RE: Ells /JR90 / G-Martin / ????5 Jun 2023 18:58
"This was all planned by the board of directors."
Penguins isn't the one struggling with his health if you genuinely believe that.
While we all know that UKOG will win on Thursday, the actual judgement is unlikely to be given for several weeks at best, so the gradual appearance of the P&D crew is somewhat premature.
Postulating that the rise in gas price to 69p/therm will make someone more interested in Loxley is palpable nonsense.
If that was the case, then - by your argument - someone would have jumped at Loxley when the gas price was above 200p / therm for the last six months of 2022, or even the three months it was above 300p/therm during the same period.
Considering that UKOG continually refer to it as a discovery and Loxley-1 as an appraisal well, it is bizarre that the CPR contains no 2P reserves and only mentions 2C reserves - and with several very large caveats at that.
The markets clearly recognised the CPR for what it was, as the effect on the share price when it was issued was a resounding 'meh'.
You keep copy & pasting the same quote from ANGS. But they have had nine months (years, actually) to get into Loxley and they have shown no intention of doing so.
Similarly IGas - in whose block UKOG's mapping shows the majority of the structure is - have had years to do something on their side, or farm into UKOG's block, but despite the 'pre-planned farm out' which all the ramptastic crew jumped on, nothing has happened.
The best that could be hoped for is a small bottom hole contribution from IGas, but that would still leave UKOG with around £5 Million to find to build the site and drill the Well.
That's money which they don't have, so it's going to be a question of when they can get a placing away to cover their costs.
While optimism is always to be admired, it should be based on some semblance of reality, not fantasy predictions that - so far - have been proven wrong far more often than proven right.
Like your statement that any raise will be done when Pin-1 is operational.
Which ignores that fact that they are trying to test a zone that wasn't even listed as a target, wasn't thought to be a target when drilled (otherwise they would have runs Logs), have no mapping on and has another Well just 400m away (Kezer-1) which produced predominately water.
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