Member Info for ZYX098

I vaguely remember an old stock market saying, something along the lines of "Sell in May and go away"?

But yes, the last two days have given my portfolio a kicking - only Alba, Berkeley and Petro Matad in the green for me this week.

Again lying about what I said Ells.

Every part of your first paragraph is either a flagrant lie or a gross misrepresentation of what I've actually said.

Reported.

If you continue to lie about what I say or twist my words beyond recognition for your own ends, I will continue to report those posts.

Though if your G-Martin ID got banned, it would save you the embarrassment of quietly deleting it yourself so you don't get your previous ramptastically wrong posts quoted back at you.

After all, that's what you had to do with your numerous previous ID's....

Many posts have already explained that - if you want to ignore reality (and what happened when YP were involved), that's your problem.

They should have had the results a month ago Ocelot, so why the delay?

Brent rose a whopping $0.59 / bbl today, so that's another $35 in sales revenue to UKOG....

IBug,

Yeah - lots of things missing or plain wrong.

The main one is they got the decimal point in the wrong place for the depth of the reservoir - it's a 3,000m, not 300m!

It was shut down in 2017 as it was already operating 5 years past it's original deign life and needed major refurbishment work to bring the platform & Wells back up to modern safety & operating standards.

At the time, that was estimated to be c. £1 Billion and no Govt (of any Colour) could have agreed to that as the Eco-warriors would have had absolute Cows over it "we don't need it, the money should go to renewables!" and "It's a fossil fuel subsidy!!".

Probably pretty much the same posters that have been castigating the Govt for the lack of gas storage capability in the UK (lowest in Europe, I think?).

Incidentally, I've mentioned in several posts that the Oil Industry has seen substantial cost increases over the last couple of years - Centrica now estimate that same refurbishment work will cost c. £2 Billion.

As far as I know, the 'A' complex has already had it's six Wells P&A'd and the two platforms removed.

The BD / BP / CD complex needs major refurb work, and many of the Wells have integrity issues which mean that they need to be P&A'd and replacement drilled.

That's possibly the main limitation at the moment - there are only a few Wells left which have sufficient integrity to meet todays legislative requirements for injection and production.

Plaserman,

No, they will have an H2 tank and the H2 will be used to power a Hydrogen fuel cell, which will provide the power directly to the electric motors.

There is a battery, but much smaller than an EV or Hybrid, mainly to provide power for the ancillaries.

https://mag.toyota.co.uk/how-does-toyotas-fuel-cell-vehicle-work/

To delay announcing it was a dud until they got the death-spiral financing in place?

Got back from IAH a couple of days ago.

With the capital raised, UKOG now have no reason to not go ahead with the conversion of HH-2z to a water injector.

Some posters giving the Court Case as an excuse for it not happening so far is not realistic.

After all, in their RNS of the 15th Aug 2022, UKOG themselves said "Preparatory work towards converting HH-2z into a produced saline water reinjector continues.".

In addition, they also noted the completion of the three groundwater monitoring Wells in their RNS of the 23rd Feb, so the Court Case hasn't been holding them up so far.

As to the wait for the larger charges for the perf guns, they would have located and got a quote for these within a week of identifying that they were required.

If it took any longer than that to get a quote, that would be down to simple incompetence by UKOG.

Even if the charges needed to be manufactured (c. 2 months lead time), that would still have given them a viable time-frame to let the market & PI's know when they could be expected to be on location.

My guess is that when they found out the cost, they didn't have enough money left in the kitty and couldn't persuade AME to buy in (remember, the AME Chairman stated that UKOG were carrying 100% of this Well cost).

So with the raising of the $3 Million they have no reason to delay mobilising now - unless they invent something else to delay the DST program....

Desree,

It is dependent upon a number of factors; with the lithology, mud & formation chemistry, pressure regime, tectonic stresses and well inclination being the main ones.

In some cases, it won't stay open for more than a few hours, in others, it can be reasonably stable for several weeks.

Given the history in the area of wells requiring side-tracks due to lost BHA's (e.g. Basur-3), this would indicate that the hole would tend to collapse sooner rather than later.

However, with respect to Pin-1, the over-riding thing is that they carried out a DST (based on smell alone!!!) inside the 9 5/8" casing because they thought there was nothing worth testing in the 8 1/2" hole section.

That means they must have plugged & abandoned (P&A'd) the 8 1/2" hole section with cement, as they need to ensure they have isolated any potentially permeable formations and that they also have pressure integrity of the casing that is being tested.

As well as being a regulatory requirement, they have to do this as the DST tools are normally cycled open & closed (and in most cases, the guns fired) using various combinations of pressure cycles on the test string and the annulus.

I haven't read through everything yet, but it seems that UKOG have dangled the carrot of there possibly being a payzone much deeper?

If that's the case, the current well architecture (and location construction) wouldn't allow them to get to the 3,000 - 4,000m that this implies.

They'd have to build a new location (to accommodate a proper Drilling Rig & the associated equipment) and start off in a larger casing size - likely 30" Conductor and 20" surface casing.

Well I see that some things haven't changed - a poster asks a question (actually a very reasonable one) and Ells automatically accuses them of being a de-ramper with multiple accounts.

Which is rather odd, since it has been proved beyond a shadow of a doubt that Ells / JR 90 / G-Martin has been operating multiple accounts.

Why haven't UKOG released these yet?

They said the samples were being sent on their RNS of the 3rd May.

Being generous; presuming three weeks to get the export paperwork sorted out and the samples shipped to the Lab (why not one in Turkey?) and another week to actually do the analysis, they've had the results for a month and no mention in the three RNS's issued since then.

So when are UKOG going to actually release the results of the 'specialist' E-Log interpretation?

They've had it for at least six weeks.

Could it be that it just confirmed what the well-site interpretation said - that the 8 1/2" hole section (and therefore the Primary & Secondary targets) is dry?

Well luckyone is right about one thing.

Staggering to think he actually got something right, I know!

I'm not in Houston at the moment.

But if he'd bothered to read that post properly, he'd know I'm in Houston NEXT week - I fly out this weekend...

My comment about his family tree being more like a shrub was incorrect - it must be more like a twig.

Not surprised - made easier to work out who it is by having a short filter list (six ID's) and he's the only one on it currently posting regularly on this board.

His family tree must be more like a shrub.

I wonder what they'll say about the CO2 output of Drax from the burning of biomass (i.e. wood chips), for which we pay Drax a subsidy of over £2Million per day?

Oh, wait, because the wood chips are sourced from Overseas, the UK abides by the ICC convention that the CO2 be acounted for by the Country where the wood is sourced from, so burning in Drax produces no CO2....

Except that the Countries it comes from abide by a different convention, where the end user accounts for the CO2.

So over 7 Million Tons of wood are harvested, processed, transported to the docks, shipped across the Atlantic, transported to Drax and burnt - all without a single gram of CO2 being accounted for.

Yup.

Apparently they only had about £7 Million invested in O&G, so a drop in the ocean.

They'll miss the dividend income though..

In their RNS of the 23rd May, UKOG said;

"A further update will follow when the date of testing operation resumption becomes clear."

So they've had a month to source the perf charges & gun carriers and get a time-line as to when they can be expected on site.

If the perf charges are having to be manufactured (probably in the US or UK), then the current lead time is apparently in the order of two months ex-works (i.e. out th door of the manufacturing facility).

The gun carriers are much easier to source & transport - and may well be available in Kurdistan, in which case it's a fairly short truck journey.

The point is that UKOG have had a month (and two RNS's) to update us as to the anticipated ETA of the guns & perf charages is, but haven't.

If the concept of 'Tertiary Responsibility' is accepted;

Police: We'd like to see the Manager please.

Ikea Employee: I'll go get him. Can I ask what it's about?

Police: We're here to arrest him for the murder of a Mrs. Smith.

Ikea Employee: What?

Police: Yes. According to our records, you sold Mr. Smith a chair, which he used to beat Mrs. Smith to death.

Ikea Employee: But what's that got to do with us?

Police: Tertiary Responsibility - you should have known that he might use a chair to kill someone...