Uk Oil & Gas Share Discussion Threads

[beebong1] 19/7/2016 12:46

Definitely Mittyesque IMO.

[beebong1] 19/7/2016 12:21

Magellan Shareholders Approve Strategic Exchange Transaction

Download PDF
DENVER, CO -- (Marketwired) -- 07/19/16 -- Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan" or the "Company") today announced that its shareholders approved the previously announced strategic exchange transaction at the annual and special meeting of the shareholders held on July 13, 2016.

On July 13, 2016, the Company held an annual and special meeting of the shareholders of the Company during which meeting the shareholders approved the exchange and the other transactions contemplated by the Exchange Agreement dated as of March 31, 2016, between Magellan and One Stone Holdings II LP ("One Stone").

J. Thomas Wilson, President and CEO of the Company, commented, "We are pleased that Magellan's shareholders have approved the Exchange Agreement with One Stone, which paves the way to finalizing the strategic alternatives review process the Company is conducting. We are currently working with One Stone to obtain the remaining consents required to permit the closing of the exchange transaction, which we expect should occur toward the end of July 2016."


So much for HH being discussed!

[moneymunch] 19/7/2016 12:17

The 11th hour indeed TU....gl :-)

[moneymunch] 19/7/2016 12:14

Ps funky, you're a lover of TW and a hater of DL and therefore your incessant NEGATIVE opinion is not valid and is certainly not objective when driven by jealousy and envy.....you recently bemoaned the fact that DL.has a yacht ffs,.....pmsl......:-)

[moneymunch] 19/7/2016 12:09

Lol funky you desperate numptie there was no mention of PEDL234 expected Nutech report as announced 13th June Rns either.....when Mpet's 35% is sorted, then the full picture will emerge....potential BIG news on its way.....gla holders....this will multi-bag in a blink from this rockbottom low if a Major is in the frame. ;-)

[funkmasterp12] 19/7/2016 12:00

You're back in your fantasy world again. The RNS is the update. Have you actually read it?

Your nonsense is being outed and rubbished time and time again. You've lost all credibility now moneymunch.

[moneymunch] 19/7/2016 11:40

The RNS was specific to the Portland at HH only, and therefore news still to come on the Kimmeridge as highlighted above, which is likely to arrive soon , just as soon as we know who's got Mpet's 35%......Apart from no update on the Kimmeridge , there was also no update on PEDL234 which we are also expecting, and so the upgrade on the Kimmeridge at HH and estimation of recoverable volumes, horizontal drilling analysis etc etc is expected anytime now.


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

- Assessment of the Gas in Place and potential recoverable volumes within the Portland accumulation proven by GB-1

[beebong1] 19/7/2016 11:06

"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."

They said "possible". They reported on the Portland.

They did not re-iterate or say possible upgrade to the Kimmeridge to be reported shortly. If they had done the figures for the Portland they would have done them for the Kimmeridge at the same time IMO.

IMO we are still waiting for;
1) engineering studies to examine possible flow rates from a horizontal well
2) Reservoir engineering analyses by Nutech and Xodus are also underway, and will likely result in an estimation of potential recoverable volumes.

But then again it could have just been a badly worded RNS which the share price is now reflecting. If 200% upgrade to the Portland OIP does not shift the share price what will?

[theuniversal] 19/7/2016 10:14

Moneymunch i recon the preverbial carrot has been dangled in fron of mpet. Not enough to say what the kimmeridge 8s but enough to say there is more from other levels. Not to say the kimmeridge has leveled off.. their could be more. But its a waiting game from ukog 11th hour my friend. ..

[charliemike] 19/7/2016 10:04

The share price doesn't lie ,and that's all we need to know

[moneymunch] 19/7/2016 09:51

Ps if a Major is announced. ...this will multi-bag in a blink. Gla :-)

[moneymunch] 19/7/2016 09:49

News on Mpet's 35% anytime now, more for Ukog or a will a Major make a move given the staggering amount of oil that is in place and its undoubted National Significance......truly transformational prospects and potential ahead. News from Brockham on when the Kimmerage limestones will be drilled also expected, and game changer first all if the free flow from HH is replicated. Keep accumulating imho.....UK Plc needs our oil. :-)

[beebong1] 19/7/2016 09:24

mug3
We already knew about 1-5. What's new? Only the upgrade to the Portland. That was the only good news IMO. The rest of it is "flannel".

Considering SS had already said in interview that applications had been made I find it strange to hear now that "The Operator has also informed the Company that the flow test data analysis undertaken by Nutech and Xodus provides the necessary technical encouragement to engage Barton Wilmore Ltd, one of the UK's leading planning and environmental assessment practitioners, to prepare and submit a planning application to Surrey County Council ("SCC"), and to assist with obtaining necessary permissions from the Environment Agency ("EA"), for a significant appraisal programme at Horse Hill."

It is going to be a long hard winter!

[mypension] 19/7/2016 09:17

Many thanks Funkmaster ... I just thought that a 200% increase in OIP was great news.

[funkmasterp12] 19/7/2016 09:05

Ok, here's my 3 reasons (and not spitting 3 wells across 3 reasons, which is cheating!):1. The upgrade to the Portland isn't significant enough. It's like having a plate of chips and asking for more ketchup - everyone loves ketchup, but would rather have more chips. And no-one likes ketchup on its own.2. There is no upgrade to the Kimmeridge. The rampers of the share have been desperate for this news and it hasn't come.3. They're still going through regulatory approvals to perform more tests which is going to delay proceedings further.I'll throw in a Brucie bonus:4. All this proves is that UKOG needs cash to start all of this work - cash it doesn't have. I forecast a placing will be needed by November latest based on current cash burn.So basically - why buy on this news, when the negatives outweigh the positives? The only hope is a buy out - but you could buy any share dreaming of that.

[moneymunch] 19/7/2016 08:58

Given the potential National Significance of so much oil, the prospects are truly transformational, and will undoubtedly attract the attention of a Major player as as the new Govt. for UK Plc will be very keen to fast track its development to generate the billions of £'s revenue that looks very likely. News on Mpet's 35% HH interest could be pivotal to proceedings. GLA Ukog are on a one way trajectory from small cap explorer to Mid/Major UK leading oil producer.....the future looks very bright and nailed on for breathtaking returns. We've got oil and LOADS of it!!! ;-)))

[datait] 19/7/2016 08:56

Please go on lol

[mug3] 19/7/2016 08:50

1. 3 Kimmeridge limestones 2. Extended well test applications will be for 360 days3. Applications for one appraisal well4. Applications for one development well5. applications for a horizontal wellThere you go. I gave you 5. Not 3. I can go on.

[moneymunch] 19/7/2016 08:48

Nutech upped oil in place figures for the Portland zone by some 200%, meanwhile work has begun for a planning application for the next phase of work at Horse Hill.

Two new wells are planned at Horse Hill

Solo Oil PLC (LON:SOLO) this morning sees more good news from the Horse Hill project, in the south of England, where a consult has now upgraded estimates for one of the reservoirs encountered by the Horse Hill 1 well.

Nutech has increased by 200% its calculated oil in place for the Upper Portland pay zone to 22.9mln barrels per square mile, up from 7.7mln.

It comes after flow testing in the Upper Portland yielded a rate of 323 barrels of oil per day. Nutech noted that the flow of dry oil little or no water triggered a reassessment of its prior petrophysical model.

Neil Ritson, Solo Oil chairman, said: "Significant progress is being made at Horse Hill building on the results of the very successful flow tests earlier in the year.

“Solo is pleased that the estimated oil in place has been increased and that the Horse Hill group is proceeding with the next phase of the appraisal of this important discovery."

The well, located near Gatwick airport, has been a high profile project for investors in London and its early promise was seemingly underlined by the better than expected flow testing results.

Horse Hill's Portland reservoir is conventional and it is smaller than the 'hybrid' play in the deeper Kimmeridge zones where estimates have previously been expressed in 'billions of barrels'. During the recent testing both the Portland and Kimmeridge produced oil to surface - in aggregate the well yielded 1,688 bopd.

Solo spelled out that Nutech’s figure for the calculated OIP per square mile should not be construed as either contingent resources or reserves.

Additionally, Solo also highlighted that planning and environmental impact consultant Barton Willmore has now been hired to prepare applications to Surrey County Council for a new appraisal programme to advance Horse Hill towards production.

It is proposed that a longer, 360 day, production test from the three Kimmeridge Limestone zones as well as the Portland. Two further wells, either appraisal or development, are also proposed along with 3D seismic.

As part of the process it is anticipated that a public consultation and engagement process will take place shortly, with the planning application pencilled in for early in the fourth quarter.

Solo Oil has a 6.5% interest in Horse Hill, held alongside a number of other London listed oil juniors including UK Oil & Gas Investments Plc (LON:UKOG), which with 27% is the largest listed stakeholder, as well as Stellar Resources Plc (LON:STG), Evocutis plc (LON:EVO), Alba Minerals Plc (LON:ALBA) and Doriemus PLC (LON:DOR).

UKOG chief executive Stephen Sanderson, in a separate statement, highlighted that the permitting process was now the “next key step” in moving Horse Hill towards early monetisation.

“We look forward to the conclusion of the regulatory consent cycle and eagerly await the start of planned long term flow testing," he said.

Focussing on the prior flow testing and the Nutech upgrade, Sanderson added: “The record breaking flow test results and revised Nutech analysis gives us key new technical insight into the oil bearing Portland reservoir.

“More importantly than the simple increase in Portland oil in the ground, these learnings have significant positive implications for potential recovery factors and for future commercial viability.

“The economic potential of the Portland looks increasingly positive.

“The validation of Nutech's Kimmeridge evaluation by the flow tests also underscore the company's expectation that significant volumes of oil lie in the ground within the licence and can be brought to the surface at commercial rates.”

[beebong1] 19/7/2016 08:43

my pension
Apart from an upgrade to the Portland OIP can you give 3 other reasons why the RNS was so great!

[funkmasterp12] 19/7/2016 08:41

Give three reasons why you think it's a great RNS?

[beebong1] 19/7/2016 08:41

The OSLO syndrome - hostages come to identify and empathize with their captors

The DATAIT syndrome - normally associated with a drop in share price on any bb he posts on

[mypension] 19/7/2016 08:40

Can anyone, in plain English, give three reasons why - based on such a great RNS, the share price has not gone up substantially.