Uk Oil & Gas Share Discussion Threads

[moneymunch] 17/6/2017 09:38

Drill Baby Drill!!! ;-)

" An extensive conventional coring programme within the target Kimmeridge Limestone section is planned to commence next week. "

The drill had reached a " measured depth of over 830 metres and is now drilling ahead in 8 1/2 inch hole towards the objective. "

.......and so another 470m to first limestone and no doubt another update this coming week confirming any early indications of oil and gas ........and EA permit news imminent....Significant upside on confirmation of permit and positive drill data. Gla ;-)

"The Kimmeridge Limestones are expected to be encountered at a drilled depth of approximately 1300-1700 metres, which equates to around 950-1200 metres vertically below surface. "

[moneymunch] 16/6/2017 11:51

Pmsl...the desperate are becoming really desperate.....the share price is now 35% up from the placing price....what happened to your sub 0.8p predictions you numptie...lol....over hang gone with over 150 billion shares traded since placing....good news imminent...significant upside more than likely. On and Up.:-)

[greater things are yet to come] 16/6/2017 11:40

LOL ! Another desperate Sanderson non-News RNS: Drill not broken yet. £6 under budget..

1000+ more Ramptastic moneymunch posts guaranteeing 5p a share by 4:30pm today.........


- 25% of entire share issue recently bought at 0.8p a share in placing which is still
being offloaded in chunks gradually at 25% profit. Whilst mug PI's let moneymunch
munch up their betting non-existent cash.... Doubtless 'Onwards and downwards' in
the weeks ahead....... dyor

[markycrispy] 16/6/2017 11:09

I might take a guaranteed stop spread bet out - this could go either way very fast soon

[edgein] 16/6/2017 10:48

For goodness sake funky, if the well is dry it will be P&A, they're not going to complete the well for production i.e no production liner, no well head no completion fluid no clean up pre test. Also no test period. So you can remove the £800k and the £1.4m for well completion and testing respectively. But hopefully it'll be commercial and they'll need the necessary expenditure to put the well onto 10 week testing. It'll be much more significant to the share price though as it expands the play some 30 miles to the south.

Its not UKOG's or any other oil co's fault that they have to wait 2-3 years to go through all of the paperwork, studies etc etc to get a find to production licence. Its what makes the UK O&G industry one of the safest and cleanest on the planet though. All these environmental studies to keep the nimbys happy and they still complain. All UKOG can do at this stage is keep drilling and enhancing the company value and potentially reveal an asset of national significance. Yes a couple of holes of potentially the UK's equivalent of the Austin chalks.

Regards,
Ed.

[ileeman] 16/6/2017 10:47

well considering price was 0.4p before the drill they raised money substantially higher.

The company is in a much better position that it was, value will start to reflect in market cap.

Seems like you have been burnt in the past, just move on don't let it control you.

Good luck.

[funkmasterp12] 16/6/2017 10:42

Yes, they "struck" at HH-1, raised money (twice) and the share price dropped by 80%.

[ileeman] 16/6/2017 10:39

Costs money to drill obviously.

The point of the drill is to substantially increase the companies value. On strike it will not be hard to raise funds at a much higher price.

[funkmasterp12] 16/6/2017 10:36

"Do the management need paying and paying well? Yeah I'd say so given what they've achieved in the weald to date."What, drilling a couple of holes, spending huge wads of other people's money and not apparently giving them any return?

[funkmasterp12] 16/6/2017 10:33

The drilling of the well was forecasted at £3.6m with other costs on top. Not the whole thing."Stephen Sanderson said site construction, carried out by the former operator, Celtique Energie, cost £1m. Other costs were: drilling the well: £3.6m; completing the well to allow for future production: £0.8m; and flow testing: £1.4m."Flow testing, based on HH-1 costs, refers to the initial tests and not extended.So effectively the money is almost gone after the initial drill and flow test if the above stays accurate. It may be under budget as of today but no indication as to how much, not even a %.

[ileeman] 16/6/2017 10:32

Big move after 1.2p breaks. 1.8p target.


free stock charts from uk.advfn.com

[edgein] 16/6/2017 10:12

Funky,

No one is admitting the cash is running thin as it isn't. Firstly the well is currently under budget. Dry well costs were budgeted at £3.6m. If its non commercial around half of the recent placing is in place for HH testing. If by some chance BB-1 is commercial and requires testing then they'll get 10-14 weeks of revenues from that production, that should lead nicely into HH-1 long term production testing, perhaps even overlap with it. The entire test will cost £800k for well completion and £1.4m for the entire test period. That's within UKOG's current budget, especially as the drilling to date is under budget. Do the management need paying and paying well? Yeah I'd say so given what they've achieved in the weald to date. If BB-1 comes in they should get a significant bonus! Its potentially a game changer/company maker.

Regards,
Ed.

[funkmasterp12] 16/6/2017 09:15

Ed - what you describe is essentially my bull case for UKOG. I don't disagree with anything you've said there. The issue I have is the management of the finances and the company itself. UKOG have consistently failed imo to raise significant funds (and quality of funds) that tell me there's anything in this other than existing from one bucket shop placing to the next. All the while you have a CEO paying himself a huge salary whilst consistently destructing value for holders.If the recent low was the recent low then I doff my cap to your timing sir. But with SS now effectively admitting cash is running thin yet again imo, that may not be the case.

[edgein] 16/6/2017 08:56

Ileeman,

Not very much, CEO suggests each of these wells are worth £40m to UKOG, we've one at HH-1, so there's £40m when you factor in HH1-z and HH-2. Current cap is £34m. In a week or two we could have two of these wells and a regional KL play which would open up pontentially hundreds of well locations over UKOG's acreage in the play. Its certainly not risk free though at this point, BB-1 as it stands is exploration. It may however reveal oil saturated fracture KL from next weeks coring though. We'll find out shortly, after BB-1 the company will test HH-1 this year and also plans are to drill Holmwood which is a stones throw from Brockham which found significant oil saturated fractured limestones and clays.

Regards,
Ed.

[ileeman] 16/6/2017 08:49

I bought in significantly today. Placing overhang was an issue but with the amount of volume over the weeks you would think it is cleared or about to clear.

Can see a big jump in share price as people scramble to get in before results. At 1p what is priced in?

[edgein] 16/6/2017 08:42

Funk,

Don't forget that they already have tested the best performing well in UK onshore production history at HH-1. Outcome of BB-1 won't change the outcome of HH-1, HH1-z nor HH-2, or Holmwood either. So if you want to include the company's past you should recognise that they've not had an unsuccessful KL well to date, in fact a spectacular one so far (their neighbours ANGS seem to have repeated that at Brockham). So given the company's past I'm quite excited about their future, not only BB-1, but also further activity this year at HH and Holmwood.

Regards,
Ed.

[moneymunch] 16/6/2017 08:40

EA flowtest permit expected "very shortly"....Significant upside on confirmation. Gla Tick Tock Boom!!! :-)))

[moneymunch] 16/6/2017 08:39

Pmsl...the bears were predicting sub 0.8p.....how wrong they were!!! :-)))

[moneymunch] 16/6/2017 08:34

Up Up and away!!! Gla holders transformational potential upside on confirmation of free flowing limestones. :-)

[funkmasterp12] 16/6/2017 08:34

Ed - IMO it's entirely relevant, the company's modus operandi to date has been to raise money from its shareholders. Unless that changes, why would the fortunes of the company change? One well does not a company make, especially when it's cash balances are constantly on a knife edge.Mikey - I'm sorry if you don't like what I say, but rather than question my motive you are free to debate any point I raise. There's plenty of examples of stocks where Bears have been silenced because the Bulls don't like it, only for the company to collapse for the exact reasons the Bears said it would. My opinion could easily change and I could happily reinvest in UKOG. By at the moment questions need to be asked about how the company is operating. And no, I clearly am not talking the price down before anyone accuses me of that (as if what I say makes a difference anyway!)

[edgein] 16/6/2017 08:24

mikey,

They're a dime a dozen on ADVFN.

Regards,
Ed.

[edgein] 16/6/2017 08:23

Funky,

I'm not too bothered by the past, its not relevant it never makes old Ed any money. The future does though and I knew you'd be delighted with the well on schedule and UNDER budget today. As I stated couldn't be going any more smoothly. Hopefully it'll continue in this vein next week with the coring operations. Also good to see the CEO suggesting that reserves on this play could see UKOG into mid cap territory that will be exciting for investors able to pick these up at around £30m cap.

Regards,
Ed.