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Open letter to UK Oil & Gas’ Nomad – Does it consider Stephen Sanderson a fit and proper person?

By Ben Turney

13 October 2015 07:32

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Last night, the BBC’s Inside Out London documentary revealed that UK Oil & Gas’ (UKOG) Stephen Sanderson was the original source that claimed there are “between 50 and 100billion barrels of oil in place in the ground” in the Weald. This wildly optimistic figure was at the heart of April’s Horse Hill propaganda campaign, which caused the shares prices of all the listed companies involved to rocket. UK Oil & Gas half-heartedly tried to distance itself from these wilds estimates, but it is now unequivocally clear that it was behind them. Stephen Sanderson surely now has to go. Let’s see what the company’s Nomad (scandal plagued WH Ireland) has to say about this.

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Comments

DUCK AND DIVE

13 October 2015, 08:11

Approved.
MrContrarian

13 October 2015, 08:31

Don’t know what kind of slide rule Dr Evil was using: “158 million barrels per square mile and we own 55 square miles. We think we can recover 3%-15% — that’s 100 beeeellion barrels.”
https://pbs.twimg.com/media/CCd1OeNXIAAl1ha.jpg
Striebs

13 October 2015, 11:32

Ben ,

To promote an oil in-place figure which they know will be taken out of context is irresponsible and the ramping and subsequent denial is embarrassing .

However , the in-place figure for Approach Resource’s Wolfcamp acreage is 118mmbbl/section and this climbs to over 170mmbbl/section when the Clearfork formation is added .

Celtique and Magellan’s acreage has thicker oil bearing sections than the peripheral Horse Hill acreage .

The oil may well be there in the volumes suggested so I don’t think a serious analyst like yourself should poo poo the oil in place figure as being “wildly optimistic” .

Look at the recent history of Weald activity . It has taken Europa 7 years to get permission drill one well , Celtique have been obstructed to the point of not being able to drill at all and Cuadrilla have been denied permission to flow test the lateral they drilled .
There is no chance that tens of wells will be drilled to find the acreage which might work and then tens more wells to achieve commercial EUR’s .