Uk Oil & Gas Share Discussion Threads

[lithological heterogeneities] 28/6/2016 09:22

No mention whatsoever of the Nutech report that was supposedly due "SHORTLY" in the 13 Jun RNS.

What has happened to it?

13 Jun 16


The Company has commissioned the following independent external studies, which will be reported shortly:

- Nutech: a detailed analysis of the Oil in Place of the Kimmeridge section and deeper Jurassic within the 300 sq km Licence

[moneymunch] 28/6/2016 08:47

Horse Hill next steps

UKOG will accelerate the appraisal and development plans to include testing a third deeper Kimmeridge Limestone, longer-term production tests, a Kimmeridge horizontal appraisal well and 3D seismic acquisition and analysis.

Similarly, we plan a longer flow test of the Portland Sandstone reservoir, to be followed, in the success case, by a new Portland appraisal well. All necessary permissions are currently being sought with a plan to re-start operations at the HH-1 site in early 2017.

Kimmeridge Limestone oil resource

UKOG established itself as the leading player in the Kimmeridge oil play, increasing its overall acreage holding in the prime basin centre sweet-spot by 260% with the acquisition of the Holmwood licence and Broadford Bridge licence, the latter post the period end. This provided the Company with an additional gross 398 sq km of acreage. Both licences include regulatory approvals to drill two prospects (similar to Horse Hill) and we hope to prove a repeat of the HH-1 results by end-2017.

Utilising Nutech's extensive regional evaluations, our acquisitions have been carefully targeted to contain the highest calculated oil in the ground. These acquisitions have also delivered us two further drill-ready well locations with planning consents enabling Kimmeridge drilling momentum to be maintained. We have an appetite for further growth and expansion over the prime basin sweet spot.

[moneymunch] 28/6/2016 08:46

INVESTMENT AND OPERATIONAL SUMMARY

Horse Hill ("HH-1")

The HH-1 flow tests in February and March 2016 were an outstanding success. On 21 March 2016 UKOG reported a commercially viable initial aggregate stable dry oil rate of 1,688 barrels of oil per day ("bopd") from the Kimmeridge Limestones and Portland Sandstone. Approximately 1,940 barrels of crude in 14 road tankers were delivered to the Fawley Oil Refinery, which was a significant milestone for the Company.

Most importantly, the flow test gave initial proof that the Kimmeridge oil play in the Weald works and that the Kimmeridge Limestones can deliver high, commercially viable initial flow rates, in this case from a simple vertical well. The two naturally-fractured Kimmeridge Limestones showed an aggregate dry stable natural oil rate of 1,365 bopd without any clearly interpretable depletion.

The Portland Sandstone reservoir also far exceeded our expectations, producing a record-breaking commercial dry stable pumped oil rate of 323 bopd. This rate can likely be further improved using a larger pump.

To put the results into context, our pre-test expectations assumed that a Kimmeridge horizontal well could deliver at an initial rate of around 400 bopd. This case offered break-even economics at around $40 per barrel crude prices. Our aggregate stable dry oil flow rate of 1,365 bopd from a vertical well significantly exceeded these initial assumptions and could likely be further increased by use of horizontal wells, which historically has delivered flow rates in excess of three times that of a vertical well.

We now expect that Kimmeridge oil development economics will be boosted by higher than expected well rates, delivering faster payback of investment capital, and a significant reduction in operating costs per barrel.

UKOG's net interest in the Horse Hill licences now stands at 27.3%, following the purchase of Angus Energy's interest in Horse Hill Developments Ltd ("HHDL").

[datait] 28/6/2016 08:28

You have to think why now after us leaving would France and Denmark now want a referendum ??????????????????????

We paid far too much for a start Greece should have been booted out !!!!!!

[datait] 28/6/2016 08:25

The report should be out today folks watch for the news.

[beebong1] 28/6/2016 08:17

This is the bit that really counts from the "results" IMO.

"The retained loss for the six-month period to 31 March 2016 amounted to £1.26 million (2015: £0.43 million). The primary driver for this was the increased activity associated with our investments, particularly the Horse Hill flow tests, which have resulted in higher professional service costs, including that of external consultants. These costs along with movements in working capital resulted in £2 million net cash being used in operating activities for the six-month period ending 31 March 2016 (2014: £1.2 million). Netting off the proceeds from the issuance of shares the net decrease in cash and cash equivalents was £1.79 million resulting in cash and cash equivalents at the end of the period of £2.79 million."

I can see another placing required to cover all that is planned for 2017 apart from the flow test and consultant/admin fees. At this rate they will be up to 3bn shares in issue in no time unless they get cash coming in.

[mug3] 28/6/2016 08:11

In five years time I predict that the world will say the UK saw it coming and were the first to jump off the German controlled EU. All this talk of the OUT people being stupid and ill informed is utter rubbish. The people who voted OUT gave a lot of deep thought to their actions that made them actually get off their sofas to actually go and vote on the 23rd.

[gismo] 28/6/2016 08:04

SS knows what he's doing. He's acquiring all the acreage he can which is brimming with oil. Yes it will take time but I think you will find 2017 will be a company maker.

[dudishes] 28/6/2016 08:01

I wonder why this hovers around 1p and not £1?

[moneymunch] 28/6/2016 07:52

Wwwroy........WAS the highest paid manager in the Euro's, paid by his mates/clan who no doubt all voted in ......say's it all reallY!!! PMSL.......;-)))

[gismo] 28/6/2016 07:46

You are a very ignorant person, end of, filtered. Had enough of reading your ridiculous rubbish. This is a democracy not a dictatorship. If you don't like it then move out of the country, you will not be missed!

[yajnas01] 28/6/2016 07:37

Y0u - I don't think the referendum should ever have gone to the public at all

I think the majority of the public are stupid, don't understand the eu at all and in cases where people are smart they still are naive and unable to critically reason

Brexit is simply a catastrophe

I'm not saying i am qualified to vote on this issue necessarily btw and both sides of the camp were really not informed enough or smart enough to tackle such a complex issue

It's clear as within a few days so many things have happened that no one foresaw which means Brexit voted on assumptions without understanding the consequences.

There is no plan btw and you are still being lied to by Boris and yet you can't admit this is a massive error as the leave campaign now admit they lied to you

Anyway I voted remain- you leave campaigners need to explain what you were thinking when you voted . I still haven't heard any explanations of why things will be ok other than just conjecture

You guys have destroyed the country and are morons

[funkmasterp12] 28/6/2016 07:17

Turnover more than halved YoY as well, only a pathetic £66k.

This is not currently a viable business without some serious help. And by help, I mean fund raises.

[funkmasterp12] 28/6/2016 00:30

moneymunch 20 Jun'16 - 17:01 - 4269 of 4471 1 0

I think we've seen the very bottom today...


Oops.

[lithological heterogeneities] 27/6/2016 20:49

atleast the moon is not a member of the EU

yet

[gismo] 27/6/2016 17:56

Or the moon, the further away the better for him

[y0u] 27/6/2016 17:25

Yajnas01. What exactly do you mean by "unfit to vote"? How did you come to this conclusion? Why should your vote count but not others'? How are you qualified to make this decision? What is your idea of a fair democracy? Have you thought about emigrating to an EU country?

[hazelst] 27/6/2016 16:35

Tempted to top up at this bargain price!

[gismo] 27/6/2016 14:24

Agree charlie, give it a few years and there won't be an EU, what people don't seem to realise is it's not just us that are dissatisfied about being dictated to, the rest of Europe aren't happy either. It is about space and not race. Overcrowd the UK and dilute our services even more and there will be nothing for anyone. Move on folks, UKOG is busting with news! gla

[moneymunch] 27/6/2016 14:20

Lol yasnaj, it's called democracy, you obviously have a problem accepting it. The UK has just taken back control of its own destiny from the global hierarchy elite, who are only concerned with their own interests and are ultimately responsible for the migration problem facing Europe and the UK. Like it or lump it.......this is a new and exciting chapter in Great Britain's history and Ukog and the potential billions of barrels of oil in the Weald Basin could be pivotal to its future success. Gla :-)