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(UKOG) UK Oil & Gas Share Chat

Discussion in 'General Share Chat (UKOG)' started by Bristol87, Jul 7, 2015.

  1. TwitterPost

    TwitterPost Demi God of BlueShare

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  2. Keith Mullins

    Keith Mullins Mullins58

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    Posted on LSE wizard125

    Plans to drill for fossil fuels on the Isle of Wight have moved a step closer — after UK Oil and Gas (UKOG) said it intended to submit applications for sites in Arreton and Godshill.

    UKOG, which holds a petroleum exploration development licence, has carried out tests at the sites — one west of Arreton and the other south west of Godshill.

    Previously drilled in the 1970s
    The Arreton site was previously drilled in the 1970s by British Gas, but it was not deemed economically viable to develop the site as oil did not flow to the surface.

    If planning permission is granted, it said an oil and gas well would be built at both sites.

    UKOG: We are not fracking
    A UKOG spokesperson said there would be no fracking and no pollution of the surrounding area. He also said the drilling would not cause earthquakes, after tremors were reported at another drilling site.

    The spokesperson said:

    “We are not fracking. Our well will involve drilling a small 6ins diameter hole, the size of a small domestic drainpipe, which will be lined with steel and impermeable concrete some three-quarters of a mile or more below the surface.”

    Profit share with community
    The company, which has previously clashed with Frack Free Isle of Wight over plans to drill on the Island, said it would share profits with the community if the projects were successful.

    A spokesperson for the Isle of Wight Council said there was no blanket ban on drilling for fossil fuels and any planning application would be determined on its merits.

    The spokesperson said:

    “National planning policy supports a range of energy sources and, therefore, any scheme must be determined on its merits.

    “The Isle of Wight does not have any policy guidance for oil extraction and, therefore, any decision will be based on national policy guidance contained within the National Planning Policy Framework.”
     
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  3. Keith Mullins

    Keith Mullins Mullins58

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  4. Keith Mullins

    Keith Mullins Mullins58

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    RNS

    UK Oil & Gas PLC

    ("UKOG" or the "Company")

    £2 million fund raise to help achieve stable long-term oil production at Horse Hill

    UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has raised £2 million ("Proceeds") from a single institutional investor through a placing ("Placing") of 235,294,117 new ordinary shares ("Placing Shares") in the capital of the Company. The Placing's issue price of 0.85 pence per share ("Placing Price"), represents approximately a 15% discount to the closing price of the Company's ordinary shares on the business day prior to this announcement.

    Use of Proceeds

    Whilst the Company has ample cash to fully fund its remaining 85.635% interest share of Horse Hill-2z ("HH-2z") drilling-related costs plus forward HH-1 and HH-2z production test operations, the net Placing proceeds will be used partly to accelerate long-lead time gas-utilisation, facilities and other related works necessary to bring HH-1 and HH-2z into stable long-term oil production.

    Furthermore, following recent discussions, the Company now anticipates that its Horse Hill Developments Ltd ("HHDL") co-venturers are unlikely to contribute their 14.365% share of current cash calls pertaining to HH-2/2z drilling, HH-1/HH-2z testing and the production-related costs detailed above.

    Consequently, and in addition to the above, the net Proceeds will be used to fund any potential shortfall from the HHDL partners. In this respect, the Company has also submitted a proposal to its HHDL partners to use part of the Proceeds to fully fund their current cash call obligations in return for a commensurate dilution of their holding in HHDL. UKOG owns a 77.9% controlling interest in its HHDL subsidiary, which holds a 65% operated interest in the Horse Hill oil field and licences.

    It should also be noted that UKOG's wholly owned subsidiary, UKOG (137/246) Ltd, which holds a 35% direct interest in the Horse Hill oil field and surrounding licences, will continue to fund its full share of current and future Horse Hill costs. UKOG's overall interest in the field and licences totals 85.635%.
     
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  5. Keith Mullins

    Keith Mullins Mullins58

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  6. MCJK

    MCJK A Legendary Member

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  7. Keith Mullins

    Keith Mullins Mullins58

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    MCJK

    Yep, a bit disappointing, but we need to finance all of HH at the moment. Looks like we will end up with a bigger % though. Lets hope the EWT flow rates knock the doors off ! ATB
     
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  8. Keith Mullins

    Keith Mullins Mullins58

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  9. Keith Mullins

    Keith Mullins Mullins58

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  10. Keith Mullins

    Keith Mullins Mullins58

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    Posted on LSE fjones40 who visited the site

    Mirasol just got back from a lovely walk with my daughters and made there meals for school tommorow (Sorry for the delay), I couldn`t believe it and I said to John that can`t be and it bloody well was the man himself, I not going into detail and the proof will be in the pudding but there was also a man there in suit and looked well out of place to be fair, who he was I do not know and John said it wasn`t wise taking a picture of him, so I didn`t, I called out to SS and asked him "have you anything your want to say to your shareholders and he replied "Patients", I was amazed he was so receptive TBF, I got from terribly worried about the YA and placing to think if everything I heard is true "OMFG", weather anyone believes me or not I simply don`t care but I`m not only feeling better but more than that I bought some more today and will be getting some more tomorrow when I see the markets as the share are coming on and all of that, there is going to be action maybe this week but next week for sure, SS was with a load of blokes so it is kicking off for sure, what I will say is if it fails it going to go against everything that is expected to happen, forget the rampers on here they plain stupid and plain to see what they are about, but when you invest in something it always and esp in Oil visit the site, this is setup for maximum production I feel 1500-2000 bpd, we saw another grey tank arrive today so what I counted is easy enough for 2000 or more, not sure what I expected but I been blown away and having the opportunity to speak to SS and others was the cherry on the cake, regarding the share prediction all I say is what the share price rise up the table quickly, this could be good but of course I have been wrong but at 85% success rate if what I seen and heard is correct I stake all reputation and it here for all to see and I not done this many times in my life, I of course am a simple man living a simple life but it been a long time since I had a buzz like I have got now and it not a case of hope now it will be a cracker and all that invested will be having the best Xmas they ever had I feel but of course visit the site and DYOR !!!!
     
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  11. Keith Mullins

    Keith Mullins Mullins58

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    Poeted on LSE dalliance

    Believer. One whose whole career was spent in the oil and gas industry, working in the North Sea, Indian, Atlantic and Pacific Oceans, plus a few other areas worldwide. By the way, myself and my colleagues knew that there was a huge amount of oil in the Weald and that, one day, once horizontal drilling had been perfected, it would be recovered relatively easily and economically. You've seen nothing yet but, in the not too distant future, you certainly will.
     
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  12. TwitterPost

    TwitterPost Demi God of BlueShare

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  13. Keith Mullins

    Keith Mullins Mullins58

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  14. Keith Mullins

    Keith Mullins Mullins58

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  15. Keith Mullins

    Keith Mullins Mullins58

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  16. Keith Mullins

    Keith Mullins Mullins58

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  17. Keith Mullins

    Keith Mullins Mullins58

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    3 Tankers reported today

     
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  18. Keith Mullins

    Keith Mullins Mullins58

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  19. JJ15

    JJ15 Member

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    It was good to see the increase in volume yesterday, presumably based on the sight of a convoy of tankers (I believe I said 3 would constitute a convoy :rolleyes:).

    I assume any price rise was held back by YA selling into the volume, so hopefully a loan reduction RNS shortly.

    There is still a lot of interest in this share, so I am hopeful that if (when) more news arrives, there will be enough volume of buys to enable YA to be gone in time to allow a rise in the SP.
     
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  20. Keith Mullins

    Keith Mullins Mullins58

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    JJ

    2 more tankers , is it finally starting to flow ?

    https://twitter.com/Adrianwfire
     
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