ybhere
27 Mar 2018
Re: Before the bell. Morning Gramps,I've no idea what sparked the buy but, considering that 6 months ago the SP touched 9p on just the speculation of a good drill result, whoever invested £320, 000 approx would see a total return of £1.98m should that SP be revisited. A nice bit of loose change.I'm still in and, having topped up, am hoping 9p is revisited. But, as usual, DYOR.YB
GRAMPSAV
27 Mar 2018
Before the bell. Strange two 11 million buys at 1.49p a couple of minutes before the opening bell. The 22 million buy does not seem to appear in yesterday’s or today’s numbers. Any answers to this would be appreciated.
LoveMusic
24 Mar 2018
Re: An Optimistic View Bistable, my take on it is rather different from yours. You say:'despite testing extensions they still have not demonstrated commercial oil which was the whole point of the exercise-so what is the investment case, the whole point of an appraisal well is to demonstrate its commerciality'As far as I could read from the RNS's - sorry, I just can't trawl through right now to back up what I am saying - Broadford Bridge was described as a 'flagship' for UKOG, but the intention was never to get oil out of there at commercial rates. It was an exploratory well to prove that the extent of the oil was across the entire Weald Basin. Whether or not they could get lots of oil out of there was never the point. So looked at from that point of view, there has been no disaster, no disappointment, and the play is still on.One interesting question - and yes, I am inviting lots of people to say that I am splitting hairs, but since they are probably on 'Ignore', I will never know - is what is the actual definition of 'flagship'. There are two. If people take the first, SS has said nothing misleading. If they want him to have said something misleading, I suppose they can choose the second...[link] I'm still holding, holding, holding...Good luck to all, and patience, patience, patience...LoveMusic
LoveMusic
24 Mar 2018
Re: An Optimistic View Bistable, my take on it is rather different from yours. You say:'despite testing extensions they still have not demonstrated commercial oil which was the whole point of the exercise-so what is the investment case, the whole point of an appraisal well is to demonstrate its commerciality'As far as I could read from the RNS's - sorry, I just can't trawl through right now to back up what I am saying - Broadford Bridge was described as a 'flagship' for UKOG, but the intention was never to get oil out of there at commercial rates. It was an exploratory well to prove that the extent of the oil was across the entire Weald Basin. Whether or not they could get lots of oil out of there was never the point. So looked at from that point of view, there has been no disaster, no disappointment, and the play is still on.One interesting question - and yes, I am inviting lots of people to say that I am splitting hairs, but since they are probably on 'Ignore', I will never know - is what is the actual definition of 'flagship'. There are two. If people take the first, SS has said nothing misleading. If they want him to have said something misleading, I suppose they can choose the second...[link] I'm still holding, holding, holding...Good luck to all, and patience, patience, patience...LoveMusic
danpoe
24 Mar 2018
Re: An Optimistic View Its a good point Bistable. Of course the oil has to be commercially viable,or its pointless. We certainly do not want the test results to be negative. SS, i think claims oil production by early 2019, as well as Angus..so maybe the hint is there,but wtfdik,my pea brain on anything oil..well goes blank lol. I get snip its from you guys that know far more. My research...Gatwick Gusher,masses of oil near/South of London...no brainer...buy buy buy,so i did.I also wish P2G was back here just to give his honest take,even if only once.
Bistable
24 Mar 2018
Re: An Optimistic View so thats on the 20th Feb and since then despite testing extensions they still have not demonstrated commercial oil which was the whole point of the exercise-so what is the investment case, the whole point of an appraisal well is to demonstrate its commerciality that was considered a no brainer by SS who lept straight into developing a production well neccessitating another £10 m investment with dubious conditions.And yet many here are still optimistic despite UKOG and ANGS having a number of appraisal wells with even ANGS boasting were going into production we still have no commercial oil many months later and not a single major oil company has shown any interest and no national media interest either and this was to be of national significance-so where is that Schlumberger report to justify all this oil which maybe there but you sustainably cannot get it out.Seems to me we moved quickly from HH to BB based on the euphoria of HH that sent the sp into the clouds and that was the basis of moving to BB to justify a Weald wide oil play which would have sent the sp further--well, noone of sound mind believes that , now-no Schlumber report and little flowing oil from a 1000ftr oil column and that is why the sp is little more than when we started at HH
danpoe
24 Mar 2018
Re: An Optimistic View Oktane...LSE.Posts: 185Off TopicOpinion: Strong BuyPrice: 1.20View Thread (11)UKOG ValueFri 18:44Posted 20 Feb by Vitruvius, a rarity on a BB full of fear, greed, and ignorance of the most basic concepts of investing, trading, or oil extraction...VitruviusAs a non-UKOG holder and retired industry insider seems to me that a lot of you haven't read the RNS correctly. At this very moment oil is flowing to the surface from the kimmeridge, something that's only been seen once before in history ie. at Horse Hill. The well is cleaning up i.e. the oil cut is increasing, so give it time. Once all the injected heavier acid (mostly all water) is returned rates could likely rise. There is also another deeper KL horizon to go that's not been perforated yet. Seems from knowledge of similar clay-rich limestone rocks in the USA that the hypothesis of clays released from the limestone when its dissolved by acid, then blocking fractures/perforations immediately around the wellbore is plausible even likely given how long some of it's stayed there cause it's unable to flow back. That situation is readily rectified in the US by a nearbore frack, more diffciult in the UK due to all the protester naysayers, but a short cheap sidetrack would work. Evidence that this test flows cause=e it was only perforated and acidisedd the other day vs. acidised months ago also likely corroborates this. Anyways this is a gutsy exploration well, the first I understand solely aimed at the kimmeridge play. Look at the positives: It's confirmed i. the play contains flowable oil across 20+ miles of the basin from BB to HH and ii. that most of the PEDL234 licence block lies slam bang in the centre of the play where the kimmeridge is buried deepest, thickest and most oil generative, that's a big tick in the box for one well. Looks to me also that a rate of about 50-100 bopd would likely wash its face here now that costs are sunk, since the production costs are low @ likely less than $30/bbl. Also note that UKOG have done a pretty smart job of picking up most of the available acreage in the hottest part of the new play. On the wider scale consider that no single exploration well makes or breaks a new play, partcularly an unconventional one like the kimmeridge. In the USA the rule of thumb is that it takes at least 12 good wells and tests to even undertsand the basics of such plays, so in the Kimmeridge there are to my knowledge only 2 modern wells that have been tested, both done by UKOG, and both have flowed oil to surface, that tells you something positive. Exploration is not a short cycle game in any case since the time from getting the acreage, drilling, producng to cash flow outside of the USA is maybe a couple of years at best. So from a wider industry perspective UKOG seem to be doing things right, they pioneered the play, have proven it works in two places now and have most of the basin sown up. Doesn't seem to me that there's another oilco in the onshore UK sector that offers so much growth potential and is run by ex-big oilco folks who know what to do.
sincero
23 Mar 2018
Re: GRAMPSAV WWG you are a desperate old man trying to justify that even with your so called 50+years experience have lost money on ukog time and again. You soiled your pants and bottled it yesterday and sold at 1.15p and can't stand the fact you messed up again and the price has rise 16%. Stop posting you are only embarrassing yourself.
GRAMPSAV
23 Mar 2018
Re: GRAMPSAV One of the biggest share price rises of the day on the FTSE indices.Many astute share investorshave confidence in UKOG.A 20% increase not to be sniffed at and the medium to long term prospects look promising.
Bistable
23 Mar 2018
Re: An Optimistic View I am amazed at the unfounded optimism on this board despite previously being a UKOG zealot following the HH discovery and the lead in to BB.Has the Schlumberger study at the beginning of BB been released yet--not to my knowkledge-so what is the basis of stating there is oil all over the Weald from HH to BB and beyond..I recollect there was a 1000ft oil column at BB-where was the justification of that-was it just subjective assessment of drilling oil samples.We were led to believe BB was the flagship site being designed as a production site from the start--were we deliberately misled and the victims of a massive SS PR campaign as he held vials of oil from the site. Either he has misled us or he has been unbelievable nieve at best and incompetent at worse. What has followed has been an engineering disaster with NO COMMERCIAL oil despite the massive amount learnt whichj I understand from a number here and on LSE now requires some degree of fracking according to the strict definition of this term while being shallower than the required 1000m. And down the road at Lindsey have ANGS done any better blaming their problems on a broken pump which cannot be repaired or replaced it seems.Reluctantly I am now drawn to the utterances of Smythe who upset Glasgow university because he contradicted university vested interests it seems. He maintains HH only flowed because of rock faulting and as the tests were so short there is no basis for a guaranteed commercial flow which is why UKOG are undertaking further testing. Wouuld it not have made more sense to return to HH before BB to determine if indeed the flows could be commercial.So although I am desperate for UKOG to succeed I can find no investment case here at present. As I reported to this BB I sold out months ago when it was clear there were so many problems at BB which SS was deliberately not reporting until he had a work around as with the original BB drill or the problem was beyond repair. Compound that with the funding shenanigins leaves confidence in SS being shot as it is now and if you haven't got that with the UKOG standard bearer we all had faith in as aman of integrity, experience and a track record of success elsewhere then this company has very little else to substantiate investment
Walking With Giants
23 Mar 2018
GRAMPSAV 27 kilometres yet BB failed to get any commercial oil from same targets. Same situation likely at HH. The previous bopd could just have been from a pool of liquid oil in a natural fracture and once drained will be just like flagship BB - none commercial.Very risky especially when the loan companies are off loading their millions of shares onto AIM rather than waiting for any HH results. IMHO their expectations may not be yours !
sincero
23 Mar 2018
Re: Loan conversions - total 37 million on 2... wwg's sell recommendation this morning shows you everything you need to know about this tool - up 20% currently . He clearly does not have a clue .
danpoe
23 Mar 2018
Re: Loan conversions - total 37 million ... Hey Grampsav..i sent your message below to LSE(hope ok ).. You got 7 thumbs up(so far)...so well done,good points.
GRAMPSAV
23 Mar 2018
Re: Loan conversions - total 37 million ... WWG. They drilled B.B. to find the extent of the Weald Oil Lake between HH and BB which provedsuccessful.The tests on the Oil consistency also proved an exact match between the two wellswhich are some 27km apart.The Portland levels at BB were found to be Oil soaked,hence for the first time at HH these levels are to be opened up and should add to the HH Oil to surface tests which will progress through 2018. HH oil production will likely commence in early 2019 so in Oil exploration terms,not long to waitnow that the approvals are in place for two more wells and then production. They are not drilling two more wells for the fun of it.After the tests at BB UKOG are confident offuture success. In Oil production terms the three wells will produce three times more barrels.The success of them will lead to more wells being drilled.
camperdown
23 Mar 2018
at the moment 9,42% up alba 7,53% down,on the same news.
