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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
Administrative expenses have increased from £2.63m to £3.32m
Revenue DOWN from £1.78 to £1.538 m
Retained loss for the year £4.069m
Yet these awful numbers justified a pay increase for Sandersons UP from £312k to £338k
and buried near the end of the report is this;
"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."
More share issues to come. Nothing changes
The HHDL accounts have £360k for HH decommissioning, which is extremely optimistic.
But talk is cheap (apart from SS's salary) and that's all they seem to be doing these days.
Cyn/Delta,
What really bothers me about that is that they have only allowed £1.451 Million for decommissioning HH, BB and their share in Avington & Horndean.
HH itself will take all of that and more. Two Wells to P&A, decom & cleaning of all surface kit before disposal and then site restoration - I don't think they'd see much change from £2.5 Million for that.
But I see it didn't stop SS from taking an 8% pay rise. I suppose we should be grateful it wasn't more....
Incidentally, I've not been able to find the disposal cost/bbl for HH - is it in there and I've just missed it?
DeltavegaTheta, your math ties up with my own. 3 months. Then it is curtains. UKOG will delist late summer and fold into Administration by October at the very latest. ScumbagScammerSanderson will start culling staff soon, and then he'll start shutting down HH as it'll continue to lose money. That's the sign of a true scumbag, just mark my words...
I had estimated Sept 23 cash to be £2m, the actual was £1,868,000.
Using the same maths as before they have currently about £1m, so about 3 months cash left if no capital raise.
I noticed that Sandersons remuneration increased. I would say 50% decrease at this time would be more fitting but with Sanderson at the helm UKOG will go bust so a new CEO, even Lenigas (choke) would be an improvement. Imo.
Just for Adrian. I know he feels left out if you don't mention them.
"UKOG's net share of Horndean production revenues was £297,000 for calendar year 2023, with net earnings after costs of £140,000." At least they improved unlike Horsehill.
It's just saying that they don't need to show separate accounts for just the activities of the top level company, just the top-level and subsidiaries consolidated together. That's standard and not sus, unlike most of the rest of the report.
As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company has not been separately presented in these accounts. The parent company loss for the year was £16,757,000 (2021: loss £1,716,000).
These financial statements were approved by the Board of Directors on 28 March 2024 and are signed on its behalf by:
Stephen Sanderson Director
Any financial wiz kids out there.
RNS, I have only read so much and stopped in disgust at all the false claims, who ever sanctioned that load of rubbish should be put in jail…
Yes what a terrific read, i notice they don't blame greenies for lack of success. More money needed. Strong suspicion even Slanderson can't hold this sham together much longer. Wonder what the disciples say
Looks like UKOG are looking for a new CFO, Guzyal Mukhametzhanova's name is no where to be found in the annual report.
Material uncertainty related to going concern
We draw attention to note 2b in the financial statements, which indicates that the group will require additional funding in the coming twelve months to meet their ongoing cash requirements.
Out if you hadn't noticed or is it just stunned silence?
Worse than I thought.
year ended 30 September 2023 £'000 Revenue 1538 Other Cost of sales (1,019) Administrative expenses (3,320)
year ended 30 September 2022 £'000 Revenue 1780 Other Cost of sales (701) Administrative expenses (2,643)
And they also fail to mention the amount ALBA and DOR take out of the pot. Only leaves UKOG with 85%.
They never tell us how much they get from Horndean. In the last set of accounts it was a measly £136,000 net earnings after operating costs.
Revenue of anything less than £1,780,000 will be a reflection on how bad they are doing. Ditto Other Cost of sales over £701k and Administrative expenses over £2,643,000.
Ohhh, trying to be clever there, PBoo?
Waiting for someone to point out that the £1 Million quoted isn't actually cash in the bank (like the waste of skin likes to claim) and then you'll act all innocent and claim that that's not what you said?
$80.23 / 1.26 = £63.67/bbl
The last available production cost/bbl quoted by UKOG was £32/bbl
The production cost will have increased due to inflation, but until UKOG publish the (overdue) accounts, we won't know what it is now.
So £63.67 - £32 = £31.67/bbl.
£31.67 x 44 x 365 = £508,620.20
Of course, that's also calculated using the heroic assumption that production will remain at 44 BOPD, which ignores the decline curve that HH is on.
So just the Directors annual remuneration of £496k quoted in the last Financials (no doubt also increased due to inflation - we'll find out when the next results are announced...) will leave nobody in doubt that UKOG are, in reality, running at a substantial loss.
""Good to see production is steady at 44bopd""
Yeah yeah,,, IT'S REFLECTED IN THE SHARE PRICE !!!!
Reporting Period Month Name January 44 bopd
Oil Production Mass (tonnes) 181.89
m3 215
Associated gas production mass (tonnes) 5.418
Associated Gas Production Volume (ksm3) 6.088
Gas Flared - Volume (Ksm3) 6.088
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 165
Reporting Period Month Name December 45 bopd
Oil Production Mass (tonnes) 188.658
m3 233
Associated gas production mass (tonnes) 6.755
Associated Gas Production Volume (ksm3) 7.59
Gas Flared - Volume (Ksm3) 7.59
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 168
Reporting Period Month Name November 44 bopd
Oil Production Mass (tonnes) 176.814
m3 209
Associated gas production mass (tonnes) 6.124
Associated Gas Production Volume (ksm3) 6.881
Gas Flared - Volume (Ksm3) 6.881
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 185
Reporting Period Month Name October 45 bopd
Oil Production Mass (tonnes) 187.812
m3 222
Associated gas production mass (tonnes) 7.309
Associated Gas Production Volume (ksm3) 8.212
Gas Flared - Volume (Ksm3) 8.212
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 202
Month bopd
Feb 23 57
Mar 23 54
Apr 23 46 Tank washing
May 23 57
Jun 23 56
Jul 23 50
Aug 23 46
Sep 23 48
Oct 23 45
Nov 23 44
Dec 23 45
Jan 24 44
Receipts for January $80.23 x 44 x 31= $108,426
Receipts for December $77.86 x 45 x 31= $108,615
Receipts for November $83.18 x 44 x 30= $109,349
Receipts for October $91.06 x 45 x 31= $127,029
Receipts for September $94.00 x 48 x 30= $135,360
Receipts for August $86.16 x 46 x 31= $122,864
Receipts for July $80.11 x 50 x 31 = $123,957
Receipts for June $74.89 x 56 x 30 = $125,815
Receipts for May $75.70 x 57 x 31 = $132,738
Receipts for Apr $84.11 x 46 x 30 = $115,801
Receipts for March $78.53 x 54 x 31 = $132,451
Receipts for February $82.71 x 57 x 28 = $132,347
Feb 12 2024 "UKOG considering a downhole pump changeout and scale removal programme to enhance oil production from HH-1. Further updates to follow."
I wonder what happened to that workover?
Good to see production is steady at 44bopd
That is approx £1 million per year.
215 m3
44 bopd
water 165m3
It seems that a lot of investors just do not read before they invest.
That the price con go down as well as up so before you put your money in.
That buying shares is only just better than Ladbrokes betting shop.
With shares if it goes you can sit it Might go back up or you sell at a loss
With Ladbrokes you bet and win or loss nothing in between.
Does UKOG belong on a rotten shares list? Just trying to work out what inspired Adrain's latest account name...