Member Info for wizard125

Brent crude $99.17

We all wonder what you are on everyday Ibug.

Unfortunately I don't believe that the is a cure or help available.

I much prefer that UKOG are producing oil at $97.26 than below $18.

It will be interesting to see what the share price is and the interim figures from September to April by July.

Gl.

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.

nomlungu

That sounds like a win win sinario for UKOG!

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.

Giddeons

The water injection well is currently planned for HH1 & HH2, Portland layer if granted.

As far as we are aware there remains a EA permitted permission for a sidetrack well to be drilled into the Kimmeridge layer from the current HH1 well.

The advantages of this are that there would only be the sidetrack well to pay for while the Kimmeridge layer is so far water free.

With the Finch appeal case I understand that costs of £10,000 were awarded to Surrey Council.

Long live Horse Hill.

Now let's see it make its commercial investors a serious return from its commercial viability.

Interesting Swizzle and the deramp brigade not available for comment today!

My shares are not for sale.

I'm looking forward to the water injection being added with the environment permits granted.

Ocelot

Brent crude touched $96.78 but if Ukraine kicks off it could go a lot higher yet.

Bring back fracking, says Jacob Rees-Mogg
Jacob Rees-Mogg was made Brexit opportunities minister
Jacob Rees-Mogg was made Brexit opportunities minister
TAYFUN SALCI/ZUMA PRESS/ALAMY
Steven Swinford, Political Editor
Wednesday February 09 2022, 12.01am, The Times
Boris Johnson has been urged by a cabinet minister to return to fracking amid concern among Tory MPs over plans to move to net-zero.

The prime minister yesterday told his cabinet that oil and gas will continue to play an important part in UK energy supply as the country transitions to green energy.

Jacob Rees-Mogg, who was yesterday appointed as the Brexit opportunities minister, suggested that there should be a return to fracking to increase Britain’s energy independence.

However, the suggestion was rejected by the prime minister.

Fracking, a controversial method of extracting shale gas, was banned in 2019 amid concerns that it was causing earthquakes. Environmental groups have claimed it is incompatible with the government’s net zero target.

Mirasol

Your green credentials showing again ignoring.

Higher carbon emissions from imports, higher UK job losses and more pounds leaving the UK economy.

Its about time that the harm the being done to this country, its people and its climate by imported fuels over home produced fuels was put right.

Lets see action and not just words!

Mirasol

But they also say they haven't planned the S/T yet............ so how they know the cost is beyond me

You seem to have a very selected memory was it not stated that UKOG's costs in the partnership for the first well were capped with that cap stated as well costs and seismic costs and 50/50 there after?

Did Angus mention that in the question and answer session?

CynderLad

You forget to mention in your credentials a complete lack of understanding of how oil companies are run and what contributes to there value.

Today and the last few years has been a tough time for smaller oil companies like UKOG who are investing and operating in the UK just like RBD but things can change just as the negative sentiment can change very quickly also.
Your grievances are well documented here over the ups and downs and sale of your approximately £150K investment which seems to leave you very bitter.

All in my own opinion of course!