Member Info for wizard125

Tymers

The good news will come in more than ones IMO.

My reasoning is that HH 2 & the side track will probably be drilled & in EWT before the production licence is granted.

Who knows what will come first scoping for HH 3, 4, 5, 6, injection wells & oil tanker loading bay permission or production licence.

I hope we are not going to have to wait till 2020 to return to BB to drill it's sidetrack as it was scheduled to be drilled immediately after HH2 & the HH1 sidetrack

But 2019 looks to be a very exiting year & hopefully the next successful building block in UKOG's growth with the Isle of White planning due as well.

The key is production though to bring in revenue to fund or allow structured financing for development.

SS has set out a path for growth in the UKOG presentation but time is of the essence in some projects.

Quite right Heid.

Boyzee spreading fake news & poison to make everyone paranoid & sell or frightened to buy.

He seems to have his moments of being here then disappears for a while returning at his opportune moment.

I'm past his nonsense. I just hope others will see him for what he is.

BoilB

That share price would be nice but I will believe it when I see it.

The market is not yet convinced.

I think it will want to see moire proof of concept. Brockham flowing would be a great advantage to UKOG's case.

I think they will want to see BB & the other PEDL234 sites flow.

Funding & dilution is still a concern for the market as it fears more dilution.

When a clear statement on funding can be given on loans from banks or bonds I think that the market will move this forward.

Until then it is like a property with subsidence you can buy it at auction without a mortgage you can live in it without any problems for many years but nobody will give you finance against it.

UKOG has come a long way, it has had its ups & downs hopefully now we will see a re-rate & long term steady growth.

I'm surprised by Adrians Twitter comment

I think we may see HH1z drilled early next year before the Portland. Imho.

As I thought that HH2 was being drilled as the Portland producer first & they would continue to flow KL4 while they were drilling HH2.

Thanks Pboo for the update.

The pump is back on the well & the flare flaring again after Morehouse the well completion company has left.

All must be tip top with the well as they are able to leave.

So I think we under starters orders & RNS soon.

It looks as if tanks 1&2 may also be full with the handles at the 9 o clock position on Pboo's pictures from yesterday.

Not long for an update now me thinks!

Great pictures & updates from PBOO, Adrian & Tony as always.

It would be helpful to know if the flare is still flaring & we are free flowing?

Rodders74

Unless things have changed from what I remember the HH2 & the sidetrack drills were financed from the so called death spiral funding £10million funds raised in November of 2017 schedule for UKOG.

It is my opinion that as the operator at HH UKOG is required by the OGA to be further ahead with its funds than its associated partners in case they have financial problems in raising funds at short notice & scheduled work not being able to be completed within the allocated time frames. This may be why the £12.5 million was raised in the summer before the EWT commenced at HH.

The good news should be that UKOG have no need to raise funds now for 2019 & will have extra revenue within HHDL from the EWT to help finance HH scoping planning & drilling of HH3 generating revenue for HH 4,5 & 6 imo.

If I am correct there was a heavy price to pay at the time with the dilution I grant you.

But none of this would have been possible without that crucial fund raise which has allowed HH & UKOG to have the potential to be the real oil producer that it is about to become with production at HH never mind the potential of the many site across the HH licences, PEDL234 & the Isle of White.

I don't believe the institutions yet see the de-risked business that we can see emerging & they may want to see evidence of other sites flowing from the natural fractures of the Weald basin concept before they get behind UKOG at that point things will change in a big way imo.

Boyzee

Is obviously not up to date on currant event with Dorremus news of yesterday & today or he would have plenty more to squalk!

Rodders what it means if both Dorremus & Alba are funded for the HH2 & sidetrack drills there should be no placing by UKOG to buy there shares of HH out at this stage.

Obviously HH 3,4,5,6 would require further funding where UKOG is already funded with an extra £2 million for an opportunistic purchace.

That flare looks nice & hot.

All ready for a great BBQ!

From the DL interview the experts advise that within the HH licences there are 10-12 billion barrels of oil on the basis of 5% being recoverable that is about 500,000,000 barrels of oil.

How should we look at the bigger picture as 500,000,000 barrels of oil recoverable × $70 revenue or as a value figure of 500,000,000 × £15-18?

If I understand correctly we will not be able to put a value on the HH site or licence until the Kl4 flow figures, connected oil figures & oil in place figures for HH site & licence are released to produce the CPR.

On that basis SS does not have the information either.

Heid

I am confused as to why a kimmeridge sidetrack with a lot more than the 88 ft of perforations will not produce more oil than 1000 BOPD?

Spot on Heid

My thoughts exactly this includes the costs of the sites, planning & 6×3 million to drill a well in my opinion at any site across the Weald.

Sedoc

I am presuming that is only for the Portland at HH with the Kimmeridge not having been evaluated & only part flow tested

There are no figures in the public domain apart from the maximum flow rates & average flow rates on various chokes so we seem to be getting ahead of ourselves.

Time will tell.

Funny Starbright!

The other day you admitted listening to SS latest interview between 2.50 minutes & 4 minutes where as said 20 million revenue per well per year & 3 Portland & up to 6 Kimmeridge at HH.

The Portland wells are only at HH.

The Portland well which is currently Dilled & connected to 7-11 million barrels of oil with up to 45% recoverable from the xodus report with water injection but SS uses the figure of only 30% for some reason.

That would leave the other 2 wells to target the remaining 20 + million barrels in the Portland. This Portland oil is at the HH site only.

The Kimmerridge wells with sidetrack would also produce 20 million revenues per year.

If the same is replicable across the Weald - costs would give you of 100 million per year value.

No oil reserves or oil in place figures have been released for kl3 or 4 so who would know?

Star bright

On this basis of 1000 BOPD per day you will only need a production licence for 3 years.

Why are we asking for a 20 year production licence?

That is 20 million or 100 million per year IMO.

Star bright

Having given this some consideration.

It may be that the value is in other sights across the Weald.

We know the Portland value being 150-200million but only at HH.

6 Kimmeridge wells with 20 million revenue =120 million on any site across the Weald.

If a site & 6 drilled wells cost 20 million 6×3 million drill costs, planning & site costs the value in each new site would be 100 million.

Bring on the roll out.

How many sites do we have in the HH licence & does this cover PEDL 234 as we have substantial 100% owner acreage there as well.

Terrible typing sorry Heid