Uk Oil & Gas Share Discussion Threads

[moneymunch] 16/8/2016 07:38

Lol you mumptie, and just remind us of why you claimed you invested in STG when they had no cash, profit revenue etc, and why you spend so much of your valuable time trying to deter investors here and undermining Ukog's potential????

[moneymunch] 15/8/2016 22:19

Exactly right funky...."things like cash, profit, revenue etc" are major concerns for Mid Cap and Major oil producers......finding oil in commercial volume is the only thing that matters for Small Cap explorers, and just enough cash in the bank to provide working capital for their near term development plans.

Find oil in commercial volume, and "things like cash, profit, revenue etc" will undoubtedly follow, as every Mid Cap and Major oil producer will attest.

Ukog has found oil in significant volume, which appears to be a World Class oil discovery of the sweetest crude, and so the concerns that you raise in your attempt to concern others are of little concern at this stage in Ukog's development with the prospect of so much oil, and Ukog now looks all set to continue their exciting journey, a 2 year strategy according to SS's recent Pedl234 acquisition Rns statement.

Gla holders.....the tide has turned, and full market appreciation is on its way. :-)

Stephen Sanderson, UKOG's Executive Chairman, commented:

"This is an important step for the Company, making UKOG the leading player and acreage holder in Kimmeridge oil and a significant player in the UK onshore oil industry. It fits perfectly into our overall 2-year strategy to de-risk and push the Kimmeridge play to the point of commercial development. We are on a very exciting journey."

ps nice one TU, well done and much more to come me thinks. Gl ;-)

[theuniversal] 15/8/2016 19:05

Moneymunch sold the rest of my mpet holdings made 13.2k but will still follow mpet closely as they hold 35 % of HH and have 20 million in shares in ukog...What a close call though bought back in ukog around 1.32 ( brokers margin) andTopped up in 88e... August/september is gonna be interesting for rns news for both... oip/ seismic figures due...Good luck allT.U.

[funkmasterp12] 15/8/2016 16:33

"and the only fundamental that matters at this stage is the staggering amount oil"

Yeah. Because things like cash, profit, revenue etc don't really matter do they? ;)

[robbie1424] 15/8/2016 16:33

Mine are tucked away so we shall see.
They bloody do need to start moving this on if it's such a big find
Gov need to pull their finger out.

[moneymunch] 15/8/2016 16:25

Pmsl funky, presumably there are many who didn't that were deterred or influenced by your rhetoric.......and the only fundamental that matters at this stage is the staggering amount oil in place that looks likely recoverable at transformational volume..... Gla holders, next stop 2p plus ;-)

[simon8] 15/8/2016 16:25

Agree there are still significant issues, for me this has always been a buy in early long term (2 -3 years) hold with the option it may fly at any point for any number of reasons.

Well I am happy to hold and see what comes out - the motto being...don't invest what you can't afford to lose...... my hope is that over time I can cash in on this - if the oil is there (and it appears to be) and it can be extracted (and it appears some of it can) then we are part way there... POO long term and cost of investment need sorting!

[funkmasterp12] 15/8/2016 16:09

I would say that's a sensible precis! The only thing is though the fundamentals still haven't changed - UKOG is still not generating any money and needs lots of it for the next phase. The money in the bank will probably only barely cover the current cash burn up to the next stage.

Therefore I still think buying now is misguided, especially as the company had stated no intent to talk to MPET specifically about their HH-1 share.

A good trade from 1.2p though if you got in.

[simon8] 15/8/2016 16:07

My guess is if MPET is keeping HH and UKOG are not entering a hugely destructive, dilutive and discounted placing to buy their share then the market is allowing the price to rise on the back of the good news and prospects going forward. Why would market have allowed the share price to shoot up previously if they were expecting a massive placing and the associated discount - they'd want it as cheap as possible to churn... hopefully that has now gone to bed and we'll see a slow but sure rise and re-rating.

Sure I will be shot down but luckily I have 90% of the contributors here on filter so won't be bored by the responses!!!

[moneymunch] 15/8/2016 15:53

Market realisation and acceptance of the transformational upside ahead. The current low share price doesn't reflect fair value on the potential and prospects of the biggest oil discovery in Western Europe, or the sterling work and effort by SS in positioning Ukog as the leading player......and no doubt more news likely......full market apreciation and an share price many multiples of today's, will happen sooner or later. Gl ;-)

[robbie1424] 15/8/2016 15:45

Why we trekking north money munch?

[hazelst] 15/8/2016 14:35

Shorters on the run!

[moneymunch] 15/8/2016 14:15

Lol Momentum building....2p plus in a blink.....;-))))

[moneymunch] 15/8/2016 14:07

Lol beeong, nice to see Ukog's share price heading North, don't you think??? Gla holders, plenty more to come.....;-)))

[beebong1] 15/8/2016 13:20

If you believe everything Magellan say in a press release where is UKOG share of PEDL's 231 and 243 which no longer exist?
Or have UKOG been conned into paying for them when Magellan knew full well they were going to be relinquished?

"On August 11 2016, Magellan Petroleum (UK) Limited ("MPUK"), a wholly owned subsidiary of Magellan, completed the transactions contemplated by i) the Asset Transfer Agreement relating to the sale to UKOG of MPUK's 50% interests in PEDLs 231, 234, and 243,..........."

[moneymunch] 15/8/2016 12:45

Mpets Investor Presentation, clearly states that at the time of publication, late April.....HH well was part of their momitisation plans.....since then, Pedl234 and Mereenie have been sold and the exchange transaction with Terrulian has been agreed and is now awaiting shareholder approval where the deal is expected to be finalised last quarter 2016. The last two Mpet press releases have confirmed these transactions and Mpet state the they continue to hold 35% interest at HH.......until Mpet give more detail on their intent for HH, then there's every reason why they may consider off-loading it for the right offer.....i hardly think it fits into Tellurian's multi-billion LNG's business plans which include raising money for a Lng pipeline network across the US....watch this space!!! Gla holders ;-)


Mpet's Investor Presention

Eliminates Magellan’s debt, preferred stock and most of its current liabilities

Focus on recovering shareholder value by realizing the value of existing assets
–
Monetize the rights to the Mereenie bonus payments
–
Monetize interests in Weald Basin licenses and Horse Hill well
–
Explore the possibility of a merger or similar business transaction

[funkmasterp12] 15/8/2016 11:59

It's literally unbelievable!! You actually read what you want, not what is actually written!

First off, MPET said: "Based on the preceding considerations, the Special Committee believes that while the monetization of some or all of these assets should allow Magellan to continue to operate on a limited basis and satisfy its remaining financial obligations ... 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 Company’s remaining assets."

Secondly, they have today said:

"The closing of these transactions concludes a series of transactions, which, we believe, enabled Magellan to enter into a merger agreement with Tellurian Investments Inc."

It's as clear as day. The process is over as the merger has happened, and they're keeping hold of their 35% of HH-1. I actually think this is good news for UKOG as a whole.

[moneymunch] 15/8/2016 11:56

Lol funky, you numptie....Mpet were in dire straits and they announced in numerous SEC filings that they intended to sell their international assets INCLUDING their 35% HH interest.....it's only in the last couple of press releases that they now state that they "continue to hold", prior to that they stated they were up for sale.......and no other detail of their intent including today's press release.!!! Watch this space......HH is now surplus to their requiremnts......they need lots of cash for their new LNG pipeline that Tellurian has in the planning. Gla holders, until we hear of Mpet's intent......then as a shareholder, speculation of your investment is quite normal and to be expected....what's not normal is orchestrated incessant negativity from those that are not invested...you would have thought their valuable time could be better utilised......Onwards and Upwards!!! ;-)))

[funkmasterp12] 15/8/2016 11:43

It VERY CLEARLY SAYS:

""The closing of these transactions concludes a series of transactions, which, we believe, enabled Magellan to enter into a merger agreement with Tellurian Investments Inc. While we sold our interests in the central Weald basin, which were due to expire at the end of June 2016, we continue to hold a 35% interest in the Horse-Hill-1 well."

i.e. it isn't for sale.

I'd say that is actually better news for UKOG shareholders that they intend to keep it!? They see value in the well long term and UKOG won't need to dilute their holders to smithereens to purchase any.

Not that they ever intended to in the first place, it was entirely your construct.

[moneymunch] 15/8/2016 11:31

That would be the closing of the transactions on the sale of Pedl234 and their Australian asset, and the exchange agreement with Terrulian......today's press release gives no details on their intentions for their 35% interest......i would have thought that they might have given their shareholders some detail on near term plans for HH if they intend to retain their interest......and i'm sure they will be open to offers. Gla holders .....watch this space. ;-)

[funkmasterp12] 15/8/2016 11:24

Er:

"The closing of these transactions concludes a series of transactions"

Concludes. As in, stops. Ends. Puts a close to.

[moneymunch] 15/8/2016 11:23

and so will Mpet need more cash to ensure they're able to finance its activities until the merger forth quarter this year????....they "continue to hold", but no clear statement on intent.??? Gla .....watch this space, chances are their 35% HH interest will be surplus to requirements for their new partner and LNG's business plans. ;-)

[funkmasterp12] 15/8/2016 11:21

That should put an end to the MPET nonsense once and for all then. Not that it was ever viable anyway, for the many (many) reasons previously given.

[beebong1] 15/8/2016 11:13

DENVER, CO --(Marketwired - August 15, 2016) - Magellan Petroleum Corporation (MPET) ("Magellan" or the "Company") today announced that the Company completed the sale of its 50% interests in Petroleum Exploration and Development License ("PEDL") 234 in the Weald basin in the U.K. to UK Oil and Gas Investments PLC ("UKOG") and settled its litigation with Celtique Energie Weald Limited ("Celtique").

On August 11 2016, Magellan Petroleum (UK) Limited ("MPUK"), a wholly owned subsidiary of Magellan, completed the transactions contemplated by i) the Asset Transfer Agreement relating to the sale to UKOG of MPUK's 50% interests in PEDLs 231, 234, and 243, ii) the Asset Transfer Agreement relating to the sale to UKOG of MPUK's 22.5% interest in the Offshore Petroleum Licence P1916, and iii) the Settlement Agreement with Celtique. As a result of these agreements, including the Settlement Agreement, the Company received £446 thousand or approximately $577 thousand in cash and approximately 50.9 million shares of UKOG worth approximately $1.0 million as of August 12, 2016.

Antoine Lafargue, President and CEO of the Company, commented, "The closing of these transactions concludes a series of transactions, which, we believe, enabled Magellan to enter into a merger agreement with Tellurian Investments Inc. While we sold our interests in the central Weald basin, which were due to expire at the end of June 2016, we continue to hold a 35% interest in the Horse-Hill-1 well. The proceeds from these transactions will also ensure the Company is able to finance its activities until the closing of the merger with Tellurian, which is expected to occur shortly after the approval of the merger by the shareholders of the Company, which approval is expected to be sought during the fourth quarter of calendar year 2016."