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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.
"Does that mean UKOG will be remunerated for managing the submission?"
If you had £1 billion to invest in a project would you entrust the project to SS?
Portland is just a wheeze to keep the believers believing.
Remember UKOG gets it's money from shareholders not customers.
AimDogs,
I think it is becoming blatantly obvious that this shower of brown stuff hasn't got 2 halfpennies to rub together, after squandering around £100MILLION to give at best 40bbl/d in what is a fast watering out puddle at Donkey hill.
Laughing Leni is still up to his old tricks over the pond, and still fails to tell the market how much water they are producing in some washed out old area, and unlikely the Weald Basin "NEXT TEXAS" stetson wearing yeeehaaaa maestro could do anything at Donkey Hill even if he wanted to, both financially and capability wise.
As for Hydrogen, well as with everything else this shower attempts, it will simply take a lifetime, cost a kings ransom and ultimately fail, or feather someone else's bed.
"The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project". (the GM RNS of 01/02/24)
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?
By TOM WINNIFRITH
David Lenigas warned us all, back in the days when he was promoter in chief at UK Oil & Gas (UKOG), that he was terrified that a foreign multinational would swoop in to buy Horse Hill, the Gatwick Gusher. Those dirty foreigners need to be kept away from this national treasure insisted Mr Lenigas. Wind forward a decade…
April 2023?
0.036 GBX -0.03 (-48.29%)past month
Down 50% since sanderscam diluted us to death to keep his wages going.
How can anyone give positive posts on this board and be taken serious???
Sando out no more wages.
Apart from the Supreme court judgement, the big unknown is the state of discussions with significant players re Portland: only management is in a position to assess how close a player is to coming on board.
Ocelot, massive yawn.
How much you down on this dog?
Forgot you don’t answer questions do you.
How’s sanderscam doing, you spoke to your mate lately?
Unfortunately, the HH decision is proving to be considerably more difficult than that on Rwanda.
"A final judgement will likely be handed down in late Summer/early Autumn once Lady Justice Rose and Lord Justices Kitchin, Leggatt, Richards and Sales have considered the case". (RNS of 21/06/23)
At least 10 months will have elapsed between the hearing and the delivery of the judgement.
The Companies Act says the AGM must be held within 6 months of financial year end, so they will miss the legal requirement by at least 5 weeks.
SS must be scared of meeting the shareholders. I hear he wears brown trousers these days.
11th Apr 2023 7:05 am RNS Notice of Annual General Meeting
3 weeks notice should be given so UKOG well behind schedule.
.
Cyn,
I wrote to my MP after the last Annual Report was published, because as a Surrey resident my potential rise in Council and/or Borough Taxes to cover the P&A of HH and BB was more than my shares in UKOG are now worth.
This is their response;
***********************************************************************************************************
Thank you for your email regarding the financial viability of UK Oil and Gas PLC, which operates the Horse Hill site.
Although I have noted your concerns, this goes beyond my purview as a Member of Parliament as the specific administration of licenses is managed by the Department of Energy Security and Net Zero (DESNZ). The role of an MP is instead to scrutinise, propose and vote on legislation as it pertains to the nation as a whole. In this context, I will forward your specific concerns onto the DESNZ and ask them to outline what steps they are taking to ensure the sustainability of the sector as a whole and to avoid taxpayers having to cover de-commissioning costs. I will also underscore the specific case you have raised, and will be in touch when I receive a response from the Department.
*************************************************************************************************************
I also wrote to the NTSA, but they have yet to reply.
SS is already disgrace to my Industry and I absolutely do not want us all to be tarred with the same brush if he folds UKOG, leaving the UK taxpayer with the costs of plugging the Wells and restoring the sites.
A: SS will take every last penny to pay his salary. The company will fold and councils will be left with the costs to P&A the HH and BB sites. Enjoy the hike in your council tax bills while the scammer bleeds the bank account dry.
Are they more likely to:
A: invest £250k in HH
B: take all the cash they can out of HH as load repayments to keep them afloat as few more weeks
Ibug,
I would say yes it is worth it on a couple fronts,
Firstly, water cut is likely to ONLY increase, so disposal & transport cost will too.
Secondly, Adrian & Peebooo will have to find something else more worthwhile to do than sit in the bushes like a couple of dogger spotters at HH, trying to spot the lesser spotted illusive tankers that traverse the site and local area...
"We were delighted that the North Sea Transition Authority ("NSTA") granted its formal consent for the conversion of Horse Hill-2z into a water reinjection well. With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill, removing the need for costly transportation and disposal of produced water at third-party sites. We estimate that the removal of these costs would add around £250,000 net earnings to the Company per year and reduce the field’s carbon footprint."
So why haven't UKOG started? The monitoring ground holes have been drilled. Only thing missing is the money. But is it worth spending over £250k to save around the same amount?
I doubt very much gainful employment will be his priority considering the amount he has rinsed out of PI,s at UKoG ,I am sure he has a bullet proof nest egg waiting for him once the receivers have trawled over the ashes.
When this goes to the wall SS maybe looking for another job.I wonder what he will put on his CV ?