Uk Oil & Gas Share Discussion Threads

[lithological heterogeneities] 26/2/2016 11:40

A new poster on LSE has just posted this:

shakah
Posts: 1
Today 11:35 (Fri, 26 Fen 16)

Second flow test to start today. Tank is sited and piped and, will comfortably cover two 10-12 hour flow tests. Weekend testing avoids any tanker movements in or out when the unwanted guests are typically at there largest numbers, allowing for tankering out on Monday.

[yajnas01] 26/2/2016 11:20

love Simon8's comment - I want that to be the highest voted comment. think it sums up the bb perfectly

[eddie max] 26/2/2016 11:00

Lots of solid news..

Just waiting for Ineos and Peel Holdings to confirm there interest!

;)

[douglas macarthur] 26/2/2016 10:41

Crazy to stay in this dog for the weekend

[douglas macarthur] 26/2/2016 10:40

Could be placing been leaked or massive profit taking coming.



Either way we will see sub 2.0p today

[eddie max] 26/2/2016 10:30

Excellent update and very confident for the long term..

;)

[spanishshares] 26/2/2016 09:32

DL's latest tweet:Oil be dammed! It's been a rather hectic two weeks in Lenigas-land.The well has "gushed" in style. (By the way, gusher is a proper oil dude term if you care to look it up).Do you remember some of those headlines from back in 2015?'New Gatwick Oil Gusher Means Nothing Says Expert' (June 2015). Pah! Critchlow at The Telegraph, and so called 'expert' Matthew Jurecky, of GlobalData – time to eat your words!And what about this – 'Gatwick oil gusher claims 'wildly optimistic' warns expert' (Apr 2015). Oh that will be Critchlow again, and his gloomy sidekick Jurecky. Critchlow no longer works at the Telegraph.And there are quite a few others that can join those two.Well yes, I have to admit the amount of oil flowing to surface has surprised even me. And I'm the eternal optimist.On 16 February UK Oil and Gas Plc (UKOG) was able to report that that oil graded as "light, 40 degree API, sweet" flowed naturally from an 80-foot Lower Kimmeridge limestone layer at around 900-metres below ground.To start with there was a 50:50 mix of water and oil gushing from a one-inch choke. When the flow was choked back to a half an inch that flow improved to 99% oil after the old drilling fluids spewed out.On 17 February UKOG reported that the flow had continued at a rate of over 450 barrels per day, which is even better than anybody had expected, for nine and a half hours, and from a slightly smaller choke with absolutely no water.From what I can find out the UK hasn't seen a well like Horse Hill since 1981 when BP's Welton well flowed at 500 barrels a day. And I think Welton was pumped not gushed.The response has been amazing. Not just because the hard working and dedicated team led by the great Stephen Sanderson has been vindicated. But because finally the world has got to hear about, and learn about what lies beneath the Weald, and the huge implications for the UK.My favourite newspaper, The Economist, even quoted Stephen saying "With the right investment the Weald Basin, the surrounding area to which the company has access, could produce 10-15% of Britain's daily oil demand in a decade or so."The Economist is read by 5 Million people around the world each week (as well as a further 2.5 Million online). I happen to know that Obama and Cameron receive their own personal copies first thing every Friday morning.There are even more oil zones to test over the coming weeks!No idea how they are going to go, but the infamous Balcombe well south of Horse Hill, renowned for people protesting, over "we don't want oil in the UK only wonderful wind, solar and wave power", produced oil from the same limestones as the Horse Hill test zone. And the Portland sandstone is the Portland.Imagine the potential of Horse Hill with an "Octopus Style" drill pad with 18 horizontal wells each tapping 2,000 feet of this limestone instead of the mere 80 feet currently under test. And Steve wants to bury the facilities as his preferred plan so the locals won't even see the joint.I'm mighty pleased with the work of our esteemed lads at UKOG over the past ten days. The gusher has certainly made a lot of non-believers and city folk blush and I'm looking forward to more great news in the weeks, months and years to come.Surely Her Majesty's Government must be now taking the onshore oil potential a lot more seriously now, Brexit or no Brexit.

[beebong1] 26/2/2016 08:03

audioboom.com/boos/4229358-there-s-a-storm-coming-zak-speak-to-jim-mellon-ukog-chair-stephen-sanderson-and-investor-harsha-boralessa?t=0

on now

[datait] 26/2/2016 07:58

Glad I bought more.

[mug3] 26/2/2016 07:55

Every primary exploration company runs at losses. Great results for UKOG.

[beebong1] 26/2/2016 07:52

Not as bad as I thought it was going to be. I had in mind £1.8m loss. Shame they did not supply details of our only incomes.

[moneymunch] 26/2/2016 07:32

and Ukog have got more cash than most......and so no placing required at this stage of proceedings...GL ;-)

[moneymunch] 26/2/2016 07:31

Lol wetfart.....next week is sometime over the next 12 months....flowtest data on the Upper Limestone imminent......gla lucky ones!!! ;-))))

[wetdreams] 26/2/2016 07:27

So sometime over the next twelve months you will get the other flow tests...no now as everyone expected and was holding for...also I noticed cash was very low so I would expect a placing rns ether today or next week ..ether way there will be a sell off today for sure...I did try to give advice ..you should listen to both sides on aim...

[moneymunch] 26/2/2016 07:16

The Group has funded these investments, acquisitions and operating costs via financing activities which raised £8,323,000 during the period (2014: £3,759,000). The large majority of this funding has been sourced through the issue of new ordinary shares.



At the end of the period the Group had £4,590,000 (£982,000) in cash and cash equivalents. Along with its non-current and other current assets the consolidated total assets were £11,581,000 (2014: £4,148,000). Total liabilities increased to £799,000 (2014: 496,000). This increase in liabilities is attributable to the provisions made by the Group in relation to its share of the decommissioning liabilities in respect of the currently producing Horndean and Avington fields plus the drilling sites at Markwell's Wood and Havant.



OUTLOOK



The Board recognises that this is an exciting period for the Company as it continues to maximise value from its existing investments. The board will seek to further capitalise upon its vanguard position in the new and exciting Weald Basin plays recently proven by the first HH-1 flow test. The Board believes that current low oil prices combined with the Company's technical and financial strength provide an ideal opportunity to significantly expand the Company's acreage position. We shall evaluate and seek additional investments as opportunities arise.



The Board would like to take this opportunity to thank our shareholders for their continued support and I look forward to reporting further progress over the next period and beyond.

[moneymunch] 26/2/2016 07:14

NEXT PERIOD



In the next twelve-month period the Directors expect to see a number of positive developments for the Group.



· HHDL expects to complete the two remaining flow tests of the Horse Hill well operation in the Upper Kimmeridge limestone and Portland sandstone. We plan to return to the well to conduct a long term production test and horizontal sidetrack well, to establish the most likely expected recoverable volume of oil from the well. Preparations are now underway to submit the necessary documentation to acquire the regulatory permissions to proceed towards further appraisal and development of one or more zones of the well. These permissions will include the capability for additional phases of development drilling.

· UKOG is well advanced in the construction of a Field Development Plan for the Markwells Wood oil discovery (UKOG 100% and Operator). This will likely be completed and submitted to the OGA by June 2016. Planning permission will also be sought from the South Downs National Park Authority before end 2016.

· UKOG will finalise the onshore Isle of Wight licence (PEDL331, UKOG 65%) with OGA, following the 14th Round award.

· UKOG will continue with well design and preliminary regulatory steps necessary to drill an appraisal well on the Arreton Main oil discovery in PEDL331 (UKOG 65%) and an exploration well on the M Prospect in P1916 offshore Isle of Wight (UKOG 77.5% and Operator).

· UKOG is considering drilling an appraisal well on the Baxters Copse discovery (IGas 50% Operator, UKOG 50%).

· New production wells are being planned on two of Angus Energy's producing licences (Lidsey and Brockham).

· UKOG plans to continue to expand its licence position in the UK onshore, particularly in its core Weald Basin tight-oil plays, with additional exploration, development and production investments. The UK onshore continues to be an attractive buyer's market for assets given the Company's cash position.



Your Board of Directors will continue to seek out further attractive investments in line with the UKOG's investment strategy.

[niceyman1] 26/2/2016 06:44

Rns 7am? I think so!

[beebong1] 26/2/2016 06:32

For those of you unaware the sidetrack at Brockham has been planned since January 2014 so I'm not going to loose any sleep over that getting done in the immediate future.
News and results of an extended long term production test on a new horizontal well at HH is going to be the game maker IMO although we still need to wait and see what the Portland is going to surprise us with.

[gpback] 26/2/2016 05:11

SMALL CAP FOCUS

Global equity markets got a boost from an upturn in crude oil

[pointscorer] 25/2/2016 22:47

Obviously not, if it's a nature reserve, has been going on for over 20 years and has been heavily monitored for any faults ;-)

[theuniversal] 25/2/2016 22:23

Ok cheers got the. jist that from 2002 to 2020 wytch farm is producing 65000 bopd.. interesting mentioned of the water flooding technique used over 20 yrs... wondered if it has caused any problems?.

[moneymunch] 25/2/2016 22:16

For those of you unaware of UK sidetrack costs, the Brockham field, (adjacent to the HH license and about 5 miles away), has permits to drill a horizontal 450 meter sidetrack, (1.476 ft), at a cost of £1M. Needless to say, new production wells at HH will be drilled horizontally, now that we know where the oil systems are, and DL has been dropping hints that the Octopus drilling system of having multiple wells controlled by one pad at one site is the likely direction of travel.

David Lenigas �;@DavidLenigas
Read about Octopus drilling for oil. This is what Sanderso wants to do for Horse Hill and the #gatwickgusher …;

[rayrac] 25/2/2016 21:56

Just shows what can be achieved at HH!....and will be.