Uk Oil & Gas Share Discussion Threads

[right honorable lord lucan] 30/8/2017 17:40

Eddies rockets have flopped again.

[moneymunch] 30/8/2017 17:40

Lol "Tired Ramp"....a wide awake one mate....BB'S flowtests are coming, and the lowlife snide detractors are hoping that they're not....and because of the perceived delay the upside is likely to be far greater on confirmation that they're ready to roll....and of course early indications on free flowing commercial recoverable volumes very likely,...the results from the first zone tested at HH took 8 days to Rns from the start of operations, and week by week thereafter as each zone was tested...Tick Tock Boom!!! Gla holders :-)

[mikeygit] 30/8/2017 17:13

Simonsaid--Well explained post and thanks for the Legal side. I have to admit at the time I was one---ignorantly---who said UKOG should have issued an RNS and even another poster linked to the FCA said they sailed close to the wind, but your explanation makes things a lot clearer. Thank you.

[simonsaid1] 30/8/2017 17:05

Loglorry I was expecting a more angry/shouty reply than you provided, so I am humbled and pleased to actually have a level-headed disagreement on a BB for once.

To your point, I think UKOG are sticking to 'letter of the law' rather than giving investors what they want. On one hand I really would like more information, and this is a long period to go quiet during such vital operations. But on the other hand, if the end result is what was originally stated (i.e. the commencement of flow testing at the site) then interim RNS's would only have served to increase volatility.

RNS's are required only for material events, as we all know. Anything on top of that will happen solely for good PR. There is no reason for a company to release non-material information that makes them look bad. In this instance, some fairly typical drilling delays have taken place - a wellbore washout necessitating a sidetrack, and what appears to be a cement squeeze to remedy circulation issues. These can both be expected when drilling into these kinds of brittle rocks, and when doing such a huge amount of coring and logging along the way.

The actual impact of these on the final well is limited or non existent. The looser notion of 'transparency' really comes from politics where we have voted for representatives. But this is shares, and we're always entitled to sell those (can't say the same for politicians...!!). Shareholders' rights are not as extensive as citizens' rights in a democracy.

Interestingly, if UKOG had given a date for completion then an RNS would have been forced. Lots of companies enjoy the use of the term 'in due course' in RNS's for this reason. As long as the end result is the same, they are not obliged to report to the market every time a contractor drops a pencil, or a planned contingency comes into effect.

I am as frustrated and bare-of-fingernail as anyone here, but I have accepted that this is the game and they have not broken the rules. I am of legal stock and instinctively look for rule-breaking, but in this instance I do not think any has occurred.

[trapissed monk] 30/8/2017 17:02

For the 3rd week and counting! Should be correct 1 day. But what if? Given that you know as much as everyone else here i'd say that's just a tired ramp.

[moneymunch] 30/8/2017 16:59

Flow tests fast approaching...Get ready for some serious lovely upside.:-)

[loglorry1] 30/8/2017 16:52

@simonsaid1 good post. I was being overly flippant with the word "collapse". Nevertheless, you may think that to state that operations were "on track" was a "stretch" rather than a deliberate attempt to hide bad news, but most sane investors wouldn't.

I'm sure SS and his crew knew just how close to the wind they could sail and sought legal advice on that (all paid for by shareholders).

There is no way the FCA would take any interest in a complaint. There are plenty of companies one AIM that have been shown to blatantly lie to investors who they've failed to investigate. They simply don't care.

The FCA may ignore this, you may think it's at worst a stretch but critically it highlights the level of transparency UKOG exhibit.

20 days have passed since the last ops update which on face value looked as though the well completion was just around the corner. Given previous "stretches" who knows what's going on.

[trapissed monk] 30/8/2017 16:29

I have seen the Bob the Builder film. Mixers do rotate,bit like the rinse/repeat market for Ukoggy.

[eddie max] 30/8/2017 16:25

The mops have been busy again..

🇫🇷🇬🇧

🚀🚀🚀🚀8640;🚀Ԇ40;

Patience is a virtue....

;)

[simonsaid1] 30/8/2017 16:17

Loglorry - I can't believe you have repeated that same old lie, again.

To be clear - BB1 did not 'collapse'. How many times do we need to go over this? If you read the RNS or even the rumours that proceeded it, what happened was erosion of the borehole ('washout zones'), due to being left open so long for extensive coring and logging.

The difference between washout zones and well collapse is absolutely crucial, and explains the rest of your complaint. Well collapse would have been a serious issue depending on the level/depth, and likely would have triggered an RNS. It would have been a major event.

Wellbore erosion, on the other hand, is something that happens sometimes, and a sidetrack was already in the contingency plans for the well. So by enacting it, nothing material had changed, and they were not obliged to RNS immediately. If they had done so before the successful casing of BB1-Z, the share price would have been excessively volatile, despite there being no material change.

Instead they RNS'd it when the sidetrack was complete, an act which harmed nobody and protected the market from excessive volatility.

Saying 'operations at BB1 are on track' in the RNS when the side track had already started was, I'll grant, a stretch, but really the sidetrack was a planned contingency and pretty unspectacular to anyone familiar with drilling operations (like Steve Sanderson!), it can be argued to not really be substantially 'off track'.

If you disagree with that I suggest you contact the FCA and issue a formal complaint, but UKOG will have legal advice on RNS releases and doubtless checked they were clear of all relevant regulations at all points around that RNS.

[seny81] 30/8/2017 16:10

It will be Well bore fluids probably fluid to stabilise the Well so the rig can be demobilised.

Looks positive folks.

[stockraider2] 30/8/2017 16:09

@ JJ
It's "You're", not "Your" - there (not their) "I've" told you.
Muppet

[judijudi] 30/8/2017 16:07

SR,
Your the expert
You tell us
Gimp

[loglorry1] 30/8/2017 16:00

Possible stockraider but don't think Haz plates on truck when it arrived would allow acid delivery either. Might be ok for spent acid once it has reacted with limestone. Hard to say. BTW I think concrete lorries tend to have moving drums to stop the slurry drying but might be different in O&G wells I don't know.

[stockraider2] 30/8/2017 15:58

Waste out or acid in to complete the well ready for flow testing?

[atino] 30/8/2017 15:55

With it being the 30th...hopefully...the "17 million odd RGM shares" would have been administered today (or if not, tomorrow) 🏂 🙌


Let the "RNS delay" continue, I'd say 😤[...much to the determent to others 😱 !]







This "5 year-old" 👶....(currently!)...ain't doing "too bad" guys:-) 👏 😎 (...another "day or 2" needed, to hopefully nose dive past 7p IMO)

[loglorry1] 30/8/2017 15:51

That might mean they are pumping in concrete to line the hole and or other liquids

forwood - I really hope they are not trying to "line the hole" with concrete for your sake. It won't lead to a decent flow rate. That's the sort of thing they do when they want to plug and abandon the well.

[moneymunch] 30/8/2017 15:43

Let it Flow....Gla holders:-)

[stockraider2] 30/8/2017 15:40

@Forwood thank you for the clarification

[forwood] 30/8/2017 15:38

sounds a bit boring?

[trapissed monk] 30/8/2017 15:36

Time for that drone exercise forwood?

[forwood] 30/8/2017 15:35

IF there is a tanker with a hose to the well head they are pumping in/out fluid of some kind.

The last rns said 'Completion of BB-1z as a potential oil producer is now underway and on track'. That might mean they are pumping in concrete to line the hole and or other liquids.

A little bit of research suggests this phase can take 4 - 8 weeks, so perhaps there is no cause for alarm at the timescale to date.

[markycrispy] 30/8/2017 15:31

Will post his response on here I suspect an RNS will be forthcoming first after my rant - LOL !

[stockraider2] 30/8/2017 15:24

@Mikeflower thanks - that sounds like good news

[trapissed monk] 30/8/2017 15:17

And who's nicked the daily chart in header? Might be thieving bulgarians?!.. ... Edit: they've kindly replaced it!