's the delusion that anyone would need to pay for something the company does almost without fail - fail because they choose projects that are high risk and low reward - which is no surprise given they can't afford to offer a competitive work programme in licence applications or a farm in work programme to secure decent projects.
But then they fail to offer opinions other then highly unlikely outcomes (taken as facts by some). For instance they failed to give any information about production well flows and decline from the lookalike E Sadak field operated by AME in Turkey. The 2022 AME Annual Report gave total E Sadak field production from the producing wells (most from 13 drilled) of 250bopd, and using more rigorous analysis the E Sadak field reserves dropped from 25mmbbls to 0.5mmbbls - Resan licence recoverable resources went from 23 to 7.3mmbbls in the 2022 Annual Report.
So what are they hiding that they know about Pinarova - there were posters (you know the supposed swampies, nimby xr brigade) were saying the reasoning to drill Pinarova seemed to be it was cheap, not because it had a good chance of success when it was essentially a downdip appraisal of a well that produced water with an oil cut.
Loxley is another high risk 'appraisal' of the Godley Bridge-1 well that depends on a new, but flawed, interpretation of the Alfold well that has driven UKOG to impose a saddle between two seismic lines to facilitate structural closure matching the GWC in GB-1. The CPR reflects that the well needs to find the gas column and reservoir properties 'expected' for the resources quoted.
and still UKOG avoid converting HH-2z to a water disposal well - an easy £250,000 a year win, the amount UKOG claim would be saved. What risks are likely from injecting into a fractured reservoir........imagine.