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Portland high-rate flow test successfully completed
Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK
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Highlights:
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·    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
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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
No mention of any suspension on Doriemus website, has it actually happened. All I know is the ASX page doesn’t seem to be working again.
Donone, definitely agree on what the board should do in being morally right but, as we all know, DL and DS are not those kinds of people. Keep the faith and wait for that oil.
Let�s play devils advocate. DL etc have shafted all us pi�s in taking their wages and moving DOR to a non U.K. market. That said ASX does seem to be a pro active market for resource type companies, with liquidity and investment levels being good, just not for a somewhat struggling U.K. investment company. An investment company is still what DOR are, not a producer. We have stakes in what could and should prove to be significant oil licenses but unfortunately ANGS are still being slow on progress and still trying to operate as a private company. Until ANGs and UKOG do their job we won�t have significant income to attract other possible suitors or investors, private or corporate. As we are not a producer there is no requirement to publish production figures just annual set of accounts. We are all well well down, personally about 60k, and in too deep here just to walk away. So long as DOR trades and have their relevant stakes in Lindsay, Brockham, IOW and HH then there is always that possibility of seeing many multiples of the current share price. Unfortunately here, as with so many junk AIM companies, patience is a must.
UK Oil & Gas Investments PLC 23 March 2018 UK Oil & Gas Investments PLC ("UKOG" or the "Company") Planning Pre-Conditions Discharged for Further Flow Testing and Drilling Horse Hill Oil Discovery, Weald Basin, UK UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL"), the operator of Horse Hill licences PEDL137 and PEDL246, containing the Horse Hill-1 ("HH-1") oil discovery, that it has now received final decision notices from Surrey County Council ("SCC"), discharging all of the pre-commencement conditions. This follows the planning approval in November 2017 by SCC's Planning and Regulatory Committee to enable HHDL to carry out extended flow tests at HH-1, plus drill and test both a sidetrack from the existing HH-1 well and new well Horse Hill-2. HHDL has received the necessary permission from the Environment Agency and is now awaiting approval from the Oil and Gas Authority.
Having seen the 0 value next to my holdings for a couple of weeks I have just given iii, Interactive Investors, formally TD Direct, a call to see what is going on with regards to DOR�s move to be tradable just on ASX. After going to look into it I was told that the shares have still not formally been moved from NEX to ASX and the broker was not sure how much longer it would take. In the meantime the shares are basically worthless. However, and on a positive note, once moved to ASX they will again be tradable with iii. Fingers crossed for getting up to break even of 60p so I can sell out. LMFAO and pigs may fly.
The key section for me is It is anticipated that this resolution will propose that the 2018 Salary Sacrifice Shares are issued on a quarterly basis at a price that is the higher of: (i) the average price at which the Common Shares traded during the quarterly period, based on the mid-market closing price on the London Stock Exchange on each trading day, and (ii) the discounted market price on the TSXV at the time the particular tranche of 2018 Salary Sacrifice Shares are issued. In the event that shareholders do not approve the 2018 Salary Proposal, Mr. Cattaneo will be entitled to his contractual base salary, being approximately �210,000, to be paid in cash. So Andrea will be paying a higher amount than average so once purchases are made he will want share prices to increase so as to not be sitting on a loss. Onwards and upwards as workovers complete.
I know a couple of people have mentioned trading options post NEX de list, with listing only on ASX. This is a copy of the corporate letter from III, formerly TD Direct. Hope it helps a few of you with regards to who you can put your shares with. Stock DORIEMUS PLC Event Type De-Listing Description Delisting Effective date: 1st March 2018 Market affected: UK NEX Trading restrictions: The last day we will be supporting trading will be 20th February 2018 Doriemus Plc has decided to cancel the listing of its Ordinary shares from UK NEX Market on 1st March 2018, and maintain the Australian Stock Exchange (ASX) listing as CDI (Depositary Instruments). As the stock will continue to be listed on the ASX, we will arrange a cross border of your shares to this market. To facilitate the cross border, we are required to deliver the Ordinary shares to the agent prior to the delisting date, allowing them sufficient time to complete the conversion process. As such, final day we will be supporting trading in the stock on the UK market is 20th February 2018. If you do not wish your shares to be transferred to Australian Stock Exchange (ASX), you may choose to sell your holding prior to our last day of trading listed above. UNSETTLED AND EXTENDED SETTLEMENT TRADES The above options will apply to settled stock positions on the 22nd February 2018, any extended settlement or unsettled trades which are still open on or after this date may not be cross bordered. As such, the open positions may be withdrawn into your own name as they are not registered in the name of our nominee until settlement, or may attract a fee when cross bordered in the future. CREST PERSONAL MEMBER ACCOUNTS Unfortunately the option to cross border is unavailable for CPM accounts, you have the option to sell your shares or alternatively you may be issued with a share certificate by the company registrars.
Having sold from other linked HH partners with money solely in DOR I don�t tend to keep check on what UKOG are doing. However, I did see that they too are looking to come out of NEX. The question is will they follow suit to list solely on ASX. Could it be that all the DL/DS linked companies follow. Makes you wonder. Or am I just reading more into it??
Having read all your post I am still none the wiser. Thanks though.
In reading my response all the � signs are either a speech mark or abbreviation mark nothing more or less.
I had this response from DL. �Bottom line is that only a few brokers can trade NEX and the whole world can trade ASX. The market maker system is broken in the UK IMHO. Look what happened when I took LGC Capital off NEX and moved it to the TSXV. My institutional players won�t trade DOR when it�s on NEX. And they refuse to play AIM now. You have NOT lost your shares.� We continued a conversation but most does not add to his opening other than to say the mm�s do not appear to be showing all trades going through at the time of trade. David L did say, in response to ANGS progress �It�s in the news release. But have a look at Doriemus Quartely our on ASX yesterday.� If people go to the Doriemus website there is a link to show all proposed dates for works and anticipated licencing issues. Given the state of DOR share value I will hold and wait to see what happens once Brockham and Lindsay news begins.
For transparency I had 80k invested in DOR and have briefly messaged DL with regards to DOR previously. This is what I sent David earlier. Afternoon David. A very quick subject to ask you on, Doriemus. What is going on?? I have been invested for a long time, and to a substantial amount. I had previous conversations with Donald Strang where he turned on what was being said. With you taking over as main man you moved DOR to NEX and things stabilised to an extent. Duel listing on ASX has had no real benefit, as significant investors have not come on board, compared to what was promised of a full U.K. market listing. ANGS issues have not helped out cause but equally the board of DOR have not done anything to strengthen the company or to improve market cap. Today, and with the reason of a low and depreciated market cap given, compared to costs of market listing fees, we are informed that DOR is to be moved solely to ASX. ASX is not readily tradable for U.K. holders and makes DOR even less desirable for investors. Our holdings are to be made worthless. Please can you clarify why you are de listing is from the U.K. to Aus and not the other way round, what you hope to achieve for Doriemus and why make the changes now given what ANGS are hoping to achieve in the next couple of months. Many thanks,
Reading between the lines, with DL quoting current market cap as reasons to justify not having a duel listing, does that therefore indicate he is not hopeful of valuation improvements coming from ongoing activities. Why push for an ASX listing when we were told of a main U.K. listing. Why push for an ASK listing and then not gain significant investments to DOR. DL has done nothing for us, and major investors, the people who own this company but instead is running things to again line his own pockets. Surely there are grounds for an EGM to quash killing off our holdings. This ASX move is just 1 move away from DL taking DOR private. Really ****3d off with DL�s move.
We are down to 13p a share and market cap of 6.6m, looking like it has further to drop. Brockham in January/February can�t come soon enough. Positive position here and at ANGS is that Brockham is drilled and we are financially secure still with cash in the bank.
Is there really a hole?? Surely that is something that would have been inspected following extended clean up and prior to flow. 5 years of pain in DOR for a share in 40 barrels. Not giving me that Friday feeling.
Straight after the HH rns Alba announced they had acquired the 3.1% HH stake from Regency in a shares and cash deal. Minimum cash element was only around the 325k mark. So AlBA now have a better chunk of HH but immediate % of costs go up also. Interesting then that they have finished down on what previously would be a positive move. Timescale, Planning and cash call must be the reasoning.