UKOG issued a follow up RNS to the one issued at 7 am on December 27th with a correction at 3.24 pm. The shares closed down 25% at 3.05p yesterday on the news of a further wait for key results and a zero flow from the lower KL3 limestone.
Shareholders now wait for the critical KL3 Upper to KL5 tests during January. Probably no news for a little while which may cause a drift in the share price if YA offload more loan shares.
The paragraph, "Operational update", second sentence should have referred to test 4, not KL4 and this amended paragraph is written below:
Test 4, over the basal 50 ft section of KL3, was successfully completed following several mechanical and test completion problems. Following nitrogen lifting, the well flowed naturally at an instantaneous rate of approximately 300 bfpd declining to a steady inflow of between 30-50 bfpd over several days. Fluids returned over the duration of test 4 consisted primarily of completion fluids together with traces of live oil, accompanied by a gas blow during pressure build up periods. In the Company's view, this horizon, whilst containing moveable hydrocarbons, appears to be unproductive due to low reservoir permeability.