Uk Oil & Gas Share Discussion Threads

[beebong1] 22/7/2016 08:50

It is a good job that HHDL is not AIM listed, or is it?
UKOG would not have been able to own more that 30% without having to make a cash offer for the rest.
Unfortunately the dealings of Ltd companies do not come under the same scrutiny.

I do wish peeps would use the correct terminology.

It is not an extended well test, extended flow test, it is not a prolonged flow test.

It is a production flow test as they move into the Exploration and Development stage of the license.

IMO they are going to test the Portland first as they will then drill a production well into the Portland whilst carrying on with the production flow testing of the Kimmeridges. SS has already said he expects 1 tanker a day when the Portland goes into production.

[moneymunch] 22/7/2016 08:45

Dry as a bone and the sweetest crude in breathtaking volume!!!..gla ;-)


-- The final Portland test of 323 bopd, over an 8.5-hour, period is the highest stable dry oil flow rate from any onshore UK Portland well. On further testing, with a larger pump, the rate doubled from the previously reported stable dry oil rate of 168 bopd. The Portland was produced at maximum pump capacity and showed no clear indication of depletion. It is likely that the rate can be further increased using a higher capacity downhole pump during the next planned test.

-- Proof that the Kimmeridge limestones contain significant volumes of moveable light oil that can be flowed to surface at commercial rates

-- As previously reported, the stable, natural dry-oil flow rate of 464 bopd from the Lower Kimmeridge Limestone is the first ever flow from this rock unit in the Weald Basin and onshore UK

-- Based on the analysis of published reports from all significant UK onshore discovery wells, the Company concludes that the 901 bopd from the Upper Kimmeridge zone is likely the highest stable natural dry oil flow rate from a single reservoir in any UK onshore new field wildcat discovery well

-- High quality Brent Crude produced: light, sweet oil (40 degrees API in Kimmeridge, 35-37 degrees API in Portland) 1,940 barrels delivered to the Esso Fawley refinery

-- Preliminary analysis confirms that the Lower and Upper Kimmeridge Limestone units are naturally fractured reservoirs with high deliverability

-- Strong possibility for further optimisation and increased flow rates from all 3 zones in future development and production wells, particularly through the use of horizontal wells

[moneymunch] 22/7/2016 08:38

19/7/16 Rns

Background

Nutech's Report ("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. Prior to the flow test, interpretations suggested that water would likely be produced along with oil, as is seen in Portland reservoirs in nearby producing oil fields. The revised model fully incorporates well test observations and measurements.

[wisteria2] 22/7/2016 08:36

Hand brake slowly released..... prolonged flow test will be done before any placing

[datait] 22/7/2016 08:35

This will zip in a blink of an eye folks best to top up when you get a chance as it wont be kept down for long.

[moneymunch] 22/7/2016 08:34

The Kimmeridge flow test programme was designed to test the concept that significant moveable oil had been generated within the Kimmeridge shales and had migrated directly into the more permeable and porous, naturally fractured limestones. Some degree of oil generation from thin interbedded organic rich layers within the limestones was also predicted. The limestones were also targeted for their suitability for conventional well stimulation methods to help improve flow. The use of massive fracking in the Kimmeridge is currently prohibited by UK law as the formation in HH-1 is shallower than the UK government's 1000 metre (3300 ft) massive-fracking ceiling.

Both Nutech's and in-house petrophysical analyses demonstrated that a conventional oil accumulation lay within the Upper Portland sandstone of the HH-1 well. Xodus calculated an estimated P50 OIP of 21 million barrels for the accumulation. Electric log analysis showed that the well had circa 100 feet of gross pay with water saturations often exceeding 50%.

" The flow test results of 100% dry oil "

thus require the log evaluation to be revisited and to review a possible upgrade to the OIP. Xodus will integrate this with the available flow test analyses to derive recoverable Portland resources. This will be reported in due course.

Stephen Sanderson, UKOG's Executive Chairman, commented:

"The flow test results are outstanding, demonstrating North Sea-like oil rates from an onshore well. This simple vertical well has achieved an impressive aggregate oil rate equivalent to 8.5% of total UK onshore daily oil production. The Portland also has greater flow potential as rates were limited by the test pump's maximum capacity. Further significant flow rate improvements may be achieved from all zones using horizontal sidetracks during future planned operations.

[moneymunch] 22/7/2016 08:31

and 10 minutes in SS states that 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....Turn up your hearing aid!!!

[beebong1] 22/7/2016 08:26

UKOG strikes oil 2016 - UKOG
moneymunch - 20 Jul 2016 - 17:14:16 - 4955 of 4997
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!!!

From the RNS

"Flow commenced at around 10.00am GMT yesterday at an initial instantaneous rate in excess of 700 barrels per day using a 1-inch choke, in an approximate mix of 50:50 oil to water.

So "higher than expected flow with no water content". I think not. It was chocked back to 1/2" to clear the water. Now who is a numptie yet again. Crash and burn!
It is a good job my eyesight is ok.

[moneymunch] 22/7/2016 08:24

Ukog's share price has been kept low for weeks despite the fact that buys have out-numbered sells every day, and at the same time the basher brigade has been most vocal to undermine and to deter investors ( more Ukog shares for those selling their HH % interest with the prospect of multiples in value for those shares ). A sudden and significant rise in share price very likely by the time all business is concluded and those in the know are fully loaded. Gla ;-)

[dice1950] 22/7/2016 08:22

Ascent Resource to Sign First Agreement Required to Progress Alternative Route to Market … According to recent reports published by Slovenian daily Finance, Ascent Resources plans by the end of July to come to an agreement with Slovenia’s Petrol and Nafta Lendava allowing the company to take out a loan for gas infrastructure restoration and gas production.

[football] 22/7/2016 08:21

Ryarca I thing your rite with a view people needin a spell chequer hear

[funkmasterp12] 22/7/2016 08:21

Yep, and nothing to stop this company flogging their shares immediately creating yet more overhang.

[beebong1] 22/7/2016 08:20

Unfortunately it is a placing with another name. Approx yet another 60m shares if my maths are correct.
I would love to know who owns Flowermay as we had the same with selling on of HHDL shares with Danadav Investments Limited last year at a premium IMO. Methinks someone is making a big profit out of all this.

DANIEL GERARD O'CONNELL was a director of Danadav. DYOR on who he has connections with.

[funkmasterp12] 22/7/2016 08:16

No, that's rubbish again.The HY results (dated to the end of March, not as of June) showed cash of £2.7m. They've since done a placing to raise £4.5m but have spent £1.2m on acquisitions.That leaves net £6m but ongoing costs are c. £300k per month according to the last report. Therefore I think the cash level is closer to £5m. Does that pay for all of this expensive well testing/drilling in 2017? No, it does not.They need cash, imo.

[moneymunch] 22/7/2016 08:04

Lol Ray, they had c£7m cash in the bank at the time of the Results Rns 28th June 2016....more than enough, and more than most small cap explorers. ;-)

[rayrac] 22/7/2016 07:58

Some peeps need a spell checker?

Almost as much as UKOG need a strong balance sheet.

[moneymunch] 22/7/2016 07:56

Morning TU, Ukog can't afford Mpet's 35% at this stage of proceedings and 35% of any revenue from the sale of test oil goes to Mpet and so Mpet would be less inclined to sell with the 90 day flowtests underway .......if Mpet need cash NOW to survive, they might be prepared to sell 10% or so to Ukog for cash and shares, as ultimately the shares could be worth multiples of current share price if all goes to plan.....otherwise a MAJOR player comes in for 30% of Mpet's interest, leaving them with 5% for the ride and the 20m plus Ukog shares from Pedl234 acquisition........they need the cash but would they want to relinquish their entire holding with so much upside potential. Gl Exciting times ;-)

[theuniversal] 22/7/2016 07:44

Moneymunch would you agree that ukog would need to bank some of that flow test money at least not too dilute more shares so in order to buy some if not most of mpets 35% remaining shares....Would be taticaly stupid to reveal important flow rates if buying mpet but is issuing an independant report whos allowed to see, mpet?.. I can see a pattern with ukog now little but often and under the radar when buying up more % but mpet's is an cat and mouse game...

[jdsdps] 22/7/2016 07:37

I think this makes Regency the most under valued HH player market cap £.7m for 5% so all other Regency assets come for free.

[datait] 22/7/2016 07:36

excellent news.

[football] 22/7/2016 07:27

FP12- this is like gold rush time in the old wild West when it was all about grabbing as much land as you could which may or may not have gold/oil in it and if that means a small dilution for more land and keeping your cash in the bank is a good news for company even though shareholders are getting screwed a bit more, even with hundred percent dilation most shareholders who have a punt here expected to rise in multiples of that.And I am of the thinking is better to have a slice of a huge pie rather big slice of a very very small one.

[moneymunch] 22/7/2016 07:25

Lol funky doesn't like it.....why use the expensive cash call when you have c£7m cash in the bank......31.2% interest at HH, and so significant likely near term profit from the sale of the 90 day production flowtests when they get underway.
Gla holders......£10m plus if anyone want's Mpet's share......a MAJOR player very likely given SS's prediction of 140,000 to 280,000bopd across the Kimmeridge. Gla ;-)

[funkmasterp12] 22/7/2016 07:09

Brilliant? 2.5% dilution for 4%?Why didn't he use cash? Well, I guess that proves the answer to that question. Note the ramptastic language in the RNS too. Another placing in the works?

[moneymunch] 22/7/2016 07:08

Now who's going to get Mpet's 35%??? Any move by a Major will see Ukog's share price multi-bag....anyone got a spare £10m plus for Mpet's 35%.... ;-)))

[moneymunch] 22/7/2016 07:05

Brilliant, absolutely Brilliant SS......GLA holders...Onwards and Upwards!!! ;-)))