Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
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That is, both Alba and UKOG consider HH to contain considerable potential which remains unexploited.
So, Alba values its own 11.765% holding in HH at £2.6m v UKOG's holding of 85.635%.
UKOG's holding is valued at £2.6m x 85.635/11.765 = £18.9m.
I see Conoco is on the list. Perhaps they will step forward to develop the project they abandoned as non-commercial 40 years ago. If will only have to pay 100% of the cost for only 50% of the rewards (if any), seems like a sweet deal (not).
Not a word about the possible AGM or double the number of shares in issue. Nothing about the Supreme Court cases this week. All 3 of them. All he can do is dredge up a load of bull from other companies.
So, Alba values its own 11.765% holding in HH at £2.6m (v UKOG's holding of 85.635%), ie 2.6x UKOG's current market cap.
UKOG still has (a bit less than) £0.42m of convertibles to reimburse to RiverFort/YA and will require further funding behind that, but that still looks like a very high discount is being applied by the market to UKOG's share valuation.
From Alba's RNS of this morning:
Carrying value of investment in Horse Hill Developments Limited - £2,600,000
The Company's investment in Horse Hill Developments Limited (18.1%, HHDL itself holding 65% of HH) is carried at fair value, as, in the judgement of the Directors, it has been possible to estimate a reliable fair value for the investment. For further details of the valuation see Note 12.
The Directors believe that the intrinsic value of the oil field has not been diminished during the year and this is mirrored by the majority owner maintaining the asset valuation in their balance sheet from 30 September 2022 to 30 September 2023. As the majority owner has access to more information for valuation purposes than the Group, management relies on their published information to support the Group's assumptions.
What Farmout? Seriously who is going to back this shower of nonsense ?
Ocelot:-
Interesting list of clients - any or all of them could and probably will go bust at any moment.
More drivel
Envoi Limited - list of selected clients:
https://envoi.co.uk/about-envoi/clients-of-envoi-limited/
The farmout is subject to approval by the shareholders of the operator of the field, Horse Hill Developments Limited ("HHDL"), including Alba. UKOG announced in December 2023 the extension of those terms to 30 June 2024. As at the date of this report, the shareholders have not approved the farmout.
This share is a coyote, not a double bagger.
Another dreadful crash in the share price over just the last month alone!
Nice rise today :-)
What ever happens here you can be sure that SS is trying to rig the outcome, just to keep this tragedy of a company alive, for the sole purpose of lifting an unearned salary…
The board aren’t even trying to persuade shareholders to vote in favour of doubling the number of shares, there isn’t even a “Background” section in the AGM notice. At the previous AGM the pre-emptive rights resolution only narrowly passed even with the help of the EBT. This suggests that SS has another cunning plan up his sleeve.
UKOG retains the authority to issue just over 1 billion shares before the AGM.
Imagine just prior to the AGM, UKOG issues RF/YA with 1 billion shares, obligated by the agreement to be voted alongside the company.
Together with the EBT, this would give them control of about 30% of UKOG shares. Given that at the Feb GM just under 10% of shareholders voted (excluding the EBT), they don’t need to care what pesky shareholders think, they can easily win the vote regardless.
A double bagger is what yr mum and dad had to perform to conceive you.
A double Bagger !!!!.
Nothing but an agitator trying to illicit a response.
A double bagger…what a war cry from a desperate trader trying to escape…LOL
Nothing screams double bagger more than a company about to double it's amount of shares and then use the cash raised for a couple more months of admin costs.
Give your head a wobble, double bagger...dear god man, the company is on the verge of slamming into a wall. double bagger, sighhhhhhhhh
On the move up now. double bagger from here.
"Yo no se"
That.., is quite apparent.
Yo no se
Number of shares in issue up 24% in 2 months is pretty good going. What will it be like after a year?
There is no division for salaries for successful and unsuccessful companies . Pity really because there ought to be rules when the situation arises that the income from the shares is largely going to fund director's salaries . It is something which has been overlooked