Member Info for porkpies

dunderhead i would agree kosmos walked as they had better assets elsewhere and had to prioritise these given restrictions to their budget (due to oil price)

in order to farm out you need someone to farm in you always need a bit of luck on your side. you can be doing all the right things yet sometimes things just don't go your way and vice versa. we have had a bit of luck with the kimmeridge for example. the bod already did farm out fel3/13 to kosmos. then got a bit unlucky with the oil price meaning kosmos refocused.

I don't think you need to worry about anyone. don't forget we are not operators of all the assets. work is also outsourced to consultants. it is clear 100bpd only covers overheads. the strategy is to farm out assets. its a waiting game but this applies to all small explorers. need to be realistic I would class a successful 2018 as bringing wressle into production and drilling holmwood. securing 2 farmouts for ireland, one for corrib north and one in the porcupine and also news from 3d. Then also hopefully some developments on the other UK assets such as planning applications however of all the uk assets we are only operators of holmwood and pedl181 (kiln lane licence) so this is in others hands. Also maybe a new venture. We will also benefit from news flow of what others do in terms of ukog and angs and farmouts and drilling scheduled for the porcupine. I expect it to be more of the same for 2018 and 2019. However slowly its gearing up though and the foundations are being laid. I believe a successful strike in the porcupine by anyone and all hell will break loose with majors drilling 6 to 10 well programmes. its politically stable country. I think the company maker will be corrib north in 3 to 4 years. we just need a bit of luck

Tacuma I have to agree with you the board are doing a very good job and in line with their published strategy. They are effectively balancing the risk/reward of assets and are disciplined in relation to costs. Delays are irritating however they cannot control operators, planners and councils however they handle the delicate situations well. On one side shareholders want plenty of action from new assets but also moan when there are share issues and dilution required to fund them. I think it is prudent to sit tight for a little while longer until wressle is in production and holmwood is resolved and then the BOD will have some foresight in terms of revenue streams to replenish the asset base. Also keep Ireland ticking over with steady progression until the majors are ready to move.

it seems nexen have pushed back their porcupine drill to 2019

I have just re-read the EY report commissioned by UKOG. It is a useful reminder of the possible weald basin potential assuming full development of the basin this could lead to peak DAILY production of 330,000 barrels of oil. This was a conservative estimate based on modelling of HH producing 440 barrels per day. Production turned out to be 3 times as much at 1365 barrells it is worth a read

maytheforcework UKOG have 11.5 times as many shares as EOG (and increasing) if they have 40% and we have 20% of holmwood we have a lot more, nearly 6 times more in share value terms then we have even more in terms of value as we don't have to pay any costs. that's good management for you. every drill still has a risk.

Jusmasel Have you seen the following yet? Woodside Activity Update February 2017 Ireland

nexen Q2 2017 tenders include provision of a drilling rig for southwest ireland may be drilling next year? achilles

I think Nexen may be the next ones to drill