Member Info for wizard125

All very true Tony well said.

Bridgedogg1

I think you should read the report & accounts for SS renumeration.

It is not half of that!

dotty_l

HH1 is putting out only what it is allowed by the OGA to only cover EWT costs.

No revenue, no profits. Roll on the production licence.

If Dunsfold is drilled late 2020 early 2021 it could be in the summer21 but needs permission granted.

Penguins

I suggest that you reread that last paragraph of your post.

'Planning and permit applications for a further BB-1y sidetrack are also being prepared.'

With all the delays to the Dunsfold planning application maybe UKOG should look to return to BB sooner rather than later especially as a production licence has already been granted for 20 years in 2019 in PEDL234 by the OGA

PEDL234 is 100% UKOG owned & BB needs only a short sidetrack & retest from the report & accounts issued in March 2018.

Greenfish89

As painfull as it is, it is nessessary at this time to allow the shares to be issued to complete the purchase from Tellurian.

The OGA only allows enough oil to be produced from HH1 to cover the EWT costs which which must be quite minimal as it has been running & producing for more than 18 months.

We can not imo. expect profits from HH this year as the oil produced is not booked as revenue until the production licence is granted.

This is why I think that the oil flow is being held back.

Roll on the production licence, better times ahead imo.

If the pump did not go back on till 5pm yesterday & this tanker is already out it looks as if production has picked up.

Maybe we now have 2 layers flowing from HH1?

https://mobile.twitter.com/Adrianwfire/status/1225351807951679489

Ah 'Captain'

But obviously more than 220BOPD being produced into the storage tanks.

More than before the work over.

Mullins

It's still a bumpy road at the moment but we must not lose sight of our goal.

You like I went though this with the YA loans last time.

Once they were cleared it was up up & away.

This time will be with production & reserves.

Better times ahead.

Thanks Mullins

Maybe one of our detractors can explain how we are sending out another 220 barrels of oil when there was no oil produced yesterday as the pump was off all day.

Obviously more than 220 barrels were produced per day since the last work over.

All looking good imo.

The unasked question is.

How much would it have cost to buy Tellurian out once in production & with a CPR in place?

At present it is all speculation!

The key question is do you believe in SS's knowledge, experience & judgements in making the decisions for UKOG short medium & long term?

If not you should not be invested here.

lonely_shooter

What you need to remember is that we have acquired another 35% of the HH licence which will be layer for by the end of March.

The figures up until September 2019 will be released at be end of March as well but these figures will not show the 35% extra revenues or a of set of costs for the EWT as permitted by the OGA.

It will only be when we go into production that the revenues will be allowed to allocated as revenues which will provide positive cash flow for UKOG.

When this happens UKOG can then state its full 85% of oil sales as revenues becoming cash flow positive.

Until then we await the OGA production licence for HH1 for the spring of 2020 & for HH2z in quarter 3 as reported in the RNS.

https://mobile.twitter.com/Adrianwfire/status/1222906964918853635

Please SUPPORT applications.

http://westsussex.planning-register.co.uk/Planning/Displ…
AND...
http://westsussex.planning-register.co.uk/Planning/Displ…

Please SUPPORT applications last day today.

http://westsussex.planning-register.co.uk/Planning/Displ…
AND...
http://westsussex.planning-register.co.uk/Planning/Displ…

bladehater

This is from yesterdays RNS.

Further to the Company's announcement of 23 December 2019, the planned routine intervention to shut-off water ingress into the HH-2z horizontal is now scheduled for February. Whilst the Company wished to act more rapidly, no suitable slim-hole production logging tool ("PLT"), essential to identify the exact source of water ingress into HH-2z, was available within the UK or Europe until this time. It is planned to resume the HH-2z EWT immediately following a successful intervention.

In order to conduct interference testing, HH-1 Portland EWT production was resumed on 16 January 2020, at an initial rate of 435 barrels of oil per day ("bopd") over a 6-hour period. Over the past 24 hours, stable dry-oil EWT production has averaged 293 bopd at a modest drawdown, demonstrating the Portland perforated interval has remained in good condition since the last June 2019 shut-in. A short routine intervention on HH-1 is now underway, which aims to further optimise and increase the Portland production capability of the well.

The HH-1 Kimmeridge interval will now remain shut in for a further long duration pressure build-up test. Plans to install a dual completion to enable HH-1 to produce from both the Portland and Kimmeridge oil pools are being formulated. A future Kimmeridge appraisal/production well is also planned, once full Portland Production and positive cash flow has been established from the field.

Progress of the above Horse Hill activities will be reported in due course.

It is stated that HH1 production will be from both the successful Portland & Kimmeridge layers.

Can anyone please explain to me the significance of this statement?

'Production will also enable oil sales to be booked directly as income, rather than simply netting off the revenues against EWT costs'

Does that mean oil flow is restricted on HH1 to only cover test costs?

I think that the request by the BOD for permission to extend the number of shares issues available for the payment of the final £1 million to Tellurian is acceptable.

This imo should be granted.

It should also be resoluted that no further share issues will be granted without a general meeting for share issues & that the company bring forward plans for the CPR for Horse Hill to the earliest opportunity to enable reserves based lending.

No more purchases of licences etc should take place before this is achieved.

If funding is already arranged for the purchase of Alba & For this should be able to continue but not at the current share price.