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Heard about this little snippet;
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Ceraphi Ltd & Farmonic Ltd completed the business case for UKOG’s Broadford Bridge well site, with extension for development granted by the NSTA.
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Ceraphi are the start up Geothermal company that UKOG have mentioned in the past.
Farmonic also appear to be a start up (incorporated May 2023) using 'advanced technologies' for growing crops, office address is given as Cavendish Sq, but are advertising for jobs based in Guilford.
Strange that there's been nothing from UKOG on this and that the BB site is under consideration for extension to P&A, not for Geothermal production?
I would have thought that UKOG would have boosted this (if true) to high heaven, given their desperation for any news that could be considered as positive.
Rather odd really..
No, grumpy1, you will find they have been reduced for you!
Deltavegatheta
I think revenue will be down about $200k and Portland burn will be up considering the work they are doing so maybe worse off than you think. They have already spent the first lot of money that they raised for Loxley to get the infrastructure and pad built which may take the edge off.
Sorry probably a obvious question do I need to reduce my holdings on file to the 1in 10 ratio?
I've been estimating UKOG's cash position using the first half figures and projecting forward a year to March 31st 2024.
Cash as of 31st March 2023 £2,262,000
Cash burn (2xH1 rate) -£4,666,000
RF/YA raise £2,000,000
HH repayment £675,000
CMC raise £750,000
Est cash at 31st March 2024 £1,021,000
Issuing all remaining shares at 20% discount would raise about £740,000, so up to £1,761,000.
Cash burn rate is around £390k/month, so UKOG will run out of money in around 5 months unless they have reduced spending sharply.
To have enough to survive until March 2025 UKOG needs about an extra £3m, so would need to raise about 150% of present market cap.
In a couple of weeks we will see what the actual cash position was as of Sept 30th, the going concern statement should be interesting.
There's winners and losers in business, in this case YA/RF may be getting stung, the details on the deal are so limited that it's not really possible to pick the bones out of the masked truth.
However, with regards to Adrian, he's a loser in life, at everything. Education, Women, health, investing, friends. He's a low-life. Avoid debating anything with pork!
The market makers aren't on here, they have nothing to do with lse.
The old shares numbered just under 33bn before the 1:10, you've omitted to take into account those issued to the Trustees of the EBT.
'Scuse me for being dense (yes, yes, I know!!!), but aren't there more costs for all this?
Seems to me that he's just finding new ways to burn through cash he already doesn't have.
Ibug,
they could write any old rubbish - they don't care as they are never pulled up on any errors - they even made the EBT buy a million more shares than they were allowed to own.
Of course it's the fifth tranche - and they're being very specific about what this conversion reduces - the FIRST (my capitals) cash sum of £2 million. So why say first if there isn't a second, and maybe third - though perhaps YA / Riverfort called force majeure on that one as UKOG had run out of authority to issue shares.
Mms not very good on here the 10 for 1 should have
ended with 2.9 billion but they have it here as under 0.6 billion and with the extras they should end up with 3.4 billion with what ever is sold to raise monies
Not you Pboo, the FOOLish one whose latest incarnation has already been tossed by Admin.
Only another 1,269,787,718 shares to use up before the AGM. Drip drip drip tik toc
I think some posters, outwith the oil industry are out of their depths here today, in fact it looks like they are severely underwater…
Bubblepoint
You can't even get my name right.
It's Pboo
ZXY098
Someone is on their high horse.
Reported for what. Lol
Creating a discussion????
Pboo,
Onshore Wells are named after a nearby surface feature, which is usually the nearest village / wood / farm (e.g. Singleton, Humbly Grove, Palmers Wood, Wytch Farm etc), not the subsurface formations that they are targeting.
The Kim Field is in the Hampshire Basin, not the Weald.
Kim-1 was drilled by BP in the late 1950's and put on production in 1961. They drilled three more appraisal Wells in the area at the time, which failed to find any more commercial oil.
Kim-1 produces from the Cornbrash Formation, which is Middle Jurassic in age. The Kim is Late Jurassic and is above (not below) the Cornbrash. The Kim actually outcrops along the coast in the area and there are a couple of well known oil seeps on it too.
However, it is not the source of Kim-1 production, which is being fed by a fracture network from somewhere beneath the Cornbrash.
In 1980 BP realised that the field had produced more oil than the mapped structure could possibly hold and so must be being charged from below, which led them to drill Kim-5.
Unfortunately that Well not only failed to find any deeper accumulation, it also messed up the Kim-1 Well (accidentally cemented it up during a casing cement job on Kim-5) which had to be worked over as a result.
Fun Fact;
The main target for Wells in the Hampshire was the Bridport Sandstone. The majority of the licences were operated by BG, with BP as 50% partners.
BG realised that there might be oil in the Sherwood at a particular location and proposed deepening the Well to find out. BP disagreed, so BG decided to sole risk and drill ahead. Just before the Sherwood was reached, BP changed their minds and bought back in.
The Well was the discovery Well for Wytch Farm and BG were going to be the Operator until forced by the Govt to sell their 50% to the Dorset Bidding Group, which resulted in BP becoming the Operator.
Waste of skin: I can't be bothered dealing with your FOOLish fantasies any more - binned and reported.
23 Jan 2024 15:48
RNS Number : 6605A
UK Oil & Gas PLC
23 January 2024
UK Oil & Gas PLC
("UKOG" or the "Company")
Loan Balance Reduction via Equity Share Issue
UK Oil & Gas PLC (London AIM: UKOG) announces that to further reduce 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 fourth tranche of ordinary shares ("Equity Shares"). Conversion of these Equity Shares by the Investors now reduces the balance of the £2 million gross first cash sum received to approximately £0.66 million.
13 March 2024
Application has been made for the fourth tranche of Equity Shares, numbering 206,965,282 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 19 March 2024.
How many fourth tranches are there?
You mean like he does on here?
https://twitter.com/davethedrill1/with_replies
Adrian
I was only at HH once and that was back in 2014 before you even starting posting about UKOG. Keep on with the Jackanories. They may do something for your mental health but that is about it. Shame the SP has not kept in date with house prices as you are about to get real good kicking on your last fantasy buys.
Pboo,
Kimmeridge -1 produces from the Cornbrash - a poor quality, fractured, limestone. It may be producing oil sourced from the Kimmeridge, which can clearly be seen to be above it at that location but it's preety obvious the Kimmeridge won't have any pressure as it outcrops nearby, any mobile oil would be long gone - they used to have to heat the rocks to get oil out of the Kimmeridge mined from Kimmeridge bay.
Adrian,
I've looked and ibug posted 'name a field that's producing from the kimmeridge', present tense, not past tense.
You're banging on about the test which lead to the decision to not 'produce' from the Kimmeridge.
Fact is there are no fields currently producing from the Kimmeridge.
PeeeBooo, they are not insults, just the ONLY way to describe such well informed, savvy folk such as yourself lol.... I deem them more a compliment in your case !!
Bubblepoint
Why do you feel a need to insult people all the time.?
I still don't get that this CLN seems to operate on a hand over the shares and we'll tell you what price we convert at some time in the future. Notice this time UKOG mention they can reach back 15 days to before the GM to name their price.
Before the GM there were end of day sells that were significant relative to the daily volumes, if not huge value, that had the look of the CLN holders selling although UKOG were unable to issue shares.
Also they're emphasising this is off the first cash sum - rather than the whole loan perhaps?
Anyway Adrian,
Oops, more shares - it took a week since the GM to announce it how delayeed is this announcement though - luckily they couldn't possibly have started selling shares before the GM, could they? Question is do they want a lower SP now?
Actions not words where the Kimmeridge is concerned, and there has been no action on this supposedly fantastic resource since 2019. UKOG has had at least one workover of HH-1where they could have switched to Kimmeridge production if it was any good, but they've stuck with the Portland's slow decline.
Any idea why - couldn't possibly be because after the initial flush the Kimmeridge would be worse that the Portland?
UKOG had an external report done on the Kimmeridge in June 2019, didn't mention it at all for 21 months when it was mentioned as a footnote to the resources table, but after June 2019 nothing was done on the Kimmeridge that UKOG had previously planned, no deepening HH-2 even to log it, no sidetrack from HH-1, and not even a dual completion.
Adrian
When will you get it through your thick head we don't have swamps out here and we have more oil than you do. What's not to like apart from the fact that you don't live here.
Bubblepoint
K1 is producing from the Kimmeridge
Fact