Uk Oil & Gas Share Discussion Threads

[cyan] 30/6/2021 13:21

Good afternoon JohnCasey

"10p might happen"
Madness like tulip mania can happen BUT I really think that most have learnt the UKOG lesson now.
10p would mean a market cap of over £1.3 BILLION ; about three times GENL who produce circa 33,000 barrels a day.

Not going to happen, imo.

As to Turkey producing a thousand barrels a day any time soon, I think is unlikely on a operational basis ,and that discounts the risk that the well may have nothing commercial to offer.

Nothings guaranteed .

[bionicdog] 30/6/2021 13:14

Giving a MC of £1.25 billion before dilution.

[johncasey] 30/6/2021 13:12

yeah but turkey could be producing 1000 barrels/day soon or alot more...so 10p might happen again sooner than you think

[cyan] 30/6/2021 12:58

Good afternoon Kaisersuzae

You wrote "2m in the bank. Can’t see placing happening just yet."


The cash position at 31st March was £1.944 m; How much has been paid since to AME?

We are not given any hint on the 'near term' fund raising necessity for Resan works obligations and other company operations

We have to remember UKOG had cash of £1.634m on 30th September 2020 which was then bolstered by the £2.2 m fund raise in October 2020 giving UKOG about £3.834m in early October.

£3.834m minus £1.944m equals £1.890m cash reduction in the last 6 months

Without the £2.2m for initial Resan operations, UKOG would have run out of cash ages ago.


Despite revenues from HH and heavy cost cutting ,UKOG are still losing money; Operating loss for 6 months till end of March ; £1.021 m.

[hans christian andersen] 30/6/2021 12:54

31 March 21 £1,944,000 Cash and cash equivalents in the bank.

We don't know how much UKOG have paid to AME. We do know they have to fork out about $1-$1.5 million for seismic and $3m for the well.
Admin is running at about £1m every 6 months.
Hardly any revenue due to "other cost of sales".

Work it out!

Placing after hours Friday anyone. 0.17p still looking good to me. Has Scotland delayed it?

[johncasey] 30/6/2021 12:33

decided to take the plunge..gone in heavy,you only live once

[kaisersuzae] 30/6/2021 12:17

2m in the bank. Can't see placing happening just yet.

[bionicdog] 30/6/2021 12:05

I do know that the mountie is no greenhorn and he's bought in. He's out on patrol at the moment.

[johncasey] 30/6/2021 12:04

results look good...still plenty of cash in hand bolstered by horsehill increasing revenue

[hans christian andersen] 30/6/2021 12:04

What did you expect!

[hans christian andersen] 30/6/2021 11:50

Hardly





But then again I don't have an account or know if I am using it correctly.

[bionicdog] 30/6/2021 11:30

I presume Twitter is in overdrive.

[cyan] 30/6/2021 10:03

This is an interesting paragraph from the announcement of the entry into Turkey ;

"The exploration phase expires in June 2023 but can either be extended for a further 2-years, or in the success case converted directly into a 20-year production lease. The Licence's 5 well commitment to the Turkish government has a gross monetary equivalent of $7.66 million (UKOG $3.83 million), however UKOG understands that should any of the commitment wells not be drilled, a modest penalty of c. $30-50,000 is payable to the government."

This article which I recently republished on the LSE BB also suggests monetization , IF successful, may not be that quick;



"Aladdin Middle East will search for oil in Siirt America-based Aladdin Middle East will drill a BaÅŸur-3 exploration well in Siirt and search for oil. Source: Aladdin Middle East to search for oil in Siirt"

"Energy Diary - American-based Aladdin Middle East will drill a BaÅŸur-3 exploration well in Siirt to search for oil. Aladdin Middle East Ltd. Åžti. Oil exploration work is planned in BaÅŸur-3 location area, which is in AR / AME / K / M47-b1, b2 exploration license in Central district of Siirt province. Within the scope of the project worth 6 million liras, the company will drill BaÅŸur-3 detection wells in approximately 360 thousand square meters of pastureland and search for oil. Since the activity is a detection drilling activity, there will be no production within the scope of the activity. Source: Aladdin Middle East to search for oil in Siirt"

"search for oil"
"exploration well"
"Since the activity is a detection drilling activity, there will be no production within the scope of the activity."

From that its clear to me this is in reality exploration ,over years, and any move to production from a possible commercial find may not be that quick.

[hans christian andersen] 30/6/2021 09:48

Just goes to show how late the decision on those blocks is. I'm expecting another "admin" increase as I'm sure the BoD have had a pay rise after taking a "cut" for all of a "month"? last year.

[cyan] 30/6/2021 09:45

It will be an interesting read; especially their cash position.

They must cover the funding issues and update on the application for "FURTHER, exploration blocks "as commented on in the annual results;


"Should the Company's joint application with AME for four further exploration blocks to the south and southwest of the Resan licence, prove successful, it is likely that net attributable contingent and prospective resources could both increase by a further significant amount. "

[hans christian andersen] 30/6/2021 09:36

cyan
It was just a heads up. Not too late for them to get it out today. They pushed out a RNS for delay of annual so I'm hopeful. It is UKOG. It is AIM.
Be interesting to see if the rig crew are up to speed with the AME crew. Still a long way to go to August.

[cyan] 30/6/2021 09:12

Good morning HCA

You wrote;

"Could be a 1 month delay for the interims. One I missed."

Has Covid so impacted UKOG's ability to release the numbers so much that they need a delay or is it a convenient excuse to delay bad news?

I don't think UKOG's business is that diverse or complicated.

Still awaiting the much needed "near term" funding news.

[iammrweald] 30/6/2021 08:44

Nice to see gizmo,aka No1 oaf's mum, gismo has reverted to type from her ukog ramping days over on zioc bb......she deduced that the BoD cant tell its holders anything because he/they are sworn to secrecy as "things" are at a delicate stage" The secret Chinese take away has been coming as long as her mighty medical tome. he he

[bionicdog] 30/6/2021 08:30

Mel
You have described the mountie perfectly , except you missed out "liar".
Your record is a little sketchy as well.

[hans christian andersen] 30/6/2021 08:20

Could be a 1 month delay for the interims. One I missed.

[tradermel] 30/6/2021 08:14

I would say welcome to the thread "The Canadian Mounted" except this BB is so full of fukwits, swampy wannabee's and timewasters it makes it worthless to post on TBH. You will soon see how bad it is :-)

[25wbh] 30/6/2021 08:09

Good morning all , Gismo , Rayrac , Hans , Iam, and all my usual friends

[hans christian andersen] 29/6/2021 15:49

Was 12M talking about the football results as Scotland have been knocked out?
Interims are due tomorrow. That should make my day!