Thought it was strange but28 Jun 2019 13:28
Does any one here think that while we would expect the CPR's to be issued possibly after the Side tracks given the additional information its a long haul to wait for the long term production wells
if these are the wells from the planning then is it possible that SS is so confident of the figures to come that he his purposefully kicking the results down the road to stop any impact on the planning procedure at the rates ,waggon movements in the plan knowing his figures will blow the movements out of the water
After all after planning approval any increase in volumes would be merely simple uplift change of planning and minimal application work and simpler approval.
Just a nice thought
"Once all regulatory permissions for long-term production are in place and the field is on stream, we plan to commission a Competent Person's Report to fully capture Proven and Probable Reserves and to demonstrate associated discounted cash-flows. At present, it is UKOG's viewpoint that as Reserves can only be assigned once production permissions are in place, it is preferential to wait until long-term production has been fully established rather than simply upgrade the current Contingent Resources figures which, by definition, have more uncertainty. Importantly, holding Proven Reserves will provide collateral for future Reserve-based debt funding, should it be required. It is envisaged that Reserves-based debt funding, along with healthy cash-flows will lessen the requirement for further equity raises via share issues to fund our future drilling programme."
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