Uk Oil & Gas Share Discussion Threads

[moneymunch] 09/7/2016 08:55

Lol Gismo, stewards enquiry, second to a 6ft plus sixteen year old with no children!!! ;-)

[gismo] 08/7/2016 14:34

You sound like me moneymunch, nobody ever beat me in the mums race, they were still at the starting line when I was halfway to finishing! Good luck!

[datait] 08/7/2016 13:59

watch and weep when the report comes out and this soars ahead ya fanny.

[funkmasterp12] 08/7/2016 13:56

The Nutech report means nothing. It could say "there's 100000000000 barrels of oil in the ground", so what? It doesn't make a difference to UKOG's balance sheet which imo is screaming out for cash.

Drilling at Brockham (or Beckham or Timbuck-bloody-too) means nothing imo. Even if they find an incredible flow of oil, it exacerbates the problem of the lack of cash to actually get it out of the ground.

The only way UKOG generates cash currently is from its shareholders. The business makes tiny revenues and no profits. Even if you reckon they have £7m cash (which I dispute, I'd say it was closer to £5m given the cash burn levels on the HY report), it will disappear in an instant. That problem gets worse if they buy MPET's share as they'll have to use free cash to do it.

This stock is only even potentially a buy once a MEANINGFUL placing is done imo. Not a £4m keep-the-lights-on job to a bucket shop as the recent one now evidently was. Given I think they've bitten off way more than they can chew, I would put a target price if I were a buyer at c. 0.75p. That would mean issuing roughly double the number of shares to now. But, IMO that is exactly what they're going to need to do.

Personally I would wait and see what happens with the cash situation & future fund raises and then invest for the ride, if you believe there to be one. If you invest now, you may well be 50% down before you know it and waiting a lifetime to break even.

I don't think this business is viable and I think it could be going to the wall unless it can turn around a miracle. Thus, I wouldn't invest at any level unless said miracle is achieved. That's completely my opinion and I have no position (except my hypothetical short above at 1.4p - which I maintain!)

To quote moneymunch, gla holders. You're going to need it.

Cheers,

[moneymunch] 08/7/2016 13:33

ps off to the kids sports day now to win the Dads sprint ( again ) Gla ;-)))

[moneymunch] 08/7/2016 13:31

Lol no we wouldn't.....we've got big news on the way from Nutech and Xodus on the likely reserves upgrade and estimation of recoverable volumes etc which could add significant value....we now also can look forward to the near term drilling of the Kimmeridge Limestones at Brockham, maybe only weeks away and only one week to drill from the existing well.....this will undoubtedly be viewed as an appraisal well for HH and the surrounding Kimmeridge license area's and therefore could be an absolute game changer for Ukog and could see the share price multibag if the flow at Brockham matches HH, as Ukog shareholders look forward to the 90 day production flowtests at HH.

The devaluation in the pound against the dollar means that the sale of test oil will provide even more profit to Ukog's 27.3% and so if Ukog can grab another 10% or more from Mpet, even more profit which could result in a significant revenue stream.....and if Ukog do intend to take some of Mpet's share, then best do it now before the release of the eagerly awaited Nutech report, and definitely before the limestones at Brockham are drilled. UKog's prospects and potential have never looked more transformational, and now near term rather than waiting for HH's 90 day production flowtests......Gla holders...upward momentum in run up to a sudden and significant re-rate....EXCITING TIMES!!! ;-))))

[funkmasterp12] 08/7/2016 13:01

I still don't get why you'd want UKOG to buy MPET if you're a holder now.More cost, more liability, less cash. You'd certainly be looking at a significant placing prior to extended testing (though I would argue this will be needed anyway) and it would have to be seriously, seriously dilutive.It's suicide. You'd be under 1p in a flash.

[lithological heterogeneities] 08/7/2016 08:40

In summary:

MPET were in financial trouble but after the sale of some assets should be a debt-free and litigation-free company on 13 Jun 2016.

MPET sold some assets but made a point of stating that they held on to their 35% HH asset - "The Company continues to hold its 35% interest in the Horse-Hill-1 well."

The upcoming 13 Jul 16 Special Meeting is to complete business between MPET and a company called "One Stone",along with some routine business but does not have anything to do with the sale of any part of its 35% HH asset.

HOWEVER, they do say,in their Jun RNS:
"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."

So,although now debt free, they clearly do need more money to satisfy short term liquidity and "needs to supplement the cash balance the Company is building from the monetization of its international assets."

So the door does appear to be still open for a possible part sale of their International HH asset,but just not via the 13 Jul Special Meeting. News could still come separately,at any time,should they decide to sell part of HH. I am not holding my breath though as it seems they are willing to sell anything except the crown jewel that could rescue the company.

[lithological heterogeneities] 08/7/2016 08:36

The MPET special meeting of stockholders to be held on Wednesday, July 13, 2016 has NOTHING to do with UKOG as it is not being convened to sell any HH assets.

As of 13 Jun 2016 MPET became "debt-free and litigation-free" and their "short term liquidity needs and supplement the cash balance the Company is building from the monetization of its international assets."

The actual purpose of the 13 Jul Special Meeting is as follows:


1.Approve the exchange between Magellan and One Stone Holdings II LP.
2.To elect the individual named as a director nominee in the enclosed proxy statement to the Company’s Board of Directors for a three-year term;
3.To approve, on a non-binding advisory basis, the compensation of the Company’s named executive officers;
4.To ratify the appointment of EKS&H LLLP as the independent registered public accounting firm of the Company for the fiscal year ending June 30, 2016; and
5.To transact any other business as may properly come before the annual and special meeting or any adjournments or postponements of the meeting.

[lithological heterogeneities] 08/7/2016 08:16

13 JUN 16 - MPET RNS


Following the sale of its Weald Basin Acreage and Settling Litigation:

"Magellan should be a debt-free and litigation-free company.

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."

[lithological heterogeneities] 08/7/2016 07:58

13 JUN 16 - UKOG RNS
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.

"SHORTLY"

[moneymunch] 08/7/2016 07:18

Oil prices to hover around $50 this year, touch $60 by 2017, say energy analysts
Latest forecast from Deloitte sees growth, but says it will be a rocky 2016

CBC News Posted: Jul 05, 2016 7:48 AM MT Last Updated: Jul 05, 2016 7:48 AM MT



ps Ukog's ultimate value will be on recoverable volume and bankable reserves commensurate to the PoO, and if sterling stays low against the dollar, then even more profit and value for Ukog as any oil produced will be sold in dollars. GLA Re-rating due on prospects. ;-)

[beebong1] 07/7/2016 18:38

That's the lowest POO has been for 3 weeks.

[moneymunch] 07/7/2016 18:10

Conventional extraction of the Southern shale oil reservoir...ie the Weald Basin , the Gatwick Gusher, will be top priority for Andrea no doubt. gla ;-)



Conclusion

To conclude, home-grown gas can secure our energy future in a time when our traditional sources are in declince and we are seeking to move away from expensive foreign imports.

It can provide jobs for our people and tax revenues for our society.

And it can help the UK to decarbonise while we move away from coal to lower-carbon energy sources.

Secure energy.

Economic growth and job creation.

A bridge to a greener future.

Unlocking the shale gas deep underground is too big an opportunity to pass up. It must be done safely and securely, but we can’t throw that opportunity away.

Thank you very much.

[moneymunch] 07/7/2016 18:07

Lol, we're going to have a Mrs PM......Andrea would be perfect for the cause. Gla ;-)

Following the 2015 General Election and the return of a majority Conservative Government, I was delighted to accept the role of Minister of State for Energy and Climate Change, where I hope my previous experience at the Treasury and my ongoing focus on ensuring good value for taxpayers' money will enable me to contribute to the vital issues the department covers.

My specific brief in the department includes:

Electricity and gas markets
New energy infrastructure
Energy security
Oil and Gas policy, including shale gas
The Nuclear Decommissioning Authority and Geological Disposal Facility
New nuclear, Carbon Capture and Storage (CCS) and renewables
Nuclear safety and regulation
International energy

[moneymunch] 07/7/2016 15:44

Plenty of upside from now on in with potential transformational news in a matter of weeks then rather than waiting for the 90 day production flowtest at HH, with DL expecting the drill into the Kimmeridge limestones at Brockham to take as little as a week. It will be a game changer if the flow is similar to HH , as this will be viewed as an appraisal well confirming the sweet spot of HH and the surrounding area. Gl.....exciting times with the reserves upgrade anytime now and maybe even news of more acquisition by Ukog. On and Up! !! :-)

[niceyman1] 07/7/2016 15:42

Tick up coming!

[moneymunch] 07/7/2016 15:10

Cheers Tony....gl :-)


DL's latest musings

Actually it's in this report here.



"Brockham Oil Field

(10% interest operated by Angus Energy):

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."

[moneymunch] 07/7/2016 14:17

and fracking given the green light for the Northern shale gas reserves and so no problem for the conventional development of our Southern shale OIL reserves.....the new PM will undoubtedly prioritise both and make much of the potential benefits and billions of £'s for Uk Plc. Gla holders...front page news beckons....;-)))

[moneymunch] 07/7/2016 14:09

Lol you desperate numptie, they didn't have the funds....PAY ATTENTION!!! Gla holders....big news very likely from Nutech/Xodus and maybe even more acquisition news for Ukog or another new player.....we can now look forward to the near term drilling of the Kimmeridge limestones at Brockham where results could potentially be an early transformational game changer for Ukog and its shareholders. .....the National significance of the potential multi-billion barrels of the sweetest crude could add to UK's energy needs as highlighted by Ernst and Young and provide billions of £'s in revenue for this GREAT country of ours.....Exciting times for an exciting future. On and Up!!! :-)

[beebong1] 07/7/2016 14:08

I wouldn't go by anything that Tony on lse says. Yet another well researched mugpunter IMO.

He is the one that has his shares in ISA so not sure if he can buy ISDX shares!
He couldn't find any applications for the Arreton site; probably because we don't have the licence for it yet!
He thinks UKOG is too big under AIM rules so can't get any more!

[beebong1] 07/7/2016 13:54

Just about sums it up. "exciting future plans for UK Plc from the new PM" and this from someone that does not exist. If that is not ramping I do not know what is. Bring on the tooth fairy! Would get more sense out of her than some of the comments on here.
Obviously Magellan and Celtique Energie did not think so or they would not have given up the two game changing licences in the Weald (25% of the total Weald area gone in a flash back into the hands of DECC).

[moneymunch] 07/7/2016 13:38

and Brockham Kimmeridge limestones, possibly as early as August according to Tony on Lse.....gla :-)

"I read that and expect a drill to the Kimmerage within 2 months. Angus increasing the capacity of the separator and the storage, a. Larger capacity pump than was fitted to Horse Hill. then delivery of a rig. Then production rates from the Kimmerage .. Possibly by mid August ? "

[moneymunch] 07/7/2016 12:56

Pmsl.....Democracy rules....lots of positive post Brexit commentary and exciting future plans for UK Plc from the new PM including the liklihood of the National Significance of the Weald oil basin and expected billions of £'s revenue for the Exchequer.....gla holders .....we have control of our own destiny and our prospects and future prosperity will be the envy of all. :-)