UK Oil & Gas Share Price (UKOG)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
UK Oil & Gas	LSE:UKOG	London	Ordinary Share	GB00B9MRZS43	ORD 0.01P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-0.05p	-2.60%	1.875p	38,662,758	14:00:21

Bid Price		Offer Price	High Price	Low Price	Open Price
1.85p		1.90p	1.925p	1.85p	1.925p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Technology Hardware & Equipment	0.21	-2.27	-0.08		104.4

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Keywords (KWS), IQE (IQE), Tekcapital (TEK), Pebble Beach (PEB)

UK Oil & Gas (UKOG) Latest News

UK Oil & Gas News

Date	Time	Source	Headline
18/10/2018	10:45	ALNC	Horse Hill Partners Targeting Portland Oil Production In 2019
18/10/2018	07:48	ALNCF	Alliance News Flash Headline
18/10/2018	07:01	UKREG	UK Oil & Gas PLC Portland Declared Commercially Viable
15/10/2018	11:35	UKREG	UK Oil & Gas PLC Holding(s) in Company
10/10/2018	15:43	ALNC	Sustained Crude Oil Flow Recorded At Horse Hill Say Alba And UKOG
10/10/2018	13:55	UKREG	UK Oil & Gas PLC EWT Update: Horse Hill-1
08/10/2018	09:57	UKREG	UK Oil & Gas PLC Holding(s) in Company
08/10/2018	09:55	UKREG	UK Oil & Gas PLC Holding(s) in Company
05/10/2018	12:29	ALNC	UKOG Begins Extended Testing Of Kimmeridge Limestone 4 At Horse Hill
05/10/2018	11:30	UKREG	UK Oil & Gas PLC Extended Well Test and Regulatory Update

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Date	Time	Title	Posts
27/10/2018	18:42	UKOG strikes oil 2016	110,157
27/10/2018	13:09	UK OIL & GAS 2018 - "The Gatwick Gusher"	6,699
19/10/2018	08:38	TIMBER!!!!!!!!!!	1,779
16/10/2018	10:56	I wonder why?	380
11/10/2018	21:27	stephen sanderson says horsehill Ј1,000,000 profit each month from 1 well	-

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27/10/2018 09:20	UK Oil & Gas Daily Update: UK Oil & Gas is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker UKOG. The last closing price for UK Oil & Gas was 1.93p. UK Oil & Gas has a 4 week average price of 1.78p and a 12 week average price of 1.63p. The 1 year high share price is 5.83p while the 1 year low share price is currently 0.93p. There are currently 5,566,524,206 shares in issue and the average daily traded volume is 52,515,610 shares. The market capitalisation of UK Oil & Gas is £104,372,328.86. Read Full Thread Reply
24/10/2018 19:34	atino: [Quote] There's something we are on the edge of liking about Angus Energy's recent price movements. At present, they are trading around 11.5p and movement now bettering 12.75p looks capable of a recovery cycle towards an initial 16p. Secondary, if bettered, is at 18p. Shown on the chart is an extremely tentative line, a trend drawn on historical closing prices. At present, it demands the share price actually close above 20p before continued recovery to 27p becomes possible. Price movements certainly provide a little confusion as, to be honest, we have considerable trouble projecting any rise beyond 18p. If experience is anything to rely upon, should the price enjoy some manipulation gaps once above the 12.75p, we'd feel hope exists for life beyond the 18p target on the present cycle. As always, there's another side of the coin. The share price would require to slump below 7p to permit a raised eyebrow as this could easily drive the price down to 4.5p initially with secondary, if broken, at 1.75p. To judge by the feel of price moves, this seems an unlikely proposition. https://www.ii.co.uk/analysis-commentary/angus-energy-shares-are-flying-how-high-can-they-go-ii507007/ Read Full Thread Follow Reply
18/10/2018 18:50	atino: HOW DARE YOU 😡 ! And now for forfeit against “My Atino” 😲 !...(RUN !) [Quote] “Oil under Surrey? Scepticism 😱🤥raised as Gatwick drillers gush over oil flows“ Surrey’s would-be oil drillers claim that crude flows could gush from the Home Counties at triple the expected rate by next year – although not everyone is convinced. By Jillian Ambrose, energy editor 18 October 2018 Fresh testing of an oil well near Gatwick has revealed that up to 1,000 barrels of oil could flow from Surrey’s sandstone layers every day, according to the company behind the plans. UK Oil and Gas (UKOG) sparked a 6pc share price bounce by telling investors that its plans for the Portland oil licence are “commercially viable”. Stephen Sanderson, UKOG’s chief executive, said by the end of this year it would apply to Surrey County Council for permission to begin commercial drilling in 2019. However, experts have once again poured doubt on the latest round of claims from the company. Ashley Kelty, an analyst with financial services group Cantor Fitzgerald, described the announcement as “spurious” and said it was “extremely unlikely” that UKOG would be able to recover as much of the oil reserves as it claims. “The company has been saying that the Portland well is commercial for a while now, so this is probably more to keep the voracious appetite of the retail punters for news sated,” he said. He added that a flow rate of 1,000 barrels of oil a day “seems a leap of faith” given the testing achieved only 360 barrels of oil a day. UKOG has come under fire in the past for over-stating the potential of its oil plans in the Weald Basin near Gatwick Airport which it claims could hold billions of barrels of oil. Shares in the company can be snapped up on the junior Aim market for as little as 2p, even after a flurry of buying on the market following the announcement. The company is worth a fraction of its value last year when shares climbed to over 8p after the Environment Agency gave the go-ahead to drill the onshore licence to test its oil flows. https://www.share-talk.com/oil-under-surrey-scepticism-raised-as-gatwick-drillers-gush-over-oil-flows/amp/ Read Full Thread Follow Reply
18/10/2018 18:29	atino: Evening:-) [Quote] "Is the UKOG share price on the brink of a new surge?" \| Alan Oscroft \| Thursday, 18th October, 2018 🙇‍♂;️ After the "early enthusiasm" 🤦‍♂;️ 😜 and the share price climb subsided 😤, the question has been whether UK Oil & Gas (LSE: UKOG) would ever get oil from the so-called Gatwick Gusher… well, gushing? The UKOG subsidiary and operator at the Weald Basin project, Horse Hill Developments (HHDL), had earlier released short-term flow test results, which had disappointed investors and added to the share price volatility. The shares have swung between less than 1p and more than 2.5p over the past six months, and that’s not my idea of a nerve-calming investment. Early tests were followed by an extended well test (EWT) programme, which concluded this month. And the latest update on Thursday, speaking of the Portland and Kimmeridge targets, tells us that HHDL “now considers the Portland oil field to be commercially viable.” The company aims to begin long-term production during 2019. The project could see the development of up to three production wells, and up to two pressure support wells, but what production volumes should we expect? Flow rates Being understandably cautious, HHDL says its HH-2 horizontal well “has a targeted sustainable daily Portland production rate of 720 to 1,080 bopd“, which is two-to-three times the “calculated sustainable vertical well rate of 362 bopd derived from the EWT programme.” The company (wisely, I think, considering the ebullience that followed the initial news of its discoveries), adds a caution: “There can be no absolute guarantee that forecast, targeted or calculated rates of production will be achieved.” The share price responded with a 3.7% rise by mid-morning, but that needs to be tempered by its penny share nature and the high spread. At the time of writing, we’re looking at a spread of 2.5% between buying and selling prices, which is what you effectively lose the moment you buy the shares. Still positive? When I last looked at UKOG, shortly after the earlier flow test results were in (but before the EWT programme), my conclusion was that “the signs are indeed turning positive for UKOG.” So what’s my take now? This positive move on the commercial viability of the project comes after several updates in the EWT programme progress over the past couple of months, and anything the reduces the uncertainty has to be a good thing. And after a year or so of frustration, I can see how sentiment towards UKOG really could start shifting. And if we do see commercial pumping in 2019, the share price could spike back up again. But for me, UKOG is still very highly speculative and a lot could still go wrong, so I’m really not keen on shares with this level of risk. https://www.fool.co.uk/investing/2018/10/18/is-the-ukog-share-price-on-the-brink-of-a-new-surge/ Read Full Thread Follow Reply
05/10/2018 13:21	whattheduce: Intersting comments from ALBA, other then UKOG the only other AIM listed company in HHDL, ergo all the others had dropped a full steaming one. Horse Hill-1 (“HH-1”) Portland and Kimmeridge Oil Discovery, Weald Basin, UK George Frangeskides, Alba’s Executive Chairman, commented: “These ambitious plans revealed by the Operator to drill up to a further four wells at the Horse Hill site, on top of the already planned HH-1z side-track well and HH-2 new well, supports our belief in the potential for Horse Hill to provide material production and cash flow returns to Alba in the medium to long-term. In the short-term, meanwhile, we await the results of the current Kimmeridge EWT, which we hope will further underpin the plans to submit a planning application for the commencement of full-scale production.” “On the corporate front, the recently announced disposals by a number of the participants of their stakes in Horse Hill means that Alba is now the sole AIM-quoted participant in the Horse Hill venture aside from UKOG, and the third largest participant in the Project overall, after UKOG and Tellurian Inc (NASDAQ: TELL). Alba remains a committed participant in Horse Hill and we look forward to reporting further news in this fast-developing project as it arises.” Price: 0.42p MCp: £12.6m Tk: ALBA.L Sector: Resources Recommendation: BUY Target Price: 6.0p Horse Hill EWT Update Alba Mineral Resources (ALBA.L) has this morning updated investors with activities on its major onshore oil project at Horse Hill. From the update, we learnt that a detailed long-term production scoping report has been submitted to the local council authority (Surrey County Council), which includes a total of six production wells being drilled over a period of two years, with an assumed maximum daily rate of 3,500 barrels of oil per day. Once feedback on the 25-page report is obtained, a full-scale production planning application will be submitted, before the 2018 EWT programme is completed. Operator HHDL, in which Alba holds a 18.1% stake, confirmed that extended well tests on the Kimmeridge Limestone 4 (KL4) have already commenced. Further updates from these tests will “follow in due course”. Today’s announcement also indicated that other near-term news-flow is likely to be an internal declaration of commerciality from the Portland layer, which will be “made shortly” by the operator. The competent persons report published in July by independent oil and gas consultants Xodus outlined that the single HH-1 well “sees” a connected Portland ‘oil in place’ of around 7 to 11 million barrels of oil gross to the project partners. Comment & Recommendation We are encouraged by the continued advancement of the Horse Hill project and potential it provides to shareholders with near-term high impact news-flow for what could become a significant onshore oil project and asset to the UK resources economy. The comments by the operator on the shallower Portland oil HH-1 well are very upbeat. But of course, the larger potential prize lies below in the Kimmeridge, from which potential high-impact results we await in the coming weeks. Alba’s project positioning at Horse Hill has been strengthened recently, following the consolidation of its listed project partners. Alba is now just one of only two AIM listed participants at Horse Hill and third largest stakeholder overall. AIM listed UKOG plc and NASDAQ listed Tellurian Inc are the other listed HHDL partners. It must be remembered that Alba is more than a one-project company, with a diversified portfolio of interests, that encompass several projects in Greenland, including its Thule Black Sands ilmenite project and the Clogau gold project in Wales, which offers substantial exploration upside, potential production opportunities and ability to produce premium priced ‘Welsh’ branded gold. First Equity continues to rate the shares as a ‘Buy’ with a 6.0p price target, of which 4.0p is currently attributed to the Horse Hill project. The target price is much higher than the prevailing share price, which underlies that the market continues to substantially discount the likelihood of a significant commercial discovery and near-term production. As further news and project validation is revealed, this gap in valuation may narrow very quickly, providing today’s investment opportunity for the astute speculative investor. Read Full Thread Follow Reply
04/10/2018 13:09	25wbh: I have posted here in the past to offer some technical insight as a practicing chartered geologist in the UK. The geological arguments have been gone over in fine detail here over many months but I do certainly agree with DLs interview comment in that there is a great misconception regarding flow testing and the formulation of an EWT. In short, there is no set specification for an EWT. Such tests are entirely site-specific based on a technical interpretation of the geology, the geotechnical properties of the strata, the reservoir dynamics and the well construction. EWTs are highly experimental and it is common practice to halt the test multiple times to review test data and to use this information to adapt and modify subsequent stages of the EWT. An EWT is absolutely NOT a linear or binary process but a highly organic process of data collection, iteration, interpretation and adjustment and is best thought of as a series of multiple sub-tests. There will be variations in pumping rate, periods of pump/flare activity/inactivity. Any attempt to deduce the flow rate from the testing by looking at pump stroke rate over time is going to be fraught with error and the longer the EWT the more significant the error. Personally I find it more useful to look at other factors to assess progress. UKOG have systematically and recently pursued a policy of acquisition of interest within HHDL which now stands at some 72%, up 22% in the last few months. Portland commercial is realistically a given now and has been massively de-risked with an official declaration likely to be published soon. The Kimmeridge Fm testing has only just started but available information to date indicates a viable play. In my view UKOG are quietly positioning themselves to be top of the podium for when this really kicks off shortly. SS is highly experienced and knows the importance of getting your ducks in a row BEFORE you need them to be. I have taken advantage of this quiet period and depressed share price to add significantly and an very confident we will see a rise in the share price soon. Don't be fooled by the typical impatience on AIM - it creates some great oppourtinites. Reply \| Recommend 26 \| ReportWashers Posts: 2,343 Opinion: Strong Buy Price: 1.875 RE: Timely top upToday 12:05I expect to The whole point of investing is to make money. I have two ISA's full now and no rush for an instant return I will take imminent lol GLA Reply \| Recommend \| Reportdarko Posts: 1,654 Opinion: No Opinion Price: 1.875 imminentToday 11:54Nowt to say just thought i would be first to say it :-) Reply \| Recommend 1 \| Reportdarko Posts: 1,654 Opinion: No Opinion Price: 1.875 RE: jungernsToday 11:50Guy called Alan seems to know his stuff but might just be good at reading :-). Just because somebody questions good news dont make them a deramper Reply \| Recommend \| ReportJoe_Watson Posts: 27 Opinion: No Opinion Price: 1.875 KARMAToday 11:48If only we can find as much oil as there is testosterone on this site, the price should go through the roof. Om mani padmi om Chill Reply \| Recommend 2 \| ReportStarBright Posts: 566 Opinion: No Opinion Price: 1.875 RE: jungernsToday 11:46Iliorla’s post matches precisely one of FOTH’s tweets. Either Iliorla has copied FOTH’s tweet and posted it here for some reason, or Iliorla is FOTH. Pretty pathetic either way. Time to grow up. Reply \| Recommend 3 \| Reportnhawan Posts: 1,882 Opinion: No Opinion Price: 1.90 RE: Falling share price Today 11:27It has to bounce soon. The share price is currently around the same price as the last HH acquisition from SOLO and it did bounce from this level just 2 months ago. The 1.8p level has been strong support so let's see if it does the same again. Reply \| Recommend \| Report Dropzone Posts: 6,428 Opinion: No Opinion Price: 1.90 RE: Timely top upToday 11:26I hope they are worth more than washers when you sell themm Reply \| Recommend 1 \| ReportWashers Posts: 2,343 Opinion: Strong Buy Price: 1.90 Timely top upToday 11:20Just in time for a tick up another 95k shares all adds up. GLA Reply \| Recommend 1 \| Reportjungerns Posts: 1,610 Opinion: No Opinion Price: 1.90 re Jungerns.....illoriaToday 11:19illoria No idea who you are or what you're claiming but have NEVER quoted you in my life and never heard of you before frankly Nor am I swing trader (not that theres anything wrong with that) Nor do I have multiple LSE accounts sunshine I will happily go on file here and write a cheque for £10,000 to a charity of your choice should that be inaccurate. The problem with people like yourself is that "you're at it 24/7"...as such you assume everybody else must be pulling a fast one as well and you're constantly chasing shadows when none exist £10,000 feel free to contact LSE and when you told you are wrong you put £50 in a charity of MY choice Off you go an that applies to anyone else as well. Am guessing that you're actually the oaf on the hill in disguise as hes banging on about me and morocco being swing traders for days Reply \| Recommend 3 \| Report spendafew Posts: 97 Opinion: No Opinion Price: 1.90 Solo & MM'sToday 11:17How many more shares do solo have at 1.97p to sell before this share price truly reflects the amount of busy vs sells? I'm annoyed with DL banging on about the MM's controlling the share price to cover there shorts. That may well be true, but the fact is the share price reflects the confidence in ukog. The shares are continually being diluted by paying other debts ie solo & £10m loan, and the pi's are funding this with no reward. Until all the debts are paid this share price is going no where fast imho. Reply \| Recommend 2 \| ReportDropzone Posts: 6,428 Opinion: No Opinion Price: 1.90 RE: Falling share price Today 11:16Every day we are being shafted. I'm not throwing anymore cash into this until just for a change there is good solid news. Reply \| Recommend \| ReportWaynesmith Posts: 2,065 Opinion: No Opinion Price: 1.875 Is itToday 11:15150 days yet ? Reply \| Recommend 1 \| ReportDropzone Posts: 6,428 Opinion: No Opinion Price: 1.90 Falling share price Today 11:13No light in this tunnel so far. Reply \| Recommend \| ReportIbug Posts: 1,553 Opinion: No Opinion Price: 1.875 From SCOPING REQUEST REPORTToday 10:513. DEVELOPMENT DESCRIPTION The Site size will increase from 2.08 hectares to approximately 2.6 hectares with the additional land take being directly to the east of the existing well site. They are digging to the west so I would put that idea to bed. Reply \| Recommend 1 \| Report 1234567891011Next Share Chat Page Home \| Contact Us \| About Us \| Advertise with Us \| Sitemap \| Terms & Conditions \| Chat Rules \| Cookies \| Privacy \| Mobile Site Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site, we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk. The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates. 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18/9/2018 13:17	datait: Oil is moving up nicely but UKOG need to find plenty of oil at the moment its light very light commercial if it was a lot better the price would reflect that but its not. So for now UKOG share price will fall back well over priced. Read Full Thread Follow Reply
12/9/2018 12:26	hans christian andersen: Oil and gas shares are event-driven trading. Here are the key triggers for putting pounds into petroleum London's oil and gas sectors presents investors with a rotation of opportunities to take risks in return for rewards - here's a comprehensive look at the possible trading catalysts oil and gas operations Exploration well drilling is arguably the most significant single value trigger Unless you’re simply queued in behind the pension funds and unit trust managers picking up quarterly dividends from BP and Shell, the preferred way to play the oil and gas is event-driven trading. The sector offers a fairly well-defined chain of tradable events as successful projects transform from their unexplored beginnings into producing and profitable fields. For brave investors, there are several major value-adding opportunities to take risks in return for rewards along the way. Inherently, every risky value catalyst has the opposite potential - to leave speculators out of pocket. In the oil and gas sector, success is far from guaranteed, but, well-timed investments in the right companies nonetheless open up significant opportunities for capital growth. Small but often ambitious beginnings Most exploration projects essentially start with a big idea and some form of unchartered territory. All the ‘easy’ discoveries have supposedly all been made. The task of finding tomorrow’s oil reserves most often than not falls to small exploration firms run directly by teams of geologists. They are set-up to risk their very existence in the pursuit of new discoveries. These hardy explorers often look where the larger companies don't, or won't. They take land positions in areas either discarded by ‘big oil’ or entirely untested or operationally riskier frontier areas. New projects are typically picked up at a low cost or are awarded by government agencies in return for investment commitments designed to advance the localised oil and gas industry. This approach essentially outsources the nascent phases of the oil industry for unproven jurisdictions. It creates activity and interest where the blue-chips would have none. In more mature provinces, it provides stimulus to reinvigorate activity. For example, in the North Sea, the UK’s 30th Offshore Licensing round saw 123 exploration areas handed to a total of 61 oil companies which promised to carry out specific work programmes. Seismic, desktop evaluation and modelling With exploration land now in the bag, explorers move on to preliminary exploration. Frequently, the first step in exploring for oil and gas is through seismic exploration programmes. Simplifying what is a complex technique, the process allows scientists to get a picture of sub-surface geology. Explosives are fired in specified positions, resulting movements across the ground are captured in the form of seismic data. And, because the pulse of energy moves differently through the different strata below ground, analysis of the data can be used to indicate potential geological features. The data is pored over by experts, and, is used to model exploration prospects. Seismic programmes come in two forms: 2D (meaning two-dimensional), which captures data along straight lines, and the more advanced and more expensive 3D seismic. Typically, unless other information is known about the area, the latter is needed if a well is to follow. Other ‘geotechnical’ studies can also be undertaken for projects at this pre-drill phase. Prospect inventories & resource estimation With seismic data evidently providing a degree of de-risking, (hopefully) backing up the initial exploration concept, the project is now at a point where the company can start giving the market an idea of what the company thinks it might have. This is, often, the stage where a broader investor audience starts to pay more attention. Companies will often begin giving investors information about specific potential targets; they may even give indicative ‘in-house̵7; estimate of scale. Be warned, these are highly speculative estimates at best. Nothing has been ‘discovered217; yet, and, the millions or billions of barrels of crude estimated to exist below the surface have a habit of disappearing quickly if future exploration programmes don’t work out. Third-party estimates carry more credibility, albeit they are still (and unavoidably) conceptual. Explorers will hire industry consultants to analyse project data, inspect or create their own models and come to their own estimates of the project. This is a crucial step for what comes next. It rubber stamps the prospective resources and gives outsiders more confidence in the project’s potential. Funding Nobody gets this far without spending money, and, frankly, a capital raise is always a possibility for exploration stocks. Nonetheless, at this point, we’re reaching the thicker end of the wedge. Budgets of just a couple of million dollars can be stretched through the preliminary exploration phases, especially if the project comes with pre-existing data or insight. Drilling a well will usually cost a multiple of that. The rule of thumb is offshore drilling is more expensive than offshore exploration. The shallow wells of Texas might come in at a couple of million dollars a pop, while at the height of the last boom, deep water rates were around US$1mln a day. Today? Well, it might cost anywhere between US$20mln and US$60mln probe beneath the waves. That's cheaper than it used to be, but it's still a big boy's play. Sometimes a junior can get creative to cut out some costs. For example, old wells can be re-opened to test new exploration targets or, alternatively, novel partnership deals can be done with drill rig operators. But, most successful early-stage explorers will reach a point where they’ll have to find the budget to drill new wells. Securing funding can be a positive or a negative for the share price. On one hand, it creates the wherewithal to drill a possible discovery well, the biggest single value catalyst of them all. But, it can also introduce substantial equity dilution. The threat of dilution is among the reasons smaller explorers will look to strike partnerships with more established operators, trading off project equity in return for funding commitments. Whilst ‘farm-out̵7; deal-making can be valuable, protracted negotiations can sometimes see projects become frozen in time. Exploration drilling Arguably, this is the most straightforward part of the whole project - from an investor’s point of view at least. Obviously, there’s a great deal of engineering, project management and operations work involved. But, for investors, the process can be boiled down to a simple process. A hole is drilled down into the ground until it reaches the targeted depth. The hope is that everything has gone to plan and the reservoir is present as the geologists predicted. If the hydrocarbons are found in sufficient volume, if the reservoir is viable and if the oil or gas flows to surface … in all likelihood, the shares will be off to the races. If one or all fail to materialise, expect to see an equally sharp fall in the share price. Proving up with appraisal drilling A discovery well proves the hydrocarbons are there and are viable; further appraisal wells are usually needed to confirm the extent of the discovery. Ongoing programmes are about fact-finding for the planning of field development. Exploration and appraisal data also firms up the pre-drill models and resources estimates. All in all, it can be a phase of significant value creation. Project financing Assuming the project has continued to achieve success over success, it will reach a point where the oil resources have been suitably proven / de-risked, that operationally attentions will turn toward the major engineering undertaking that is field development. Here, the capital requirements are now much more substantial. Onshore, proximity to existing infrastructure and end markets can make things easier and cheaper. But, offshore; well this is where projects become very expensive. Capital requirements for North Sea field developments (with only a few wells) will cost developers hundreds of millions of dollars. Deep-water projects can cost substantially more than that, and, major ‘world class’ frontier projects can easily run into the billions. By this point, all other things being equal, what was a tiny exploration team has most likely grown substantially. The business itself is now probably worth anywhere between £300mln to £1bn, depending on the size of its undeveloped resource. Even so, the company will need to secure some form of project finance. Traditionally, it would come mostly via the issue of debt financing, supplemented with some more shareholder equity for good measure. Alternatively, it could come in the form of another farm-out, selling more project equity for development capital. Once the funds and the project planning are together, the discovery reaches project sanction. Field development: the slow-burn to real value creation Getting the green light to take a project into development is undoubtedly an exciting catalyst that will give most stocks a good lift, but, it also puts into motion what usually ends up being a quieter phase for investors. Although the company and its operational teams have never been busier, the stock market speculators that have backed management’s every move to this point are now running out of opportunities for immediate upside. Development work, spanning at least a 12-18 month offshore, brings the project to ‘first oil’ and will establish revenue generating production. It is a watershed moment for the company, it marks an undeniable and value-creating milestone. But, it also represents something significant for a certain kind of investor. Valuations of the company become progressively less about potential and what could be. The premise for investment and the purpose of holding shares is changing. It is now about the material facts of a production business: it is about output volumes, sales prices, margins and cash flow. And, importantly, investors are now eyeing the pace at which that project financing debt can be repaid so that they can start milking dividends. Congratulations, the dynamic exploration minnow is now an income paying buy-to-hold portfolio share! Exit or evolution The evolution of stock market-listed companies is, of course, never so simple. This linear narrative suits this author’s purpose. In reality, there are a great number of divergent moments and there the potential pitfalls along the way are plentiful. Even if a company was so successful that they could achieve each of the above milestones so effortlessly, in the competitive and fast-moving oil and gas sector, good projects are always sought after. That may come in the form of a big money premium cash takeover, although recent history suggests it may be more complicated than that. Perhaps, a farm-out partner takes up a large working majority of the project and the small-cap explorer becomes the minority passenger, towed along for the remainder of the project's lifespan. Quality assets have, meanwhile, been lost to creditors because farm-out transactions never emerged (go ask any Xcite Energy investor about such pitfalls). At some point or another, the company or the project is likely to become the subject of some form of merger and acquisition activity or consolidation. So there it is, in a nutshell, the A-Z, of oil exploration and development. In the next instalment, we'll get into the real nitty gritty of oil investment.Oil and gas shares are event-driven trading. Here are the key triggers for putting pounds into petroleum London's oil and gas sectors presents investors with a rotation of opportunities to take risks in return for rewards - here's a comprehensive look at the possible trading catalysts oil and gas operations Exploration well drilling is arguably the most significant single value trigger Unless you’re simply queued in behind the pension funds and unit trust managers picking up quarterly dividends from BP and Shell, the preferred way to play the oil and gas is event-driven trading. The sector offers a fairly well-defined chain of tradable events as successful projects transform from their unexplored beginnings into producing and profitable fields. For brave investors, there are several major value-adding opportunities to take risks in return for rewards along the way. Inherently, every risky value catalyst has the opposite potential - to leave speculators out of pocket. In the oil and gas sector, success is far from guaranteed, but, well-timed investments in the right companies nonetheless open up significant opportunities for capital growth. Small but often ambitious beginnings Most exploration projects essentially start with a big idea and some form of unchartered territory. All the ‘easy’ discoveries have supposedly all been made. The task of finding tomorrow’s oil reserves most often than not falls to small exploration firms run directly by teams of geologists. They are set-up to risk their very existence in the pursuit of new discoveries. These hardy explorers often look where the larger companies don't, or won't. They take land positions in areas either discarded by ‘big oil’ or entirely untested or operationally riskier frontier areas. New projects are typically picked up at a low cost or are awarded by government agencies in return for investment commitments designed to advance the localised oil and gas industry. This approach essentially outsources the nascent phases of the oil industry for unproven jurisdictions. It creates activity and interest where the blue-chips would have none. In more mature provinces, it provides stimulus to reinvigorate activity. For example, in the North Sea, the UK’s 30th Offshore Licensing round saw 123 exploration areas handed to a total of 61 oil companies which promised to carry out specific work programmes. Seismic, desktop evaluation and modelling With exploration land now in the bag, explorers move on to preliminary exploration. Frequently, the first step in exploring for oil and gas is through seismic exploration programmes. Simplifying what is a complex technique, the process allows scientists to get a picture of sub-surface geology. Explosives are fired in specified positions, resulting movements across the ground are captured in the form of seismic data. And, because the pulse of energy moves differently through the different strata below ground, analysis of the data can be used to indicate potential geological features. The data is pored over by experts, and, is used to model exploration prospects. Seismic programmes come in two forms: 2D (meaning two-dimensional), which captures data along straight lines, and the more advanced and more expensive 3D seismic. Typically, unless other information is known about the area, the latter is needed if a well is to follow. Other ‘geotechnical’ studies can also be undertaken for projects at this pre-drill phase. Prospect inventories & resource estimation With seismic data evidently providing a degree of de-risking, (hopefully) backing up the initial exploration concept, the project is now at a point where the company can start giving the market an idea of what the company thinks it might have. This is, often, the stage where a broader investor audience starts to pay more attention. Companies will often begin giving investors information about specific potential targets; they may even give indicative ‘in-house̵7; estimate of scale. Be warned, these are highly speculative estimates at best. Nothing has been ‘discovered217; yet, and, the millions or billions of barrels of crude estimated to exist below the surface have a habit of disappearing quickly if future exploration programmes don’t work out. Third-party estimates carry more credibility, albeit they are still (and unavoidably) conceptual. Explorers will hire industry consultants to analyse project data, inspect or create their own models and come to their own estimates of the project. This is a crucial step for what comes next. It rubber stamps the prospective resources and gives outsiders more confidence in the project’s potential. Funding Nobody gets this far without spending money, and, frankly, a capital raise is always a possibility for exploration stocks. Nonetheless, at this point, we’re reaching the thicker end of the wedge. Budgets of just a couple of million dollars can be stretched through the preliminary exploration phases, especially if the project comes with pre-existing data or insight. Drilling a well will usually cost a multiple of that. The rule of thumb is offshore drilling is more expensive than offshore exploration. The shallow wells of Texas might come in at a couple of million dollars a pop, while at the height of the last boom, deep water rates were around US$1mln a day. Today? Well, it might cost anywhere between US$20mln and US$60mln probe beneath the waves. That's cheaper than it used to be, but it's still a big boy's play. Sometimes a junior can get creative to cut out some costs. For example, old wells can be re-opened to test new exploration targets or, alternatively, novel partnership deals can be done with drill rig operators. But, most successful early-stage explorers will reach a point where they’ll have to find the budget to drill new wells. Securing funding can be a positive or a negative for the share price. On one hand, it creates the wherewithal to drill a possible discovery well, the biggest single value catalyst of them all. But, it can also introduce substantial equity dilution. The threat of dilution is among the reasons smaller explorers will look to strike partnerships with more established operators, trading off project equity in return for funding commitments. Whilst ‘farm-out̵7; deal-making can be valuable, protracted negotiations can sometimes see projects become frozen in time. Exploration drilling Arguably, this is the most straightforward part of the whole project - from an investor’s point of view at least. Obviously, there’s a great deal of engineering, project management and operations work involved. But, for investors, the process can be boiled down to a simple process. A hole is drilled down into the ground until it reaches the targeted depth. The hope is that everything has gone to plan and the reservoir is present as the geologists predicted. If the hydrocarbons are found in sufficient volume, if the reservoir is viable and if the oil or gas flows to surface … in all likelihood, the shares will be off to the races. If one or all fail to materialise, expect to see an equally sharp fall in the share price. Proving up with appraisal drilling A discovery well proves the hydrocarbons are there and are viable; further appraisal wells are usually needed to confirm the extent of the discovery. Ongoing programmes are about fact-finding for the planning of field development. Exploration and appraisal data also firms up the pre-drill models and resources estimates. All in all, it can be a phase of significant value creation. Project financing Assuming the project has continued to achieve success over success, it will reach a point where the oil resources have been suitably proven / de-risked, that operationally attentions will turn toward the major engineering undertaking that is field development. Here, the capital requirements are now much more substantial. Onshore, proximity to existing infrastructure and end markets can make things easier and cheaper. But, offshore; well this is where projects become very expensive. Capital requirements for North Sea field developments (with only a few wells) will cost developers hundreds of millions of dollars. Deep-water projects can cost substantially more than that, and, major ‘world class’ frontier projects can easily run into the billions. By this point, all other things being equal, what was a tiny exploration team has most likely grown substantially. The business itself is now probably worth anywhere between £300mln to £1bn, depending on the size of its undeveloped resource. Even so, the company will need to secure some form of project finance. Traditionally, it would come mostly via the issue of debt financing, supplemented with some more shareholder equity for good measure. Alternatively, it could come in the form of another farm-out, selling more project equity for development capital. Once the funds and the project planning are together, the discovery reaches project sanction. Field development: the slow-burn to real value creation Getting the green light to take a project into development is undoubtedly an exciting catalyst that will give most stocks a good lift, but, it also puts into motion what usually ends up being a quieter phase for investors. Although the company and its operational teams have never been busier, the stock market speculators that have backed management’s every move to this point are now running out of opportunities for immediate upside. Development work, spanning at least a 12-18 month offshore, brings the project to ‘first oil’ and will establish revenue generating production. It is a watershed moment for the company, it marks an undeniable and value-creating milestone. But, it also represents something significant for a certain kind of investor. Valuations of the company become progressively less about potential and what could be. The premise for investment and the purpose of holding shares is changing. It is now about the material facts of a production business: it is about output volumes, sales prices, margins and cash flow. And, importantly, investors are now eyeing the pace at which that project financing debt can be repaid so that they can start milking dividends. Congratulations, the dynamic exploration minnow is now an income paying buy-to-hold portfolio share! Exit or evolution The evolution of stock market-listed companies is, of course, never so simple. This linear narrative suits this author’s purpose. In reality, there are a great number of divergent moments and there the potential pitfalls along the way are plentiful. Even if a company was so successful that they could achieve each of the above milestones so effortlessly, in the competitive and fast-moving oil and gas sector, good projects are always sought after. That may come in the form of a big money premium cash takeover, although recent history suggests it may be more complicated than that. Perhaps, a farm-out partner takes up a large working majority of the project and the small-cap explorer becomes the minority passenger, towed along for the remainder of the project's lifespan. Quality assets have, meanwhile, been lost to creditors because farm-out transactions never emerged (go ask any Xcite Energy investor about such pitfalls). At some point or another, the company or the project is likely to become the subject of some form of merger and acquisition activity or consolidation. So there it is, in a nutshell, the A-Z, of oil exploration and development. In the next instalment, we'll get into the real nitty gritty of oil investment. Read Full Thread Follow Reply
12/9/2018 06:07	sb888: Both bulls and bears know that WTD is an absolute moron that has no connection with reality and his brother AMR is fastly catching him up. WTD does have the much wanted accolade of being moron of the week though, not once but twice....further proof of his lunacy There is manipulation of the share price but it is the exact opposite of what these idiots claim The share price is vastly over priced, and should be 25% of where it is. Why these morons cant read that when seeing the latest mockery of an rns just proves how retarded they are. Share price is only where it is because of moron mug punters buying it without any real understanding of what has happened or is happening Read Full Thread Follow Reply
09/9/2018 12:21	atino: Morning 🙂 a Sunday lesson...for beginners (...and by the same token, a pro investor, is not one, whom sits my a monitor or bulletin board all day...and EVERY DAY ! 🙇😉) [Quote 9th Sept 2018] “About to buy penny shares? Here’s why the FTSE 100 is a much better bet” 🙇 The first time anyone suggested investing in the stock market to me it was: “A few of us are thinking of getting together to buy penny shares, are you interested?“ I had no idea what penny shares were, but I knew not to get involved in things I didn’t understand. The attraction I can see why people are attracted to them. After all, it seems intuitively more likely that shares in, say, UK Oil & Gas at about 2p each, could multiply tenfold rather than FTSE 100 giant AstraZeneca shares priced at more than £56 apiece. As it happens, I agree, but I’m pretty sure that UKOG is also considerably more likely to go bust than AstraZeneca, as it’s exposed to some serious risks. It’s also essential to look beyond current share prices and check how penny shares got where they are, as it almost always takes some serious bad news to get down so low. In fact, UKOG shares have lost nearly 75% of their value in the past 12 months, which really highlights the risk to me. The share price alone really tells us nothing about a company’s prospects anyway, as it’s just based on an arbitrary division of the company. AstraZeneca, for example, could do a 2,500 for 1 stock split tomorrow and have its shares valued around the same as UKOG’s — but it wouldn’t make any difference to the stock’s likelihood of ten-bagging. Likewise, UKOG could do the opposite share consolidation and swap 2,500 old shares for one new one priced at around £55, and that would affect the prospects and the risk not a jot. Lots of losers I’ve just had a look over the AIM index, which is home to more than 750 companies, mainly tiddlers, and 78 of them have shares currently priced at less than 1p. Increase that to a limit of 2p, and we see 119 companies. I then selected 10 of those companies at random, and every single one has seen its share price crash to today’s price. And all bar one of them is currently losing money, most at quite a worrying rate. I reckon the chance of most of those going bust is significant. And even for the those that will make it, there’s no way to put a proper valuation on the shares today. Are they worth £1 each, or 0.01p? We just can’t tell On the other hand, pick 10 companies at random from the FTSE 100 and you’ll find all bar one, Ocado (LON:OCDO), currently forecast to make a profit in 2018. And there’ll almost always be years of earnings and dividends to inspect, with meaningful measures like P/E multiples and dividend yields. Putting a valuation on FTSE 100 shares is still tricky, but it’s a lot easier than with loss-making penny stocks. Gambling, not investing Penny share investors tend to over-react to news too, both good and bad. Something upbeat happens and the get-rich-quick crowd piles in, pushing the shares up too high — then there’s a disappointing update and the price crashes again. And so many people believe they’re good at timing the market and can get in and out at a profit each time. Well, I’ll tell you something for sure right now… you can’t. No, investing in penny shares is gambling, pure and simple, and that’s not the way to secure a comfortable retirement. It’s the FTSE 100 for me. Alan Oscroft has no position in any of the shares mentioned. The Motley Fool UK has recommended AstraZeneca. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations... https://m.uk.investing.com/news/stock-market-news/about-to-buy-penny-shares-heres-why-the-ftse-100-is-a-much-better-bet-1309355 Read Full Thread Follow Reply
08/9/2018 11:18	atino: Are you tempted by the UKOG share price? Here’s what I’d buy instead \| Roland Head \| Friday, 7th September, 2018 The UK Oil & Gas (LSE: UKOG) share price has fallen by almost 75% over the last year. But with the company in the final stages of flow testing its Horse Hill-1 Portland oil discovery, is this sell-off a buying opportunity for patient investors? Today I want to explain why I’m concerned about the outlook for UKOG shareholders. I’ll also consider another oil stock which I believe could beat the market over the next few years. These numbers worry me UKOG recently published the results of short-term flow tests from its Portland oil discovery. The HH-1 well flowed 401 barrels of oil per day (bopd) over a six-hour period and 414 bopd over a two-hour period. However, the company warned that these flow rates “are not the long-term sustainable flow rates that will be utilised to assess the Portland’s commercial viability”. Those long-term tests are still ongoing. But to be honest, I don’t understand why UKOG published the results of the short-term ones. In my view, they suggest that longer-term flow rates are likely to disappoint shareholders. Positive cash flow? The company hopes to generate positive cash flow in 2019. The key challenge it faces is to convert some of the group’s 13.2m barrels of discovered resources into commercial reserves. The drilling and testing operations required to attempt this are not expected to complete until the end of 2019. In my view this is a risky situation. I’m not encouraged by the evidence so far and would prefer to invest in a company with proven reserves and production. https://www.fool.co.uk/investing/2018/09/07/are-you-tempted-by-the-ukog-share-price-heres-what-id-buy-instead/ Read Full Thread Follow Reply

UK Oil & Gas share price data is direct from the London Stock Exchange

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