Adittional 2 million funding30 Jul 2018 19:37
Just looking over old ground and reaffirming my commitment and strategy with respect to this share.
Gave another look through the interim report and just pulled out the snippets below.
There is a lot of conjecture regarding the recent fund raising and I will stand corrected but believe that the funding was raised to ensure we could get on to the land for the two new licenses land access PEDL 234 and various other short term license applications in order to keep the conveyor belt of exploration and general works in pipeline so to speak moving forward.
I really like the cut of this company and respect the up front work they are doing with suppliers and contractors as well as local councils etc
They aren't sat around waiting for results at HH that is for sure.
I do think however that commerciality at HH is critical as while they are funded for HH2 ,side track etc I am not sure the two wells in PEDL234 and the BB side track are funded as people believe.
I think the share price is underpinned by Portland Commerciality which we should get. This will be bolstered by HH2
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Commence in late 2018/early 2019, comprising a Portland appraisal well, HH-2, plus a Kimmeridge sidetrack, HH-1z. Both wells are designed to be completed as future permanent oil producers, with first oil targeted in 2019, subject to the necessary regulatory approvals and field development consent. A planning application to convert the site to a permanent producing site is underway with a submission expected in late summer/early autumn.
PEDL234 licence. Two drilling sites have now been confirmed, with lease terms on the first site agreed and a planning application planned for admission this summer. Drilling is targeted in 2019. I am also excited that the first new PEDL234 well will also test both the Kimmeridge and the potentially significant overlying Godley Bridge-1 Portland gas discovery.
An 18-month planning consent extension was submitted to West Sussex County Council on 14 June 2018 and, if granted, the extension to 31 March 2020, will provide sufficient time to enable a BB-1y sidetrack to be drilled and tested following completion of the next planned Kimmeridge exploration/Portland gas appraisal well in PEDL234.
Sites for the Arreton-3 appraisal well and an Arreton South exploration well have now been finalised. The Arreton-3 site lease is currently under negotiation, and the plan is to submit a planning application by the end of Summer 2018 for drilling targeted towards the end of 2019.
MARKWELLS WOOD: (PEDL126 UKOG interest 100%)UKOG is preparing to re-submit a revised planning application for further extended flow testing to include the Kimmeridge section of the well.
Planning,license approval for potentially for a BB-1y sidetrack.
Generally
UKOG plans to continue to consolidate and expand its licence position in the UK onshore, particularly in its core Weald Basin Kimmeridge oil play, with additional exploration, development and