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TH2; Ozzy; Raj34; Will; Wiz'; et al.
SS relies upon their faith / support.
:)
Well... I'd agree that UKOG has a history of being able to "prove" that projects are "viable" (to the extent that it has been able to raise funds from investors against such "proof")...
Unfortunately, when the realities of things start to apply, so far, the company's track record of accuracy on its supplied pre-real world "proofs" has been irredeemably dire. This may well affect its abilities to raise funds for Loxley, should the appeal be upheld - because when seen against a backdrop of what's actually happened with any and all UKOG "assets" to date, who's going to believe another Sando forecast?
Obviously re Loxley, it will be for UKOG to demonstrate that it IS a viable project, but I can see no reason to doubt their ability to do precisely that.
"Angus obtained a debt facility of £12m for its Saltfleetby gas project on the back of a market cap of about £8m."
took them 15 months and the terms are so tough its unlikely the LTH's will see any benefit
To come back to the point of funds being forthcoming for viable projects:
that is one of the principal, if not the principal, reason(s) for the existence of the markets, whether equity or debt.
Angus obtained a debt facility of £12m for its Saltfleetby gas project on the back of a market cap of about £8m.
04
.1490 paid. Here comes .15s :)Here comes the devious wee lying toe rag
He is obviously a self centred evil individual. Do not take my word for it check his history.
Raj34 which is Adrian " The Fool On The Hill" @davethedrill1 on twitter, who has been slating this share, its Investor's, the company and any one involved with it for the past 12 months
He nows says he has bought back in and is ramping it.
Come on LSE get rid of this multi time banned poster.
'There were those amongst the naysayers who argued that the reason for the delay in the placing was because UKOG couldn't raise the funds!'
Companies normally do placings and open offers at the same time. The open offer clearly failed, as it only attracted less than 10% of the amount sought. It seems as some shareholders might have felt that the placing had been done in such a manner that allowed the placees to flip their shares to take advantage of the discount available to 'those in the know'.
This logic reminds of the following posted by a prolific poster recently:
'Some of the time-wasters seem to lack basic knowledge of the markets so don't really know what they are talking about.'
LOL Ocelot. The funds will be forthcoming for Loxley will they? How much more dilution will that create then? But you still preach to buy at these cheap prices.
UKOG are already facing:
1) abandonment costs at BB.
2) HH2z conversion to water injector
3) Extra costs after the failed drill in Turkey. Remember that the $5m cap was only for the main drill not any contingency costs.
4) And now you are spouting about Loxley.
I am all for oil and gas, but I'm against ramping of a company that has zero success in drilling wells, is running a single production well at a loss (water disposal of 50bopd + other asset costs will eat all the profits of 100bopd oil). SO what you are left with is a company that has raised £80m and returned nothing to shareholders except a 90%+ loss for those who bought in and around 2018. But keep lining the CEO's pockets.
Keep an eye out for related party transactions in the next set of results. There may be a few surprises in there.
If UKOG are still operating come end of 2022, then there will be 30 billion shares in circulation, with my estimate being each having a value less than 0.05p.
Just my opinion, as ever. But only the worst of the worst ramper could paint UKOG as a solid investment option.
"and have been searching for other reasons to criticise UKOG."
and we only had to wait a few days to find out the latest well is so screwed up they have to shoot, process and reinterpret new seismic before drilling a sidetrack sometime in 2022....................
Agreed, Hollybean.
If Loxley looks to be a viable project, the funds will be forthcoming.
There were those amongst the naysayers who argued that the reason for the delay in the placing was because UKOG couldn't raise the funds!
Nearly £5.5m later, they have gone very quiet on that subject and have been searching for other reasons to criticise UKOG.
Isn’t that what everybody said about HH and then Broadford Bridge, SP says different, once bitten twice a fool , this will just be another year or two paying exorbitant salaries to keep SS in luxury.
He will find the money for loxley if the plans go ahead,there is always someone ready to buy in on an adventure new money keeps the wheels turning, imho dyor.
If they strike oil at Resan 3 then funding Loxley will be straightforward. I and other shareholders will be keen to be involved. But if it's a duster I think it's going to be end of UKOG.
I'm hanging on for Resan 3 but it's last chance saloon..... and I think I'm not the only shareholder feeling that?
67 years Will ? Time to give up - looks like you’ve been finally caught out ? Get some cocoa and have an early night
Ocelot: it suggests to me only that the cost of developing UKOG’s projects far exceeds their power to finance them. Are shareholders really going to continue to stump up money for these grossly over-rewarded dopes to carry on squandering? Why is anyone prepared to back the serial failure Mr. Sanderson?
Some comfort here must be that a site with PP has valve . Do you feel lucky !
UKOG's Open Offer to shareholders failed at 0.18p, raising less than 10% of the £4.7m that was on offer. Now UKOG seems to have said that £6 to £7m will be required at Loxley to drill an exploration well if they get permission.
What price would that be at? And ocelot ramps the possible need for another massive fund raise...
It does create the impression that UKOG's business is a bigger one than its market cap suggests, doesn't it?
You sound confident UKOG will win their appeal.
With the Loxley exploration drill cost at £6m-£7m ( per days Planning Inquiry ) I’d have thought most shareholders here would be saving up for the next fund raise !
Hope your timing is better than it turned out to be on ANGS a couple of months back, Will...
However, credit where it's due... over there you were quick to cut your losses once you spotted that you'd not in fact bought in at the bottom of the trough. Which is of course an equally important mindset for those who short-term trade to have.
Give him time to get his calculator and try and work it out....
prainey
01/07/1934 dob
Will
If you believe in this donkey,
I appreciate its a wee bit late, but maybe a career move could be a good choice!