Member Info for wizard125

Penguins

You have played the keyboard warrior here for a number of years now pretending that you know it all and everyone else's opinion is rubbish.

You have just come on here and said that you have no idea how to calculate reserves so how can you rubbish anyone else.

SS's own expectation of the Portland was 10 million recoverable are you saying he was lying as the CEO of the operator?

Things change even after reserves are issued look at Hurricane energy!

10 million barrels recovered from the Portland is about 30% of the 32 million barrels or so discovered in the HH Portland so far not the high figure of up to 45% recoverable with water injection that xodus quoted.

Although you can not state how reserves numbers are calculated putting a value on the Portland SS gave his estimate at the time based on 7-11 million barrels recoverable of £150-180 million later upgraded to 11-14 million barrels recoverable with an estimate of £175-230 million.

Even if only 10% is recoverable was allocated as reserves that would be 3.2 mmbo giving a reserve value of £52,800,000 that would be far higher than the 2018 1.3 million reserve figure which I believe was calculated on a Portland oil figure of 20 million barrels not 30 million & could be upgraded further with HH2 statistics.

The figures at the time for HH commercial declaration were worked out on a $60 oil price & at the same time & a net present vale of £15-18 was quoted by SS despite the oil price being nearer $80 per barrel at the time.

Below is a SS interview from January 2019 which you also say is unrealistic as it is not in a RNS!

https://youtu.be/5Mc6sBiT2rY

Ozzy52

Brent Crude 55.96 +1.44

Don't forget the figures are conservative!

The thing that you need to realize is UKOG is bigger than just HH & the sooner we can move on the sooner we can grow!

Penguins

So why is it every time I post you want more & more arguments.

You have not been able to put a figure on the value of HH have you.

According to you you are just a trader?

Penguins

Actually I have upgraded the 1P figure up from 1.3 to 2.1 mmbo based on the EWT figures & my figure is approximate & for HH1 only.

The key question is if a net asset value is £15 - 18 per barrel of connected oil.

So what is the value of HH1, 1P reserves at $60 per barrel with a $13 opex cost not including 2P or 3P reserves of about £75 million.

Penguins

There is a permission for a water injection well so it is ulightly that recovery will be at the low end suggested & what you are not staying is that they will make up 1/2 or 3 For P reserve figures.

As stated figures is from the HH1 verticle well only & takes no account of HH2 connected oil or recovery which may again upgrade a CPR figure depending on what is decided yet alone a third Portland well.

As the operator UKOG now has all the production equipment in place so the future costs should be greatly reduced.

The 7-11 million barrels was upgraded to 11 - 14 million barrels with a NAV in the ground of £15-18.

12,000,000 ×£16.50= £198,000,000.

Mirasol

As I have already said the xodus reported recovery up to 45% with water injection although UKOG used a 30% figure for recovery and value with a net asset value of
£15 - 18 per barrel in the ground which can be borrowed against for development.

Mirasol

That independent statement confirms 7-11 million barrels connected from HH1 verticle well which has a payzone of about 38m if I am not mistaken.

It will be interesting to see the conected oil figures from the HH2 drill following the PBU test & how they will proceed.

Mirasol

Here is your independent confirmation not UKOG figures & you are correct that the CPR has not yet been updated.

He stated in subsequent interviews that the CPR may not be updated until after HH2 & maybe HH3 were drilled.

Since then more licence % has been squires as well as the Turkey plans.

UKOG state in the interim results June 20 that RBL would already be available were it not for the current circumstances & that they were preparing for the future during this time. RBL would need these figures in my opinion.

https://www.lse.co.uk/rns/UKOG/extended-well-test-and-regulatory-update-2ww7s9z8op627o3.html

Penguins

The Portland was estimated to hold over 30 million barrels by xodus & needs 2 to 3 wells to remove the oil plus water injection. So development needed.

HH1 was connected to 11 - 14 million barrels & independent recovery was estimated at up to 45% but I believe UKOG used a 30% figure.

This takes no account of the connected oil figures from the unreleased HH2 well statistics or undrilled 3rd Portland well figures.

Your continued use of the 1.5 mmbo is a pre 2018 EWT that has not been updated in a CPR.

Ozzy52

While I understand your point oil production & revinue are only one part of the value of HH or UKOG as we have been advised by SS that oil wells, sites & companies are valued by net asset value.

We have been advised that HH has a net asset value of £200-250 million for the Portland alone with at net asset value of @£15-18 per barrel in the ground.

The CPR figures were worked out on a value of 11 - 14 million barrels recoverable & HH1 being commercial at $60 per barrel.

The OGA has issued a comfort letter at the time of the 35%
Tellurian stake purchase which my thoughts are that this underpins the EWT & £12 million purchase.

One of the reasons that I believe that the oil price is so relevant is that it will allow reserves to be declared & reserve based lending to be used for growth and development at HH & beyond without the need for further dilution.

Brent Crude 55.19 +0.81

Thanks for the updates HH1AN2 & JR.

https://mobile.twitter.com/JohnRogan9/status/1347231379021557761

The companies corporate governance statement states:

The Company encourages two-way communication with both its institutional and private investors and responds quickly to all significant queries received.

If you have reason to believe that this is not the case it seems that you should initialy contact the UKOG chairman who is responsible for ensuring that company officers are complying with company policy.

There are no contact details listed for the chairman so you will need to specifically need to address you complaint to the UKOG chairman in the first instance & send it via the info@UKOG email address.

If this is not responded to you can then contact the NOMAD with a copy of your complaint stating no response was given to your complaint & ask him to acknowledge your complaint & reply accordingly.

Her is a link to UKOG'S corporate governance statement should you wish to complain to the NOMAD it will best be done on grounds contained within this document.

https://www.ukogplc.com/page.php?pID=66

ZYX098

Thanks for your answer & good that someone has some technical knowledge.

We defenatly need a update to know what is happening some answers to your questions may be in the interim results document below.

https://www.lse.co.uk/rns/UKOG/interim-results-bek945pebsk4sdt.html

Here is the post from yesterday where Greg says the low level hazard water removed is not bund water but production water & a good sign.

Does that imply the kill brine is being removed.

https://mobile.twitter.com/jamesleithhill/status/1347061537261891584

Penguins

Found out you make me laugh with your twisted reteric!

You make it out as if there was a current down time for whatever reason that the site would be dismantled & returned to the leasee for the period.

Get a grip.

We know it will have to be payed for & that may be painful but it will be benificial in the long term & the planning permission is for 25 years.

You may have to to hold a little longer.