Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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"It will not be long before there is more dilution. "
Of course; lets be frank; this company loses a FORTUNE every year. It can not go on without selling increasingly devalued shares.
UKOG explained this in their results RNS;
"The group's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital or debt financing. The Directors are confident that adequate funding will be forthcoming with which to finance operations."
UKOG depends on persuading others to part with their cash to progress dream chases. UKOG needs to find £7 million to gamble drill Loxley to see if its commercially viable.
As for Hydrogen; UKOG ONLY needs $1 BILLION; its ludicrous .
Why would anyone want to partner a company that has a LONG history of inflating their pet projects prospects yet has a record FAILING again and again.
Who’s going to buy them ?
This is going to keep falling. Surprising why people voted for consolidation. It always allowed them to do another fundraise. Some people seems to have not realised the company now has authority to issue 50% more of the company shares. The funny thing at what price? As the shares fall they raise less and less. We can guarantee though that the company will sell more shares. It will not be long before there is more dilution. And guess what? Shareholders voted for it. LOL. I bet they never vote to give the company further authorities. This company will not see out 2024. Forget these grand plans about hydrogen storage. The company has too little cash, and Horsehill is really non commercial.
Expect shares to continue to fall. Down and down they go.
"Iceland is already a long way down that road, moving towards a Hydrogen fuelled vehicle society using their abundance of geothermal power."
50.1% of car sales in Iceland last year were EVs, hydrogen sales are too small to register, see
https://www.acea.auto/pc-registrations/new-car-registrations-13-9-in-2023-battery-electric-14-6-market-share/
Global sales of hydrogen cars fell by 30% last year, see:
https://www.hydrogeninsight.com/transport/global-sales-of-hydrogen-vehicles-fell-by-more-than-30-last-year-with-china-becoming-world-s-largest-market/2-1-1599764
ZYX WTF has this all got to do with UKOG? The company will have ceased to exist long before there is any chance of making money from hydrogen generation and/or storage as an alternative fuel in the UK. LOL
Vernonya,
Why do you keep posting nonsense scare stories about Hydrogen?
Hydrogen fuelled vehicles have been used on UK (and other Countries) roads for many years with none of the problems you keep claiming, so to state it's "far to volatile to trust it to unsupervised distribution and use" is complete rubbish.
As far back as the mid 1980's, there were some BP stations that had Hydrogen fuel pumps in them - they fell out of favour because the Govt decided not to fund Hydrogen as an alternative technology.
Just in the UK, there are Hydrogen fuelled cars, buses, lorries and trains being used.
Hydrogen will become a major source of power long before the time frame you think - the current rush towards pure EV's is not sustainable at any part of the supply chain.
Iceland is already a long way down that road, moving towards a Hydrogen fuelled vehicle society using their abundance of geothermal power.
In addition to that, it's currently the only proven technology that will allow excess renewable energy from wind and PV to be converted into a storage medium that can be used when renewables cannot meet the demand.
Your assertion that leaking Hydrogen will cause lots of explosions ignores basic physics.
Hydrogen is much lighter than air, and any leak will dissipate upwards extraordinarily quickly.
That's why the fuel tanks of H2 fuelled cars are designed to instantly release the entire contents of the tank in the event of an accident - the possibility of fire is minute as it dissipates upwards so quickly.
Any fire crews turning up at an accident scene won't have to worry about an explosion or fire occurring with an H2 fuelled vehicle. Not the case if a petrol or diesel tank has ruptured and fuel is pooled on the ground.
With petrol or diesel the fumes are heavier than air and do not dissipate nearly as quickly, so are far more likely to cause an explosion in the circumstances you describe.
That's why there have been cases where someone drops a match and a neighbours garage half a mile up the hill explodes.
Do some basic research on Hydrogen and Hydrogen vehicles before posting your rubbish claims again.
Mothballed since 2018. 6 years. They've dragged that out but I suppose they can now blame the greenies for closing it. Just like...the fool
Of course you are right,I have said this many times. Even if hydrogen were to take off as a fuel , it would probably take 30 to 50 years before it became a major fuel .As I have said before, also, taking into account that there are always people who cant be bothered , or carry out diy on vehicles or neglect them or store them , or the gas in containers, then there will be a lot of explosions caused by leaking hydrogen .It is far to volatile to trust it to unsupervised distribution and use
The biggest problem with the Portland scheme is that there is no requirement to store hydrogen on the south coast. There's no producers of low-carbon hydrogen and no large scale consumers.
There is Fawley but they produce for their own consumption and have no need to for salt caverns.
Once they start to freeze that will change there minds
Ilovesushi wrote : "This hydrogen nonsense is never going to work as the company will never get enough funding away."
Yes; UKOG's latest get rich quick scheme is Hydrogen and its storage.
To call it get rich quick is a bit of an exaggeration. The company is a long way from even starting the 15 years of operational storage before the real decent profit on the investment kicks in.
Ukog states;
"In order to prepare and submit a bid for an allocation award, the round's timetable necessitates an acceleration of specific conceptual design, pre-FEED and environmental/ecology works during 2024. "
It means UKOG are throwing their VERY meagre cash resources on planning. Everyone knows how long that can take.
But here is the kicker ; "..the project's capital costs, currently estimated at c. £1 billion,...."
Yes ; 1,000 MILLION sterling
If, some how UKOG persuades others to invest this eyewatering sum one has to ask this question; Just what miniscule interest fraction of the projects will UKOG be left with?
Maybe in 20 years time UKOG will be able to show some very modest profit for their couple of thousandths share.
A long wait to retiring; not to the Bahamas , imo , but maybe Bognor Regis.
Can investors wait for this dream to come true ?
UK onshore oil and gas production in charts – January 2024
UK onshore gas production rose 6% in January 2024, with the second consecutive monthly increase at the leading field, Saltfleetby.
Full article here:
https://drillordrop.com/2024/04/03/uk-onshore-oil-and-gas-production-in-charts-january-2024/
The newest onshore oil producer, Wressle, saw production increase 39% over the month but total UK onshore oil fell slightly with with a small drop at the biggest field, Wytch Farm.
Have gone down in value so much that they're only now worth about £60, so there really is no point in me selling them. I have 4 or 5 Shares that have all gone out of business and it seems only time before this Company joins them. It's very sad and I hope I'm wrong
No Different to Leni "laughing" Gas, they have both spent the last 10-15 years almost blatantly disrespecting the retail market and using it as an "easy" money route for their so called "projects", which pretty much result in a lot of nothingness and retail punters wondering how it could all possibly have gotten to this state of affairs.
That said, their salaries mean they don't need to do much, sit back, keep dunkin the hobnobs !! happy days !! The mugs will keep coming back for more !!!
Why the hell did the shareholders for dilution do they have a death wish? Good money after bad, and it goes down further. And it seems to me that the company was granted authority to issue more shares too? So anyone doubt they will use that authority to dilute you all again?
This hydrogen nonsense is never going to work as the company will never get enough funding away. This company will eventually end up in administration. Anyone will be stupid enough to buy more of these shares?
Opponents celebrate refusal of permission for Broadford Bridge oil site
Campaigners against oil and gas operations across southern England gathered in celebration outside a site which was refused planning permission last week.
Full story here:
https://drillordrop.com/2024/04/02/opponents-celebrate-refusal-of-permission-for-broadford-bridge-oil-site/
Not a single ramper came to bestow the positives of the Annual report. No Ocelot, no Pboo, no Ian12, no Trollhunter2. Realisation maybe that Sanderson will continue to bleed this company until it is no more. Most cowardly CEO I have come across. Not even man enough to face shareholders, the epitome of good times make weak men. Rip UKOG.
This will continue to be dilluted , to finance himself , as theres no future
sell up and get out with something
This report once more this year is sickening to read.
Sanderscam giving himself once more a pay rise when he has raped this company of all value while feathering his own nest is stomach turning. He has failed miserably at everything he has ever done here at the helm. He cares nothing of the shareholders whom he has diluted to oblivion and even has the neck to state that the supportive long-term shareholders here will get rewarded by this Hydrogen storage fantasy and Lovely gas. He has no shame and should be forensically investigated by the relevant authorities to ensure that there is nothing underhand in the dealing of the past years which many long-term suffering shareholders will be aware of.
It is nearly over here as the only finance he can get is dodgy forward sold death spiral financing which at this stage will put us into liquidation. I don't want to see him profiting any more to the extent of. grand a day for being one of the world's most useless CEOs. He is one swarmy individual and I hope karma catches up on him. I would like to see the back of the sponger as I am sure many on here would.
Cracking stuff ... m/cap £2 million; loss before tax £16m.
"When is this lot actually going to make some money?"
In all fairness UKOG's oil did produce a profit after production expenses; £275 k PROFIT from total revenue of £1.538m
If only there were not millions and millions of other costs , like inflated ceo salary and stupid overheads and crazy dream chases leading to giant overall losses every year.
Massive cash injections are required every year, look at the history .
Is the latest news from this stock just beginning to sound like another turkey? Always kicking the can down the road. When is this lot actually going to make some money? The justifications and living in some future dream world just make me feel tired!
I like it nothing like a dream to fulfil beats being on a downward doldrums
Perma dog UK Oil & Gas (UKOG) starts its annual report thus: "UK Oil & Gas Plc aims to build a sustainable oil and gas production base that can help deliver its new UK hydrogen storage business as part of the UK's transition to Net Zero and which will act as a springboard to further worldwide growth opportunities in the hydrogen space." I aim to shag Cheryl Cole in an environmentally friendly way. Like UK, my aim has been constant for 11 years. My delivery to date, pitiful. Today’s annual report is dire.
cl - i'll bet you wouldn't call sanderson a scumbag to his face. you are just like so many on here full of wind and ****. its easy to be abusive on here as i have just shown. it takes guts to go along a shareholders meeting (that's always assuming your are one) and actually call him a scumbag