Most significant on-shore oil find in the UK for 30 years

Uxb

Generali wrote: »

I remember many times during my childhood in The Weald that any attempt to build a house was met with immense opposition by people that suddenly discovered a Green ideology when it suited preventing some development. Of course once yet another poor developer had been prevented from building some houses that the area desperately needed and the locals could go back to voting Tory, safe in the knowledge that their children would never be able to afford to live within 50 miles of them.

and I've see many a time the sob story and twaddle from someone about how "they only wanted to build this house for my family to live in" at planning meetings.
Once permission is granted and the place is built they suddenly change into "how much can I sell this one for" to some incoming rich person and mysteriously no longer want to live in it and the 'family' can go stuff themselves.
So the "affordable" house is now both no longer affordable or available to locals.

Sapphire

Well, if that was the extent of it, that would be OK. However, I don't know why they aren't drilling in northern England, where the local economy would really benefit from the jobs created by oil extraction. Southern England seems to be overfull, in several ways…

Perhaps the make-up of the strata is not right for the discovery of oil (or something).

antrobus wrote: »

I can recall watching one of Portillo's Great British Railway Journeys that featured one of the UK's onshore oil wells operating down at Wytch Farm. It's located in an Area of Outstanding Natural Beauty, but you wouldn't know it was there, unless you went looking for it.

Loughton_Monkey

Given that the Scottish like to think that oil found in the North Sea is "Scottish" on the simplistic premise that most of the oil rig activity is based in Aberdeen, then we should firmly call this "English" oil.

Hopefully, there is a way we can stop those red-heads benefitting via the Barnett formula. That grasping female midget up there does not deserve a penny, wanting to disassociate herself from UK [except for the currency, the monarchy, and anything else 'good' about England].

chewmylegoff

So.... UK oil and gas has released a clarification RNS today which basically says that they have found some oil at horse hill but it's not that much and they haven't looked at the rest of the Weald basin. The reports of 100bn barrels are based on what would be present if the whole of the Weald basin 1,100 square miles) is the same as the 55 square mile area that they have investigated. They also clarify they haven't actually properly investigated the 55 square mile area covered by their licence yet.

So, all bollox then. Obvious the company was happy enough to let the media run the story out of control at the time though...

padington

chewmylegoff wrote: »

So.... UK oil and gas has released a clarification RNS today which basically says that they have found some oil at horse hill but it's not that much and they haven't looked at the rest of the Weald basin. The reports of 100bn barrels are based on what would be present if the whole of the Weald basin 1,100 square miles) is the same as the 55 square mile area that they have investigated. They also clarify they haven't actually properly investigated the 55 square mile area covered by their licence yet.

So, all bollox then. Obvious the company was happy enough to let the media run the story out of control at the time though...

Same happend before the scots referendum. Someone will have made a killing, again.

Generali

chewmylegoff wrote: »

So.... UK oil and gas has released a clarification RNS today which basically says that they have found some oil at horse hill but it's not that much and they haven't looked at the rest of the Weald basin. The reports of 100bn barrels are based on what would be present if the whole of the Weald basin 1,100 square miles) is the same as the 55 square mile area that they have investigated. They also clarify they haven't actually properly investigated the 55 square mile area covered by their licence yet.

So, all bollox then. Obvious the company was happy enough to let the media run the story out of control at the time though...

Of course money was raised on the back of the announcement:

Solo Oil plc today announces that it has raised £2,000,000 gross proceeds through the issue of 363,636,364 new ordinary shares of 0.01 pence each in the Company (“Placing Shares”) at a price of 0.55 pence per share (the “Placing”). The Placing Shares which were issued at a discount of approximately 8% to yesterday’s closing bid market price represent approximately 6.59% of the Company’s enlarged issued share capital.

Mr Lenigas is also a Director of Solo Oil.

antrobus

padington wrote: »

Same happend before the scots referendum. Someone will have made a killing, again.

The share price for UK Oil & Gas Investments Plc was toddling along at below a penny a share. Suddenly spiked on the 9th April to 3p a share. Big spike in volume traded too. No doubt someone cashed in a few quid that day.

vivatifosi

Generali wrote: »

Of course money was raised on the back of the announcement:



Mr Lenigas is also a Director of Solo Oil.

Could that be classed as insider trading, or some sort of offence under directors obligations as laid down in 2006 Companies Act?

Generali

vivatifosi wrote: »

Could that be classed as insider trading, or some sort of offence under directors obligations as laid down in 2006 Companies Act?

It's not insider trading as everyone has the same information really. There was no false claim so it's not fraud. It's just a bit dodgy.

This is just the way that small miners and oilies work.

Uxb

latest "clarification"
http://www.bbc.co.uk/news/business-32314895