Member Info for wizard125

Rodders74

Have you any comments on the work schedules for 2019 detailed in the RNS posted yesterday?

tkr234

W have had comments from DL & now Alba that all is gong to plan.

We need to be patient a little bit longer even if it is a little unsettling. All good things come to those that wait!

Baits

Although the headline is stark & will have an effect.

The good news is that SS set real low levels of oil price & production levels for the Portland to be robustly commercial at 140BOPD @ $60 Per barrel.

Many companies will be hit hard long before UKOG & when the Kimmeridge is declared commercial this could prove even more efficient.

Rodders74

As you can see what the planned work schedule is & what the £12.5 Million was raised for.

This included it's share of HH2 but not the development of the further wells & water injection wells from the scoping document.

Do you think this work schedule of 100% assets will be put on hold & the funds raised for these purposes used for HH development & production or will they follow a growth strategy to develop both sides of the business & raise funds through debt or equity & debt based on positive EWT outcomes to bring HH into production?

From the interim accounts this year.

29 June 2018

UK OIL & GAS INVESTMENTS PLC

("UKOG" or the "Company)

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Unaudited results for the six-month period ended 31 March 2018

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HIGHLIGHTS (during and post-period)

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·   Horse Hill-1 ("HH-1") PEDL137 oil discovery, UKOG 32.435%: Post period end, 150-day extended well test ("EWT") operations commenced at HH-1. The EWT campaign includes three flow and pressure build-up sequences over the Portland, Kimmeridge Limestone 3 ("KL3") and KL4 oil pools, which in 2016 flowed at commercial initial rates of 323, 464 and 901 barrels of oil per day ("bopd") over short stabilised flow periods of 4, 7.5 and 8 hours, respectively. The EWT, if successful, is designed to enable a declaration of commerciality to be made, with first stable oil production targeted in 2019.

·   PEDL234 Broadford Bridge-1 & 1z ("BB-1/1z"), UKOG 100%: The BB-1/1z oil discovery, located on the southern boundary of the 300 km² PEDL234 licence, achieved its primary technical objectives. BB-1/1z confirmed the Kimmeridge Limestone ("KL") "geological concept", confirmed the significant 27 km lateral extent of the Kimmeridge continuous oil deposit and demonstrated the presence of a regional scale open natural-fracture network capable of flowing oil to surface. Oil was returned to surface from multiple KL horizons, and KL5 flowed oil continuously on pump over a week's duration. Core analysis from KL5 demonstrated oil saturations of 73% with 19% porosity.

·   PEDL234: The Oil and Gas Authority ("OGA") granted a 5-year licence extension to 31 December 2023.

·   PEDL234: Two further Kimmeridge exploratory drilling locations were selected in the central part of the licence. Site lease terms were agreed, and planning application work is underway with a target of drilling in 2019. The first well will target both a large Kimmeridge geological feature and appraise the overlying Godley Bridge Portland gas discovery.

·   PEDL234 BB-1/1z: An 18-month planning consent extension was submitted to West Sussex County Council. If granted, the extension to 31 March 2020 will provide sufficient time to review the results of the HH-1 EWT and completion drilling and testing of the next planned Kimmeridge exploration/Portland gas appraisal well in PEDL234 so as to be able to decide on a BB-1y sidetrack.

·   PEDL331 Arreton oil discovery, UKOG 65%: Xodus Competent Person's Report ("CPR")  (see below) confirms Arreton-1 & 2 discovery contains 10.2 million barrels ("MMbbl") UKOG Net P50 Contingent Resources. Arreton-3 appraisal and Arreton South exploration well sites chosen, lease negotiations are near finalisation, and a planning application is expected to be submitted this summer. Drilling is targeted for late 2019.

·   PEDL143 Holmwood-1, UKOG 40%: In September 2017, UKOG acquired a further 10% interest in the PEDL143 licence (Holmwood) from Warwick Energy Exploration and Production Lim

The Third fund raise this year RNS.

Successful Placing to Raise £2m
Wed, 4th Jul 2018 07:00
RNS Number : 5067T
UK Oil & Gas Investments PLC
04 July 2018
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UK Oil & Gas Investments PLC

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("UKOG" or the "Company")

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Successful Placing to Raise £2m

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Further to its announcement of 2 July 2018, UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has raised further gross proceeds of £2 million via a placing of 100 million new ordinary shares at 2 pence per share. This represents an approximate 5% discount to the closing price on 3 July 2018. Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 10 July 2018.

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Use of Proceeds

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This placing is intended for opportunistic investment to help deliver the Company's stated goal of consolidating and expanding its asset base in the Weald Basin. The placing represents an additional £2 million to the previously announced £10.5 million investment secured to deliver sufficient working capital for its core projects over the next 18 months.Â

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Admission and Settlement

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Application will be made for the admission to trading on AIM of 100,000,000 new Ordinary Shares ("Admission"). Admission is expected to occur on 10 July 2018. Following Admission, the Company will have 5,207,240,526 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 5,207,240,526 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement with W H Ireland and shares being admitted to trading on AIM.

The second fund raising this year RNS.

Completion of £5 million Institutional Placing
Mon, 2nd Jul 2018 16:18
RNS Number : 3173T
UK Oil & Gas Investments PLC
02 July 2018
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UK Oil & Gas Investments PLC

("UKOG" or the "Company")

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Completion of £5 million Institutional Placing

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UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has raised gross proceeds of £5 million via a placing including two institutional investors.

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Details of the Placing

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The issue price of 2 pence per share represents an approximate 5% discount to the closing price on 29th June 2018. A total of 250,000,000 new ordinary shares have been placed. Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 9 July 2018.

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Use of Proceeds

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Together with the funds raised in June, these funds will allow UKOG to embark on its projects' current 18-month work programme.

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Stephen Sanderson, UKOG's Executive Chairman, commented:

"Together with the funds raised in June, the Company has now secured £10.5 million of investment during the last month, which given UKOG's current plans, mean that it has sufficient working capital for the next 18 months. UKOG is now in a robust financial position to confidently pursue its projects' ambitious exploration and appraisal programme in the Weald Basin."

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Admission and Settlement

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Application will be made for the admission to trading on AIM of 250,000,000 new Ordinary Shares ("Admission"). Admission is expected to occur on 10 July 2018. Following Admission, the Company will have 5,107,240,526 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 5,107,240,526 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement with Novum and shares being admitted to trading on AIM.

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Rodders74

This was from the RNS for the first £5.5 million funds raised earlier this year.

£5.5 Million Funding Completed
Fri, 15th Jun 2018 07:00
RNS Number : 4820R
UK Oil & Gas Investments PLC
15 June 2018
Â
UK Oil & Gas Investments PLC

("UKOG" or the "Company")

£5.5 Million Funding Completed

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UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has raised gross proceeds of £5.5 million via an oversubscribed share placing.

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 The placing's issue price of 0.9 pence per share represents an approximate 12% discount to the closing price on 13th June 2018, the date the pricing of the issue was determined, and prior to the receipt of the Oil and Gas Authority's Horse hill Extended Flow Test ("EWT") consent as announced on 14th June 2018. A total of 611,111,105 new ordinary shares in UKOG have been placed with new and existing investors.

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Use of Proceeds

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The net placing proceeds will be used to implement UKOG's stated wider corporate strategy as follows:

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·    Funding its portion of the Horse Hill-2 appraisal well, which in the event of a successful EWT outcome, is planned to directly follow the EWT in late 2018/early 2019. The well will be drilled as a future Portland producing well.

·    Prepare and submit regulatory applications to convert Horse Hill into production given a successful EWT outcome

·    Lease two well sites, prepare and submit regulatory applications for two new exploration wells in PEDL234, aimed at demonstrating that the Kimmeridge Limestone play is commercially viable across UKOG's extensive licence interests

·    Lease well site, prepare and submit regulatory applications necessary to drill and appraise the Arreton oil discovery, which currently has an estimate of 10.2 million barrels UKOG Net P50 Contingent (recoverable) Resources.

·    Funding UKOG's share of the planned Portland and Kimmeridge Holmwood exploration well which currently has an estimate 0.92 million barrels UKOG Net P50 Prospective Resources

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Admission and Settlement

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Application will be made for the admission to trading on AIM of 611,111,105 new Ordinary Shares ("Admission"). Admission is expected to occur on 21 June 2018. Following Admission, the Company will have 4,504,189,479 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 4,504,189,479 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement with WH Ireland and shares being admitted to trading on AIM.

Rodders74

Are you suggesting that the £12.5 million raised this year will not be used to fund a return to BB, the 2 new wells scheduled & the wells on the Isle of White the reason for which it was raised.

I can understand the logic in so far as £12.5million +35%from Telurian & 11.5% from Alba & 10% from Dorimus may fund the production costs to drill the production & water injection wells at HH to take the project into production.

Starbright

Why could UKOG not issue bonds as Hurricane energy has.
We have there ex finance director as a non ex director of UKOG now?

From the RNS 10 October 2018 from the KL 3 tests conclude that the pressure in KL 4 is the same and makes KL3 & KL4 one 358 ft well.

On that basis is test 4 complete having produced from one well while monitoring the pressure in the second well?

So are we now on test 5?

I am not sure what will happen with the individual test that was supposed to take place on KL 4 before they were considered connected?

Yanis2005

If the top & bottom hole pressures are the same & they believe that they are connected from KL3 - KL4 (essentially the same well).

Then the tests may have moved onto a KL3&4 commingled test if it is necessary (test 4) to use the pump that will be announced in the next RNS.

Then maybe the tests of KL 1 & KL 2 (test 5) is all is my speculation but it is based on the peculiarity that KL 3 & KL4 do not normally needs pump to flow at optimum rates.

So this leaves me a little perplexed by the pump on the well unless it is because UKOG may not produce at optimum rates at all times during the flow tests.

Confused you will be!

I look forward to the next RNS for some clarification as thing appear to be going well

Yanis2005

I don't know if SS is bending the rules he has gone for KL3 instead of the planned KL4 first which was a change to the schedule.

I think that the additional information from KL 1 & KL 2 has the potential to lift the UKOG share price considerably if it is positive as I can see you understand.

This was Yanis2005 link.

https://www.whatdotheyknow.com/request/513050/response/1260646/attach/html/2/ewtapp%20marked%20for%20redaction%20Redacted.pdf.html

Yanis2005

This is copied from the document you have posted please read it as I have.

Contingent Programme
Dependent on achieving the primary testing objectives within the time allowed under planning
consent, one or more short duration contingent tests may be undertaken to include one or more
of the following zones:

- Test 4: a commingled test of KL3 and KL4. If sufficient time we plan to produce from
one KL completion zone and monitor the pressure in the other completion zone.

- Test 5: a new short duration test of the previously untested deeper KL2 and or KL1
zones, similar in duration/scope to the early Portland/KL3 and KL4 flow periods

Although this has not copied very well it is far clearer on your link.

I think it could be a great addition to the Portland, KL3 & KL4 flow test results.

I would be interested in your thoughts?

Bladesharp

KL3 or KL4 never needed a pump as they were more productive free flowing why should that change even if they are doing a commingled flow test?

Kl 1&2 have never been tested so it would also be understandable that there was a waste tanker on site occasionally.

Hopefully we will know some results soon but adding in a good result from KL1 & KL2 could make a big difference to the overall flow test results IMO.

My thoughts exactly Bladesharp.

Bladehater

If that oil sample was from KL 1 or KL2 it would be an even bigger business & bigger news than if it was from KL3.

I can't wait for the details in the next RNS.

Bring it on!

Thanks Pboo for this document.

This clearly shows that test No.4 subject to time is a commingled KL 3 & KL4 flow test.

Test No.5 is a short flow test of KL1 & KL2 similar to the original short flow tests of the Portland & kl 3 & KL4 in 2016.

Now I find really exiting as essentially we could have 5 commercial layers from these tests from the HH1 well.

I am really looking forward to the next few RNS.

How sad can you get?

Let's all look forward to better news & a great RNS next Wednesday?