Uk Oil & Gas Share Discussion Threads

[moneymunch] 20/7/2016 17:14

Lol a desperate numptie who needs his ears cleaning out or hearing aid turned up. The Kimmeridge was exactly the same as the Portland...higher than expected flow with no water content!!!

[beebong1] 20/7/2016 17:10

Not what your mates on lse are saying. Mind you, even some of them are in denial but they really are a thick bunch with hardly a brain cell between them.
You carry on buying and averaging down is my recommendation to you. You really do deserve all you get. You just can't argue with stupidity IMO.
I wonder what excuse we will get when the MPET PEDL's are removed from the list.

So where is this link where I am incorrect?
As usual we will never know as the muppet fan never answers questions when he knows he is wrong.

Bet he doesn't post he is expecting an update on the Kimmeridge on the lse bb.

[moneymunch] 20/7/2016 17:00

Lol funky, it's probably physically impossible to fit any more oil into the oil saturated Kimmeridge with the billions of barrels that are in place......we're still awaiting the full Nutech and Xodus report on 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, including Nutech's assessment on PEDL234.....beewrong's refernce was incorrect!!!

and 10 minutes in SS states the the Kimmeridge was exactly the same...ie the Portland flowed higher than expected with no water content......."and the Kimmeridge was exactly the same"....you numptie!!!

[funkmasterp12] 20/7/2016 16:54

LOL

Skip to c. 10 minutes into that interview, where SS clearly says that there's no upgrade to the Kimmeridge numbers. 12:46 - "It validates the numbers for the OIP of the Kimmeridge".

But don't let facts or the words of the bloody CEO get in the way of a good ramp, will you moneymunch?

[moneymunch] 20/7/2016 16:49

Truly transformational prospects and potential for those invested. Negligible downside from this rockbottom share price ......and transformational upside potential given the likely national significance of so much oil in place....a risk reward opportunity of a lifetime and an instant multi-bag if a Major comes on board. Gla holders. ;-)

[tmmalik] 20/7/2016 16:45

Some news on the way !

[moneymunch] 20/7/2016 16:45

More news from from Nutech and Xodus imho just as soon as we know what's happening with Mpet's 35%......gla holders....Highly Significant returns within the next 6 to 18 months very likely according to SS...;-)

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.

13/6/16 PEDL234 Acquisition 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

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

A gross best estimate ("P50") OIP of 15.7 billion barrels ("BBO") is calculated to lie within three Jurassic shale and interbedded limestone tight oil plays underlying the 8 licence areas in the Weald Basin in which UKOG has an interest ("Licence Areas", covering 151 sq miles.

Within this gross best estimate, an aggregate net attributable 3.9 BBO P50 OIP is calculated for UKOG's economic interests in the Licence Areas.

The three Jurassic tight oil plays underlying the wider Weald Basin's 1,261 sq mile area (the Area of Interest "AOI") are calculated to contain a gross best estimate P50 OIP of 124 BBO. Please note that other than UKOG's eight Licence Areas, in which it is calculated UKOG has a net attributable 3.9 BBO P50 OIP, the Company has no further economic interest in the AOI.

[moneymunch] 20/7/2016 16:41

Lol beewrong, you deceitful numptie...the statement regarding "the Kimmeridge was exactly the same" was in reference to the fact that the flow from the Portland was higher than expected with no water content, and "the Kimmeridge was exactly the same" !!!

News from Nutech and Xodus still expected for the full report as follows;

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.

[beebong1] 20/7/2016 15:47

Straight from the horses mouth " The Kimmeridge was exactly the same".

So moneymouth you were wrong yet again.

It is getting really boring with you spouting so much rubbish especially when most of the time you have been wrong.
That's twice in one day.

I have decided that a share that drops it's share price by 1/2 in future should be termed a "money-mouth" in your honour. So we will now have a multi-bag and a money-mouth.
Or should we call it a moneymunch?

[moneymunch] 20/7/2016 15:38

LSE Share Talk spoke with Stephen Sanderson about #UKOG RNS update Upgrade to Portland Oil in Place, Weald Basin.

Stephen Sanderson, UKOG’s Executive Chairman, who has over 35 years of relevant experience in the oil industry, explains in great detail the HH-1 well which UKOG owns a 27.3% interest in the Licences, which are operated by Horse Hill Developments Ltd.

Nutech’s Report details that the production of dry oil from the Portland, with little or no observed water production, required a rethink of the pre-flow test petrophysical model. Revised petrophysical model will be used to update Xodus’ 2015 estimates of the total OIP contained within the mapped Horse Hill Portland oil accumulation.

Stephen Sanderson explains in detail the following comment “The applications will seek permission to conduct a programme consisting of the production flow testing of 3 Kimmeridge Limestone zones plus the overlying Portland over a total flow period of up to 360 days, plus two further appraisal/development wells and the acquisition of 3D seismic data.”

[dice1950] 20/7/2016 14:12

UKOG Upgrade Oil In Place At England’s Horse Hill
20th July 2016

Based on flow test results from the Horse Hill-1 well, the total oil in place in the Upper Portland pay has increased from 7.7 MMbbl per square mile to 22.9 MMbbl

[moneymunch] 20/7/2016 12:32

More news expected on the Kimmeridge limestones according to Nutech's press release dated 7th April 2016. Gla :-)


Both the Upper and Lower Kimmeridge limestone intervals are producing light, 40-degree API, sweet oil flowing naturally to the surface, without pumping, at an average stabilized rate in excess of 900 barrels per day from an 88-foot aggregate perforated zone at a depth of approximately 840 meters below ground and in excess of 463 bopd from an 80-foot zone at a depth of approximately 900 meters below ground level, respectively. The final Portland test of 323 bopd, over an 8.5-hour period, was produced at maximum capacity and showed no clear indication of completion and has the potential to be further increased using a higher capacity downhole pump during the next planned test.

After being appointed independent assessor of the HH-1 well by UKOG in Jan. 2015, NUTECH used its proprietary NULOOK petrophysical analysis solution, a process which uses conventional open hole well logs to analyze the texture of the tested reservoir rock, to provide the Company with a report identifying the Horse Hill Upper Kimmeridge formation as holding approximately 72 percent of OIP. In June 2015, NUTECH’s preliminary assessment of the HH-1 well was confirmed in a report issued by Schlumberger estimating the overall oil in place (OIP) for the Jurassic section to be even more impressive than NUTECH’s early projections.

“Our extensive experience, paired with our proprietary petrophysical technologies, allowed us to confidently predict an accurate volume estimate for the Horse Hill-1 well from our initial assessment,” said Allen D. Howard, executive vice president and chief commercial officer, NUTECH. “The completed flow test has yielded extremely positive results allowing this well to have one of the highest performing wildcat test rates in the history of wells drilled onshore UK. We are pleased to have been a part of proving the exceptional significance of the HH-1 well for not only the Weald Basin, but for all of the UK, and look forward to continuing to work alongside the contracted alliances as long-term production tests are conducted.”

NUTECH has been commissioned to investigate a possible upgrade to the OIP calculated within all three test zones together with engineering studies to examine possible flow rates from a horizontal well. Further analysis of data is ongoing and will be reported once available.

- See more at:

[moneymunch] 20/7/2016 11:02

and so no mention of Mpet/Celtique PEDL 231 and 243, both in limbo until we hear otherwise......Will Mpet sell some or all of their 35%??? They need the cash and any expected production revenue, even from the sale of test oil will not happen until 2017, and so they may have no choice but to monetise HH. ....Ukog could be in the frame and given the likely national significance of so much oil, then this provides the perfect opportunity for a Major to get in on the cheap.....is the process of due diligence underway whilst we await the full Nutech/Xodus report???......all will be revealed in the nit too distant.....gla holders....any news of a Major and Ukog's share price will multi-bag in a blink. :-)

[beebong1] 20/7/2016 10:41

Looks like they are working their way through the partially surrendered blocks from the 30th June update.

VOLUNTARY AND MANDATORY SURRENDERS 2016.
Licence Block Operator Status

PEDL224 ST48a Sonorex Block Partially Surrendered 14th June 2016.
PEDL214 SS69 U.K Methane Block Partially Surrendered 29th June 2016.
PEDL215 SS79 U.K Methane Block Partially Surrendered 29th June 2016.
PEDL216 SS87 Coastal Block Partially Surrendered 29th June 2016.
PEDL217 SS97 Coastal Block Surrendered 29th June 2016.
PEDL165 SD54 Cuadrilla Block Surrendered 30th June 2016.
PEDL181 TA10a Europa Block Partially Surrendered 30th June 2016.
TA20 Europa Block Partially Surrendered 30th June 2016.
TA21b Europa Block Partially Surrendered 30th June 2016.
TA1 Europa Block Surrendered 30th June 2016.
TA2b Europa Block Surrendered 30th June 2016.
TA11 Europa Block Surrendered 30th June 2016.
SE92b Europa Block Surrendered 30th June 2016.
SE91c Europa Block Surrendered 30th June 2016.
PEDL183 TA3 Rathlin Block Partially Surrendered 30th June 2016.
TA13 Rathlin Block Partially Surrendered 30th June 2016.
SE92a Rathlin Block Surrendered 30th June 2016.
TA2a Rathlin Block Surrendered 30th June 2016.
TA12a Rathlin Block Surrendered 30th June 2016.
TA21a Rathlin Block Surrendered 30th June 2016.
TA31a Rathlin Block Surrendered 30th June 2016.

[beebong1] 20/7/2016 09:53

Oil Prices On Edge With Few Upside Catalysts

Oil prices are still hovering around levels at the close of last week – WTI sitting just above $45 per barrel and Brent around $47 per barrel.

Full story here:

oilprice.com/Energy/Energy-General/Oil-Prices-On-Edge-With-Few-Upside-Catalysts.html

[beebong1] 20/7/2016 09:47

But they do maintain

itportal.decc.gov.uk/information/licence_reports/offshorebylicence.html

and

itportal.decc.gov.uk/information/licence_reports/onshorebylicence.html

so it will be easy to see when they are relenquished/ended/ceased to exist.

Talking of fingers; UKOG need to get the digit out for P1916 when they finally get assigned PEDL331 as that has Initial Term End Date of 31/01/2017.
None of the 14th round licences have been ratified yet (expected Apr 16) so another indication of how slow DECC/OGA are in the normal course of business.

[moneymunch] 20/7/2016 08:39

More news from from Nutech and Xodus imho just as soon as we know what's happening with Mpet's 35%......gla holders....Highly Significant returns within the next 6 to 18 months very likely according to SS...;-)


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.


13/6/16 PEDL234 Acquisition 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

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

[beebong1] 20/7/2016 08:27

Probably because they only updated the offshore licences that were relinquished. You will just have to wait for the onshore ones. It is the civil service you know!

[moneymunch] 20/7/2016 07:38

No mention of Mpet's/Celtique PEDL231 or 243 both in and around the sweet spot of HH on the relinquished list updated 15th July.....the licences ended 30th June 2016 because of driil of drop.......some one else must have an eye on them including Mpet's 35%...Gla ;-)





Company loss of licence involvement

Even though a surrender may occasionally leave a company without beneficial interest under the licence, the surrender does not remove that company from the licence. It will remain a party to the licence unless and until it withdraws by assigning its rights to the remaining companies. An assignment is often made effective on the same date as the surrender, but it does not need to be. Note: all assignments require the Secretary of State’s permission; enter the name of the departing company at Q9 on the form to apply.

[moneymunch] 19/7/2016 23:29

Accounting rules do not allow early stage E&P companies to show all of their fair market value on their balance sheet. That's also the case with Magellan Petroleum (MPET) which is a tiny $7 million market cap E&P company that failed to get any substantial production going. It does own however interesting assets which it is now monetizing at a rapid pace with the intent of simplifying its risk/asset profile to sell its assets and even its U.S. public listing to both public and private companies.