Member Info for wizard125

Sageman has gone very quiet obviously he does not like the facts.

Here is one more!

If UKOG has 1.3 billion barrels of oil with 5% recoverability as the operator why would it accept 15-18 per barrel when as the operator with the say due to there controlling interest can produce the oil with a value over $70 & costs below $20 leaving $50 or more profit per barrel.

So I will leave you to do the maths on 1.3 billion barrels of oil at $50 profit & 2.6 billion barrel of oil at $50 profit.

This will not all happen at once but you may need a bigger calculator for the sum.

It may not be the most popular view, some may say it is not realistic but the figures of OIP are from an independent oil auditing company not UKOG & the flow tests & results are designed to enhance the data & knowledge for development & production.

Ninetails

I don't think that there have been any new land grabs in the last couple of years.

I am not defending SS but looking at a growth strategy where UKOG has become a operating company & now has the controlling interest & say in all of the licences which it is now invested in.

IMO. it has recently raised funds to pursue the stated goals for 2020 from the presentation that was put out last year.

I am looking forward to the fruits to come from the investments made over the last few years that could be there for the next 20 - 30 years & wish all investors well with the choices that they make I am aware that not everyone will like all decisions & should be open to changing there investments if the are not happy with them for whatever reason

From my view point SS is not in breach of his role or responsibilities & none of us has his overview of the situation.

I get the frustrations but the board of directors are 1 year into the new company role that was approved by shareholders which gave them this new mandate.

Sageman if the experts figures not SS's figures of 130,000,000,000, barrel of oil in the Weald ÷ 5 for UKOG's 20% acreage =26,000,000,000 ÷ 10% recoverable= 2.6 billion barrel oil recoverable to UKOG at £15-18 per barrel in the ground would give UKOG about £5 billion oil in the ground value from the Weald alone.

At 5% oil recoverable about £1.3 billion oil in the ground value.

Penguins

Why does 362BOPD not sound plucked out of the air & 720 & 1080 does?

362 *2=724

&

362 *3=1086

Maybe there was a small percentage in the 363BOPD that was not mentioned.

The Portland figures of 140BOPD being robustly commercial alone have now been shown to be sustainable above 220 BOPD without depletion over the last 2 months.

Sageman while I can agree in part in part I can not.

The reason why is that this is now an investment not a trading share.

It was made clear by SS before UKOG became a operating company that they were looking at growing the company & already held persentages in various licences for development.

This is what I believe the £3.5million raised was for in leasing land & planning 2020 operations which are currently not funded from last year's fundraises as per the presentation.

When I look at UKOG I see a number of companies all with projects to move forward how we get the ball rolling to be in a position to lend money for development or self fund is the key now.

But with all the opportunity that UKOG has to offer it should not be a one trick pony.

Look how UKOG has been able to rise from the ashes after BB & is imo. is on the cusp of a great breakthrough.
Patience is a virtue but if UKOG hold 20% of oil in place in the Weald of 130,000,000,000 with a recoverable of 10% & 15,000,000barrel of oil recoverable from the IOW there will be many singing a very different tune shortly.

All imo. naturally.

Jiffy

I have no issue with that.

Infact if you check my history I think that you will find that I was the one here who advocated it to be brought up as a resolution at the agm but I don't think it was recognised at the time!

That aside.

If no alternative funding was available for development of the IOW & Godley Bridge which needs organizing now for next year would you have supported the £3.5 million raise especially as we don't know what will happen with HH planning.

What do you think would happen to the share price if new funds could not be raised & we we stuck with no way forward?

What do you think would have happened to the SP if UKOG had not taken the controlling interest in PEDL143 (HOLMWOOD licence) & became the operator with all the shenanigans there?

Look what happened to the share price once we moved from the problems of BB to HH & raised the money to fund 2019 operations?

Thanks Ninetails

On that basis we have been informed about the 2020 plans though the presentation document but not how they will be funded apart from the directors having the right to raise funds without shareholder consent.

SS said that HH 3/4/5/6 could be funded from ongoing revenues initially from HH1 & 2 to develop the field. We will have to see if Tellurian/Alba & Doriumus are in or out & what the outcome from this will be for UKOG but should the buy them out we have to consider the purchase costs, the additional development costs but also the added revenue & asset value that 100% of HH could bring.

I am sure SS has done the maths on HH even if they are his own calculations that have not been independently audited.

Until we have the CPR it looks unlikely that borrowing from financial institutions will not be possible but UKOG has no current debt to pay interest on!

Planning for HH would help considerably as it would make it a permanent site for the next 20 so we are still a little up in the air at the moment!

We know we are funded for HH 1 & 2 sidetrack & hopefully we can progress with these operations shortly to bring new revenue while the next lot of planning for 2020 operations is ongoing.

Sageman

The fund raise which seems I'll timed may have been to procure land leases on the IOW & at Godley Bridge for 2020 operations prior to planning which may not be in the fully funded for 2019 operations but I am not sure.

Obviously with the SS news from the IOW it looks possible.

Kris1981

It may have been for work for 2020 which is not yet funded eg site procurement on the IOW, Dunford ect especially after the IOW media announcements about sites & fracking.

Ukog has been looking for sites on the IOW.

see news stories of claims about fracking & UKOG ceo. article.

Rich3648

The lens that we have been watching HH through certainly is not rose tinted.

Those pictures do not lie can we say the same for you?

Thank you Pboo & the eyes for all the constructive communications that you have provided.

The is always a few!

I have just seen a comment that SCC have said that the application has not progressed sufficiently to go to the planning meeting.
I am not sure if that is there progression or any changes that the planning office want to see from UKOG.

Just been looking back at the SS interview from 19.12.2018

SS clearly States he expects to be granted planning for HH in August 2019 so should we be surprised by Surrey County councils decision today to cancel the May planning meeting?

Me as well.

If they plan to drill the Dunsfield well in the first quarter of 2020 aswell I would expect the planning to be in by now as well.

Is it the case that if the SCC continually put off the planning meeting they will have give UKOG a justifiable reason for the Federals.

If the deferals are ongoing then UKOG only have up to 6 months from what was scheduled as the first planning meeting ( Feburay 2019 I think) to make an appeal.

We have now had I think 4 meetings canceled SS needs to give shareholders some information & be looking to the appeals process within the Time limits given.

They will not accept I was not wearing my watch as an excuse for the appeal not being in on time.!

1.16

Brocal53 joins the likes of the great David Bellamy in his beliefs against global warming story.

There has Been many a discussion on this board where there has been concern spread about the change to electric car use & the demise in use of oil in fuel to power them.

SS seems to have supplied his reply to these concerns in the document about & the Loxley 1 well by saying.

'Even if every car in the UK was electric by 2030 without the growth of UK onshore oil production we would still need to import 300 - 400,000BOPD'

I wander how many BOPD SS is planning to be producing by 2030 cutting the current balance of payments & national debt!

Does anyone know how how long the planned perforated sidetracks will be for HH2 & HH1y if it is possible to produce 1000BOPD from 50 m of perforations?

Also will the HH1y sidetrack be connected to both KL3 & KL4 levels & able to double up on production?

No RNS penguins.

I watched the 2 tankers leave day after day after day.

There are none so blind as those that do not want to see.

Unless they want to bring the price down.