Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Second response, also this morning.
We shall think about posting on Facebook as well - please note the most popular online platform for communicating non-regulatory information to private investors in the United Kingdom is Twitter. We recognise progress to date has been disappointing, however, we believe our potential is unchanged and we have learnt a great deal since the start of the project. We are working extremely hard to deliver a success that will restore confidence in the Company and its operations. All the best, Andrea
I message Andrea yesterday and got a response this morning.
Hi Ian,
I appreciate your frustration, however, I dispute some of what you have written.
My intention behind purchasing shares is not to make a ‘cheap acquisition’ but rather reflects my unchanged conviction in what we
are doing. I am also most certainly not the only investor purchasing Zenith shares on the market, especially as there are many closed periods
during which I cannot purchase shares for regulatory reasons.
The Board and myself are the first persons to want Zenith to succeed as major shareholders in the Company. Any suggestion that we
stand to benefit from the current decline is entirely misguided.
We do not have 3 teams working on the ground at present- this was publicly announced.
We are listed on 2 markets (LSE + TSX Venture Exchange) and admitted to trading on the Merkur Market of the Oslo Bors. The Oslo Market is not a full listing. I should also add that we are a Canadian company and that listing costs in Canada are relatively small.
As announced, the BD-260 drilling rig is undergoing final work in Italy prior to shipment to Azerbaijan. Final work includes testing the equipment to
avoid any problems when it arrives on location. Clearly we want this equipment deployed as soon as possible. We have posted considerable video material on Twitter regarding this. I am surprised that you say that we do
not give any importance to investor communications.
In addition, as announced, we are currently performing preparatory work in well C-37 in the Jafarli field using our own A-80 workover rig. As announced, once this preparatory work is completed - which has saved us considerable expense by using our own rig and personnel - the Company will provide an update indicating exactly when a 180-ton rig is expected on location to initiate drilling operations. We have clearly set out our plan of action regarding drilling activities in our refreshed 2018 Investor Presentation available for download on our company website.
Further, the truck of the A-100 truck-mounted workover rig has been completed. Pictures of the completed truck were posted on Twitter. The Company, as announced on August 13, 2018, will provide an update once the A-100 is delivered to the field following the installation of the mast and workover rig components in Azerbaijan.
We have made substantial progress on an operational and corporate level during recent months. Unfortunately, this has not been appreciated by the market most probably due to an accumulated frustration and negativity caused by our underwhelming operational performance to date. It should also be added that the markets have not been in the best shape during recent weeks, and like many other companies, it is reasonable to believe that we may have also been negatively impacted by this.
Zenith simply needs to prove itself with a concrete success at C-37.
A victory would be a game changer and allow sentiment
To see a big blue rise first thing this morning but alas back to normal now. Had hoped the latest RNS might kick start the climb back up to where the price should be. Oh well let’s see what the presentation comes up with.
Interesting read.
Interesting also that BCN don’t understand why there is such a big disconnect between their current market cap and proposed value, and especially when given that cash in bank represents nearly half of current market cap.
Have to wonder what is going to drive up value of BCN to also provide KDNC with value enhancement. 2020 seems to long to wait given our share price and cap decline.
UK Oil & Gas PLC
("UKOG" or the "Company")
Extended Well Test ("EWT") and Regulatory Update
Horse Hill-1 ("HH-1") Portland and Kimmeridge Oil Discovery, Weald Basin, UK
Key Points:
· Kimmeridge Limestone 4 ("KL4") EWT operations now underway. Further updates to follow in due course following flow stabilisation and pressure build up ("PBU") tests.
· Final Xodus report determines that the single HH-1 well "sees" a connected Portland oil in place ("OIP") of approximately 7-11 million barrels, a robustly viable commercial volume for a single well.
· Horse Hill Portland and Kimmeridge long-term production scoping report submitted to Surrey County Council ("SCC"). Overall plan includes a total of six production wells, with up to 3 production wells and a reservoir pressure support well in the Portland oil pool. A planning application for production will be submitted to SCC prior to the completion of the 2018 EWT programme.
UK Oil & Gas PLC (London AIM: UKOG) announces that HHDL, a UKOG subsidiary company and the operator of the HH-1 Kimmeridge Limestone and conventional Portland Sandstone oil discovery, has informed the Company that, following the successful Portland EWT programme, the KL4 EWT flow sequence operation has now commenced. HH-1 is located in licence PEDL137 in which UKOG holds a 46.735% beneficial interest.
Further to the reported Portland EWT results, Xodus have now delivered a report which details that, to date, the single HH-1 well has "seen" approximately 7-11 million connected barrels of the total full field OIP (or Stock Tank Oil Initially in Place "STOIIP") reported in the Company's July 2018 AIM re-admission document. Based upon modelled production profiles and oil recoveries, the Company and Xodus believe this to be a commercial connected OIP volume for a single well that supports the Company's envisaged multi-well Portland oil drilling and production programme. It should be noted that the calculated connected OIP should not be misconstrued as recoverable volumes or reserves.
Given the EWT has delivered both commercially viable Portland flow rates and connected oil volumes, an internal declaration of Portland commerciality will be made shortly by HDDL.
As the first part of the regulatory process necessary to deliver the Company's goal of long-term oil production at Horse Hill in 2019, HHDL has recently submitted an outline production scoping report to SCC.
The scoping report details the envisaged environmental impacts from the outline development's future drilling, production, decommissioning and site restoration phases. The envisaged development has a total of six production wells and assumes a maximum daily rate of around 3,500 bopd. During the production phase it is envisaged that should production capacity exceed 3,500 bopd an application to increase total produced volumes will be made. The Portland oil pool is envisaged to be produced via up to three wells and one pressure
Macarthur Minerals Limited (TSX-V: MMS) is pleased to announce it will commence drilling high priority nickel sulphide targets at its Lake Giles project in Western Australia. The targets were derived from recent geophysical surveys using Moving Loop Electromagnetic (“MLEM”). Surveying at Moonshine successfully delineated two bedrock conductors, MC01 and MC02, with a further bedrock conductor identified at the Snark prospect as announced on August 28, 2018.
Mr. Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Historical drilling by Macarthur of the iron formation at Lake Giles has demonstrated the potential for nickel sulphides in areas with komatiite ultramafics. There is also further potential for concentrated secondary nickel in the weathered profile above these ultramafics. The Priority 1 targets identified in the recent MLEM survey gives great confidence that our drilling campaign is targeted to intersect the right geological sequences that may host a sulphide deposit. If we confirm the presence of a massive sulphide structure this will add additional value to the project with multiple commodities."
Nickel Targets
A Moving Moving Loop Electromagnetic (“MLEM”) survey was conducted across three prospects at the Lake Giles project. The survey targets were derived from previous drilling and soil geochemistry data that indicated potential for nickel sulphide.
Interpretation of data was undertaken by geophysicists from Newexco Services Pty Ltd who are experts in the application of geophysical surveys for the discovery of nickel sulphide deposits. The interpretation of was undertaken on the basis of detecting bedrock conductors consistent with accumulations of massive sulphides.
1. Moonshine Conductor
Strong conductance was recorded across all five lines with modelling delineating two bedrock conductors, MC01 and MC02 (Figure 1). The two conductors are both coincident with a magnetic high that is faulted and consequently both MC01 and MC02 are likely to be the same geological unit. MC01 extended over a length of 700m with MC02 extending over 650m however the source can be defined as being open to the north and south. A drill hole, MC02_DH has been planned to intersect conductor MC02 at 166m (Figure 1).
2. Snark Conductor
The survey at Snark identified two bedrock conductors at Snark, SC01 and SC02. SC01 is interpreted on most of the MLEM lines and is coincident with a magnetic high. On survey line 72150N, a good response was observed with well-defined twin peaks and decay analysis showing good exponential shape at late time which is characteristic of a bedrock conductor. SC01 is considered a high priority for drill testing and a drill hole, SC01_DH has been planned to intersect the conductor at 162m (Figure 2).
Exploration Program
Conductors MC01 at Moonshine and SC01 at Snark are considered high priority targets and will be tested by drilling. Two drill holes have been planned to intersect t
Let’s be realistic here, DL possibly oversold the short term potential in REM/KDNC. The board did their due diligence in making their investments, investments that did and do look fundamentally sound. We as investors have done our due diligence in making an investment here in KDNC and chose to invest.
Now if our personal DD and the boards DD was correct at the time then it must surely be the companies that have been invested in that are not performing. And yes that is exactly what has happened in all respects.
As P.Is we spread risk by investing in different companies as have KDNC, but and it is a but, at present KDNC have not got a single investment that is performing well or well enough to allow a sell for the release of capital. Unfortunately, I’m in exactly the same position with my own investments. My portfolio spread was sound, I did plenty of research but circumstances beyond my control have happened. Let’s just hope KDNC get some good fortune soon.
Portland extended well test ("EWT") successfully completed, Kimmeridge EWT to commence
Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK
Â
Key Points:
Â
·    Final HH-1 Portland flow test sequence successfully completed. all Portland operational objectives achieved.
·    Successful Portland re-perforation programme targeted 114 feet of oil pay, adding 14 feet of new pay. Following re-perforation, well productivity increased by up to 65%.
·    Independent oil consultants Xodus Group's ("Xodus") analysis of flow and pressure data interprets that further HH-1 Portland vertical well optimisation could achieve a forecast sustainable initial 24/7 pumped rate of around 362 barrels of oil per day ("bopd")* when full scale long-term production commences, exceeding original estimates. This analysis is key as it establishes the absolute flow potential of the Portland reservoir for future production wells.
·    Given the knowledge of the Portland's true flow potential, plans are now being formulated to drill either the HH-1z sidetrack or HH-2 new drill as a horizontal Portland appraisal well, with a targeted* sustainable daily production rate of 720 to 1,080 bopd, 2 to 3 times the forecast calculated* HH-1 vertical well rate of 362 bopd. All planning permissions, Environment Agency permits and the HH-2 well cellar are in place for a horizontal well. If successful it is envisaged that all future Portland production will be via horizontal wells.
·    The Company's economic modelling indicates that HH-1 Portland is robustly commercial at even the lowest observed sustainable daily rate of 140 bopd and at oil prices below $60 per barrel. A formal Horse Hill Developments Ltd ("HHDL") declaration of Portland commerciality is therefore expected shortly following receipt of Xodus' final connected oil volume analysis. A planning application for long term production is planned to be submitted to Surrey County Council shortly, prior to the completion of the forthcoming Kimmeridge EWT programme. Full-scale long-term production, targeted for 2019, is subject to co-venturer and regulatory approvals. Â
·    All 36° API Brent quality oil produced during the EWT is "dry", containing only 0.02% water.  Â
·    Preparation for the primary EWT objective, to establish the commerciality of the Kimmeridge Limestone 3 ("KL3") and KL4 oil pools underlying the Portland, has now commenced.
·    Kimmeridge testing will begin in the uppermost KL4 oil pool immediately following the removal of two suspension plugs and installation of a new completion string straddling the two Kimmeridge oil pools.
Note: * There can be no absolute guarantee that forecast, targeted or calculated rates of production will be achieved.
Â
UK Oil & Gas PLC (London AIM: UKOG) announces that HHDL, the operator of the HH-1 Kimmeridge and Portland oil discovery, located in licence PEDL137, in
Portland extended well test ("EWT") successfully completed, Kimmeridge EWT to commence
Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK
Â
Key Points:
Â
·    Final HH-1 Portland flow test sequence successfully completed. all Portland operational objectives achieved.
·    Successful Portland re-perforation programme targeted 114 feet of oil pay, adding 14 feet of new pay. Following re-perforation, well productivity increased by up to 65%.
·    Independent oil consultants Xodus Group's ("Xodus") analysis of flow and pressure data interprets that further HH-1 Portland vertical well optimisation could achieve a forecast sustainable initial 24/7 pumped rate of around 362 barrels of oil per day ("bopd")* when full scale long-term production commences, exceeding original estimates. This analysis is key as it establishes the absolute flow potential of the Portland reservoir for future production wells.
·    Given the knowledge of the Portland's true flow potential, plans are now being formulated to drill either the HH-1z sidetrack or HH-2 new drill as a horizontal Portland appraisal well, with a targeted* sustainable daily production rate of 720 to 1,080 bopd, 2 to 3 times the forecast calculated* HH-1 vertical well rate of 362 bopd. All planning permissions, Environment Agency permits and the HH-2 well cellar are in place for a horizontal well. If successful it is envisaged that all future Portland production will be via horizontal wells.
·    The Company's economic modelling indicates that HH-1 Portland is robustly commercial at even the lowest observed sustainable daily rate of 140 bopd and at oil prices below $60 per barrel. A formal Horse Hill Developments Ltd ("HHDL") declaration of Portland commerciality is therefore expected shortly following receipt of Xodus' final connected oil volume analysis. A planning application for long term production is planned to be submitted to Surrey County Council shortly, prior to the completion of the forthcoming Kimmeridge EWT programme. Full-scale long-term production, targeted for 2019, is subject to co-venturer and regulatory approvals. Â
·    All 36° API Brent quality oil produced during the EWT is "dry", containing only 0.02% water.  Â
·    Preparation for the primary EWT objective, to establish the commerciality of the Kimmeridge Limestone 3 ("KL3") and KL4 oil pools underlying the Portland, has now commenced.
·    Kimmeridge testing will begin in the uppermost KL4 oil pool immediately following the removal of two suspension plugs and installation of a new completion string straddling the two Kimmeridge oil pools.
Note: * There can be no absolute guarantee that forecast, targeted or calculated rates of production will be achieved.
Â
UK Oil & Gas PLC (London AIM: UKOG) announces that HHDL, the operator of the HH-1 Kimmeridge and Portland oil discovery, located in licence PEDL137, in
Hi Captain,
You can trade online or by phone. I think from memory phone charges are £40
I use ii investors. My DOR shares have been automatically moved from trading platform to trading platform without hassle, cost or me having to do anything. ii also allows for ISDX and ASX trading and bed and isa of the ASX stock. Hope that helps you.
To be honest I can’t see UKOG acquiring any more percentage until after testing as they would have to raise funds and dilute at these relatively low levels.
With DL having a decent holding in UKOG and not really pushing DOR I wouldn’t be surprised to see him sell our holding to his mate
Unfortunately I’m still stuck in GUN as well as here and despite yesterday’s RNS the price has not moved at all, in fact the price has slowly drifted down as more HH news has been released. Strangely, it would seem that HH only seems to be positive news for UKOG. When in DL going to do positive promotion of DOR and get us back to where we should be.
Portland high-rate flow test successfully completed
Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK
Â
Highlights:
Â
·    Portland short-term high rate tests achieve stable implied equivalent daily pumped rates of 401 and 414 barrels of oil per day ("bopd") of dry 36 API oil over two periods of 6 and 2 hours, respectively. Maximum instantaneous half-hourly pumped rates of 441 and 470 bopd.
·    The maximum rate recorded was limited by the rod pump's maximum rate capacity of approximately 470 bopd. Higher capacity rod pump sourced and mobilised for use at HH-1.
·    Metered daily oil rates and recovered Portland volumes to date exceed 2016 test values.
·    Associated solution gas rates of around 41,000 cu ft per day.
·    Forward extended well test ("EWT") programme includes flow optimisation necessary to determine the maximum sustainable long-term flow rate and a lengthy stabilised flow period to test if the well accesses a commercially viable oil volume.
·    The primary EWT objective, to establish the commerciality of the Kimmeridge Limestone 3 & 4 oil pools, will follow directly after the completion of the Portland test sequence.
UK Oil & Gas PLC (London AIM: UKOG) announces that Horse Hill Developments Ltd, the operator of the HH-1 Kimmeridge and Portland oil discovery, located in licence PEDL137, in which UKOG holds a 32.435% beneficial interest, has informed the Company that the planned high rate Portland test sequence, designed to assess the reservoir's maximum short-term flow capacity, has been successfully completed. Stable implied daily pumped rates of 401 and 414 bopd of dry 36 API oil were recorded over two periods of 6 and 2 hours, respectively, with associated maximum half hourly pumped rates of 441 and 470 bopd. Metered solution gas rates of around 41,000 cu ft per day were recorded through the test separator over the two maximum rate periods.
As maximum initial rates were restricted by the pump's capacity of around 470 bopd, a larger capacity pump has been sourced and has been mobilised to site for possible use during the remainder of the Portland test sequence.
To date, the recorded implied daily oil rates and overall produced Portland oil volumes exceed those reported from the initial short-term test programme of March 2016. The Portland oil exported from HH-1 to date is of Brent Crude quality and exceeds minimum refinery specifications, containing only around 0.2% water content.
It should be noted that the above high rate results are not the long-term sustainable flow rates that will be utilised to assess the Portland's commercial viability as part of the next test phase.
Forward EWT Plans
Â
Following a planned further short restricted flow period and pressure build up test, flow will be further optimised to determine the well's sustainable long-term production rate and to test whether the well can recover a co