Rocketing this morning on a superb upgrade !...

you forgot to mention that (i think) only 35/40% of a so-called "proven reserve"can be extracted

$60 p/bbl does not leave you much if any margin, if you then have to add in all the development and other costs ... and don't forget what has to be paid to the gov't and the landowner

for comparison, saudi can pump oil at <$10 p/bbl and iraq at <$11

Rather than doing a xmas panto ( oh yes they can oh no they can't) I got more faith in Wood Mackenzie reports... Also suffice to say that US is now a net exporter of hydrocarbons rather than being the importer from the past.
Anyway all the best in 2018-gonna be bumpy

Also it should be noted that Brent ICE is in backwardation in every single forward month of ICE postings (up to Dec 2013 which quotes for that period $57.50 p/bbl) All in all a bit "difficult" i.e. a bugger to hedge as a producer one would have thought...

I note that crude...(I presume Brent is up $1 today)....61 dollars now.....this is in a rising trend.....no argument.....Sealion is looking more and more viable.....good also for UKOG...where costs around prime land drills are quite expensive but far cheaper than at sea......

WTI is approx $61.....Brent is approx $67 pb.

ahh...yes of course Harrycat...Brent is more expensive....right on.....

am not talking prompt mkt lvl- am talking what the industry thinks of forward lvls-as one should do with everything..

I read somewhere...that the market anticipates a $5 rise per year for the next few years....not sure where I read this ...might be the investors Chronicle....this a few months ago now....and the rise looks like a lot more than this the way things are going....who knows ?,... the trend might reverse....

Futures mkts (which are what the industry expects -rightly or wrongly) begs to disagree big time with that assessment

StockMarketWire.com
UK Oil & Gas Investments said it had allowed an exploration licence off the Isle of Wight to lapse

'In the company's view the offshore Licence's low geological prospectivity, high environmental sensitivity and consequential high associated drilling costs merited no further commitment of financial or technical resources,' the company said.

No remaining obligations for the licence, called P1916, remained, it added.

Update: Broadford Bridge-1 & 1z Oil Discovery, Weald Basin, UK
UK Oil & Gas Investments PLC (London AIM: UKOG) announces that, further to the announcement on 27 December 2017, the completion of flow testing at its 100% owned Broadford Bridge-1z exploration discovery, located in licence PEDL234, is now expected during February 2018.

cynic's favourite share not doing very well today

it's my fave for laughs and watching the latest muppet show

wowee - what a crackerjack this is!!

sp scarcely moved from end december, and you could have halved your investment from that time in the last 2 days

fill your boots (with cement) chaps

:-)

Good recovery.....but getting oil to flow properly still seems to be elusive....

good recovery??????
0.23p ...... what could you buy with that?

Most of the oil that UKOG produces at the moment.

quite so :-)

gosh - surely not now down to well less than 2p?
can that that really be so for such a sure-fire crackerjack stock?

Crude oil?
forget it :
1. US shale will control lvls whatever (R)Opec come up with as those countries have now worrying budget deficits and will need to produce/export bbls ( albeit politically maybe slightly less than capable for time being) -btw US shale production (upto 11mbpd) will /or can exceed both Russia or Saudi production until at least 2025/2030 if wanted NOT if needed
2. Worldwide refinery yields are not profitable (hence multitude of refinery closures) vs cost of cif crude due over capacity of previous misguided refinery expansion economics in Far East and Middle East.