Rocketing this morning on a superb upgrade !...

StockMarketWire.com
UK Oil & Gas Investments reported a deeper first-half loss after costs rose and it wrote-down the value of an asset.

Pre-tax losses for the six months through March amounted to £4.4m, compared to losses of £1.1m on-year.

The write-down was mostly related to intangible assets in Kimmeridge Oil & Gas, specifically costs associated with drilling an unsuccessful well, the company said.

Investment in both exploration and evaluation assets and oil and gas properties increased to £5.0m.

Hell of a rebound here......damn...missed out on this......

lucky boy then
this company has a long history of delivering misinformation and worse

It's the rebound by the sp Cynic......with these minnows, now and again this happens.....

if you wager only a little, then your gain/loss is according, and is it really worthwhile?
try running a dummy portfolio of micro-minnows and see how good you were - or not as the case might be

a couple of the pharmas - eg AOR or PYC - would probably be a better long-term bet

Sometimes you can see the forthcoming rise about to start Cynic....worth a punt at times....

not here and most definitely not with my money

StockMarketWire.com
UK Oil & Gas Investments said it had raised £2m via a share placement to fund 'opportunistic investment' and expand its asset base.

New shares in the company were issued at 2p each.

The placing represented an additional £2m to the previously announced £10.5m investment secured to deliver sufficient working capital for core projects over the next 18 months.

more like an opportunistic share placing

StockMarketWire.com
UK Oil & Gas Investments said it intended to change its trading status from an investing company to that of an operating company, allowing it to take controlling stakes in assets.

The change would be implemented in line with AIM rules following publication of an admission document and obtaining shareholder consent.

A status-change circular and admission document were expected to be published before the end of July.

Under its new status, UK Oil & Gas Investments said it would be able to take direct controlling operated interests in oil and gas exploration, appraisal and production assets -- and generally conduct its business with fewer restrictions than an investing company.

Portland high-rate flow test successfully completed

Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK

Highlights:
· Portland short-term high rate tests achieve stable implied equivalent daily pumped rates of 401 and 414 barrels of oil per day ("bopd") of dry 36 API oil over two periods of 6 and 2 hours, respectively. Maximum instantaneous half-hourly pumped rates of 441 and 470 bopd.

· The maximum rate recorded was limited by the rod pump's maximum rate capacity of approximately 470 bopd. Higher capacity rod pump sourced and mobilised for use at HH-1.

· Metered daily oil rates and recovered Portland volumes to date exceed 2016 test values.

· Associated solution gas rates of around 41,000 cu ft per day.

· Forward extended well test ("EWT") programme includes flow optimisation necessary to determine the maximum sustainable long-term flow rate and a lengthy stabilised flow period to test if the well accesses a commercially viable oil volume.

· The primary EWT objective, to establish the commerciality of the Kimmeridge Limestone 3 & 4 oil pools, will follow directly after the completion of the Portland test sequence.

http://www.moneyam.com/action/news/showArticle?id=6078799

Portland extended well test ("EWT") successfully completed, Kimmeridge EWT to commence

Horse Hill-1 ("HH-1") Portland and Kimmeridge oil discovery, Weald Basin, UK

Key Points:
· Final HH-1 Portland flow test sequence successfully completed. all Portland operational objectives achieved.

· Successful Portland re-perforation programme targeted 114 feet of oil pay, adding 14 feet of new pay. Following re-perforation, well productivity increased by up to 65%.

· Independent oil consultants Xodus Group's ("Xodus") analysis of flow and pressure data interprets that further HH-1 Portland vertical well optimisation could achieve a forecast sustainable initial 24/7 pumped rate of around 362 barrels of oil per day ("bopd")* when full scale long-term production commences, exceeding original estimates. This analysis is key as it establishes the absolute flow potential of the Portland reservoir for future production wells.

· Given the knowledge of the Portland's true flow potential, plans are now being formulated to drill either the HH-1z sidetrack or HH-2 new drill as a horizontal Portland appraisal well, with a targeted* sustainable daily production rate of 720 to 1,080 bopd, 2 to 3 times the forecast calculated* HH-1 vertical well rate of 362 bopd. All planning permissions, Environment Agency permits and the HH-2 well cellar are in place for a horizontal well. If successful it is envisaged that all future Portland production will be via horizontal wells.

· The Company's economic modelling indicates that HH-1 Portland is robustly commercial at even the lowest observed sustainable daily rate of 140 bopd and at oil prices below $60 per barrel. A formal Horse Hill Developments Ltd ("HHDL") declaration of Portland commerciality is therefore expected shortly following receipt of Xodus' final connected oil volume analysis. A planning application for long term production is planned to be submitted to Surrey County Council shortly, prior to the completion of the forthcoming Kimmeridge EWT programme. Full-scale long-term production, targeted for 2019, is subject to co-venturer and regulatory approvals.

· All 36° API Brent quality oil produced during the EWT is "dry", containing only 0.02% water.

· Preparation for the primary EWT objective, to establish the commerciality of the Kimmeridge Limestone 3 ("KL3") and KL4 oil pools underlying the Portland, has now commenced.

· Kimmeridge testing will begin in the uppermost KL4 oil pool immediately following the removal of two suspension plugs and installation of a new completion string straddling the two Kimmeridge oil pools.

StockMarketWire.com
UK Oil & Gas said oil had continuously flowed to surface during an extended well test at its Horse Hill prospect near Gatwick airport.

Horse Head's Kimmeridge Limestone 3 programme had recorded sustained light, sweet crude oil flow continuously and naturally to surface over the past 50 hours, the company said.

Oil had flowed at sustained rates significantly exceeding those recorded during a short flow-test programme in 2016.

Sustained continuous oil rates of between 563 and 771 barrels of oil per day on 36/64 and 38/64 inch choke, respectively, were recorded over the last 24 hours.

'I am delighted to have witnessed first-hand the resumption of significant continuous and sustained oil flow from the Kimmeridge at Horse Hill,' chief executive Stephen Sanderson said.

'Whilst it has been a long wait since the successful 2016 flow tests, it has been made more momentous by the Kimmeridge's significantly increased performance and productivity.'

That's better.....they now need some sustained production and another well a few miles away.....

Horse Hill-1 ("HH-1") Portland and Kimmeridge Oil Discovery, Weald Basin, UK
UK Oil & Gas PLC (London AIM: UKOG) announces that Horse Hill Developments ("HHDL"), a UKOG subsidiary company and the operator of the HH-1 Kimmeridge Limestone and conventional Portland Sandstone oil discovery, has informed the Company that, following the successful Portland Extended Well Test ("EWT") programme, it now considers the Portland oil field to be commercially viable.

HHDL now targets the start-up of long term Portland oil production during 2019, subject to the grant of necessary regulatory consents. The first future horizontal production well, HH-2, for which planning and Environment Agency consents are in place, is planned to be drilled in early 2019. HH-1 is located in licence PEDL137 in which UKOG holds a 46.735% beneficial interest. Key points and further details are summarised below:

Key Points:
· Following analysis of EWT results and economic modelling of HHDL's and Xodus Group's ("Xodus") forecast oil production profiles, HHDL now considers the Portland oil field to be commercially viable. Work is now underway towards a targeted long-term production start-up in 2019.

· HHDL currently envisages the Portland field development plan to consist of up to 3 production wells and up to 2 pressure support wells.

· A planning application for Portland and Kimmeridge field development is nearing completion and is targeted for submission to Surrey County Council ("SCC") before year-end.

· Xodus' calculated future Portland oil production profiles, based upon observed pressure and volumetric data from the EWT, show that oil recoveries of up to 45% of connected Oil in Place could be attained if a successful full voidage replacement pressure support scheme is incorporated into the field's development.

· The Portland field's first new horizontal production well, HH-2, which has SCC planning and Environment Agency consents, is planned to spud in early 2019 following completion of the Kimmeridge Limestone 4 EWT.

· As reported on 10 September, the HH-2 horizontal well has a targeted* sustainable daily Portland production rate of 720 to 1,080 bopd, 2 to 3 times the calculated* sustainable vertical well rate of 362 bopd derived from the EWT programme.

· Following submission of the planning application, Xodus' 2018 Portland Competent Persons Report will be updated to include recoverable reserves and net present values of cash flows associated with the envisaged Portland oil field development.

Note: * There can be no absolute guarantee that forecast, targeted or calculated rates of production will be achieved.

Stephen Sanderson, UKOG's Chief Executive, commented:
"HHDL's declaration of Portland commercial viability is a significant milestone for the Company. It transforms Horse Hill from solely exploration into a fully-fledged field development with a full-scale oil production start-up targeted in 2019.

The better than expected EWT results have robustly demonstrated that the Portland has significant daily production potential in its own right, which could see the first planned horizontal producer attain sustained oil rates of 720-1,080 bopd. If realised, these rates could make the Horse Hill Portland oil field one of the UK onshore's top producers.

We also eagerly anticipate the possibility of combined long-term production from both the Portland and Kimmeridge, an exciting and potentially transformational prospect for Horse Hill and the Company."

Is the Gatwick Gusher really going to gush? Not impossible it would seem!

Extended Well Test ("EWT") Hits Significant Production Milestone, KL3 Exceeds 10,000 Barrels
Horse Hill-1 ("HH-1") Portland and Kimmeridge Oil Discovery, Weald Basin, UK

UK Oil & Gas PLC (London AIM: UKOG) announces that Horse Hill Developments Ltd ("HHDL"), a UKOG subsidiary company and the operator of the HH-1 Kimmeridge Limestone and conventional Portland Sandstone oil discovery, has informed the Company that total oil production from the 2018 EWT has reached 13,920 barrels ("bbl") approximately 2.21 million litres, with gross oil sales revenues of approximately US$1.1 million.

2018 HH-1 oil production comprises 10,248 bbl (1.63 million litres) of 40° API oil from the Kimmeridge Limestone 3 ("KL3") and 3,672 bbl (c. 584,000 litres) of 35° API oil from the Portland. No formation water was returned to surface from either the KL3 or Portland. The KL4 EWT programme is planned to commence shortly following the ongoing final KL3 pressure build up test. HH-1 is located in licence PEDL137 in which UKOG holds a 46.735% beneficial interest. Key points and further details are summarised below.

https://www.moneyam.com/action/news/showArticle?id=6207552

So !...there is significant oil there.....with a few more wells : things could be looking up for this company !....

an opiate dream?

There is oil in the ground and with a few more wells and perhaps a rebound in crude prices.... you've heard of pie in the sky Cynic...this is the real deal....!...become a believer...embrace the penny share club......