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i would say any operating costs are factored into the cost of the well and i would imagine that once the well is in to production then the costs collapse and profit takes over IMO. Otherwise the wells you hear that are only producing less than 100 bopd would not be viable
OIler,
I get the impression from the RNS dated april 2019 that they were anticipating a long term gas production test
here is a snap shot from the rns
avid Bramhill, Executive Chairman of Union Jack, commented:
"West Newton is a near term, and potentially high impact project which, if successful would deliver a major UK onshore gas development.
"The well is fully funded from existing cash resources, and in preparation of success, also funded for any long-term gas production test, plus further technical and initial conceptual commercial studies.
So if this is correct then now they have found its more of a huge oil discovery than gas then they would have to locate equipment to test oil rather than gas and this may be the reason for the delay.
Article also in the daily express
https://www.express.co.uk/news/uk/1171490/oil-news-uk-discovery-hull-West-Newton-Reabold-Resources-Union-Jack-Oil-Rathlin-Energy
Happy days ahead
Although i'm not happy with the share price, there is nothing i can do about it. So given that the company is producing oil and a appears to have a good business plan going forward, i look at this period as an opportunity to acquire more cheap shares. Once they start bringing online more wells into production then i don't see this share being around 1p anymore. Just my humble opinion.
Regards,
Ru4real
If you read the RNS dated 10th May it clearly states that they will analyse the results with their partners before proceeding to the next stage. This could take some time. I would say that some of the information has been superseded by the information in the RNS, So timelines will more than likely change to what's been previously stated in the presentation material. It all depends on the outcome of the analysis IMO.
Regards,
Ru4real
Argus, so all partners in HHDL have the money in place , is that confirmed? I'm pretty sure that UKOG have given like you said he amount of fund raising they have jrecently done. It just seems strange to raise £3.5m and sit on it. The other opportunities have been paid for by dilution of shares
Cheers, Rosewall,
it does seem plausible to me given that UKOG currently have an arrangement / agreement whereby they get approx 70% profit from the oil recovered from the EWT. So having a contingency of £3.5m just in case they fail to come up with their share of the next drilling program could be used for UKOG to increase their stake and to cover the extra required for the drilling program.
As far as i'm aware the £3.5m raised a while back hasn't been used for anything so maybe this is the plan, who know's.
Partners in HH got all their finances together for the drilling program? if not could that be one of the reasons why no rig yet, basicially buying them time to either find the finances or to come up with another arrangement with UKOG? It could explain UKog's need to raise £3.5m and that it's all gone quite about the cash raised.
just throwing it out there for someone to either confirm it's a possibility or shoot it down in flames.
Thoughts welcome on these questions are welcome.
I won't be offended by the answers.
Regards LTH
Ru4real
I would use the info from the latest RNS which says they will be reviewing the results first before proceeding
10 May 2019
Angus Energy Plc
("Angus Energy" or the "Company")
Operations Update
Schedule of Works at Brockham
Angus Energy (AIM: ANGS) is pleased to announce that the rig has now been demobilised. Additionally, having set the plug, and function tested the downhole pump we believe that we have, as planned, successfully isolated the water zone without bringing hydrocarbons to surface. This is in line with our timetable of works as published in RNS of 3 April 2019.
We will now analyse the results with our partners before proceeding to the next stage which would involve bringing on site full well testing equipment and commencing flow tests.
George Lucan, interim Managing Director, writes: "We set out a detailed timetable of works at Brockham and have completed the first stage of works efficiently, safely and on time."
Qualified Person's Statement:
Newboy,
without the infrastructure then EV's become toys for the rich and too expensive for Joe Blogs it's a fact.
Don't take my word for it go do your research.
IMO 15-20 years down the line without proper investment in infrastructure it will become another Diesel car type scandal.
if you replace all petrol / diesel vehicles with electric ones where are you going to put 186 power stations?