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Are they more likely to:
A: invest £250k in HH
B: take all the cash they can out of HH as load repayments to keep them afloat as few more weeks
Ibug,
I would say yes it is worth it on a couple fronts,
Firstly, water cut is likely to ONLY increase, so disposal & transport cost will too.
Secondly, Adrian & Peebooo will have to find something else more worthwhile to do than sit in the bushes like a couple of dogger spotters at HH, trying to spot the lesser spotted illusive tankers that traverse the site and local area...
"We were delighted that the North Sea Transition Authority ("NSTA") granted its formal consent for the conversion of Horse Hill-2z into a water reinjection well. With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill, removing the need for costly transportation and disposal of produced water at third-party sites. We estimate that the removal of these costs would add around £250,000 net earnings to the Company per year and reduce the field’s carbon footprint."
So why haven't UKOG started? The monitoring ground holes have been drilled. Only thing missing is the money. But is it worth spending over £250k to save around the same amount?
I doubt very much gainful employment will be his priority considering the amount he has rinsed out of PI,s at UKoG ,I am sure he has a bullet proof nest egg waiting for him once the receivers have trawled over the ashes.
When this goes to the wall SS maybe looking for another job.I wonder what he will put on his CV ?
Presumably, for all these many months, Sarah Finch has been keeping Wednesday mornings free until the preceding Thursday, in case the judgement was to be delivered then.
Nothing he has ever touched was in the interests of the shareholders. Freudian slip.
For those interested in making some quick money
Join my £1.00 club
Its called
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CEO Scamslacks
CHOO, ChOO, sanderscam to the moon
The only thing that goes up with UKOG is the directors salary!
Just think about it. Every placing that is done results in the transfer of money from your stock account to the directors bank account. There is no other company where this transfer is more evident than here! The Mcap is only 3x the directors salary and rapidly reducing for christs sake. How is this not theft?
BTW, will someone tell SS that the accounts are overdue with companies house for uk ouil & gas PLC, as its the poor shareholders who will foot the fine. They wont mind, they have run out of situations to be embarassed by.
By TOM WINNIFRITH, THE SHERIFF OF AIM
On April 2 shares in UK Oil & Gas (UKOG) had plunged to 0.065p after the publication of annual results and an explicit warning from the auditors. Today the shares are just 0.0375p and falling rapidly.
At one stage I held 17.5 m of this dead beat of a stock. Could have sold at 11p when Gatwick could still have been a gusher. Could have sold on the revival after Turkey was announced. Have finally sold with a 95% loss. My only saving grace was that I would dump a few million to pay for a new interest. Always wondered if I had done the right thing. I always had, because every sale looked good a week later. Nobody to blame except but myself but I do think they didn't drill deep enough in Turkey. Another 1500 metres could have changed the story. Farewell UKOGGERS. Those left in I wish you well!
Lucky I only bought £100 worth a while back. Can’t believe it’s only worth £1.75 now. Some people have lost a fortune here :(
The end is nigh 👋👋
Hi Yuri,
We call it, the Fraud Squad.
If this was an animal, you’d have it put down. Why make this company suffer?
Anymore and I’ll be calling the Royal Society for the Prevention of Cruelty to Companies.
Yep, sadly delta the SP is only now reflecting the new reality. Might ge worth a punt sub 0.03p imo....
The weekly tanker. Did BKP lose the contract because the drivers were leaking info to Adrian?
Yes UKOG had revenues of £1.5 million last year but had costs of $4.9m resulting in a loss of £3.4 million.
It needs over three times the number of tankers leaving HH if it is to keep the lights on.
Latest NSTA figures show HH production declining.
Https://x.com/davethedrill1/status/1780184370134831311?t=CyBTWuJBPbj2j-JfffhOIQ&s=08
"They have to progress unless I am reading them totally wrong"
This has been going on since 2017.
SEVEN YEARS!
They have not progressed since.
They cannot progress now.
You are reading them totally wrong.
Look at the cash position and burn rate. Companies fail when they run out of cash. UKOG has run out of cash and the low SP makes raising new funds extremely challenging and even if did succeed would wipe out existing shareholders.
Thanks Earl.
I am not understanding the negativity here. I know not a lot has happened over the last couple of years apart from the SP crashing but the last RNS and the one before certainly don't sound as though they are going under.
They have to progress unless I am reading them totally wrong
Another all time low
0.03125
Trebles all round for the BOD; Long Live the Dear Leader (Praise be His name)
IMO Sell what you have now.
They will have to suspend imminently to protect what is left of the assets - then we may get a de-listing.
My view is they will fold after receivership.