Uk Oil & Gas Share Discussion Threads

[moneymunch] 03/8/2016 10:15

Another point relating to Mpet's free carry is that It would have been agreed before the drilling of HH.....at that time the only expected flowtest would have been on the Portland as the Kimmeridge interval wasn't expected to flow, therefore it's possible that that any free carry on extended flowtest doesn't include the Kimmeridge and the new plans in place. Gla holders. :-)

[beebong1] 03/8/2016 09:53

Not sure why the U turn all of a sudden by moneymunch as they announced this back in March.

21 March

"Preparation is now underway to obtain regulatory permissions to conduct extended production tests from all 3 zones at the site, followed by a horizontal sidetrack in the Kimmeridge and a possible new Portland development well."

The only addition is they have added a 4th level which is in the Kimmeridge but I don't think that has been announced in any RNS yet or what date it made it to interview. Not exactly a big change to the PFT originally announced.

Not sure which bit of ""In the UK in PEDLs 137 and 246, where Horse Hill was drilled, the cost of the completed flow test and potential future extended
flow test are due to be fully paid by HHDL in accordance with the terms of the farmout agreement between HHDL and MPUK."" you did not understand.

I have always thought the free carry was only for the flow test carried out after the drill. Made my point but pointless carrying out any further discussion with our resident housekeeper who just drowns out anything he disagrees with.

[hazelst] 03/8/2016 09:46

Time to top up amid the doom and gloom. Always the best time to do so.

[beebong1] 03/8/2016 09:37

As time goes by and the share price goes down I have come to the conclusion that some of the rampers on here are either very stupid or are shorting the share. Why else would you continually buy when the share price continues to drop.
Why else the 180 degree turn on numerous topics?
Why else continuously post old information?
Reverse psychology in motion?

[beebong1] 03/8/2016 09:29

TOSH. Which planet are you on?

You repeatedly posted MPET would have free carry for PFT.
You even referenced this as your source from Magellan in the link you supplied and above.
How come you are now saying it won't be a free flow test for Magellan?
You never speculated on this subject before. It was always a free carry as far as you were concerned. Only now are you speculating.
Show me one post before today where you speculated?
Words cannot describe you!!!


"In the UK in PEDLs 137 and 246, where Horse Hill was drilled, the cost of the completed flow test and potential future extended
flow test are due to be fully paid by HHDL in accordance with the terms of the farmout agreement between HHDL and MPUK."


UKOG strikes oil 2016 - UKOG
moneymunch - 28 May 2016 - 08:15:56 - 3802 of 5249
Mpet have a free carry up to and including the 90 day production flowtest, and so i wouldn't be surprised if they decide to hold on to some of the % of HH-1.....Ukog take the lion share and some for DOR ( they said last week that they were planning to incease their Weald interests ) .

Mpets other Weald interests, as follows, are up for grabs....drill or drop....and will be available very cheaply imho as there's only 5 weeks before they have to relinquish them.

Our license areas in the Central Weald basin, PEDL 231, 234 and 243 encompass about 1,000 sq km from Liphook and Petersfield in the west to Copthorne, Horsham and West Grinstead in the east.

UK - Central Weald Licenses. In regard to PEDLs 231, 234, and 243, which are co-owned with Celtique, during the three months ended March 31, 2016, the Company continued to manage the pending litigation with Celtique. Potential resolution of the pending litigation could include a possible sale of the Companys interests in these licenses. Considering the pending litigation and that these licenses are subject to drill-or-drop obligations with license terms ending June 30, 2016, there is a risk that the litigation with Celtique will not be resolved in time to avoid the relinquishment of these licenses.

Mpet share of the IoW only relates to P1916 and it looks as if Ukog will be able acquire that at no cost.

Mpet13/5/16
With respect to P1916, there was very limited activity during the three months ended March 31, 2016, and no further material activity is planned during fiscal year 2016. Considering the risk profile of this prospect and the challenges in securing a potential drilling site, the Company may decide to withdraw from this license. Total inception to date costs related to the license of $39 thousand have been included in exploration expenses.

So in short i'm hoping that Ukog will be able to acquire at least 10% at HH-1 well from Mpet, and pick up some of the rest very cheaply indeed....Gla holders.....Big bounce coming on aquisition news, reserves upgrade and holdings Rns......it's all good!!! ;-)))

In addition, to maximize its chances of executing this strategy and identifying an attractive business combination candidate, Magellan is actively seeking to monetize the right to the Mereenie payments, its interests in the Weald Basin licenses, and its interests in the Horse Hill-1 well and any related assets. The Special Committee believes that converting these assets into cash will make Magellan more attractive to potential merger candidates as we de-risk and clarify the valuation of the Companys remaining assets. The potential sale of the Companys interests in the Weald Basin and the related settlement of its litigation with Celtique would further enhance the Companys profile by reducing the uncertainties associated with those interests.


UKOG strikes oil 2016 - UKOG
moneymunch - 24 May 2016 - 06:46:29 - 3699 of 5249
No problem mortie, Mpet are desperate for cash and have already completed the sale of their Australian bonus asset on 19th May 2016, and next on the list of assets to be monitized is 35% of HH.....so the fact they have a free carry for the extended flowtest, it might make sense for Mpet to hold on to 10% or so, and hopefully allow Ukog to acquire the lion share and maybe DOR et al to acquire the rest??? We should know soon enough. Gl ;-)
UKOG strikes oil 2016 - UKOG
mortie1 - 24 May 2016 - 04:13:29 - 3694 of 5249
mm, I have seen that Mpet have a free carry up to the flow test, but you say "as they have a free carry up to and including the 90 day production flowtest". Do have anything to support that, given that a more limited flowtest has already taken place, or is it just your opinion?
UKOG strikes oil 2016 - UKOG
moneymunch - 23 May 2016 - 21:50:12 - 3693 of 5249
ps TU, Given the massive potential i wouldn't be surprised if Mpet hold on to at least 10 to 15% of their HH interest as they have a free carry up to and including the 90 day production flowtest.....and the rest goes to Ukog and maybe even DOR or similar taking a bit......maybe DL is hinting at a consultancy role for Mpet or another???? Gl ;-)
UKOG strikes oil 2016 - UKOG
moneymunch - 14 May 2016 - 13:50:46 - 3618 of 5249
ps Mpet have a free carry up to and including the extended flowtest.

In the UK in PEDLs 137 and 246, where Horse Hill was drilled, the cost of the completed flow test and potential future extended flow test are due to be fully paid by HHDL in accordance with the terms of the farmout agreement between HHDL and MPUK.

[moneymunch] 03/8/2016 08:53

The free carry is outlined below......now we have no idea if the terms have changed because of the new plans for the EWT, but if they haven't, then this would be another reason why Ukog might want to take full control or at least a significant portion of Mpet's 35%......failing that, a new player is more than possible, anyone who might be interested in merging and/or a business arrangement with Mpet Gla ;-)

Table of Contents

In the UK, the Company's interests are governed by various PEDLs and one Seaward Production License. PEDLs 231, 234, and 243, which the Company co-owns equally with Celtique, are subject to "drill-or-drop" obligations with a deadline of June 2016. As previously reported, the Company received a cash call from Celtique for the advancement of estimated expenses in the amount of approximately $2 million in connection with the Broadford Bridge-1 well, and the Company is evaluating its alternatives under the applicable joint operating agreement.

Also as previously reported, Celtique initiated a legal proceeding against the Company with respect to that cash call and related issues. See Note 15 - Commitments and Contingencies - Celtique Litigation of the Notes to accompanying condensed consolidated financial statements included in this report for further information. The Company cannot predict the ultimate outcome of this matter, which may have a material effect on the ultimate amount and/or timing of the Company’s capital expenditures with respect to PEDLs 231, 234, and 243.

In the UK in PEDLs 137 and 246, where Horse Hill was drilled, the cost of the completed flow test and potential future extended flow test are due to be fully paid by HHDL in accordance with the terms of the farmout agreement between HHDL and MPUK.

[moneymunch] 03/8/2016 08:43

Lol beewrong, you desperate numptie, correct i was the one that highlighted Mpet had a free-carry, but that related to plans for the original flowtest and not the new one, and therefore it's only reasonable to speculate on the status of the free carry, and my previous post conveys balance and reason, unlike yours.

We've had no detail on the Kimmeridge limestones since the outstanding free flow. The upgrade RNS related to the Portland only and Ukog purposely gave scant detail on the limestones imho, although they did state that the results validated Nutech and Schlumberger's multi-billion barrel assessment. They also stated that engineering studies and by Nutech and Xodus were still on-going and this included estimation of recoverable volumes from a horizontal well analysis, and their previous acquisition RNS on Pedl234 also stated that Nutech had been commissioned to assess the OIP on the new license and the potential recoverable Gas in place.

More news from Nutech and Xodus a certainty. Gla holders....the basher's are becoming more agitated and desperate!!! ;-))))

[beebong1] 03/8/2016 08:21

Just in case someone else comes up with it!! How about this for a ludicrous scenario!!!
MPET have to pay for PFT. No free carry.
PFT is going to cost about £2m for the year. 35% of £2m is £700k.
MPET agree to pay for their share of PFT by giving up % of HH.
All the HHDL companies suppress their share price so MPET have to give up more of their share.

[beebong1] 03/8/2016 08:04

I don't think forwood is too worried as he sees the value in 2.5 years time.

If my revised header figures (2nd last para) are anywhere near correct, then on flat line profit of c £237m a year once in production, the share price should be about 56p. That's my target for 2.5 years time. Think it may get taken out before then, at a whopping discount, so I'll say 25p within 18 months.

forwood - 21 Jun 2016 - 11:06:25 - 4276 of 5243
As for UKOG - I think we've seen the low for the time being. Two on the bid at 1.40. just one offering 1.45 and a gap then to 1.55. Can see this ending the day at 1.50 and if anyone is short or playing the sell and buyback game, it could go a lot higher.

UKOG strikes oil 2016 - UKOG
forwood - 02 Jun 2016 - 12:24:24 - 3864 of 5243
I hope not - just bought 910k at 1.52 (wrongly showing as a sell)

I can't see any of the subscribers at 1.50 being prepared to sell for less.
UKOG strikes oil 2016 - UKOG

forwood - 27 May 2016 - 16:56:07 - 3799 of 5243
you forgot the 2x 3748316

UKOG strikes oil 2016 - UKOG
forwood - 27 May 2016 - 16:42:41 - 3797 of 5243
got my 17.5m!

:-)

[moneymunch] 03/8/2016 07:51

Lol Funky you numptie, Ukog's share price is reflective on current market sentiment on their propects and potential, which includes their assests. You can't have it both ways....hoping to drive down Ukog's share price and then stating that market sentiment and value isn't related to Mpet's 35%, only Ukog's 31.2%.....PMSL..Gla holders ;-)

[moneymunch] 03/8/2016 07:40

"Magellan will not be a “shell company” as defined in Rule 12b-2 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), as it will retain significant non-cash assets for at last some period of time."

These include their 35% HH interest, 20m plus shares in Ukog which are locked in until December 2016, and their North Australian offshore license.....if no business merger is arranged, then maybe they would willing to sell some of their 35% to Ukog for cash and shares imho....sooner or later there will be a cash call on HH's development. Mpet had a free carry on the extended flowtest for this year, but we don't know if this still stands for the new plans in place for back to back 90 day production flowtests......Watch this space, something is going to give. gla ;-)

[funkmasterp12] 03/8/2016 07:33

"The value of Mpet's 35% is currently impacted by Ukog's share price and timing of the planned 90 day production flowtest."No!! That is simply not true!!Where is Forwood these days? He has a duty to moderate this misleading rubbish.

[moneymunch] 03/8/2016 07:13

Lol, pity the insincere, especially when they're driven by jealousy and envy.

It's only natural that those invested will speculate on all aspects of their investment when relevant to proceedings and that includes the completion of Mpet's transfer exchange on Monday , which is outlined in a notice sent to their shareholders highlighted in their 6th June 2016 SEC Filing. The value of Mpet's 35% is currently impacted by Ukog's share price and timing of the planned 90 day production flowtest. Mpet still need more cash and are also very keen on a merger/business combination, all very relevant to Ukog's investors with 35% HH interest involved. Gla holders....pity the lowlife scumbag basher cohorts....what a way to live your life!!! ;-)



Q:

Why is the Company proposing to sell at this time 100% of the outstanding membership interests in Poplar and the Purchased Utah CO2 Common Units, which together may be considered to comprise substantially all of Magellan’s assets?

A:

The dramatic decline in worldwide oil prices beginning in mid-2014 has had a variety of adverse effects on the Company, including by reducing revenues from Poplar’s shallow conventional wells. The reduction in Poplar’s revenues has caused liquidity constraints for the Company that the Exchange is intended, in part, to address. See “Background of the Exchange” for further details. In particular, the transfer of the West Texas State Bank loan and other liabilities associated with Poplar in the Exchange will substantially strengthen the Company’s balance sheet and is expected to improve future liquidity. The special committee of the Board (the “Special Committee”) believes that the Exchange and the monetization of some or all of the Company’s remaining assets should allow the Company to continue to operate on a limited basis and satisfy its remaining financial obligations for a substantial period of time following the completion of the Exchange. See “Post-Exchange Business Strategy” for a description and discussion of the Company’s remaining assets immediately following the Exchange.

The Special Committee also believes that Magellan’s public platform is of potential additional value, which could be realized through a merger or similar business combination transaction with another company. Although the terms, timing, and availability of a possible post-Exchange merger or other business combination transaction are uncertain and subject to certain risks, the Special Committee believes that the Exchange may facilitate such a transaction, including by eliminating the Company’s debt, the Preferred Stock, and virtually all liabilities associated with Poplar. The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Company’s international assets and pursuing business combination opportunities, possibly with private companies or international parties interested in accessing the U.S. capital markets. The Special Committee believes that completing the Exchange is likely a pre-condition to the successful completion of any such business combination.

Notwithstanding the proposed sale of what may be considered to comprise substantially all of the Company’s assets, resulting in the Company having no substantial operations or ongoing revenue generating capabilities following the Exchange, management believes that following the Exchange, Magellan will not be a “shell company” as defined in Rule 12b-2 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), as it will retain significant non-cash assets for at last some period of time.

[funkmasterp12] 02/8/2016 23:27

Another LSE gem:"So in summary, to both your own and many other posts, we think the share price may have been suppressed to ensure UKOG gets the 35% at a discounted price. Absolutely brilliant if proven to be the case."Honestly, you have to pity these people.

[beebong1] 02/8/2016 19:30

The day on must this be which the truthful will profit from their truth; gardens beneath, they shall have which rivers flow to live therein forever.

[moneymunch] 02/8/2016 18:51

Pps SS'S statement following acquisition RNS 22nd July, clearly suggests that their ongoing strategy is to acquire as much of the Kimmeridge as they can . Gla holders :-)



Stephen Sanderson, UKOG's Executive Chairman, commented:

"This acquisition brings our overall interest in the Horse Hill project to 31.2%, a very material interest in a project with multiple oil bearing reservoirs that have been proven to flow at high initial commercial rates. The acquisition is a logical fit within our ongoing strategy to consolidate and expand our licence position in the new and potentially significant Kimmeridge Limestone oil province. We now look forward to the conclusion of the regulatory permit application cycle at Horse Hill and to resuming extended well testing and appraisal drilling at the site."

[moneymunch] 02/8/2016 18:38

Ps all eyes on Mpet....the merger, business combination etc that they're obviously keen on, could be highly significant to proceedings. Who wants Mpet and their 35% HH interest???? Gl :-)

[moneymunch] 02/8/2016 18:34

Unlike you and your leader TW, my conviction that HH and the Weald Oil Basin would be a world class oil discovery has been spot on......gla holders, transformational upside ahead. ;-)

[funkmasterp12] 02/8/2016 18:17

Moneymunch have you actually been right about anything UKOG related?