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Hi Wiz,
I would hope that an arrangement such as that would be made public, either by the OGA or UKOG, due its' significant impact on the market.
I'm not aware of any restrictions.
Alas, UKOG's communication skills seems to be as miserable as their SP.
UKOG could have taken the decision themselves because of market conditions earlier in the year.
I don't think that's likely though, as they've really not producing anything close to being noticed by the majors yet.
I would still expect such a decision to have been made public, as it would have a noticeable effect on the company's performance in the markets.
:)
"IS it possible under the oil production reductions announced by the world oil producing countries, that a production l icence was granted to UKOG for HH but restrictions have been put in place by the OGA limiting oil production at the present time?"
Sorry Wizz - the UK Govt have NEVER done a deal with OPEC on production levels - not now, not ever. Not in 1986 when the price collapse was bigger, when oil was when more important to the UK and it torpedoed the Britoil share sale. Both Labour & the Tories have always said it was a problem for the markets and the companies..........
And we'd have heard from the bigger offshore producers of course - they actually produce material amounts of oil not the dribble from HH
Skwizz
While I understand your point & I am not party to SS thoughts or possible communications with the OGA.
IS it possible under the oil production reductions announced by the world oil producing countries, that a production l icence was granted to UKOG for HH but restrictions have been put in place by the OGA limiting oil production at the present time?
I don't know but by April of 2021 we will have a better idea.
The other sticking points remain the 25 year production licence with the permission for four more wells & the transport conditions that remain to be signed off.
Sageman
Having read & considered your posts over the last couple of years I am not sure that you have as much integrity as you demand in others?
Ian , so you are happy to defend a two faced person that openly lies. He tells you to buy and sells himself.None of his posts have integrity and none can be trusted. Why would anyone even contemplate trying to defend someone so despicable?
Good point - well made, Niners.
Quick read of Ian's posting history reveals his real motives.
;)
Well ian12 I am sorry you have had to throw your toys out of the pram, but If you don’t like a post or certain posters, there is a button called filter just use it.And as far as I am concerned I will continue to post what I like (within LSE rules) have a nice evening.
Well said Ian....it’s ridiculous carryon on this forum.
All we read on here is Tymers this Tymers that, who bloody cares what he does it you are stupid enough to listen to his advice then you shouldn't be investing dyor, so give it a rest and move on and grow up, as most on here are probably fed up to the back teeth of it, you are making this board unreadable!
Yes Tymers a downright lier, It is one thing ramping a share that you actually believe in yourself and is a good investment how ever wrong you are, which I thought was the case with you, always optimistic and full of confidence every post a strong buy, then when all your predictions have been completely and I repeat completely wrong (8p by last Christmas then working your way down, now at 1p I think) and when you are cornered like a ramping rat, you come out with, in your own words (managing.my investment when appropriate to achieve free float) so what you are now saying is you have been selling whilst telling others to buy...Despicable you should be banned (some look others see, and you have been seen)
The trolls call realists "trolls", to divert attention away from their gibberish.
;)
Pathetic attempt from boiler room Tymers to ‘influence’ again - it has now become 100% obvious that this ‘paid-up’ ramper wants to convince the ‘gullible’ to invest, so that he/she can milk your error of judgement - beware all to all newbies that googled LSE looking for ‘London Stock Exchange’ and ended up with this site...... and then to end up believing characters like Tymers and Trollhunter who are ramping for their own profit at your expense. Listen to the ‘trolls’ - they actually have you in mind. Investing in UKOG can can down and down and down - DYOR ( they can occasionally go up for a couple of hours) IMO of course...
As we all know SS got is to 11p and sure he can do it again. UU
I remember when VOD was 3pence, then they went over £3
Made my mate a millionaire.
No two ways he had bottle.....
Wiz' - "It is also now partly funded by production."
Trousers has been claiming that for two years that I can recall, probably longer.
But he's still issuing more shares and giving us no information as to whether production has actually increased to turn his claims from Trumpism's to actual facts.
We still see the same one or two tankers at HH, so if they've increased production to a level that is self-funding, where are the extra trucks to transport it all?
I remain entirely unconvinced and long to be proven wrong.
:)
Mirasol
The key question is when will the value be added for the dilution incurred?
Obviously many things have changed due to the global pandemic but the reality remains the same as before when normal times resume as long as UKOG come through this as many companies won't.
It is also now partly funded by production.
For a long time, 0.80-0.85p seemed to be the absolute bottom of its trading range: this year has upended that rule of thumb.
It was last at 1p around end of November 2019 (my - doesn't time fly by?) and they had a raise on 2nd December - immediately before that raise they had 6,738,389,264 shares out so at that point mkt Cap was around £ 67.4 million - now £ 24 million...............
What was the market cap when this was 1p with the shares in issue at the time?
"UKOG are probably doing just enough drifting along 300 bopd etc etc"
I think you're right Toe - we've looked at this before and people like Egdon have cruised along for years on 150-200 bopd - but UKOG seem to have significantly higher fixed costs - a full time FD, bonus for the main man, etc etc
The problem comes when they want to do something -(like Turkey or Loxley) - EDR, Europa etc normally finance new ventures by farming out whereas UKOG won't let anyone else in and dilute the shareholders instead.
'The problem we have is the ceo. He is not motivated or incentivised by a share price.'
You could add lack of vision to that list, feels like it's make it up as you go along with him crashing from disaster to disaster. I have said it before that it wouldn't surprise me to see he has been taken to court over the ukog debacle
Placings
Equity raises are a necessary evil on Aim, as ‘growth’ companies often require cash to develop projects and invest in the business. However, many of these companies are not growth companies, but lifestyle vehicles for the directors. What may start out as an exciting dream to build a business eventually ends up in failure, but the directors have then become accustomed to increasingly higher salaries despite the share price going increasingly lower. A turkey doesn’t vote for Christmas – and so they hold on to their positions as long as they can. All of this, of course, is funded by the retail investor.
The company is a vehicle that pays the directors' salaries. It also pays the Nomad. It pays the broker (which may also be the Nomad), and it pays the PR agency. All of these parties, including the directors, have an interest in the company continuing, because without it they are all out of jobs. Therefore, there is always a new story or a new project to invest in – so long as retail investors continue to fund story stocks then the company will continue. If you are going to invest, it’s worth checking how much the directors have taken out of the business and how much of their own capital they’ve put in. Nil-cost options do not count – this is simply transferring shareholder cash into the directors’ pockets.
UKOG are probably doing just enough drifting along 300 bopd etc etc
You gotta question the nomad / broker too
Lol Sageman.
I called time on Woodford after only a month solo as well.
:D