Wonder if Red

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JattAmg

Active Member
Joined
Jan 27, 2016
Messages
466
Car
Sl65
Has purchased his Ferrari, his investment he mentioned here has gone up 110% and rising :0)

Clever guy.
 
I don't think he got one because he promised me a ride in it, so not that clever after all. :D
 
Not yet, I'm still fully invested.

I've taken this conversation with JattAMG to PM so I'm not accused of ramping or vulgarity and also so it doesn't offend some of the more delicate members of the forum.

Happy to discuss my position and thoughts on this via PM with anyone that way inclined.
 
Duster.

UK Oil & Gas Investments PLC Operational, Technical and Corporate Update

Hope you traded this & got out, it's downhill all the way now IMO. Lenigas involvement told you it was never an investment.


I'm freerolling much (but not all) of my current holding after topslicing an amount a little while back. Bear in mind I was in here at just over 1p with my first buy, so even if I'd left it all in I'd still be showing positive even after todays drop. In the thread that was locked I stated what I bought and at what price.

It's a bet, a punt, it always has been but I'm not yet ready to dump the lot as the two zones currently untested were the ones that flowed at Horse Hill that are oil bearing. They seem to have attempted to flow test the zones least likely to produce first and left the two areas that they had data on from Horse Hill to flow last - which it appears they are doing in the new year. Logic says it's probably worth waiting to see what happens there before calling the entire site a duster. It's an exploration well after all and having been in for about 18 months so far it seems daft not to wait a few more weeks to see how it plays out.

The RNS suggests they are buying two sites further north now before results from the known zones are run or declared. There's two ways to look at that, the whole well could be non commercial and they're moving on already, or they have a reasonable idea that the two known quantities will flow (hence the arrangement with Hoyer last week for tankers to start moving oil starting 8th January).

Would they prefer to be buying other sites now with unknown results at a depressed share price or after good flow results and a booming share price? How would that effect the potential value of the sites? It could be either.

There's an awful lot of nonsense written about this company on social media, both ramping and deramping and it makes the share price look like a rollercoaster.

Personally this isn't financial life or death for me, if it works out and is commercial that's great, if it doesn't I'll be on to the next one, like I said before on the closed thread, I see buying shares in companies such as UKOG as the equivalent risk to playing poker, it's not what I consider an investment. In the same way people bought/buy Bitcoin, it'll go bananas or bust, that's part of the attraction to me.

I feel sorry for people who are betting on AIM with borrowed money that are sucked in by the ramping. You see the buys of hundreds of pounds and feel it should come with a health warning.
 
A pal of mine (my wife’s friends husband) has just bought one. Personally, I don’t think it’s a very nice looking car.
It sits alongside his 458 Italia and 911 Turbo convertible.

And he’s a nice guy as well!
 
Today's RNS, lets see how it plays out, itreads to me like they are part way through the test on the exploration well:-



Oil flowed to surface from Kimmeridge Limestone 5 ("KL5") throughout 96 hours of near-continuous rod-pumping. Fluid returns, measured as half-hourly instantaneous pumped rates, currently range from around 10 to 72 barrels per day ("bpd").

· Fluids flowed to surface consist of oil mixed with returned reactants ("spent acid") from an acid-wash programme. Associated average oil percentages ("oil-cut") exceed 30% with intermittent periods exceeding 50% by volume and continue to increase. To date, no obvious formation water has been observed in returns.

· 24-hour pumping operations will continue to enable flow to stabilise, return all spent acid and achieve 100% oil ("clean-up").


UK Oil & Gas Investments PLC (London AIM: UKOG) announces that oil has flowed to surface from the naturally fractured KL5 reservoir at its 100% owned BB-1/1z exploration discovery, located in licence PEDL234. Fluid returns to surface, measured as half-hourly instantaneous pumped flow-rates over a 96-hour near-continuous period, ranged between 10 to 72 barrels per day ("bpd").


To date, fluid returns through the test equipment consist of a mixture of oil plus returned spent-acid from an acid wash treatment, with no observed obvious formation water component. Associated oil-cut steadily increased to over 30%, with intermittent periods exceeding 50% by volume. Flow continues to clean-up with an improving oil-cut trend.


The artificial lift programme, which commenced last Friday, included several initial half-hour shut-downs to bleed off produced associated gas before it locked-up the pump. One short pressure build-up test was also undertaken.


As the KL5 zone's steel casing was not perforated during the original 2017 well completion programme, two new casing-perforation runs were undertaken prior to testing.


The current test, number 7, the first ever within the KL5 in the Weald's 100-year exploration history, straddles a discrete naturally fractured limestone interval close to the top of KL4, which corresponds to the previously reported occurrence of live oil in open natural fractures seen in BB-1 core.


General Testing Update and Future Plans


The KL5 24-hour rod-pumping programme is planned to continue until further notice to enable flow to stabilise and further clean-up with the aim of achieving 100% oil to surface.


Prior to the KL5 test, oil and associated gas were recovered to surface from tests 5 and 6 within the uppermost KL3 and KL4, but with no sustained flow. Due to the limited time remaining on the planning consent, the decision was made to spend no further time on these zones and proceed ahead to the KL5 zone which, as reported in December, was known from core and geochemical analyses to contain oil in fractures and within the limestone rock matrix.


In the light of results and analyses from tests 5 and 6, together with learnings from test 7 in KL5, the Company and its consultants are currently investigating the possibility that zones 5 and 6, originally perforated in summer 2017 and acidised during the original test programme, were damaged by a combination of the long residence times of spent acid within the reservoir prior to current testing and the perforating technique utilised.


It is now thought that both fractures and perforated channels around the wellbore of KL3 and KL4 could be partially blocked by released clay particles and cement related debris, thus preventing sustainable fluid inflow.


In this respect, serious consideration is being given to a possible future short sidetrack and selective re-test of KL3 and KL4 which electric logs show as oil-saturated.


Existing planning consent time permitting, following completion of KL5 testing, the plan remains to test a 40 ft thick limestone zone in KL1 which, as per KL5, was not perforated or acid-washed in 2017.



About BB-1/1z


As previously reported, BB-1 was purposely drilled in a location where no conventional hydrocarbon trapping mechanism within the Kimmeridge reservoir section is evident. Therefore, in the Company's opinion, the now proven flow to surface of moveable, light Kimmeridge oil and associated solution gas at the BB-1z sidetrack, provides further proof that the Kimmeridge at Broadford Bridge contains a continuous oil deposit of up to 1400 ft gross vertical thickness.


The near identical Kimmeridge reservoir parameters and geology seen at BB-1/1z and the Horse Hill-1 Kimmeridge oil discovery, in which the Company holds a 32.435% interest, some 27 km to the northeast, demonstrates that the Kimmeridge oil accumulation is also laterally extensive across the Central Weald Basin and, consequently, a potentially significant national oil resource.


As previously reported in December, the integration of BB-1z petrophysical analyses with Geomark Research's in-depth geochemical analyses, strongly suggests that Broadford Bridge lies within the southern flank of the Kimmeridge continuous oil deposit, with the commercially viable extent of the play, determined by the presence of significant volumes of in-situ generated mobile oil within Kimmeridge shales and fractured limestones, terminating some few kilometres to the south of PEDL234.


UKOG, as the largest licence holder in the Kimmeridge oil accumulation's "sweet-spot" is well positioned to exploit this extensive and likely commercially viable oil resource.
 
Maybe, maybe not, I'll stick these in the bottom drawer now and see what pans out.

What got me into UKOG to start with is I live in the Weald Basin and I'm surrounded by wells that have been pumping out 300 to 600 bopd quietly for over a decade (mostly operated by iGas), many restricted to that level not by what they can produce but by what traffic was allowed to each site on a daily basis (mostly two tankers per 24 hr period).

So oil exists and in large quantity, UKOG are just going about exploration differently. So I'm betting on the concept (and this is a bet) not day trading hoping to nick 5% to 10% a day.

In fact there was quite a high profile court case involving Ex Harrods owner Al Fayed trying to claim rights over the oil field that ran under is Property in Oxted.

Fayed stripped of £600,000 claim on oil field below Surrey estate by Appeal Court judges | Daily Mail Online

It's there, plenty of it. They just need to figure how to get it out reliably and economically.
 
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Long reach horizontal wells - it's amazing how that technology has progressed over the last 30 years. However, the problem then could well be the ability to move the crude from wellsite to market, especially if they are limited to 2 tankers per site per day. Maybe if there's a railway siding nearby a pipeline to that then railfreight to market could be an answer.
 
Long reach horizontal wells - it's amazing how that technology has progressed over the last 30 years. However, the problem then could well be the ability to move the crude from wellsite to market, especially if they are limited to 2 tankers per site per day. Maybe if there's a railway siding nearby a pipeline to that then railfreight to market could be an answer.

As you say Horizontal well technology along with octopus pads has changed the way many on shore sites are being viewed (ones that were previously ruled out as non viable by big Oil co's in the '80s.

The one I mention above (300-600 bopd) is a site near South Godstone that's walking distance from my house - link below. I know the family who own the farm on which it's sited which is how I know a bit more about the capped flow rates:

IGas gets go-ahead for 15 years of gas and oil production at Bletchingley, Surrey

There is a bigger picture being looked at with these on shore discoveries (at national Gov level) that's smoothing a lot of infrastructure that would previously have not been possible.

It's an interesting long term prospect for the entire South East not just UKOG. Cost of recovery on shore is so much less than North Sea.

You'll notice in the article above they were drilling here in the 60's. Technology has transformed what's possible in the 50+ years since they first started looking.
 
Red,

Does it not concern you that the Head Boy, £600,00k p.a. Steve Sanderson, does not own a single UKOG share?
 
Red,

Does it not concern you that the Head Boy, £600,00k p.a. Steve Sanderson, does not own a single UKOG share?

He should stock up, they are cheap as chips at the moment.
 
Bit of a worry. Gotta be able to trust those with whom one has invested money.

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Red,

Does it not concern you that the Head Boy, £600,00k p.a. Steve Sanderson, does not own a single UKOG share?
Red,

Does it not concern you that the Head Boy, £600,00k p.a. Steve Sanderson, does not own a single UKOG share?

Not particularly, when his options came available it would have been considered a closed trading period for directors dealings. Even if he bought today his options are still at less than today's share price.
 

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