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Correction: not repeated word for word, they've specified Envoi's name and its area of specialisation this time:
LOXLEY UPDATE: Important progress with appointment of specialist marketing and divestment company Envoi to facilitate farmout of our gas and hydrogen feedstock project. https://tinyurl.com/353ur9pk
Repeated 5 minutes ago.
I'm surprised a specialist firm wasn't appointed earlier, UKOG does not give the impression of being under time pressure.
Ocelot is getting desperate. 11 posts today compared to 56 in the last 30 days for UKOG. The sands are slowly running out.
Lets start with the basics as revealed by UKOG at the Loxley planning enquiry. Cost of the Loxley drill was THEN estimated at £7m. Full field development after a successful appraisal would be £50m.
These numbers are so way out of UKOG's ability to fund that its obvious UKOG needs at least a free carry for the appraisal drill and testing.
It appears that UKOG's attempts to farmout alone have come to naught despite repeated reports of 'interest'. In order to hopefully move the dial UKOG are throwing their meagre cash resources at Envoi.
It appears from my reading of the farmout proposal is that up to 50% would only cover an appraisal drill; not full field development. I suspect that IF Loxley ever goes ahead the field development would have to be much less ambitious as £50m is FAR to much for UKOG to ever fund 50% of.
The RNS smacks of desperation; its a last chance to excite the punters before a high noon AGM where UKOG are going to have to reveal how on Earth they are going to raise further basic working capital ( translation ; how to keep paying high wages and spinning the dream chases longer).
Https://drillordrop.com/2024/05/01/ukog-appoints-help-to-farmout-loxley-drilling-project/
LOXLEY UPDATE: important progress with appointment of company to facilitate farmout of our gas and hydrogen feedstock project. https://tinyurl.com/353ur9pk
That'll be what they claim the next fundraise is for, when in reality it'll be to cover SS salary.
I predict an attempt at something like £500k at 0.01p, which will cause the price to crash to 0.005p.
Interesting no mention about Envoi fees for this - I doubt it is on a no win no fee type basis.
By the way I expect the NPV valuation to be fairly arrived at, what stinks is by not having a published CPR UKOG can hide what the testing and production meant, and what the future production from HH-1 is expected to be, and possibly more telling whether what has happened was predictable and should have been conveyed to investors, rather than what was RNS'd.
With you. You're talking about Envoi! Apologies, as you've understood, I thought we were talking about UKOG.
The assets of Envoi the company that UKOG are tasking with finding a farminee!!!
You've lost me, sceptic2.
Net assets at 30/09/23 were £32.687m according to UKOG's annual report.
.........of which by far the largest part was 'intangible' assets - intangible being 'not having physical presence', in this case money spent on projects that have not yet been totally proved to be valueless. Until the subsidiaries publish their accounts in June what the £30mm plus of intangible assets fully comprises won't be known - and even then there will probably lybe some gaps.
Of the 'tangible' assets (ie ithey exist) only those not operated by UKOG have valuations fully carried out by an external competent person, the UKOG board choosing to arrive at a valuation for HH-1 but avoid the embarrassment of the full 'workings' being published. Oil and Gas properties (HH-1 and Horndean) comprise just under £2mm, of which £1.4mm is the self determined value of HH-1.
You fool Ocelot. Note the heading Envoi the company they have entrusted the marketing to.
No sentiment in Business imo," don't hit a Man when he's down, kick him instead it;s easer".
Page 37:
https://www.ukogplc.com/ul/660baef6c126f_660b9d88a37fa_UKOG-ARA-FS2023aa.pdf
Divestment:-
This happens when a company sells off some of its assets. Whilst a divestment can be an effort to streamline a business, forced selling of assets, could result from threats, of regulatory or legal action such as bankruptcy.
We shall see very soon - Does not look good.
Companies House, where did you get your figure from.
Don't know where you found that figure: net assets at 30/09/23 were £32.687m.
Tax loss credits are very handy, and SS wont be in a position to argue the toss imo
Suspect the dump of the next conversion is already underway with the 31 million plus sell after hours on Monday. Now we're in May the CLN holders can ask for a new allocation of shares that they can choose a vwap for as their purchase price that won't be known until UKOG decide to report it, so far that's been when the following allocation is announced, policing it is impossible as they don't specify what date the vwap is from and share sales appear to precede any announcement. Like a casino allowing a roulette player to place a bet after the wheel has stopped.
Surprised the SP has only shifted a little, maybe the market has finally rumbled UKOG's MO - rampy (but on inspection meaningless) RNS followed by CLN RNS.
Envoi is a well known marketer of last resort. They're currently marketing Terrain's onshore UK portfolio including 10% of Brockham and Lidsey - sale rather than farmout though. Looking forward to seeing the flyers for Loxley.
Capital & reserves at 31-3-23 was £5359. Sanderson is really scraping the barrel now. Surely the thicko's still buying shares must now see "salmonslacks" complete incompetance.
Annual report 30/9/23
SS emolument £337K (total directors £507K)
Revenue £1.538M
Loss £4.069M
Today's Market Capitalisation £1.04M
Make your own judgements......
Was to announce this via RNS, it's not going to result in a positive outcome, he's just trying desperately to create an opportunity for the ramp squad to get some volume up to help the death spiral partners get some more cash for SS to pay himself.
Only an absolute tool would believe that this RNS will result in anything. Prospective partners are not gonna get the wool pulled over their eyes by SS. They can pick this up for zero when UKOG folds, not that anyone would actually want Loxley, it's a mickey mouse scam job that SS pumped to line his own pockets. FACT
With a MCAP of £1m it's better to just buy the Company imo. If there is a "Garage Sale" for the assets, i'm sure that Angus will accommodate UKOG if the price is right. After all Angus now have a strong balance sheet, income and backing from a "major player"for expansion in the UK, America & Africa!