By Tom Winnifrith | Thursday 10 August 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Little Steve Sanderson of UK Oil & Gas (UKOG) is a slimy little git. Do you remember the BBC expose where he was caught on camera making claims about Horse Hill which he then denied making? If you have forgotten about that shameful eipisode here is a reminder. Now the Weald Basin circus moves on to Broadford Bridge and this time it is more about what oily little Steve is NOT saying. Natch it is bad news he hides. Here is the timeline:
On 20th July:
"Schlumberger electric logging and fracture imaging completed, cement plug in deeper Corallian sandstone set and 7-inch steel casing currently being run in the hole. Flow testing of multiple zones over an aggregate 900 ft total perforated section to commence following setting of remaining 7-inch steel casing to TD and well completion."
On 31st July
“Work continues to "complete" the well as a potential oil producer to be followed by a rig-less flow-test, encompassing multiple Kimmeridge zones over a total aggregate perforated section of 926 ft....Flow testing will commence after the rig has vacated the site."
But hang on what is this from the 29th July - source HERE.
Clearly the company had had to start a completely new sidetrack drill. One specialist we have spoken to says that this must have happened because the original well bore may have collapsed.
This would be because little Steve's boys drilled through a big fault. That is the same reason the UKOG crew managed to get a reasonable flow at Horse Hill - it is because the limestone has large fractures at the fault region but that won’t help much for long term flows.
Moreover when will flow testing start? When the rig leaves the site. You would have thought, judging by the 31 July RNS that would have been days ago. We are told the rig is still on site.
How about a full come clean update from little Steve?
Never miss a story.
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