Member Info for ZYX098

Rocky's Wife,

Telegram groups don't have external admin - unlike LSE - which is why you'll be gone in the morning.

Remember, better to keep your mouth shut and let people think you are a fool (on the hill..), than open it up and prove it beyond all doubt.

DL has incredible eyesight if he thinks that the picture is of light sweet oil, because you can’t tell either from a photograph.

Especially if it’s sweet or not, because last time I checked, you couldn’t measure the concentration of H2S by just looking at a picture..

Remember DL is a serial ramper and is in it for one thing and one thing alone - DL.

In the meantime, here's a snippet from his Wiki entry;

Corporate Governance Related Criticisms
He has been accused of frequently "promoting a company, pushing up the (price of its) shares, then raising cash by placing new shares — and (thus) diluting the holdings of the early investors",[14] described as "a familiar tale with most companies he promotes".[15] His defence has been that "You can’t build a business on bottle tops.".[16] Furthermore, he has argued that it's not accurate to claim that "all his ventures have turned sour".[17] Although finance commentators have noted that most of the "hundreds" of companies he has been involved in, and "stock promoted" for, have failed to generate any successful shareholder returns.[18]

In 2009 he was one of a group of claimants, claiming that he had been libelled when an investment publication in South Africa had described the group of executives of one of Lenigas' ventures as "cynically and greedily indulged in self-enrichment at the expense of, and contrary to the interests of, shareholders."[19] The High Court of Justice of the United Kingdom rejected Lenigas', and the other claimants' libel claim, and found in favour of the publisher.[20]

Think he's a reliable source?
Ask Regency Mines and the holders of worthless Doriemus shares what they think.

It's Adrian masquerading as Rich3648, hoping he'll get tossed off the board when Admin wake up tomorrow.

Just as Adrian will (currently breaking LSE rules- again - by masquerading as Uptothetop this weekend).

Ignore them both - they'll be gone in the morning.

Maqsood,

If people like you did not come on this board posting outright lies, then there would be no need for people like me to post.

But on Monday you claimed that there were three tankers on Sunday - a lie.
Particularly ignorant on your part, since it shows that you don't know that vehicle movements are not allowed into or out of the HH site on a Sunday.

And now "HH producing decent amounts, daily tankers movement is a proof" - another lie.

HH produces 50 BOPD.

One oil tanker holds 220 bbls.

Simple maths will tell you that it takes just over four days production to fill one tanker.

A more realistic reality check would be to ask why the BoD aren't buying any shares?

Sanderson stopped his £1k per month purchase just as soon as he could and the only other one to buy was KM several years ago - on which he took a kicking.

Villa123,

The other announcement will almost certainly be concerning the Wells that Turkey are drilling (some of them illegally in Cypriot waters!) in the Eastern Med.

They pretty much have a 6th Gen Drillship going all the time in each of the Black Sea and Eastern Med, as they badly need the gas.

Ocelot,

I'm disappointed.

I admire your boundless optimism when it comes to UKOG and that you never resort to petty name calling, but putting these two statements together is just wrong.

The 'game changing play' isn't Pinarova, it's the Bartin Licence on the Black Sea coast.

There have been a couple of very large gas discoveries in Turkish Waters in the Black Sea, and AME think (hope!) that the play concept extends onshore into their acreage.

Leewayne,

Yes, they will need a placing.

I think it will take all that £4.6 Million plus around £500k more just to drill and complete HH-3, so the 3D Seismic costs will be on top of that.

I'm out of date on 3D Seismic acquisition costs in the UK (Penguins may be more up to date on that), but a reasonable estimate, plus all the additional work I mentioned at the start of this thread puts UKOG having to find roughly in the ballpark of £1.5 Million.

HH-1 is producing 50 BOPD, and at 220 bbls/tanker, that's basically three oil tankers every two weeks.

With that, plus the magnificent 10 BOPD contribution from Horndean that we keep being reminded about, UKOG are covering their operations costs and getting some cash flow from them.

However, it does not cover their overheads (i.e. head office costs, including salaries) - we know that from their Annual Report - so overall UKOG are haemorrhaging cash.

Converting HH-2 to a water injector will save them £250k pa (surprised it's as little as that, to be honest), but not enough to put them in profit.

They don't have enough in the bank to cover either the HH work or the Loxley work, so they will need a large issue of confetti at some point sooner rather than later.

Expecting anything from Turkey to help is barking up the wrong tree - even if they are successful, it will be at least a year before they can repatriate any funds from Turkey back to the UK.

The RNS clearly states there is a cap of £4.6 Million.

This figure isn't enough to both acquire the seismic and drill HH-3, so UKOG will be on the hook for some cash.

With the costs of getting the permissions for the Seismic, potential cost for processing, cost for reinterpretation of the structure, cost of site preparation (and re-instatement afterwards), plus the actual cost of drilling - I estimate that UKOG will need to cough up in the order of £1.5 Million for this program.

More if there is a Kimm exploration leg included.

Remember, the oil industry has seen a considerable increase in manpower (20%), equipment (15%+) and consumables (20% - 40%) costs in the last couple of years

Bear in mind that there has been no mention of when they will convert HH-2z for water injection.
The 3D seismic might give them more information as to where the injection water will end up - i.e. will it actually do any good from a reservoir perspective, or is it really just for water disposal.

Worst case is that the 3D Seismic shows that there is nowhere for HH-3 to go - which is why PPP have a break clause in the agreement after the 3D Seismic.

I suspect that in any case they will now defer re-configuring HH-2z as a water injector until they get the Rig on location. Not just so the Rig can do it in the same work program, but also because HH-2z will have to be suspended during Rig operations.

This will mean that the work on HH-2z will also come at a cost to UKOG, as they will have to pick up the HH-2z share of Mob / Demob costs.

Will be interesting to see that if they do that, will UKOG take all the costs of HH-2z as inherited legacy work, or will PPP now have to pick up their 49% share. My money is on the former.

What exactly will HH-3 target?
Will it just be a Portland producer? If so, will it be horizontal?
Will it also target the Kimm? If so, will that also be a producer (which means that the Portland won't be horizontal), or will an exploration leg be drilled, the Well plugged back and a horizontal Portland producer drilled?

Lots of questions yet to be answered.

Murrey (or should I say, RW..),

It also tells us that the structure has been breached.

A minor, but very important, detail that the Uber rampers try and ignore.

Yes, you are Murrey (RW)..

Hi Stockraiser,

It was MurreyMint (or should we say, Rocky's Wife...) who made that original post at 15:15 in this thread and Ninetails was pointing out his lack of knowledge...

But yes, the casing job isn't finished until it's been set.

And then cemented.

And the cement itself has set.

Oilfield terminology can be confusing sometimes!

What we do know is that it's taking an unusually long time to get everything done at this casing point.

That may be indicative of them having problems, but the RNS does mention that other work is being done on location too.

As for being ahead/behind schedule; UKOG have never published a time vs. depth curve (to be fair, not normal to issue one to the public anyway), so they can say whatever they want in that respect.

Penguins,

Good information.

Wouldn't it be so much better if UKOG had actually given us things like the expected Lith Column, structure map and CoS, as well as why their interpretation differs from AME's?

Billy,

You are basically correct - but the Hoya is the name of the whole formation and there can be more than one zone to test within the formation.

What they are looking for is production from fractures.

If you encounter a fracture while drilling at this sort of depth, while continuing drilling you'd expect the drilling fluid to enter the fracture and push whatever fluid (gas, oil or water - or a mixture of those) further back into the formation, away from the bore hole.

During normal drilling operations, there are things we can do to minimise this, but not in this instance (costs a lot of money!).

In addition, I suspect the drilling fluid that they are using is not being cleaned properly, so it's got a lot of solids in it (essentially drilled rock from further up the hole) which can also plug off the fracture.

Again, in a normal operation, there are things we can do during testing to clean that up (primarily using HCL acid), but not here - especially as they are open hole testing.

Both of these things make it more difficult to get the formation to flow and find out what fluid(s) is actually in the formation.

In that respect, to give it the best possible chance, they'll want to minimise the time between drilling any fracture and testing it - so as soon as they are confident they have a zone to test, they'll pull out the drill string, run the DST string and open it up to see what they can produce.

Once they've finished the test, they'll then have to 'kill' the Well prior to pulling the DST string and getting back to drilling and the 'kill' operation will tend to plug up that fracture, as they have to have a stable Well before they can start drilling again.

So they could well end up doing several tests just within the Hoya.

Maqsood,

Pinarova-1 isn't drilling on a "proven field".

Basur-1 tested a completely different formation.

Yes, it produced 500 bbls Oil, but the test was stopped after six hours because it started producing water.

It was drilled in 1964, the original licence Operator gave it up and nobody thought it worth pursuing in the decades since then.

Along with you claim of three tankers leaving HH on Sunday, you are doing the Uber rampers a disservice with your poor attempts to ramp this share.

Looks like just cleaning the tanks of the sludge in the bottom that inevitably builds up over time.

" installation of the new wellhead and blow-out preventer ("BOP") assembly is now nearing completion. Drilling is expected to resume on schedule in the next few days following final wellhead and BOP pressure test."

Those are the two key sentences.

Surprised it's taking them so long as I thought they'd have drilled out on Sunday morning if they were installing a BOP Stack, but in any case absolutely delighted that they are doing so.

If the installation of the Wellhead & BOP Stack is nearing completion, it shouldn't take them several days to finish off and pressure test.

Pressure testing itself should take a maximum of 8 hrs for an initial installation test, so I'm guessing they are are taking the time to train the crews in Well Control (Water Well crews don't use Well Control equipment) and also make some adjustments to the site - they do mention "newly enlarged mud pits".

Perhaps they are installing at least a rudimentary Mud Logging Unit and DST Spread?

New photos of the site would be nice to be able to have a look.

So what could be the possible timing for any testing RNS?

After they drill out, it will take around 30hrs drilling to get to any potential shows.

If they decide to test, 12 hrs to POOH (it's a Water Well rig, so they will have to lay down the entire drill string - can't be racked back).

Then MU the DST assembly and RIH to the test zone.
MU the DST BHA always takes wayyyyy longer than you want it to, plus they have to pick up the testing string on the way in, so say another 24 hrs.

Then need to install and test the Test Tree & lines at surface and test them - should be 12 hrs max.

Then set the packer(s) in the DST BHA and underbalance the Well to see if it flows (4 hrs).

Not sure how they will underbalance the Well to try and get it to flow - possibly displacing the DST string to diesel, or more likely they'll have a rupture disc in the DST string and run it dry to get the underbalance - which just means dropping a steel bar down the string to break the disc (1 hr).

The convention for testing is that you don't start the first test until daylight (so you can see any line leaks etc), so that might come into effect too.

So depending upon when they actually drill out the 9 5/8" casing, might get an RNS on Friday saying that they have shows and are planning to test them.

Actual test results?

Not until next Monday at the earliest ( cue "wouldn't want to be out of this at the weekend" posts!).

SRBS,

It (briefly) reached 11p with many, many fewer shares.

11p with the current 21 Billion shares (and more to come in the next placing) gives UKOG a market cap of £2.3 Billion.

Not going to happen.

MJFMSG,

UKOG have just over 21 Billion shares in circulation, so even a 2p share price would result in a market cap of £420 Million.

Not going to happen.

PBoo,

You are not helping by being deliberately obtuse in your replies.

You know full well that the 'tanker trick' being referred to is going down to site after heavy rains, taking photographs / video of the additional tankers removing rainwater, posting them on Twitter calling them oil tankers and claiming that (somehow) there has been a step change increase in HH production.

This happens on a regular basis and when the actual production figures are issued three months later, they continue to show that HH is barely managing 50 BOPD and that the rate is slowly declining, as you'd expect from a typical production curve.