RE: Rocket man6 Apr 2021 23:33
Exploration
Alan Howard's comments of 31.3.2020 from UKOG final results.
STATEMENT FROM THE CHAIRMAN
This is my second year with UKOG, and it has been fascinating to witness the giant strides the Company has made in terms of growing its asset base and moving its various projects forward in a systematic and positive way.
The volume of work from a relatively small team has been outstanding. The core of that team, with the invaluable assistance from experts in the technical, finance and legal fields, has managed to overcome a series of hurdles.
One of the biggest was the completion of a deal with Tellurian Investments LLC, who are based near my own office in Houston, Texas. The decision to acquire the entire share capital of Tellurian's subsidiary Magellan Petroleum (UK) Ltd for a cash plus shares deal has put UKOG in full command of its prime asset at Horse Hill and its future direction. To fund that acquisition is testament to UKOG's unique position in the market and to follow that with long-term production planning permission from the local authority was a massive boost to the Company.
I salute the entire team and I thank the shareholders for their continued and patient support. The team led by Stephen Sanderson are dedicated and totally committed to bringing success to UKOG and to bringing long-term value to shareholders.
There is of course much more than Horse Hill in the UKOG portfolio. Two further planning applications have been submitted for activity at Loxley, located in Surrey near the Broadford Bridge oil discovery, and at Arreton on the Isle of Wight. It is anticipated that the Loxley application will reach the Planning Committee stage in Spring 2020 and I remain confident that the Company will continue to work in harmony with local residents and neighbours.
Oil exploration is a complicated and time-consuming business. There are no guarantees of success and the regulatory procedure in the UK is clearly far lengthier and more intricate than we experience here in the USA. It also has a habit of absorbing considerable time and money.
This does not concern me unduly. I have confidence that UKOG will spend our investors' money wisely and ultimately to the benefit of all shareholders.
Allen D Howard
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