Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Up 6% might be a 'nice way' to end the week, but the share price was still down 25.71% on the Google 5Â day chart
https://www.google.com/finance/quote/UKOG:LON?hl=en&window=5D
And before you get excited, to the right because the master of confetti will be consolidating again soon enough !!
Insidious,
PMSL proper,,, well yeah, but even a brick bounces if it drops from a great height !!!
Not long before it moves the decimal point another digit to the right !!
Nice end to the week...Loxley here we come...
Ocelot
Please take a look in the mirror and hopefully you will see just
what a complete turd you are looking at!
then again I don't think you will
in fact it could be Sandascam
sad, sad individual
Wasn't that Liz Truss? That nobody would trust her to run a bath??
Sanderson has project managed a 125 million company to less than a million. Nobody or any entity is going to trust him to run a bath after that stunning performance.
As we can all see, UKOG does not have £1bn to invest, it is acting as a catalyst and as a project manager. It will be for those who contribute capital to oversee the employment of their capital.
The MP for Portland facilitated a meeting. That's a very long way from the government saying they need hydrogen storage in Dorset.
"If" is doing a lot of heavy lifting there.
Would you put SS in charge of a £1 billion project? (be honest now)
Deltavegatheta,
Have you thought to communicate your 1st point to the government and to several potential international investors?
Re your 2nd point: if one or more potential international investor(s) participate(s) in Portland, would you not expect them to exert some influence over the development of the project?
Ocelot,
There is no requirement for hydrogen storage in Dorset.
No-one is going to trust SS with £1 billion.
Believe there is a reason management is fighting so hard to maintain UKOG as a going concern and that it is other than the continued payment of their remuneration.
We do not know how close they are to concluding discussions "with several significant potential international investors with regard to their participation in the Company's hydrogen storage project" (RNS of 01/02/24).
Any subsequent cash injection is likely to be ring-fenced but arrangements could include the payment of fees to UKOG for its management time.
HH is too marginal for anyone without deep pockets to want to take on alone and improve, imo.
The bottom line is this; UKOG appears to be no longer a going concern;
".........there can be no certainty that sufficient funding can be obtained in the timescales required...."
"....there remains a material uncertainty that may cause significant doubt over the going concern nature of the Group.
The independent auditor's report also refers to material uncertainty related to going concern."
Its going to be a real struggle to yet again raise enough cash through new equity; I think its a bridge to far now BUT it won't stop Sanderson trying.
Someone previously pointed out that last year Stephen Paul Sanderson incorporated UKEN Holdings Limited with himself as the only shareholder.
Is this a cunning plan to sell this company to UKOG as a holding company for the multiple gas storage subsidiaries as it couldn't possibly be a vehicle to take parts of UKOG private - although on reflection if nothing else Mr Sanderson has been well funded over the past 9 years by thousands of investors buying shares from various lenders given the shares at a price that's briefly (or in the future) below the market price.
Whilst most projects remain early stages, even though they've been on the books for years, HH with very little expenditure could be a nice little earner for a private company that doesn't have huge overheads and expensive and risky ambition. 40 bopd may not fund a company with staff costs over £2mm, let alone all the other costs, but with just a couple of site operatives and a manager the profit could fund a very pleasant retirement - and there's always DL waiting in the wings to help with going public - billions of barrels I tell ya........
"It would not surprise me to see them asking for another 1bn shares as one of the resolutions."
1 billion new shares will not raise enough to last one month . Look at the admin costs alone ; £3.320 million pa that's about 277k a month.
I billion issued at a realistic price of 0.02p, (typical 20% discount), raises only £200K
If you want UKOG to not just survive but continue to finance some very basic works, like Portland planning; UKOG will need to raise at least £3m imo.
That's likely 15 billion shares.
Is it possible? Hard to see anyone wanting that number in a placing of the type that raised £750k in January when the share price was much higher.
UKOG may have to try and raise in bitesize pieces; say 5 billion lots backed by a ramping series of RNS's
Remember this; UKOG burnt through an average of £8.7m in fund raises each year since 2017.
To drill again in Türkiye will require UKOG to put up £1.2 m. I do not see any further Turkish drilling activity now.
Its a lot more expensive to drill in UK and what with the very poor state of PPP finances one can reasonably rule out any further drilling as suggested in the farmin with PPP.
The farmin RNS from March 2023 reminded everyone that : "Planning and environmental consents remain in place for a further 4 production wells at Horse Hill"
There is no chance they will be financed now.
Its all about staggering on , paying inflated wages, and hoping for a Loxley miracle.
Assume UKOG only targets raising enough cash to keep them afloat for 3 months in the hope that a miracle appears:
Monthly cash req for operations: £245k (from cash flow statement)
Offering price: 0.0255p (optomistic)
=> (245,000 x 3) / (0.0255 * 0.01) = 2,882,352,941
That’s 2.88 billion shares!
UK onshore oil and gas production in charts – February 2024
UK onshore gas production dropped in February 2024, reflecting an 18% fall in output at the biggest producer, Saltfleetby.
Daily onshore oil production rose 2%, despite a 28% drop at Wressle, the country’s newest onshore oil producer.
Full article here;
https://drillordrop.com/2024/05/03/uk-onshore-oil-and-gas-production-in-charts-february-2024/
It would not surprise me to see them asking for another 1bn shares as one of the resolutions. That should please ells_valexpert, or should I call him sonmoon!
You 'can' blame Sanderscam for :-
Lying, Fraud, deceit and conning
whilst creaming of his shareholders
Common practice?
They don't care they aren't even trying to pretend they're running the company in the interest of anyone but themselves.
The sequence after Wednesday’s BS about Loxley was predictable, Thursday a CLN conversion, today the EBT allocation followed by the AGM announcement – but not the resolutions or supporting statements – or should I say BS for posters like ocelot to repeat as if they’re facts rather than hopes – just like every ‘positive RNS since 2015.
Apologies for this but.......
Prior to today’s RNS the EBT had a total of 325,500,000 shares – the recent 3,005,000,000 plus 250,000,000 as of September 2023 (in the Annual Report) in the EBT, divided by 10.
But it seems they can’t be bothered to calculate 10% properly – and it isn’t a difficult calculation - the new award of 62,087,925 increases the total holding to 387,587,925 – 3,671 shares too many based on the total as it will be of 10 May.
It should have been 62,083,845 shares, bringing the UKOG total shares to 3,875,838,459 shares and the total shares in the EBT to 387,583,845 without rounding up. Because they got it wrong it means the EBT has 4,079 more shares than it should.
The previous EBT holding of 3,255,000,000 shares was also more than 10% the then total shares.
Who’s doing the maths at UKOG.
The same one doing the accounts? The predictions of production?
Clearly deranged for one.
Two relentless.
And Three hates anything British.
Send to Hamas. They'd fit in well.
Impossble. The volume simply isnt there to clear such a number of shares that would be issued, and the lender would have no security on the loan as the company have no assets! Not to mention YA are still owed. The only reason YA lent the cash last time was because of turkey still being a potential thing to drive volume so they can sell down off the back of punters. This time, there is absolutley nothing to drive volume so not even the lender of last resort, YA would touch this again for an amount UKOG would require to self sustain even for a couple of months.
Thats why the company are desperate to pump loxley, to bring back the pumpers and lube the confetti cannon, but the confetti cannon has well and truly seized up with trading volume as not even the dumbest of punters are falling for it. I suspect the pumping from the company re loxley in the weeks to come will be increasingly desperate in a last desperate hope to drive a bit of volume. So i am sure we can all expect some very laughable RNSs about a couple of tyre kickers over the next few weeks.
It really is already over here. There is absolutely no way out. Loxley FO will never happen in a million years. So yes, it will be very intresting to see what happens here re working capital needs to sustain Sanderscams ridiculous pay.
If it is any consolation to those who have lost big here, the game is nearly up for Sanderscam so just sit back with a bevvy, watch the show unfold and Sanderscam squirm as he enters into a forced early retirement in a very undignified manner (not that he is probably bothered as he has made more than enough to comfortably retire). Better than any musical/pantomine.
Next attempt to raise working capital here is going to be interesting.
The company spends £3.32m on Just admin ; lost £3.5m in last year has a market cap sub £1m now.
I reckon UKOG really needs to raise £3m to keep lights on.
How about an open offer; I am sure it will be very popular with shareholders. Offer 15 billion more shares at 0.02p to raise £3m.
What committed shareholder would turn his nose up at buying another 4 or maybe 5 new shares at 0.02p for each one they presently hold ?
Alternative is the expensive death spiral IF UKOG can find anyone to 'loan' them £3m
"It's been suggested several times over the years that he and the board should take the majority (if not all) of their pay in shares, if they were that confident. "
That would currently mean about a third of the company for his years salary.
No details or resolutions which probably means they are still deciding what exactly the plan to save the company is.
Also they might be trying to keep the votes as low profile as possible as the last thing they want is for pesky shareholders actually use their votes.