Uk Oil & Gas Share Discussion Threads

[moneymunch] 20/5/2016 12:42

Lol Gismo, just seen your post, I was interrupted by a phone call when I was just about to post my last reply. :-)

[moneymunch] 20/5/2016 12:39

Ps Gismo, I think you must of misunderstood my post 3655 which relates to Mpet selling their assets and not Ukog......I want Ukog to hold as much as they can and take HH and the rest of the Weald into full production and develop into a $billion dollar company.....I'm holding all the way for that eventuality. Gl ;-)

[gismo] 20/5/2016 12:32

Sorry read it incorrectly. Yep that's what I hope. The more we get from Magellan the better. Price holding steady today.

[moneymunch] 20/5/2016 12:18

I'm eager for Mpet to sell some or all of their 35% at HH, so that Ukog can by some or all to increase their % interest which ultimately increases Ukog's value and share price by the time we get to production and puts us in a very strong position an any future JV.....Even another 10% revenue on top of Ukog's 27% from this year's 90 day production flowtest could be worth many £1000's to Ukog. Gl

[gismo] 20/5/2016 12:06

Moneymunch why are you so eager that they sell HH? We will get much more if we develop it ourselves with a JV.

[edjge2] 20/5/2016 07:34

Yesterday a buy opportunity in oils it seems. Slight uptrend holding here?

[moneymunch] 20/5/2016 05:53

Brent at $49.22 and rising.

Oil prices rose in early trading on Friday as turmoil in Nigeria, shale bankruptcies in the United States and crisis in Venezuela all contributed to tightening supplies.

Despite this, brimming inventories across the world were preventing supply shortfalls and sharper price spikes, traders said.

International Brent crude futures LCOc1 were trading at $49.10 per barrel at 0128 GMT, up 29 cents or 0.59 percent from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 was up 39 cents, or 0.81 percent, at $48.55 a barrel.

ANZ bank said that unexpected supply disruptions across the world, excluding output falls in the United States, amounted to around 2.5 million barrels of daily production, virtually erasing a production overhang that had pulled down prices by over 70 percent between 2014 and early 2016.

"The supply disruptions inflicting the oil market continue to ratchet up... As these issues linger, we expect an increasing supply risk premium will price into the market," the bank said.

[moneymunch] 19/5/2016 18:43

16 week timeframe for shale gas "fracking" permits......suggests that Ukog conventional oil extraction plans should happen quickly. gla ;-)



UK Energy and Climate Change minister Andrea Leadsom reiterated on Wednesday the government’s mission to take the country’s shale gas industry out of the ground during the Shale World UK conference in London, Kallanish Energy reports.

“Shale is a fantastic opportunity for the UK,” said Leadsom adding the government and the industry are both “eager to press forward.”

Leadsom said the government is taking action to make sure the industry has the right conditions to move forward, citing the 16-week timeframe local councils have to process a permit application, the urgency appeals have to be dealt with and the national government’s given authority to overrule local county councils’ decisions.

Some 75% of the 93 UK licences awarded in 129 blocs, are unconventional oil and gas, Leadsom said. She defended the exploration of shale gas as being crucial for the UK to secure future energy and move away from expensive imports.

Currently, 30% of the UK’s energy comes from coal which, according to Leadsom, is “unsustainable.” On the other hand, shale gas is defended as the “green, clean bridge” towards a low carbon future, and the government has said initial exploratory wells are important to determine how much gas can be produced.

Industry’s eyes are all on UK independent oil and gas producer, Third Energy which, on May 23, is expected to obtain a decision from the North Yorkshire Council on whether its fracking application has been approved. Leadsom didn’t comment on the case.

[moneymunch] 19/5/2016 18:33

HH next on the list. gla ;-)

Eliminates Magellan’s debt, preferred stock and most of its current liabilities

Focus on recovering shareholder value by realizing the value of existing assets

– Monetize the rights to the Mereenie bonus payments

– Monetize interests in Weald Basin licenses and Horse Hill well

– Explore the possibility of a merger or similar business transaction

[moneymunch] 19/5/2016 16:58

News on the sale of HH and the rest of their Weald Basin assets next/imminent with any luck. gl ;-)


Magellan Sells Mereenie Bonus Rights
Download PDF

DENVER, CO -- (Marketwired) -- 05/19/16 -- Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan" or the "Company") today announced the sale to Macquarie Bank Limited ("Macquarie") of all the Company's rights to certain bonus payments related to the Mereenie field located in the Amadeus Basin in Australia for a purchase price of AUD $3.45 million.

On May 18, 2016, Magellan entered into and completed a Sale and Purchase Deed with Macquarie to sell to Macquarie all the Company's rights to certain bonus payments, which bonus payments are i) based upon sales of hydrocarbons from the Mereenie field ranging from 2,500 boepd to 10,000 boepd and ii) may range from AUD $5.0 million to cumulative potential payments of AUD $17.5 million (the "Mereenie Bonus") for a purchase price of AUD $3.45 million.

J. Thomas Wilson, President and CEO of the Company, commented, "This transaction represents another important step in the strategic alternatives review process we are engaged in and should provide sufficient liquidity to complete this process. We believe that the purchase price is attractive to the Company in light of i) the current estimated production from Mereenie, which the Company believes is less than 1,000 boepd, ii) the structure of the Mereenie Bonus, which require sales of hydrocarbons from the Mereenie field to attain 10,000 boepd in order to trigger the final bonus payment of AUD $10 million out of the cumulative potential payments of AUD $17.5 million, iii) the uncertainties related to the timing and financing of a development plan of Mereenie to enable increased production from the field, and iv) the uncertainties related to the ability to execute new sale contracts of hydrocarbons in the current energy market environment. Finally, the Mereenie Bonus was not recorded in the Company's condensed consolidated financial statements."

[moneymunch] 19/5/2016 16:46

Cheers yOu, hopefully not too much longer before news hits. gl ;-)

ps Mpet's share price continues to increase if you checkout their chart above, since news of their intention to off load/ monitise their assets.

[y0u] 19/5/2016 16:33

Thank you for your informative response moneymunch. Makes a lot of sense.

[moneymunch] 19/5/2016 15:50

News must be close yOu, it took 6 weeks the first time Nutech were commissioned before their report was released following the initial discovery news at HH, and this time there is much more data to number crunch following the flow from 3 zones and the Nutech/ Xodus remit is far more detailed, as per the following statement back in March and so no surprise it's taking this long.

There is also the suggestion that the perceived delay could be connected to Ukog's possible acquisition of some or all of Mpet's 35% interest as well as other blocks that are up for grabs ( obviously it makes more sense to acquire these assets before any reserves upgrade is made, otherwise their market value could increase on a stellar upgrade ), and/or maybe Ukog are in the process of getting a placing underway to raise cash to buy Mpet's share and provide funding for the foreseeable.

The consolidation of the share price suggests this imho......c2p for weeks with no big buys over 2p, but anything sold appears to be hoovered up just under 2p.......and so a placing at c2p could be on the cards, along with news of further acquisitions and the reserves upgrade from Nutech. .....Big news coming soon imho.....and significant upside on a fully funded Ukog with multi-billion barrel potential. Gl :-)




Way Forward 21/3/16

Given these exceptional results, the Company has commissioned Nutech to investigate a possible upgrade to the oil in place ("OIP") calculated within all 3 test zones together with engineering studies to examine possible flow rates from a horizontal well. Reservoir engineering analyses by Nutech and Xodus are also underway, and will likely result in an estimation of potential recoverable volumes.

Results of these studies will be reported shortly.

Preparation is now underway to obtain regulatory permissions to conduct extended production tests from all 3 zones at the site, followed by a horizontal sidetrack in the Kimmeridge and a possible new Portland development well.

[y0u] 19/5/2016 13:24

Does anyone have any idea if/when the Nutech reserves update is likely to be released?

[moneymunch] 19/5/2016 08:19

UK Gov

Policy paper

Environmental permitting of onshore oil and/or gas facilities

From:Environment Agency

First published: 1 April 2015

Last updated: 18 May 2016, see all updates

Part of: Business and the environment

Applies to: England

This regulatory position statement enables onshore oil and gas sites to operate whilst permit variations and/or new applications are determined.

[moneymunch] 19/5/2016 07:34

Eventually, Fracking for shale gas will get the greenlight everywhere in the UK imho , under strict regulation etc. and so any application/approvals for conventional oil extraction such as HH shouldn't be a problem, especially with the example of Wytch Farm's safety record, and peak production of 110,000bopd from in and around Poole Harbour, an area of outstanding natural beauty. Gl ;-)

Exploring UK fracking emissions concerns

Royal Society of Chemistry -16 May 2016

A Department of Energy and Climate Change report on fracking states that potential ‘risks to public health from exposure to emissions associated with shale gas extraction are low if the operations are properly run and regulated’.

Another report, by Public Health England, concluded ‘the overall effect of UK shale gas production on national emissions is likely, with the right safeguards, to be relatively small and emissions from the production and transport of UK shale gas would likely be lower than from the imported liquefied natural gas that it could replace’.

[temmujin] 18/5/2016 20:55

hxxp://travel.aol.co.uk/2016/05/13/yorkshire-national-park-fracking-gets-the-green-light/?icid=maing-grid7%7Cuk-ws-bb%7Cdl10%7Csec1_lnk3&;pLid=459105

[temmujin] 18/5/2016 20:55

so if fracking has now been given the green light in yorkshire then it must be a certainty ukog will get the go ahead for producing

[moneymunch] 18/5/2016 17:25

Lol...... SS's presentation will mostly be about billions of barrels of the highest quality oil

"What are the latest results suggesting on reserves, long-term production potential and economic viability of the resource?"

We're still awaiting the latest results.......and so an RNS tomorrow at 7am could be on the cards.......BIG news coming imho.....gla holders......massive upside on its way!!! ;-)


SS to speak tomorrow



11:20am

Realising the potential of new onshore conventional discoveries

Assessing the UK’s current and future conventional prospects including the Horse Hill development.

What were the results of flow tests and additional drilling plans for exploring and producing from Kimmeridge limestone and Portland sandstone formations?

What are the latest results suggesting on reserves, long-term production potential and economic viability of the resource?

How is the parallel development of onshore gas through hydraulic stimulation affecting the ability for companies to explore through conventional methods?

Stephen Sanderson, Executive Chairman and CEO, UK Oil & Gas Investments (UKOG)

[beebong1] 18/5/2016 17:16

Is it me or when someone mentions shale it always seems to be about GAS.

Developing business strategy and engagement for the UK shale industry ​

The 4th Shale World UK brings together license holders, operators, local and national government representatives, planning officers, service companies and solution providers.

Who are the new entrants and investors after the 14th licensing round?
What part can shale gas play in solving the UK energy crisis?
Where has the latest geological exploration and drilling occurred and what are the results?
Why are permits rejected and how can industry work to ensure compliance and permits being granted?
When will commercial production be possible?
How can the industry ensure local communities concerns are resolved?
Just some of the many questions that will be answered through case studies, panel sessions, roundtables, technical talks and Q&A.

[moneymunch] 18/5/2016 08:27

News tomorrow would be perfect timing for SS's presentation. Gla ;-)

[moneymunch] 18/5/2016 08:17

SS speaks tomorrow:

11:20
Realising the potential of new onshore conventional discoveries

Assessing the UK’s current and future conventional prospects including the Horse Hill development
What were the results of flow tests and additional drilling plans for exploring and producing from Kimmeridge limestone and Portland sandstone formations?
What are the latest results suggesting on reserves, long-term production potential and economic viability of the resource?
How is the parallel development of onshore gas through hydraulic stimulation affecting the ability for companies to explore through conventional methods?
Stephen Sanderson, Executive Chairman and CEO, UK Oil & Gas Investments (UKOG)

[moneymunch] 18/5/2016 08:15

Courtey of Bigdaddyian on Lse

Momentous Day

[moneymunch] 18/5/2016 08:04

Insight into next steps by Angus at
DOR end of year results:

it says

The Brockham Oil Field ("Brockham"), in the Weald Basin, is held under UK Production Licence PL235. The Operator Angus Energy advised that the average current production rate for 2015 was 24 bopd.

The situation in relation to the planned new side-track infill production well at Brockham will be reviewed and advised by the Operator during 2016. The Operator has commenced applications to abandon two well-bores and started the upgrade process on its field surface facilities for continued long term production from the site. In addition to the abandonment of the well-bores, a side-track will be drilled to enhance production from the Portland sandstones and test the hydrocarbon potential in the Kimmeridge limestone layers that have tested so successfully at the adjacent Horse Hill-1 well.