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As ocelot referred to market cap.
When the SP was around 0.0504p (August 2023) there were around 22.4 billion shares so the mcap was over £11mm, the last conversion was ar 0.0175p (January 2024) with just under 30 billion shares in issue so the mcap was just over £5mm.
Now with another raise, Pinarova failure, first GM fiasco, EBT 'purchase', and the subsequent GM rigged vote the mcap is a bit over £2mm.
The extra shares issued has meant that the mcap percentage drop isn't as brutal as the SP drop - but the SP is what pi buy and sell at.
Ocelot
100 trades so far today. Must be some sort of record or something of note for you to make. Looks like the wheels are coming off your bus as reality hits home.
https://www.youtube.com/watch?v=e_04ZrNroTo
'It is in the interests of RiverFort/YA that UKOG succeeds in getting its market cap up.'
Of course it's absolute nonsense. They certainly tried really hard with the 4 conversions for £1,34mm RNS'd so far. First was at 0.0504p (not much less than the price after consolidation) before the end of August last year, then 0.025p, then 0.022p and finally on 23 January at 0.0175p when they soaked up the re aider of shares UKOG could issue - which must have triggered the need for the GM.
In fact to guarantee getting a good return the MO appears to be sell so the price drops and then declare the vwap at the lowered SP. Impossible according to the agreement but someone is selling large volumes of shares prior to the declared vwap - and if they really got all the shares when the vwap appears to relate to they would have lost money.
Then there's uncertainty whether UKOG took the 2 additional 'committed' tranches of £500,000, no reason to not to take the first tranche due in November, and perhaps the raise in January of £750,000 was so both parties could agreed the second £500,000 wasn't taken - or maybe UKOG forced their hand by the raise.
So the £0.66mm could easily be £1.16mm or more than 50% of UKOG's mcap - and whilst the agreement restricts conversion to 20% of the previous calendar month's volume does anyone believe, like the forward selling restriction, there aren't ways to get around the 'rules'. Maybe there's a belatedly RNS'd conversion to come? The upside would be those shares will almost certainly have bee sold by the time they're RNS'd.
The big players taking part today.
https://www.lse.co.uk/ShareTrades.html?shareprice=UKOG&share=Uk-Oil--Gas
What a joke this share is.
Adrian
You can't even get your story right. First you said bought at 0.0074 on Friday. Yesterday you said 0.0075 ish and yet there were no buys at that price around or before you posted. If you are going to tell stories at least do a bit of research on what the SP actually is.
Ocelot
Absolute rubbish. You have no idea of how "death spiral" finance works do you?
Or it might means that they will not convert all at once and will dump any converted shares faster than Admin dump new accounts from Adrian. Surely postalot is not so thick that he does not know that... So why is he posting misinformation?
At 0.065p = £2.115m.
Approx £0.66m due to RiverFort/YA (RNS of 23/01),
= about 31.2% of market cap.
A holding of 30% would oblige RiverFort/YA to launch a take-over bid which is not something they would want to do.
It is in the interests of RiverFort/YA that UKOG succeeds in getting its market cap up.
You can't polish a turd.
'Those who have wanted to sell have had ages in which to do it.'
Unfortunately ocelot won't have the benefit of my ode to Adrian....the CLN holders have indeed had a long time to sell, sadly they still have up to a third left to sell - the first two thirds saw the first conversion at 0.0504p and the last in January at 0.0175p.
With the help of failure at Pinarova, announcing the desire to issue 50% more shares and the shenanigans of the GMs the SP dropped another two thirds in about 6 weeks before the consolidation.
As for this BS - 'their negativity no longer serves any purpose'
Erm - ocelot is still avoiding looking at the SP chart. Claiming posters who predict failure and explain why are 'negative' is complete rubbish when they are right. Just accepting UKOG's opinion and seeing time after time it being proved wrong is a denial of reality.
There's going to be along wait for another well to be drilled, and unless UKOG can get a farminee difficulty paying for it.
Silence at PPP (for the HH farm in) and no mention of interest in Loxley - though UKOG happy to announce 'interest' in the Portland Port gas storage project - and anything in Turkey likely worse that the targets already drilled and maybe needing more seismic.
Have you forgotten the at least £0.66mm in outstanding loan notes?
UKOG don’t seem to worry too much about promptly RNSing conversions – it took 2 months from the first conversion priced at 0.0504p (a vwap only possible in very late July and August) and the RNS about it on 3 November.
So the lack of an announcement doesn’t mean a conversion hasn’t happened. Regardless of whether UKOG need money or not more shares could be on the way and it won’t even be ‘new’money anyway – it was given to UKOG in June last year and almost certainly spent.
It’s a strange coincidence that the conversions seem to be at an advantageous price to large sells that have dragged the price down, luckily the loan note holders aren’t allowed to forward sell so it couldn’t possibly be them.
So another week until even an announcement that the Supreme Court verdict will be handed down – and the Loxley High Court decision in UKOG’s favour early January only caused a tiny ripple of excitement, maybe 'investors' have realised that nothing would happen drill wise for maybe a year, if ever - and to celebrate the next day UKOG RNS’d another conversion.
At least ocelot has a ‘new’ friend and a few nonsense posts to read now. The two fanboys of UKOG agreeing what a great company UKOG has always been.
Sounds like a good meeting - nice to have some positive news.
UK ENERGY STORAGE LTD: Stephen Sanderson enjoyed a positive meeting with Energy Secretary of State Claire Coutinho. “She was very supportive of our hydrogen storage project at Portland in Dorset,” said CEO Sanderson. #renewables #cleanenergy #energy
Tanker probably there to clean out the cess pit. Just need to do the same with the ukog directors.
Postman Pat
john cranam reposted
The Fool on The Hill
@davethedrill1
#UKOG #Horsehill just now. Pic by John .
You reposted an Adrian tweet.
FOTH🤠🛢
Speaks for itself.
Ibug it wasn't adrian it was me and i didn't hang around or go across the soaking field to look any closer
Https://twitter.com/davethedrill1/status/1765729113925406822
Not oil or Adrian would have filmed it even if he has put an oil barrel in the tweet.
Orange lights. Amenity tanker is my guess. Waste water or FW. How much rain have you had recently? It's not BKP.
#UKOG #Horsehill just now. Pic by John .
FOTH🤠🛢
So, no judgement on Wednesday, 13th March. That leaves the 20th and the 27th before the break at Easter.
The case is referred to in this Drill or Drop article of yesterday.
https://drillordrop.com/2024/03/06/hampshire-urged-to-ban-new-oil-and-gas-developments-in-updated-planning-rules/
Drill or Drop is ending its "comments" facility for the following reason:
DrillOrDrop has closed the comments section on this and future articles. We are doing this because of the risk of liability for copyright infringement in comments ...
Yes, looks as if it is not clear cut.
Scope 3 emissions are posing problems for courts in other parts of the world, too.
Looks like they found at least some merit to the case, otherwise there would be a judgement by now
So much for "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." then. That was "late Summer/early Autumn" last year.