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Who said that the results were better than expected? Apart from the company delivering the results of course!?

The results were just what many people expected - "commercial" at 300-400bopd. For the share price to re-rate a significant upside surprise was required, one strong enough to attract new investors with new money. That's not what we got. The Portland test results news was good, but it was already in the price. That is all there is to it!

It is a little depressing that there are people who read on the internet about the possibility of a commercial declaration, and then somehow assumed that they were in possession of secret information. The idea that this would take-off and multi-bag on the back of such a widely telegraphed outcome was always a fantasy. The risks in the last few weeks have been heavily skewed to the downside despite the extraordinary efforts of the ramping crew here:

"Well done if you followed the sequence and got your golden tickets. You might have to be very quick on Monday morning..." and “...2nd homes, Luxury cars, Exotic holidays, Rolex's...” etc etc etc

Anyone posting systematically with intent to influence others - and therefore the share price - should be considered a troll. It doesn't matter whether they are trying to influence the price positively or negatively, "rampers" and "de-rampers" are two sides of the same coin. Fortunately both sides are obvious, therefore easy to disregard.

Now we will have to turn our attention to the Kimmeridge results. My sense is that good news here is not (yet) priced in to the same extent.

"think" is perhaps too strong a word swervington...?

I don't think it is strange! The likelihood of "commerciality" being declared at HH at (say) 400bopd has been widely telegraphed. The RNS today will have surprised no-one, so the news it contained was already in the price.

The SP reaction has perhaps only surprised the dreamers who thought that this would quickly multi-bag, delivering life-changing gainz for limited risk and without the commitment of significant capital. These dreamers are always disappointed!

I think that the long-term story for UKOG is intact. It is a far better buy in the low 2p's today than it has been previously.

Thank you.

I don't think that a capital raise is imminent. However, I think it pays to be careful regarding the £12.5m already raised. The operations at HH - the bigger pump, perforation guns, the BOP, lawyers/QC for the injunction, Altus and EWS on site etc won't have been cheap. I very much doubt the that HHDL was fully pre-funded for all of this by its partners, most whom have cashflow concerns of their own. So someone must have been paying the bills. I suspect this will have been UKOG, so I wonder how much of the £12.5m is left sitting in the bank..?

Doesn't UKOG actually get 71.9% of 65% (that's 46.735%) of the value of the oil..?

This because HHDL has a 65% interest, with Tellurian holding the remaining 35%.

Or have I misunderstood? Is there a different split (between HHDL & Tellurian) in play for the EWT period?

macrandolph - in that case, why would a share price ever rise?

For the umpteenth time....

Marketmakers are obliged to post quotes, and to deal at their quoted prices for trades within the normal market size (upto 200k shares for UKOG).

If they are going to drop the price as you suggest, what do you think will happen? Won't all those buy orders "queued up" be filled at the lower price?

If they have buy orders to fill, don't you think it is more likely they will raise their quotes in order to attract sellers?

The fabled "tree-shakes" - called here every time the SP moves down by 0.05p - don't happen when there is buying pressure. You are trying to make an argument that drops in the share price are an indicator of demand from buyers. This is like trying to jump and duck at the same time - it makes you look ridiculous.

Is the irony of posting unequivocal advice to others "Remove your stop losses" whilst simultaneously parading your lack of knowledge entirely lost on you?

JJGazza - you need to revisit your numbers again. Haven't we been through this once before..?

Some pointers for you:

1. Extraction costs have been estimated at around $25 a barrel. That gives earnings of 1000 x 260 x $45 = $11.7m pa vs your figure of $900k. Your assumption of 5% is nonsense.

2. At $2m pa of earnings, do you really think this company would be valued at > £150m? That would be almost 100x earnings. Most oil producers trade on 6-10x

I can see you have some knowledge and ability to construct a valuation premise, but you need to pay far more attention to your assumptions and to sense-checking your outputs. Here you have a gross profit assumption that is way too low, and you have accepted a valuation outcome that is way too high relative to your own earnings figure.

Your $2m of annual earnings isn't going to support much in dividends across 5.2bn shares is it?

Come on!

MM's will have marked this up on the positive language in the RNS, but it will be interesting to see where we close today and by the end of the week when there has been time for the release to be analysed properly.

The declaration of commerciality for Portland is good news for all holders, but I don't think that 362bopd is going to be enough to cause a fundamental re-rate. Anything up to (perhaps) 400bopd was largely priced in already.

As a holder I am pleased with the announcement, but hoping for more detail (perhaps we'll get an SS interview on one of share/business channels?) on what the content in the RNS regarding forecasted rates and horizontal drills etc really means.

I expect that this just refers to the existing Horse Hill co-venturers.

We need to be watchful here. The actual sustainable production rate disclosed was 140-160bopd. The 362bopd is described as a "...forecast sustainable rate".

"In order to calculate the Portland oil volume connected to, or "seen by" HH-1, steady state flow conditions were required (i.e. stable; oil rate, gas oil ratio, bottom hole and tubing head pressures). Consequently, post perforation, production was restricted to sustainable 24/7 rates of between 140-160 bopd. It should be noted that these rates do not reflect the Portland's full flow potential that could be achieved either via successful further optimisation of the HH-1 vertical well or a new horizontal production well."

For the absence of doubt, what is proposed would be a straightforward breach of the Market Abuse Regulations (MAR).

It would be obvious and easy to prove. The people involved from both companies, and their advisers, would be subject to penalties including unlimited fines, injunctions, disqualifications and (if criminal eg market manipulation) custodial sentences of up to 7 years.

It doesn't matter when midnight is. That's entirely irrelevant.

23:59:59.999999999999999999999999999999999999999999recurring is still Monday.

00:00:00 is the very first moment of Tuesday.

;)

Until 00:00:00 Tuesday actually.

Even as you posted this, Berenberg and Winterflood dropped their asks...!

Wolverine - what are the potential catalysts for a doubling of the share price ahead of the Portland results?

Hully - Portland and Kimmeridge are the names for layers at different levels under the Weald. HH has been drilled to access both layers through one bore. The Kimmeridge layer is deeper down than the Portland.

Do you know where the Kimmeridge is located in relation to the Portland?

Jrlomax - withholding information as you suggest would be a breach of MAR. It won’t happen.

I don't think we can conclude this is good or bad. If they are optimistic that they can get a better result from the Portland than they have achieved to date, I'm sure they'll carry on experimenting with different setups etc. If this takes longer than originally contemplated then so be it. They are not going to declare a result just to meet the clamour here when a few more days could mean a better outcome.