Uk Oil & Gas Share Discussion Threads

[moneymunch] 02/3/2016 07:37

Horse Hill performs well in another test

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07:21 02 Mar 2016

It flowed at an instantaneous rate above 1,000 bopd, before averaging 838 bopd over a 7.5 hour period.

"The well continues to perform above management's expectations.”

The Horse Hill well continued to perform in its latest phase of testing, UK Oil & Gas (LON:UKOG) and Solo Oil (LON:SOLO) has confirmed.

In a second test of the Upper Kimmeridge limestone zone, carried out on March 1, the well flowed at an instantaneous rate above 1,000 barrels of oil per day before settling down to an average rate of 838 bopd over a 7.5 hour period.

The well has now been shut-in for a 12-hour pressure build up test.

Once testing of the Upper Kimmeridge is complete, the programme will move up to evaluate the separate Portland sandstone reservoir.

"The well continues to perform above management's expectations,” said Stephen Sanderson, UKOG chief executive. “We look forward to testing the overlying Portland shortly."

Neil Ritson, Solo Oil chief executive, meanwhile said: "The Horse Hill well is showing excellent characteristics and the data collected will be invaluable in designing a development scheme. 

“We look forward to news of the Portland sandstone test which is now planned."

UKOG owns a 19.96% interest in the Horse Hill project, while Solo Oil has a 6.5% stake.

The other stakeholders in the project include Alba Minerals (LON:ALBA), which has 9.75%, as well as Stellar Resources (LON:STG) and Doriemus (LON:DOR) which each have 6.5% and Evocutis (LON:EVO) with 1.3%.

Regency Mines (LON:RGM) recently agreed a deal to acquire a 3.25% stake.

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[mpclag] 02/3/2016 07:34

Thanks-Magellan Petroleum Corporation
Nasdaq listed and market cap $5.99?

This seems cheap given they have 35% direct ownership. There may of course be other issues with this company. I will do some research.

[mpclag] 02/3/2016 07:27

any idea who owns the other 35% of the license that Horse HIll don't own?

[ibug] 02/3/2016 07:27

On completion of flow testing the portland the next step is to start exploratory production and more well heads to establish the Xodus multi well concept which might yield 12000-14000 bopd.....the possibilities are really that huge. And can be achieved through organic growth using the existing 4-5 million GBP + $11 USD credit line.

[eddie max] 02/3/2016 07:25

Excellent news..

Patience required indeed simon8

;)

[simon8] 02/3/2016 07:20

Well, more positive news - let's see how the market reacts at 8am? Given yesterday I don't think it will put a fire under the SP!

I guess we are at early days still, this is one well and first testing all of which has been brilliant of course, proved the concept and been well beyond expectations, the real proof will be the extended testing over a several month period to see if this performance and these flow rates can be retained - if yes then it is on to commercial development and I think we will be well on the way to becoming a mid cap.... out of tiny acorns, we just need patience! [that is of course if a major doesn't take it out first]

[ibug] 02/3/2016 07:13

So the total flow rate including the lower kimberidge is more like 1460 bopd...which is very good----a side track can improve on that event further.


If the flow rate from the upper portland is similar then the combined flow rate may be more like 2500 bopd.

[ibug] 02/3/2016 07:09

Further Update on Horse Hill-1 Flow Test

Second Zone Continues flowing Oil at a Rate of 838 Barrels Per Day

Following the announcement on 01 March 2016, UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that Horse Hill Developments Limited ("HHDL") has informed the Company that the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day ("bopd") and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd. The well was shut in at 0600 01 March for a 12-hour pressure build up test.

As previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.

[moneymunch] 02/3/2016 07:08

Stephen Sanderson, UKOG's Executive Chairman commented:

"The well continues to perform above management's expectations. We look forward to testing the overlying Portland shortly."

[ibug] 02/3/2016 07:08

EXCELLENT 1000 BOPD FROM UPPER KIMBERIDGE....



That the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day ("bopd") and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd. The well was shut in at 0600 01 March for a 12-hour pressure build up test.

[ptmsphilip] 01/3/2016 21:50

I am new on here. Lydnem....apart from a standard of grammar that falls below the level of a four year old, you come across as a nasty, evil person who seems to find it difficult to get over the fact that you have misjudged the market and are in denial of the facts. I have been reading this page for many months now, and I have realised that you are a very vicious and desperate person. I do, however, wish you luck in all that you do. Good luck.

[ed case1] 01/3/2016 21:45

Lydnem. Any chance of an answer. I know you read it. I'm sure people would like to read your reply WHY DONT YOU LIKE UKOG. DID YOU MISS OUT BUYING AT A LOW PRICE.

[cautious7] 01/3/2016 20:59

AIM SP'S

ATB, GLA, DYOR

THE CHOICE IS YOURS

LOL

[moneymunch] 01/3/2016 20:53

Neil Ritson, chairman at Solo Oil (LON:SOLO), discusses the latest flow test results from the Horse Hill 1 prospect near Gatwick airport with Proactive Investors and highlights the "great results" the company is currently obtaining.

He says the company will next test the conventional Portland sandstone zone.

Ritson concludes by saying that the commerciality of the Horse Hill project has "taken a huge leap forward".

Click on link for Ritson's interview ........he hasn't got the figures for flow rate today, but has been told it's still flowing strongly!!!

//www.proactiveinvestors.co.uk/companies/stocktube/4708/commerciality-of-horse-hill-project-has-taken-huge-leap-forward-solo-says-4708.html

[moneymunch] 01/3/2016 20:46

NEW YORK—Oil markets rose to a two-month high Tuesday as traders focused on the possibility of an output agreement among large producers.

Russia’s energy minister said Tuesday that a “critical mass” of oil-producing countries had agreed to freeze oil production, and that a final decision on such a measure would be taken this month, state news agency TASS reported.

Also on Tuesday, the United Arab Emirates’ energy minister said “everyone should move toward freezing production whether they like it or not,” due to current low oil prices.

[moneymunch] 01/3/2016 19:39

Lol....they haven't been issued yet!!!

Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 7 March 2016

[cupra kid] 01/3/2016 19:33

Slightly disappointed with the increase in share price today given the absolutely transformational news. I guess you'll always have the sell on news brigade but in my opinion the value here is at least 12 months down the line. Saying that doesn't Sanderson have a meeting with the government to discuss fast tracking? It could all happen quicker than what we think and in which case I imagine the share price to be multiples of today's closing price.

[datait] 01/3/2016 19:27

This is one of the best shares to be involved in for a long time, these shares will soar beyond expectations there is no way I will be selling anytime soon watch out for the news in the morning and if not 7am it will certainly be sometime in the morning to take shorter's by surprise.

[ed case1] 01/3/2016 18:51

Lydnem are you still running this share down. I don't want to get into a slagging match. But can you be honest and tell me why you feel ukog is so bad a share to be in. Because from what I'm reading and seeing it all looks good to me. Thanks

[moneymunch] 01/3/2016 18:48

If nothing else, the timing of the warrants exercised suggests no placing any time soon.......those in the know certainly wouldn't spend £240k on 10.6m shares if they knew that a dilutive placing was at hand or in the pipeline......and as i said earlier, the lucky recipient is expecting the share price to head in one direction.GL ;-)

[beebong1] 01/3/2016 18:29

10.86m at 3.3p showing on google at 0802 this morning but I thought that was probably a consolidated total for that time..

www.google.co.uk/finance?q=LON%3AUKOG&ei=hc_VVoOpHImFU4LhvsAO

[5baggersrus] 01/3/2016 18:04

if you exercise warrants this early prior to expiration then it would be because you have sold/selling them - else you would wait before exercising them.

simples.

16m warrants remain which is not too onerous at 2.25p to be honest