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Penguins....
“ The Directors commissioned a third-party market-based valuation of Alba's investment.” direct quote.
I just commented about the amusing side of a penguins not being able to see black and white
Alba RNS part 2
In January 2021, UKOG reported that the Horse Hill Oil Field had to date produced and exported over 132,000 barrels of Brent quality crude from its Kimmeridge and Portland oil pools. It also reported that it had completed the interpretation of data from the November 2020 pressure build-up ("PBU") test sequence, confirming the HH-1 connected oil in place volumes of 7-11 million barrels previously reported in October 2018. The PBU data also helped to identify a potentially significant contribution to Portland fluid flow from a natural fracture system. UKOG reported that the integration of the PBU data, HH-2z rock data and a revised seismic interpretation has provided a far better understanding of the Portland reservoir. As a result, it reported that several significant infill drilling opportunities have been identified in the Portland oil pool, all up-dip of HH-1 (i.e., at a shallower depth within the oil pool) and significantly above the oil-water contact.
UKOG also reported that further development of the Kimmeridge oil pool remains a significant objective. It announced plans to drill an infill well to determine the lateral extent of the Kimmeridge oil pool, proven by HH-1 to lie within a natural fracture system of significant vertical extent. It said that the Kimmeridge HH-4 well, also situated up-dip of both HH-1 and HH-2z, is likely to be a highly inclined or "slant" well, so as to maximise the number of open fractures penetrated. UKOG reported that it expected to drill these Portland (HH-3) and Kimmeridge (HH-4) infill wells following its completion of an appraisal drilling campaign on another project (unrelated to Horse Hill).
We are encouraged by UKOG's revised strategy for the exploitation of the Horse Hill Oil Field. Their confirmation of the connected oil in place volumes of 7-11 million barrels from the Portland oil pool alone highlights the untapped production that remains in the Portland, production that cannot hope to be fully realised from HH-1 alone. The plans, therefore, to drill another two vertical wells up-dip of HH-1 are welcome, not least in the light of the sustained rally in the oil price over the past year or so.
Also encouraging is the Operator's reaffirmation of the potential of the Kimmeridge oil pool. HH-1 has already proven the Kimmeridge's ability to contribute substantial production to the overall field, so there is certainly merit in testing the Kimmeridge's producibility from a new vertical well. We look forward to UKOG delivering on this revised and reaffirmed strategy for enhancing production and delivering on the inherent value of the Horse Hill Oil Field.
Following a review carried out by the Company in connection with the preparation of these accounts, the Directors have determined that the fair value of the Company's investment in HHDL should be revised down to a figure of £4,000,000 (2019: £5,430,000). The Directors commissioned a third-party market-based valuation of
A
e) HORSE HILL OIL FIELD, ENGLAND
During the year, various interventions were made to the Horse Hill-2z ("HH-2z") horizontal well by the Operator, Horse Hill Developments Limited ("HHDL"), under the management of its major shareholder, UK Oil & Gas Plc ("UKOG"), to stop the ingress of formation water which was inhibiting oil production. However, ultimately UKOG was not able to resolve these issues sufficiently well.
While UKOG initially reported that it was reviewing a number of options for the future use of HH-2z, after the end of the year it confirmed that it planned to reconfigure HH-2z into a water re-injection well as soon as practicable, subject to regulatory consent. The reasons given for this were that it would remove the need for costly off-site water disposal and also help maximise oil recovery from HH-1 by supporting reservoir pressure.
While it is disappointing that HH-2z was not successful as an oil producer, Alba's technical team had flagged concerns from the outset as to the significant challenges that lay ahead in UKOG attempting to drill a horizontal well into this reservoir. While we would have much preferred not to be proven correct in this particular instance, it should also be said that in our view the failure of HH-2z has no bearing on the merits of drilling successive vertical wells into both the Portland and Kimmeridge oil pools, and I return to this subject below.
As for the original Horse Hill-1 well ("HH-1"), an intervention was completed to reperforate the full Portland oil-producing section, and this was followed by an ongoing series of production optimisation trials. UKOG reported after the year end that these trials are expected to continue for several months but that the early results were encouraging, with stable water influx levels achieved by the end of 2020.
During the year, the Oil and Gas Authority ("OGA") approved the Horse Hill Field Development Plan ("FDP") and consented to the start of long-term production from the field. This key consent should enable net recoverable reserves to be allocated to the field, which is important for future potential debt-based funding for the field.
In January 2021, UKOG reported that the Horse Hill Oil Field had to date produced and exported over 132,000 barrels of Brent quality crude from its Kimmeridge and Portland oil pools. It also reported that it had completed the interpretation of data from the November 2020 pressure build-up ("PBU") test sequence, confirming the HH-1 connected oil in place volumes of 7-11 million barrels previously reported in October 2018. The PBU data also helped to identify a potentially significant contribution to Portland fluid flow from a natural fracture system. UKOG reported that the integration of the PBU data, HH-2z rock data and a revised seismic interpretation has provided a far better understanding of the Portland reservoir. As a result, it reported that several significant infill drilling opportuni
What I don’t understand is that XR only object to oil or plastic.
So we use plastics in long term and short term uses.
So your fleece, car dash, a load of manufactured items are long term.
And bottles are generally single use. But we put them in a recycling bin, and somehow they end up in Indonesia being flooded off a waste site in bags with our councils logo on!
Are XR protesting against there councils? No.
Are XR protesting against Southern water plans for a desalination plant using the same quantity of electric as the IOW. No!
Are these people setting up a business to make anything from recycled plastics?
Something useful like fence posts that don’t rot, gravel boards? That would prevent the plastics being bailed up and shipped to poorer countries.
Are you changing the laws, to make new homes use collected rainwater in the loos?
Nope... they are sitting on a message board trying to crash a share price.
At 13 min he clearly answers a question on the kimmeridge at horse hill stating it needs a horizontal or slant well. Also that the kimmeridge is defiantly nit written off as implied by the question .
In reply to penguins.
I got the 1 week graph up and took the first price Monday and the closing price the same week ...
obviously you could pick Friday , mid day or close
You are obviously very worried by my posts and my credibility and have to attack on mass.
As for the mud pits mentioned by another poster I don’t think they use steel tanks in Turkey. They appear to line a hole in the ground... as per AME drilling rig pics I linked to recently.
Sorry for the delay in response, I have a life...
( so busy I nearly forgot to get my jab done today.)
My reply to Swizz. Is if you are investing today you look at today’s price
Unless you have a Tardis?
If you are interested in time travel I will meet you at the Blackhorse last Thursday :-)
I was factually correcting a post that was wrong.
Rich3468 “ Another terrible week owning shares in the biggest turkey on the Aim and run by a complete **** erel”
Well .21 to .256 is a 21.9% gain in a week
Another progress photo... that makes 6
Turkey updates
March 23 road construction
April 1st pad and rd excavation
14th april larger pad and rd
23rd pad and mud pits
30th April measuring pad for rig
5th May conductor set in ready for concrete, Mud pits complete.
I’m happy with price progress this week, and progress in Turkey.
I noticed the greens got 1.2% of the vote and the liberals got less than them...
It doesn’t look good for Councillor Cooksey in Surrey :-)
( assuming some of this sentiment transfers into county politics )
The mud pit needs a couple of days work.
The concrete needs 7-10 days cure depending on the mix you order to get to 75% strength. Curing time is also temp dependant
You can get 24 hour curing conc but that costs much more