Member Info for RollingInIt

Ocelot

Well, the area around Siirt in Turkey certainly appears to have decent prospects.

This, not from Ukog, but less than 15 miles from the city of Siirt.
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Three of these features trend onto our licences and have been on production since 1945, 1951 and 1961 with cumulative production in excess of 54 million, 34 million and 41 million barrels, respectively. Average well depth is 4,400 feet and oil ranges from 24.0 to 27.0 API.

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Those long term production totals, even if assumed to be given in the last year, work out at roughly 1,300 BOPD for one of them and roughly 2,000 BOPD for the other two over many decades.

Also, the reference by Ukog of the Bukat anticline into Ukog's block and the forecast (separate from any information provided by Ukog) of recoverable reserves potential of 'well-over 200 million bbl of 27º API crude oil' in the Ispandika-Bukat area, which I find interesting.

Ukog have already RNS'd that they'll be doing 2D seismic in Turkey too, so should provide them and AME with a more informed choice of where to drill.

:o)

From Ukog's Turkey Appraisal Well Presentation:

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Recent Bukat-1 understood to have brought oil to surface from same reservoir formation as E. Sadak.

Bukat geological feature (anticline) extends into application block

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Separately, this is what Sayer Group write about the prospect area around Siirt and Bukat recoverable reserves at the bottom.

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The Project :

The prospect area is located in Siirt-District X, Southeast Turkey, less than 15 miles south of the city of Siirt and represent the continuation of large producing anticlinal features.

Three of these features trend onto our licences and have been on production since 1945, 1951 and 1961 with cumulative production in excess of 54 million, 34 million and 41 million barrels, respectively. Average well depth is 4,400 feet and oil ranges from 24.0 to 27.0 API.

The Ispandika Anticline is considered to be a promising structure for testing the deeper Paleozoic strata with a relatively shallow well. The proposed location Ispandika-1 is thus near the structural crest but not within the Mardin outcrop, since field work suggests that the Ispandika fault could be a reverse fault, and a location down-dip avoids cutting through the fault into the down-thrown northern limb of the anticline.

Drilling location will be based on the seismic interpretation intergrated with the field geology,aerial photography and Landsat data. TMO, EPS & GYP have a 50 %, 25 % and 25 % net revenue lease on 238,431 acres.

Reserves :

The prospects in the Ispandika-Bukat area have a recoverable reserve potential, of well-over 200 million bbl of 27º API crude oil. Average depth of the prospects is in the order of 7,000 feet.

Ninetails

That's virtually always the way with any placing for PI's for any stock.

Unless a fund or connected, the PI won't get the opportunity but if it facilitates progress and share price growth, that's where the PI does benefit.

They're the rules of engagement that are understood, albeit not preferred, from a PI perspective with all stocks.

Although already covered for this appraisal well, Ocelot, in October.

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UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that further to the 23 July 2020 announcement of its agreement to take a 50% interest in the Turkish Resan oil appraisal and exploration project, it has successfully raised GBP2.2 million to fund its share of initial drilling and seismic costs through a placing ("Placing") of 1,374,999,993 new ordinary shares ("Placing Shares").

The Placing's issue price of 0.16 pence per share ("Placing Price")

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Ozzy

Made me laugh and on this forum that's a result !

:O)

Ocelot

Many juniors in the sector are being poured over and considered for investment by PI's when they see an opportunity for developments and growth, even simply from the point of view that oil is up over 60% from November, 85% up from May and forecast to hit $100 by Goldman Sachs.

As touched on before, the Uk operations have been a complete drag from a 'time taken' perspective, so the following that relies on a third party operator who knows the territory in Turkey, with over fifty years under it's belt, and in a country where Uk Councils and Uk objectors don't exist, will be appealing:

From the RNS:
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"The breaking of ground at the new Basur-3 drilling site makes this material appraisal project very real and tangible.

The speed of entry into the operational phase, barely two months after government ratification of our entry into Turkey and despite pandemic constraints, nicely demonstrates the ability to move projects forwards at pace in Turkey, a welcome change from the UK.
We salute our highly experienced partner Aladdin Middle East's efforts in this respect and look forward to drilling and testing once the site is completed."

Penguin

A total exaggeration of the facts there.

"a P&D (the one that just happened?)"

It closed 23% up on Thursday from Wednesdays close , and closed 15% up on Friday from Wednesdays close.

It's hardly got off the ground yet from it's low. Not even a P's worth from the word Pump.

Ninetails

A measured response and appreciated.

Let's hope for your investing strategy, which I accept is different to mine in that it appears to have a singular facet, that my opinion is reflected in the fairly near term share price behaviour.

You unfortunately got your timing wrong when you initially invested, it happens to all of us, and if I get my timing wrong here on this occasion, I'll sell and move on, without a single moan, if for no other reason than it was my choice to throw money at it. What I struggle to understand though, is having acknowledged that the timing was wrong quite a while back, combined with you having no faith in the management or progress, your choice, or anyone else's for that matter in a similar circumstance, to remain invested and regularly whinge about it. It's unproductive and unprofitable, unless the peaks and troughs are being traded along the way. If it's been profitable to trade, then those achieving that genuinely have nothing to complain about in relation to the stock. That's the main intention after all, to make a profit at some point, for all of us.

All the best with your investing.

Ninetails

I did post on PREM, which I remember, but I didn't post on 88E (from memory).

The title was not mine in the post, for the record.

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RollingInIt

Posted in: PREM
Posts: 1,043

Price: 0.069
No Opinion

RE: leaked news
18 Feb 2021 12:18

There's a lot of whining, blaming and finger pointing on here.

In the meantime, the volume is already seven times higher than the daily average and it's only midday.

Something must be driving the volume. Don't ask me what because I don't know.
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I don't post on every stock that I buy or that I trade, so I don't see your point.

As for your chosen phrase, 'encouragement for them', encouragement for who exactly and why 'encouragement' ?

Because my opinion differs to yours ? Because I see a development as a positive where you see a negative ? How dare I view it differently and actually put that view in print ?

And who are 'them' ? Other investors or traders ? Am I sensing an air of superiority in the way that you view your own opinions ?

Do you see your own negative opinions that you post as a form of 'discouragement for ''them'' ' ?

And if so, are you assuming that you're giving investment advice when you post ?

You'll probably say 'no', and it's the same for me, there is no 'advice' given.

If however, you choose 'yes', you're not qualified to do that and neither am I.

You're free to give your opinion though and equally, so am I. If we agree to disagree, so be it.

Ocelot

Yes. there was a 'ten times daily average' volume day this week. Similar at PREM and 88E just a short time before a rapid increase in price for both.

The vitriol from disillusioned holders at the time was far more prevalent on both stocks than here, which you may find surprising. :o)

.... such as Malkis. :o)

Forget 'the cards', it's enough to give anyone the creeps, other than for those who believe it and try to connect an image with an event.

Ibug

I'm more interested in AME's opinion, than UKOG's.

Having operated there successfully for over fifty years, they know more about Oil and Gas in Turkey than Ukog, and of more relevance, they know one hell of a lot more than you and I.

They're not just renowned in Turkey for their expertise, they're also considered experts in their field abroad, invited to speak at a webinar for CGEF, The Canadian Global Exploration Forum, in November last year.

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CGEF has three outstanding speakers discussing various aspects of the Turkish petroleum industry. Our first speaker will be Mr. Cem Sayer.

Mr. Sayer is the Chairman of the Board & President of Aladdin Middle East Ltd (AME). Aladdin is an independent oil and gas exploration and production company founded in 1961 and focused on the strategic exploration and exploitation of oil and gas assets in Turkey. AME is an industry leader in Turkish upstream and is the most senior private player in Turkey. Mr. Sayer will discuss AME’s operations in Turkey.

The second speaker is Ms. Berfu Aksoy. Berfu is a seasoned lawyer with extensive experience in Turkey’s energy industry. She is the founding partner of the Aksoy Law Offices based in Ankara and Istanbul. Ms. Aksoy will speak about Turkey’s oil and gas legislation and operating environment. She will also touch on the large offshore discovery recently announced by TPAO.

The third and final speaker is Mr. David Kisilevsky. Mr. Kisilevsky is Executive Vice President Exploration & COO of Gazelle Energy Limited. Gazelle Energy is a Canadian based, internationally-focused Exploration & Production company founded in 2018 and based in Calgary. Mr. Kisilevsky will give an overview of Gazelle’s exploration assets and opportunities in northwest Turkey.

Clearly more research than you Ibug.

You hadn't even looked at their own announcements and achievements.

Talking of 'egg on your face', this is also on their website, only eight months ago:

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AME Press Release – Resan License

27/07/2020


AME is pleased to announce that it signed a binding heads of agreement with UK Oil & Gas Plc (London AIM: UKOG) to take a 50% non-operated working interest in our Resan Exploration License (AR/AME /K/M47-b1-b2).

AME has been a pivotal E&P company in the development of Turkey’s upstream sector for 60 years. Through AME's efforts many underexplored basins in Turkey have been evaluated, yielding a large amount of technical and geophysical information which has subsequently been exploited and, in turn, garnered significant financial and social benefits for Turkey.

Now, AME and UKOG will work together to develop the Resan exploration license, which covers an area of 30,548 hectares, located in Siirt province, which lies to the northwest of AME’s Eruh discovery. UKOG will fund the first well on this license, expected to commence in Q4-2020, as well as a 2D seismic program.

Cem Sayer, AME’s President, commented that he hopes to crown this co-operation with a discovery and referred to the following factors that contributed to UKOG’s decision:

AME’s outstanding success story and operational ability in Turkey

Turkey having the virtue of being a stable and solid country with accessible untapped potential in the Eastern Mediterranean despite the current regional political climate, comparing favourably to similar projects elsewhere in the world

Attractive fiscal terms and the ability to turn investment into cashflow in a relatively short period of time

A purchase guarantee for indigenous oil production at world benchmark oil prices

The Turkish Government’s positive attitude towards conventional and unconventional oil exploration and production projects at a time when many Western countries are backing away from these types of investment

Aladdin Middle East Ltd. ("AME") is an independent American oil and gas exploration and production company founded in 1961 and focused on the strategic exploration and production of oil and gas assets in Turkey. AME’s corporate head office is in Wichita, Kansas, while the company's operational headquarters is located in Ankara, Turkey. In 2018 AME also established a UK subsidiary in London to raise its international profile.
UKOG is an ambitious oil & gas exploration company, striving to support the drive for increased energy security for the United Kingdom, having a wide range of assets in the south of England. UKOG is listed and trading on London’s Alternative Investment Market (AIM). (website https://www.ukogplc.com/)

Ibug

You don't need 'to wait'.

You can look at their website yourself, anybody can. The words aren't mine, hence the lines drawn in the post, to separate my own views versus the information given by the parties involved.

It's written by AME, not me.

If you believe AME are 'misleading' everyone, which I don't, take it up with them.

Ibug

Nothing misleading at all.

Just highlighting AME's ability as an operator, and there were other discoveries they made earlier than that which I didn't refer to, such as:

1991 – AME discovers Nemrut oil field in Adiyaman region, SE Turkey;

1993 – AME discovers Hasancik oil fields in Adiyaman region;

2008 – AME discovers Arpatepe oil field in SE Turkey, the first oil field producing from Paleozoic reservoir in foreland basin of SE Turkey;

Etc

Also, other factors, also not referred to, was their appointment by Shell to replace a less able operator, again highlighting their ability and track record.

If you compare that to the operating progress so far in the Uk, it's a positive change, in my opinion.

Skwizz

Well, if stating that:

'There will always be posters with differing agendas. The price of the stock will do the all the policing.'

.... is categorised as a 'ramp' for you, knock yourself out with it, bless.

It won't alter the positive changes here.

There are two hugely significant positive changes.

Firstly, the country where the new asset is based, without local objectors amd protesters and without local councils inflicting indecision, inconsitency of decision making and bureaucratic red tape, causing delays.

This, in terms of drilling literally next door to an existing discovery and achieving commercial oil in a timely manner, if successful, should not be underestimated.

'Basur-3, the first modern appraisal well designed to confirm the extent and commerciality of the discovered Basur-Resan Mardin oil pool.'

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In addition to this untapped potential, Turkey’s competitive royalty rate of 12.5% and corporate tax rate of 20% result in relatively high profitability in a global context and make Turkey a very lucrative target for investment. Given strong reference prices, and a Government take that is amongst the lowest in the world, companies operating in Turkey should be capable of reaping very robust returns.

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Secondly, their partner, AME.

Over fifty years of successfully operating in Turkey including on behalf of the oil majors, the most experienced in the sector, second only to TPAO, the Turkish national company.

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We have always pioneered oil exploration in Turkey and have proved that higher quality light oil bearing reservoirs are present in SE Turkey which no one else would believe previously.

AME made three new oil field discoveries in SE Turkey in 2014.

We believe we are sitting on an Iraqi size and quality oil field in Turkey and that, in itself, speaks volumes for the value this will add to our company going forward.

AME has been crucial in the development of Turkey’s upstream sector. Through AME’s efforts many underexplored basins in Turkey have been evaluated, yielding a vast amount of technical, geological and geophysical information bringing not insignificant financial and social benefits for Turkey. With its rich data-base and library of information, AME has helped to attract a large number of American and European energy companies to Turkey as first time investors in the oil and gas sector.
We are an industry leader in the Turkish upstream and the most senior private player in the country second only to TPAO, the national oil company.

At AME, we strive each day to live up to the legacy of excellence associated with our company name, and I know that we will continue to grow value for our shareholders with our promising oil and gas exploration and development projects.

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By partnering with an effective operator with a proven successful track record, even if it's just a case of being dragged along by AME to succeed, this forces through yet another positive change.

Ozzy

You're quite correct, it didn't apply to you. It just supported your opinion, in a post you'd written a few posts beforehand, that it did apply to others. :o)

Ozzy

Something I've posted before, and they emerge with a witless illusion of triumphant self congratulation on many stocks, often short lived. :o)

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Definition of 'Stupid'

'Stupid' is when your ego forces you to try to talk down or rubbish the very things you chose to spend your cash on, such as your own investments, just to appear 'to be right' to a bunch of completely anonymous strangers who really don't give a t.o.s.s. either way.

If the cap fits ....