Member Info for Thorpedo

Comeonvog
Dont worry, the contract is for now and will be in future accounts, full year accounts are based on date which is usually up to 21 months out of date.

Any weakness in currency is the GBP which is good for UVEL.

It is a case of waiting for the rerate, I dont know what will cause it but it will come as SP is well below what Contracted future Revenues/Profits will be.

I did a NPV of the contract - posted on here, I from the top of my head, without looking at my notes, I think it was about 4.3pps I try to get out at about 90% of my forecast so have an exit plan of 3.9p

Glad you dont understand. The proposed Injunction was deliberately beyond what was required. Just so that parts could be rejected so the ultimate Injunction would be as what was required.

Do you think that UKOG gives a **** if you protest at the offices in Guildford or not? Or if the you monitor the tankers going out.

You won the right to publicise protests, protests which "Persons Unknown" will be arrested at for breaching the injunction.

You cant protest against or stop the tankers as they come to collect the Kimmeridge Oil. That said you didnt manage to do it for the Portland Oil without the Injunction, Swampies couldnt organise a frog **** up in a brewery swamp.

Just catching up over last couple of days. So the Pump has stopped pumping. The news I have been waiting to hear.

Portland results any day now and start of Kimmeridge test. Mid Monday morning RNS??

To answer the original question "What volume of oil do we need to say that we are now in profit on this deal?"

The answer is 1bopd

If HH produces 1bopd then before the deal the UKOG shareholders would have received £5,192pa ($50 profit per Barrel * 365 days * 36.99% share / 1.3forex)

After the deal then the then shareholder (now 95.5% of original would receive £6,266pa ($50 profit per Barrel * 365 days * 46.74% share * 95.5% re dilution / 1.3forex)

So a 1000bopd would mean an extra £1,073,510pa (£6,265,636 - £5,592,125)

2,000bopd is about £1m per month to UKOG, you forgot include production costs and exchange rate.

That said £1m per month revenue would be nice and be able to fund lots of other projects - second well at HH for a start.

Penguins

Do you understand what testing, data collection and analysis is? The tests are about collecting specific data and any other data which might occur. The best way to identify data is to change one variable at a time. So any reworks undertaken actually adds to the data collection not hinders it. The data is continually analysed and tests altered on that analysis. Therefore the final assessment isnt one analysis of all the data but the final analysis of the final data.

Penguins

You are making it up again. Every test, including the maximum flow test goes towards identification of the recoverable oil. There is no need to rerun tests as the results of previous tests still stand and are used in the analysis.

Putting the data gathered through a computer doesn't take weeks nor months.

Hearing pump stopped and flair stack flat, as that will indicate Portland test is over and RNS imminent. Until then enjoying the tanker ride.

I think there will be another 2 today 4 in total. It is easy to do two round trips so why not send the same one twice? Perhaps because they need 4.

There is possibly time to do three round trips but I dont think they would risk it on a Bank Holiday Friday.

Seadoc
The problem for you is you don't understand the maths and it could be very costly to you.

Size of well - 10 wells can be drilled to increase the bopd.
Kimmeridge - If it flows commercially then it increases likelyhood of 300km2 at BB (100% owned)
Sentiment - means a lot on AIM

If you nip to the lou for 2 minutes the SP could go to 4p depending on what news. If you nip out to the shops it could go well past 6p by the time you get back.

So you are down grading your statement from fact to your opinion. There is only you who has said 30-40 days continuous flow and there is no link to anyone else saying it.

Understand what the EWT is first.
30-40 days of testing is a sustained period, but this is using shut ins, various choke sizes and, due to the initial results of the first part of the 30-40 days, a bigger pump.

Thanks Tony you are a star.

PIJoe you need to relisten testing for 30-40 days not continuous flow testing for 30-40 days.

@Tony, on your notes post flare on Pump 1 how long a it for first tanker sighting and how long for RNS on flow rates?

Pijoe The original plan for Portland was 12 days workover and 42 days testing. Most of the testing is to establish the size of the reservoir.

I dont know where you get the 30-40 days continuous flow test from - perhaps made up.

No it isnt insider dealing HHDL is not a listed company.

I was out all day yesterday so just skimming catching up. I can't see it being mentioned.

The reason/significance in the acquisitions is that it makes UKOG the largest player in HH (PEDL137 & PEDL246), and also has the controlling influence in 65% of HH.

Previously it was the second largest holder as Megellan Petroleum has 35% now it is the largest with 36.985%.
Previously it was a minority (although large minority) shareholder of HHDL which owns 65% of HH, now it has effective control of 65% of HH with its 56.9% controlling interest of HHDL.

Very significant acquisitions yesterday.

Sniff73, on reading my notes, I now also think that the Perf Gun indicates the start of the Kimmeridge testing.

https://mycouncil.surreycc.gov.uk/documents/s40797/Item%209%20PDF%20FINAL%20Officer%20report_SCC%20Ref%202016-01894.pdf

Number 28 " . . . make new perforations and install flow testing equipment and rod pumping equipment prior to each round of testing"

Presume all the data collected on Portland is off for analysis and RNS to follow once the size of the pool is calculated.

This a question not a statement of fact.

Is the perfing done to check the depth of the pool, ie Perf, oil comes out yep it is that deep, perf again, oil comes out again yep it is getting deeper.

If so we are as the EWT suggests trying to find out how big each pool is.

Seadoc, (your 1,000bopd) from Portland not mine.

What if there is 30mb of recoverable down there. At least another 9 wells would be put on, then how much would it be worth 0.6p???