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"Application has been made for EBT Shares, numbering 62,087,925 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 10 May 2024."
Sneaky buggers. Will have to keep an eye on them.
UK OIL & GAS PLC
152,796,721
https://www.londonstockexchange.com/news-article/market-news/aim-notice-09-05-2024/16461848
ORDINARY SHARES OF GBP0.000001 EACH, FULLY PAID
(BS3D4G5)(GB00BS3D4G58)
What happens when the 'family silver' turns out to be electroplated junk?
If one of UKOG's past expectations had come true even that wouldn't justify blindly believing that something they are claiming with no detailed backup - like every previous claim - was likely to come true this time.
Even the Loxley CPR which is based on minimal data has errors that significantly increase the risk of failure or at best a find that is not commercial - otherwise UKOG has avoided any examination of their projects or detailed forecasts of the financial benefit of the results of their activities - if successful.
Perhaps that's why a company with an income stream dependent on issuing ever cheaper shares just to help pay the salaries, let alone do anything, and appears to have no way of doing anything now without farming out half the family silver has such a low cap.
Ocelot & Logic
Sorry you cannot use them in
the same sentence, or even room!
There is no logic in your last line.
Here's a complete list of previous write-downs to UKOG's "assets":
2018 BB-1 "unable to be used for production" £9.25m
2018 "Holmwood operator abandoned the site" £1.21m
2020 Horse Hill "impairment charge of £7.89 million"
2020 "HH-1 should be impaired by £9.35 million"
2021 "HH-1 should be impaired by £1.46 million"
2021 Isle of Wight write-off £946k
2022 "HH-1 should be impaired by £2.9 million"
Total: £33m.
Yet to be disclosed: Turkey
If drill testing is ever carried out on HH-3 or Loxley the same pattern will be repeated.
Market cap: £1m
Book net assets at 30/09/23: £32.687m
Unless valuations are backed up by full details UKOG are prepared to publish then it's very likely that there is a flaw in the valuation.
UKOG claim the £19.3 million intangible valuation (money spent on HH) is supported by a valuation based on 4 further wells being drilled - what are the assumptions, all successful? what costs to drill? what flow rates? water injection works? - wouldn't it be nice if UKOG CPR'd HH to justify that, and the valuation they carry for HH-1 which has risen this year (from £0.8mm to £1.4mm) despite using a lower OP ($78 then flat $75 after 2031 vs last year's $81 then flat $81 after 2031), but possibly resulting from using a more favourable discount rate (about 25% lower). With over a year of testing and 4 years of production surely there's enough data for a CPR - they had a Kimmeridge report done in 2019 (only mentioned as a footnote to justify contingent resources in the Kimmeridge) based on the testing - after that any Kimmeridge work at HH appeared to be stopped.
To claim that any estimate by UKOG, with a record of exaggeration and failure of potentially transformational. or national significance projects that clearly weren't, is reliable is absurd. The fact the 'successful' well out of 2 (HH-1) was 'worth' £0.8mm last year and this £1.4mm, but 4 new wells are worth £19.3mm after the cost of drilling new wells has been accounted for suggests there's no risking, a favourable view of possible production - and probably the super low discount rate - at least a CPR would have some indication of the sensitivity of the valuation to different inputs and pi could make their own judgement of what's likely.
If UKOG want to be believed put the calculations to the test of a CPR, otherwise it's just ramper fodder.
I doubt that Ocelot is a deluded agitator. Far FAR more likely to be a PR stooge.
Portland appeal for incinerator - 5 months
HH -1 improvements
HH-2Z reinjector
HH Supreme Court appeal
Loxley farm in
New well Türkiye
Loan reduction update
With only 507,193,103 shares to get rid of before the AGM they are never going to get rid of the first £2m tranche before then. And the suckers are still buying.
I thought you would deny the allegations... says words for them
NibblePibbley,
I'm going to be a bit pedantic: elicit NOT illicit.
Actually - there is nothing in storage and the coffers are empty; but, hey ho, as long as someone is upbeat then you can just ignore your losses. They are only paper losses after all and are as much use as bog roll.
Ocelot:-
You are a deluded agitator, seeking to illicit responses from the rest of the antagonists on here.
Deep down you know that this company is finished but still you plough on regardless.
AimDogs
:-)
Not sure that I can be described as upbeat, the funding requirements of UKOG are undeniable, but do think the market is focusing exclusively on those funding requirements without taking into consideration the valuation of UKOG's asset portfolio.
Bit of a contrarian, so very suspicious of consensus thinking when almost everybody appears to express the same opinion (the financial crisis wasn't that long ago!).
So, in summary, think UKOG's share price should be higher.
UK ENERGY STORAGE LTD: There's plenty in store
+ 2 earlier tweets of yesterday re the AGM
You do remind me of the Black Knight in Monty Python. Looking at yr history you are 95%+ down on UKOG and still upbeat.
The Operator’s plan was later revealed to be framing HH3 out to PPP who unfortunately, just like UKOG, are broke and any can’t raise the required funds to do anything.
From PPP's interim results RNS of 28/12/23:
About Horse Hill Oil Field ...
" Following its discovery in 2014, Horse Hill was successfully production tested in the Upper Portland sandstone and underlying Kimmeridge limestone section from 2016 through to the start of long-term continuous Portland production in 2020. UKOG advise that, as of mid-March 2023, continuing oil production from HH-1 totalled an aggregate of over 185,000 barrels of 35 - 41 API sweet crude. Full planning and environmental consents are in place for four additional infill production wells.
A 2018 Xodus CPR for UKOG estimated a gross mid case P50 Portland oil in place ("OIP") of 30 million barrels, with a corresponding mid-case 2C recoverable Contingent Resource of 1.5 million barrels. The estimated mid case 5% recovery factor being stated as in accord with other analogous fields in the Weald Basin. It should be noted that the recovery factor being stated as in accord with other analogous fields in the Weald Basin. It should be noted that the total HH-1 Portland production to date potentially leaves around 1.36 million barrels of the estimated mid-case recoverable Portland resource available to infill drilling and remaining HH-1 production.
In addition to the 132,000 barrels of 35-36 API Portland continuous production as at mid-March 2023, approximately 53,000 barrels of 41 API sweet crude were produced from multiple zones within the Kimmeridge limestones during production testing, before being shut in to allow for longer term Portland production. In 2015 a Schlumberger report calculated an estimated mean OIP of 8.262 billion barrels lying within the entire Kimmeridge section underlying the Licences.
Note: OIP should not be construed as either recoverable Contingent resources or Reserves. The Kimmeridge therefore remains a potentially viable secondary production target at Horse Hill. "
Ocelot…When are you going to realise? That UKOG is a con ! And run by conmen ! Just feathering their own nest, and have absolutely no interest in shareholder value…
We look forward to hearing of the Operator's plans for enhancing productivity and delivering on the inherent, and to date largely untapped, value of the Horse Hill Oil Field. (Alba's George Frangeskides in their final results RNS of 19/05/22)
He's here after ironing his salmon slacks
Ocelot
“The definition of insanity is doing the same thing over and over again and expecting different results.”
As you show in your post of yesterday 20:51, the valuation of HH-1 has been progressively and severely impaired.
It means that the £19.3m valuation of HH essentially relates to the net present value calculation of other wells than HH-1 (and HH-2).