Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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UK onshore oil and gas production in charts – January 2024
UK onshore gas production rose 6% in January 2024, with the second consecutive monthly increase at the leading field, Saltfleetby.
Full article here:
https://drillordrop.com/2024/04/03/uk-onshore-oil-and-gas-production-in-charts-january-2024/
The newest onshore oil producer, Wressle, saw production increase 39% over the month but total UK onshore oil fell slightly with with a small drop at the biggest field, Wytch Farm.
Have gone down in value so much that they're only now worth about £60, so there really is no point in me selling them. I have 4 or 5 Shares that have all gone out of business and it seems only time before this Company joins them. It's very sad and I hope I'm wrong
No Different to Leni "laughing" Gas, they have both spent the last 10-15 years almost blatantly disrespecting the retail market and using it as an "easy" money route for their so called "projects", which pretty much result in a lot of nothingness and retail punters wondering how it could all possibly have gotten to this state of affairs.
That said, their salaries mean they don't need to do much, sit back, keep dunkin the hobnobs !! happy days !! The mugs will keep coming back for more !!!
Why the hell did the shareholders for dilution do they have a death wish? Good money after bad, and it goes down further. And it seems to me that the company was granted authority to issue more shares too? So anyone doubt they will use that authority to dilute you all again?
This hydrogen nonsense is never going to work as the company will never get enough funding away. This company will eventually end up in administration. Anyone will be stupid enough to buy more of these shares?
Opponents celebrate refusal of permission for Broadford Bridge oil site
Campaigners against oil and gas operations across southern England gathered in celebration outside a site which was refused planning permission last week.
Full story here:
https://drillordrop.com/2024/04/02/opponents-celebrate-refusal-of-permission-for-broadford-bridge-oil-site/
Not a single ramper came to bestow the positives of the Annual report. No Ocelot, no Pboo, no Ian12, no Trollhunter2. Realisation maybe that Sanderson will continue to bleed this company until it is no more. Most cowardly CEO I have come across. Not even man enough to face shareholders, the epitome of good times make weak men. Rip UKOG.
This will continue to be dilluted , to finance himself , as theres no future
sell up and get out with something
This report once more this year is sickening to read.
Sanderscam giving himself once more a pay rise when he has raped this company of all value while feathering his own nest is stomach turning. He has failed miserably at everything he has ever done here at the helm. He cares nothing of the shareholders whom he has diluted to oblivion and even has the neck to state that the supportive long-term shareholders here will get rewarded by this Hydrogen storage fantasy and Lovely gas. He has no shame and should be forensically investigated by the relevant authorities to ensure that there is nothing underhand in the dealing of the past years which many long-term suffering shareholders will be aware of.
It is nearly over here as the only finance he can get is dodgy forward sold death spiral financing which at this stage will put us into liquidation. I don't want to see him profiting any more to the extent of. grand a day for being one of the world's most useless CEOs. He is one swarmy individual and I hope karma catches up on him. I would like to see the back of the sponger as I am sure many on here would.
Cracking stuff ... m/cap £2 million; loss before tax £16m.
"When is this lot actually going to make some money?"
In all fairness UKOG's oil did produce a profit after production expenses; £275 k PROFIT from total revenue of £1.538m
If only there were not millions and millions of other costs , like inflated ceo salary and stupid overheads and crazy dream chases leading to giant overall losses every year.
Massive cash injections are required every year, look at the history .
Is the latest news from this stock just beginning to sound like another turkey? Always kicking the can down the road. When is this lot actually going to make some money? The justifications and living in some future dream world just make me feel tired!
I like it nothing like a dream to fulfil beats being on a downward doldrums
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