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Because Zeus told me to.
Late reporting as the CEO cannot be bothered to get out of bed and lift a finger to do things timely or properly.
It would not surprise me if UKOG are using the same company that did all the work back in the early 2000's for Portland Gas. You just need to look at what UKOG have pushed out compared to what was published then. A bit too close for plagiarism for my liking. Could it be that UKOG are being taken for another ride?
"The reduction in the Loan's principal balance from that stated in the Company's 13th March 2024 RNS results from the conversion of the prior tranche of 206,965,282 ordinary shares by the Investors at an average price of approximately 0.054 pence per share."
Nice bit of late reporting by UKOG considering the SP has been down round the ankles for some time. Real shady company imo.
Complete drivel - why do people like you post this nonsense
No need to let everyone know that a RNS has been issued we all have "alerts" switched on
Loan Reduction via Equity Share Subscription
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that to enable further orderly reduction of the balance of the funding facility announced on 28 June 2023 ("Loan"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a tranche of 200,000,000 ordinary shares ("Equity Shares"). Future conversion of these Equity Shares by the Investors will further reduce the current £0.545 million principal balance of the £2 million gross first cash sum received ...
So more Riverfort and YA dead spiral finance. More money to pay ocelot' wages.
No one except you is taking the Portland scheme seriously.
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... and the government, apparently, and, according to UKOG, "several significant potential international investors" (RNS of 01/02/24).
Ocelot that tweet just proves that SS is still spouting BS to the loyal believers so that they will buy it's number one product, new confetti shares.
No one except you is taking the Portland scheme seriously.
Portland is not going to happen, there is no hydrogen that needs storing underground in Dorset.
Ummm , "The countdown to lift off begins …" Really.?
UKOG needs a lot of cash up front .
Sanderson better pull an amazing rabbit out of the hat PDQ.
The company is in DESPERATE need of cash. I suspect administration is getting pretty close now as this hugely loss making company, imo, no longer appears to be a going concern.
Reminder of this tweet of 05/12/23:
UK ENERGY STORAGE LTD: Portland Port hydrogen storage business gets significant boost in the space of a few days after positive discussions with two of world’s giant trading companies, Japanese Sumitomo, and US ExxonMobil. The countdown to lift off begins …
Why is ocelot unprepared to answer / address the questions /statement from Bull-ish?
Bull-ish,
Re Portland, do you agree that:
1/ UKOG is acting as a catalyst?
2/ in the event of the participation of one or more significant international investor(s) in the project, UKOG is likely to be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?
Haven’t been on this forum for ages. I am in equal measures somehow both impressed and saddened to see Ocelot still here trying his best to get any pennies left from retail investors.
I’d genuinely love to know who he is and who is paying him, and why he hasn’t got any conscience whatsoever. Years of blatantly lies and ramping, but I bet he feels no shame.
“ It is UKOG acting as a catalyst”
Add UKOG to your £1b project and see your investment disappear even faster.
"The whole Portland thing is just ridiculous".
-------------------
It is UKOG acting as a catalyst.
Ocelot,
The only benefit UKOG would have from UKEn getting pertnered by one of the 'significant international investors' we keep getting told about is that UKOG would not be funding the project through UKEn 100%. Payment to UKOG would surely only be for buying equity in UKEn?
At the moment UKOG are raising cash on the back of 'investors' buying shares sold by the CLN holders, who are actively destroying the SP, on hopes of exploration success to fund the Portland Port vanity project (or possible escape route for SS). But the UK exploration projects have been starved of funding so need farminees to move forward that will reduce UKOG's equity and thus the boasted success case valuations for HH, excluding HH-1, and Loxley exaggerate their already optimistic valuations.
Ocelot is really having to reach into more ridiculous realms than usual in his/her ongoing efforts to polish the unpolishable.
I wonder what he/she gets paid, given that his/her posts do precisely - and unsurprisingly - nothing to stop the cold, harsh tides of reality crashing into this ever more fragile collection of farcical fairytales.
"Does that mean UKOG will be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?"
Why go with an established company with a track record in delivering large infrastructure projects when you can go with UKOG that has one small oil well and has lost £100m+ of investors money.
The whole Portland thing is just ridiculous.
My question was as follows:
If and when the participation of one or more significant international investor(s) is agreed, how will that work in practise? Does that mean UKOG will be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?
No work has been done on Portland by UKOG except getting an agency to produce a slide deck and showing it to a revolving door of energy ministers.
DYOR research into the realities of the project, like is there even a requirement to store hydrogen in Dorset? Don't just believe what SS says.
They are selling punters a "story" which will ultimately be far, far from the eventual reality.
But if all of the preliminary work has been, and is being, done by UKOG, it is unlikely a significant international investor would expect UKOG to supply its services without remuneration.