Uk Oil & Gas Share Discussion Threads

[moneymunch] 20/6/2016 12:38

Brent's back to $50 plus....

[gismo] 20/6/2016 09:33

After the referendum me thinks moneymunch. May top up again soon gl

[moneymunch] 20/6/2016 08:11

Lol, no holding back the tide when good news lands.....gla holders, a sudden and significant rise more than likely from this ridiculously low bargain share price ;-)

[beebong1] 20/6/2016 07:58

That fence must really hurt stuck where it is.
Lets just hope it's treading water and not drowning looking at the weather forecast.
I see Igas have PEDL235 which is the other 1/2 of the Godley Bridge field and that license expires at the end of the month.

[moneymunch] 20/6/2016 07:35

In out, in out, shake it all about.....a win win for Ukog and Uk plc on a stellar reserves upgrade and estimation of billions of barrels recoverable of the sweetest crude from Nutech and Xodus.......a good news story for the outs if we get news pre-vote with so much potential £'s in revenue, and a good news story for all post-vote regardless. gl ;-)

[gismo] 20/6/2016 07:16

Good morning all. Treading water this week until the referendum is over then we should start a good stream of news! Gla

[beebong1] 19/6/2016 19:17

Finding out about Baxters Copse has produced one result from last years IGas Annual published in June so we should be getting an update soon.

"A charge for impairment of £15.4m (£7.9m net of associated deferred tax credit) (2014: £3.3m (£1.7 net of associated deferred tax credit)) was incurred during the year for exploration and evaluation assets following the relinquishment of PEDL 78-2 exploration licence in Staffordshire and the impairment of the exploration and evaluation asset at Singleton and Baxters Copse, in light of current oil prices."

[beebong1] 19/6/2016 08:02

A judge who acquitted nine anti-fracking campaigners following protests outside the Horse Hill oil well near Gatwick said he was concerned about the deteriorating relationship between police and protesters.

William Ashworth, who took just over an hour to reach his verdict this afternoon, said:

“It is a shame they did not reach an accommodation to allow the protests to proceed in a manner that did not require arrests.”

District Judge Ashworth said:

“For me it is of some concern that the relationship between protesters and police has deteriorated to the point that there was a lack of engagement and that some protesters have voiced that they are not interested in speaking to the police.”

[beebong1] 19/6/2016 07:57

Nine anti-fracking campaigners have been found cleared of obstruction following protests outside the Horse Hill exploration site near Gatwick Airport.

District judge William Ashworth, sitting at South East Surrey Magistrates Court in Redhill, said he accepted that local drivers would have been delayed by the protests but he said:

“I cannot say that I am sure that you went too far”

The verdicts were met with applause, cheers and shouts of “You’re a good man.”

[55doc] 18/6/2016 19:33

Demodratic country = 30% of the population voted tory , 800 un-elected in the house of lords . yea sure .

[gismo] 18/6/2016 16:11

I remember before the EU and we were much better off. If we stay in we will no longer be a democratic country

[gismo] 18/6/2016 16:09

We are supposed to be a democracy and this referendum a democratic vote but we are threatened by Merkel, Cameron and Osbourne, some democracy we live in!!!

[beebong1] 18/6/2016 15:14

If you have never known the country to be out of the EU you will not know how better off you are now IMO.

[forwood] 18/6/2016 15:05

Sorry about the off topic but the referendum is the biggest issue facing us at this time.

The biggest issues for the Leavers appear to be sovereignty and immigration. Assuming that we are all fair minded and can resist bigoted appeals to emotion and prejudice rather than rational evidence, how about the following:

The proven economic contribution of migrants to our nhs as doctors and nurses, to manual trades such as house-building, the jobs that ‘our people’ can’t or don’t want to do. Migrants pay VAT and taxes too and help create other jobs. Wouldn’t it be better if our government made more effort to ensure enough public provision for everyone, so that ‘our people’ don’t lose out, particularly where there have been local pressures?

Politically we determine our own future but it’s worth working together in a level playing field with our nearest and largest trading partners. So we have common agreements on competition rules and EU trade standards, but determine our own health, education, pensions, welfare, fiscal and monetary policy, foreign policy, justice, defence and border security, national and local government. We control more than 98% of our public expenditure.

The EU hasn’t stopped us from being the world’s 5th largest economy and 2nd least regulated market for product regulation. According to the OECD, another EU country, the Netherlands, is the least regulated. The World Bank ranks us 6th in ease of doing business. On both product regulation and ease of doing business we rank better than the USA. Because of this, many international companies come here to do business and access the world’s 2nd largest market. We lead the EU in financial services, one of our biggest exports.

The net cost of our EU contributions is £8.4bn a year or £161m a week (HM Treasury) but we export £227bn, 45% of our total trade (ONS). We have negotiated opt outs from some of the worst aspects of the single market and we benefit from less unemployment, less regulation and more growth than our neighbours. Even the EU courts are supporting us, rejecting the EU's appeal against our right to limit child benefits for EU migrants. We can continue to improve on how the market works.

Standing together with our neighbours has guaranteed peace in the major European countries for the past 70 years. We can continue to hold together against threats from the likes of Russia and Isis. Isn’t it better to talk and try to persuade our neighbours rather than withdraw and not talk at all?

Isn’t it great to be able to freely live, work and holiday in France, Spain, Italy and Portugal without jumping through all sorts of difficult if not impossible rules and regulations?

This is what we have within the EU and what we have worked towards for the past 45 years and will give up if we Leave. Remaining means we keep all that.

PS Accordign Wikipedia,Steve Hilton is the son of Hungarian immigrants whose original surname was Hircsák who fled their home during the Hungarian Revolution of 1956. They came to Britain, initially claiming asylum, and anglicised their name to Hilton. In 2005, Hilton lost out to future Secretary of State for Education, Michael Gove in the selection process for the Surrey Heath constituency. It looks like he is jumping aboard a bandwagon that might get him back into power, a bit like Boris. Another whacky thinker at the heart of the New Right.

On this issue he is wrong. EU leaders are rattled about the prospect of us leaving and realise the need to improve how the market works. They know that our electorate is very split on these issues and like devolution for the Scots, the feelings won't go away with a Remain vote. The last thing they will want is revenge. How naive!

[beebong1] 18/6/2016 14:37

Objection. Not proven. Supposition.

[moneymunch] 18/6/2016 13:47

and so if they're to be relinquished ( ie for NO payment ) then who's going to grab them??? Gla holders exciting times ahead.....the share price will be bouncing BIG ime imho with the release of the Nutech/Xodus report and other news on further aquistions etc, if not by Ukog then maybe someone much bigger who might start off by taking Mpet's 35% HH interst.......any MAJOR will do!!! ;-)))

ps if the vote is out, then HH and the rest of the Weald's development will be fast tracked as soon as, to provide much needed revenue for UK Plc, if indeed it's confirmed that the likely billions of high quality oil, the SWEETEST CRUDE, is recoverable in commercial volumes!!! ;-)))

[beebong1] 18/6/2016 13:37

A different take from Penguins. Not sure how true it is.



Posts: 295
Off Topic
Opinion: No Opinion
Price: 1.325
RE: This shareFri 10:21I'll repeat a post from Monday:

The reason why the placing was made just before start June was probably that the OGA makes a financial capability test on licensees. The intention to extend PEDL 234 (and I’m assuming 246) had to be made by the start of June.

‘OGA requires evidence of 100% funding cover for all FDP, Firm and Contingent Commitments. However we recognise that not all Drill or Drop Work Programmes result in the drilling of a well and that it is not possible to determine which will be drilled at the time of application. We do not therefore require 100% funding cover for most Drill or Drop wells in a portfolio; instead a company must demonstrate 100% funding capacity for the single most expensive net well cost exposure, plus 50% of the cost of the others. This includes existing Drill-or-Drop work programme commitments as well as those being applied for. Some existing licences have multi-well Drill-or-Drop Work Programmes; in such cases, OGA will usually consider only the cost of a single well.’

Given the commitments and drill or drop wells now in UKOGs portfolio I make about £12mm required vs about £12mm in cash and borrowing available to UKOG so this funding test is probably why no more of the Weald licences are likely to be taken up by UKOG as any further licence extension will have a commitment well.

Whilst further equity in PEDL 137 won't be subject to this stress test paying anything significant to MPET will reduce the available cash and borrowing required to satisfy the OGAs funding requirement.

As for the other MPET licences I thought this statement was pretty clear 'Contemporaneously with these transactions, MPUK and Celtique have initiated the process of relinquishing their interests in PEDLs 231 and 243.'


PS They have until the 30th when the term ends.

[gismo] 18/6/2016 11:49

Thanks for that moneymunch. Well Mr Hilton has said it all really. My sentiments exactly. Here's to an OUT vote and the beginning of taking back control. Gis

[funkmasterp12] 18/6/2016 11:43

The only "billions" to look forward to here currently are the billions of shares the company will need to issue.

[moneymunch] 18/6/2016 11:22

Following Ukog's acquisition of Mpet's PEDL 234......according to Mpet's press release, along with Celtique they're in the process of "relinquishing" their interests in PEDL 231 & 243....and not "Monitizing" .......which suggests that because of the Drill or Drop conditions up to the end of June they're going to "relinquish" them for free, presumably to Ukog........although Mpet do state that they still hold 35% of HH which is PEDL 137 and so negotiations could still be ongoing to sell their 35% interest given their desperate need for cash to stay listed on Nasdaq, although because they have a free carry up to and including the 90 day production flowtest they may decide to hold on to some or all the 35%....Watch this space!!! Gl ;-)

hxxp://www.magellanpetroleum.com/media-center/press-releases/detail/368/magellan-sells-its-weald-basin-acreage-and-settles

On June 10 2016, Magellan Petroleum (UK) Limited ("MPUK"), a wholly owned subsidiary of Magellan, entered into i) an Asset Transfer Agreement relating to the sale to UKOG of MPUK's 50% interests in PEDLs 231, 234, and 243 (the "Weald ATA"), ii) an Asset Transfer Agreement relating to the sale to UKOG of MPUK's 22.5% interests in the Offshore Petroleum Licence P1916 (the "IoW ATA"), and iii) a Settlement Agreement with Celtique. The consideration payable by UKOG to MPUK for the Weald ATA amounts to £1.75 million in a combination of cash and shares in UKOG.

"Contemporaneously with these transactions, MPUK and Celtique have initiated the process of relinquishing their interests in PEDLs 231 and 243."

The proceeds from this transaction will also contribute to satisfy the Company's short term liquidity needs and supplement the cash balance the Company is building from the monetization of its international assets. The Company continues to hold its 35% interest in the Horse-Hill-1 well."

[moneymunch] 18/6/2016 09:24

Interesting take on Brexit from Steve Hilton. Gla voters ;-)


Why we MUST quit the EU, by Cameron's guru: Friend and strategist Steve Hilton breaks ranks on Brexit to say Britain will be 'literally ungovernable' unless we take back power from the self-serving elite

Former key adviser to David Cameron defies him before the vote

Says Britain is 'ungovernable' after being 'corruptly captured' by the EU

Believes EU will take revenge on Britain for vote and impose new diktats

Said their refusal to grant 'modest' demands shows no will for reform


In a shattering blow to the Prime Minister, Steve Hilton claims the UK is ‘literally ungovernable’ as a democracy while it remains in a club that has been ‘corruptly captured’ by a self-serving elite.

And in an attack on Project Fear, the former No 10 adviser dismisses claims by Mr Cameron, the IMF and the Bank of England that being in the EU makes us more secure.

Mr Hilton – who persuaded Mr Cameron to stand for Tory leader – also delivers a devastating assessment of the PM’s referendum deal.

He says Mr Cameron made only ‘modest’ demands of Brussels – and that even these were swatted contemptuously aside. He also warns that Brussels will take revenge on Britain for the referendum if it votes to stay, by imposing fresh diktats.

Mr Hilton concludes: ‘A decision to leave the EU is not without risk. But I believe it is the ideal and idealistic choice for our times: taking back power from arrogant, unaccountable, hubristic elites and putting it where it belongs – in people’s hands.’

His declaration for Brexit sent tremors through No 10.

Along with Michael Gove, he provided the intellectual heft behind Mr Cameron’s rise to power.

Both men now argue that the PM is wrong to urge voters to remain in what Mr Hilton condemns as the ‘grotesquely unaccountable’ Brussels club.

[moneymunch] 18/6/2016 08:15

In or out, at least UK Plc can look forward to the potential billions £'s in revenue that the imminent Nutech/Xodus study is likely to suggest, and if we vote out then i'm sure No.10 will want to fast track the Weald's Kimmeridge oil development as well as the Northern shale gas, to off set any initial ( temporary ) decline in fortunes. Gla voters ;-)

[gismo] 17/6/2016 21:33

Forwood never fear life as if you do you will never live it. Imagine for one moment millions of immigrants moving in. Our services are stretched now what will it be like then? Unimaginable. We need to take control of immigration like Australia have. Not to stop immigration but control it. There are many scare tactics going on out there but we are better off leaving and being in control once again. I think it's disgusting how the Chancellor is threatening us. It says it all really. Cameron had a chance to sort this but he came back with nothing. They tell us what to do and enough is enough. Bring back the Great in Great Britain. All shall be well. Gis