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Penguin's
There are more than one reason for UKOG to be drilling Loxley with gas being one of them if it is in the Portland f the Kimmerige and I believe that the reserves mentioned from Godley bridge are in the Igas CPR which I believe was dscovered half in PEDL234 and half in PEDL 235.
The other main reason for Loxley just incase you have forgotten is the appraisal of the Kimmerige layer which will a form part of the the Kimmerige resevoir structure & dimensions which was to be appraised before a return to Broadford Bridge or another Weald site n between. Hopefully Broadford Bridge as it was suggested that a short sidetrack would be sufficient although if hat was he case I would have liked to see that happen a while ago and have some revenue from a 100% owned licence.
https://mobile.twitter.com/ukbigdaddyian/status/1496533392623603716
Giddeons
I am a long term holder and well in the red but SS has lost me nothing as I have not sold any shares. I have averaged down to some extent, while having no intention of selling at these levels. I will await my time.
I suppose being s trader you have actualized your losses and list some more on 88e.
Adrian just because you sold out of UKOG below 0.10 to go to 88e which also didn't work out.
I think that adopting cyndiliar tackticks to lower the share price to buy back in is contemptuous but nothing that is not par for the course.
Is the placing your talking about just your speculation or do you have inside information that you are leaking?
To be honest I have been listening to this speculation for months with nothing transpiring. The RNS covering the Turkey drill advised that it was funded and that drill has not happened yet either.
Even SS Paid a higher price for his monthly share purchase than today's share price. shares
Not just offshore.
https://drillordrop.com/2022/02/22/no-new-fossil-fuel-projects-compatible-with-stable-climate-campaign-group/
nomlungu
Certainly you are right and nothing wrong with that but when I read rich's constant derogatory posts I believe that there is a limit.
I myself are well down but try to take a more optimistic view and believe what has gone down can also rise back up.
If you think I have no pain then you are wrong but I have decided to take a longer-term view and now look forward to returns over the years through development, production, growth and net present value which many who are much more negative have written off.
There are no guarantees in any investments and for all the scaremongering that I have listened to over the last few years this company should be long dead and buried.
The reality seems very much different and although UKOG may be down at the moment I believe that it is far from out.
Gl.
rich3648
You do make me laugh.
The court of appeal makes an announcement granting the continued use and development of Horse Hill via stating the County Council process was followed correctly.
UKOG RNS'ed the news as they are required to do.
The share price risees on the news and drifts back down and as a result you call for the CEO to be kicked out?
While we all know that you have a long standing grievance, get real!
ZYX098
I never said the well had to produce oil or be successful. The Portland well at HH1 was described as commercial bu the HH1 Kimmeridge layers 3 & 4 were discribed as commercially viable.
As I have said no figures have yet been released for these layers in a CPR and there are only figures for the estimated reserves of all the Kimmeridge oil and gas in the ground available.
Gl.
matherdj
A commercial well is one that makes economic success.
Unfortunately I don't think that is the case.
Any well that is described as commercial is a well that investors are prepared to put money into as happened with HH1 and the Portland is producing.
The expected volumes of oil for the Portland are were in the last CPR.
The further EWT results of the Portland and the Kimmerige layers has not yet been public but we know that SS had a sizable bonus based on its results and UKOG have increased there % of the licence holding from 32% to almost 86% dispite the dilution.
Prior to the Horse Hill EWT with only a 32% holding of the HH licences UKOG s share price touched 2.94p without the production and transport licences that it currently holds with a 86 % stake.
While things have looked very bleak for a considerable time are we about to enter a very different environment where all the criticism of the UKOG BOD is replaced with the praise and congratulations for there foresight and the risks that they have taken?
No doubt at this point the naysayers wil be abundant.
Penguins
I think you missunderstand the meanings of a commercial and a well that is commercially viable.
Any well that investors are prepared to fund or put money into is a commercial well.
The commercial viability is the term that was given to the Kimmeridge layer which so far as I am aware has not been quantified in a CPR.
Below is one definition of a commercially viable oil well but we will see.
Commercial Well means the first Well on any geological structure which after testing in accordance with sound and accepted industry Production practices, and verified by Sonangol, is found through analysis of test results to be capable of producing, from a single reservoir not less than an average rate of five (5) thousand Barrels of Crude Oil per day. Contractor shall have the right to request to Sonangol that a Well which is within the aforesaid criteria is not to be deemed a Commercial Well. To exercise this right, Contractor shall timely provide Sonangol information which would evidence that in the particular circumstances of such Well the same should not be deemed a Commercial Well. Among other factors, consideration shall be given to porosity, permeability, reservoir pressure, Crude Oil saturation and the reservoir recoverable reserves. Contractor has the option to declare a Well a Commercial Well at a producing rate below that one set forth above where Contractor is of the opinion that the accumulation may produce sufficient Crude Oil to recover the costs and make a reasonable return.
Giddeons
Now that the future of Horse Hill has been secured we may see some of the previously proposed actions.
Let's hope so and hope that they are successful.
Giddeons
As you can see from penguins post no comment for once ( What a surprise, wouldn't want to be considered positive towards UKOG would she? )
Can you please advise me of any Investor who would want to invest in 6 commercial oil Wells at Horse Hill if they may not have a future even if they are commercially viable.
Time to look forward not back with UKOG owning almost 86% of the Hore Hill licences which is now a certain 20+ year production site ready for development and to serve the future UK energy security needs!
Giddeons
I think that you could even ask Penguins if UKOG have permission to drill a sidetrack well from HH1, duel complete and get a positive answer.
Obviously there is no need for a pump of the current capacity for the number of barrels oil being produced from HH1, a nodding donkey would more that cover that at a lower cost.
So I for one am looking forward to hearing more positive news from UKOG.