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Ocelot,
A day late and missed that Summit's project is in Norfolk, and UKOG seem to have a secret Yorkshire project to waste yet more cash on.
Seems talk is cheap, and UKOG are prone to exaggeration, this was one of your many posts on 5 December when UKOG tweeted that they were in 'discussions' with Exxonmobil and sumitomo:-
'ocelot
Posted in: UKOG
Posts: 23,833
Price: 0.0245
No Opinion
RE: Bullish Portland tweet at 9.13am 5 Dec 2023 12:26
"The countdown to lift off begins …".
Congratulations, SS!
There is no shortage of naysayers on this board so it is important to recognise the positive achievements, too.'
If only all those 'positive achievements' turned out to be anything other than PR 'puff'.
In support of this proposal we have committed to working with UK Energy to:
• Ensure supply from the Bacton Energy Hub can contribute to future hydrogen storage capacities
• As far as is practicable, ensure the project schedules are aligned
• Help promote the benefits of a hydrogen economy and the part the Bacton Hydrogen Project
and the UKEn’s Hydrogen Storage Projects can contribute to this
• Identify the opportunities that can be realised between the projects to create new low carbon
energy infrastructure in a sustainable fashion
• To continue to cooperate with UKEn with a view to SEEL or Sumitomo investing in future
hydrogen storage projects
... We believe that UKEn’s plans for hydrogen storage will identify and help realise the potential which
hydrogen brings to the development of the low carbon economy in the UK.
We understand that this Letter of Support is not a legally binding contract and is SEEL expressing an
interest which may, in time, lead on to significant low carbon energy projects for the UK ...
Ocelot
It was there yesterday.
Posted to UKOG's home page today:
https://www.ukogplc.com/ul/20240520%20LOS%20Portland%20Storage%20Project_Final_V1.pdf
https://www.ukogplc.com/
All of these are still outstanding.
"The funds will fully fund working capital necessary to progress the Company's key planned activities over the next 12 months, which include:
· Turkey: further testing of Pinarova-1 and further drilling preparations/studies
· Loxley gas discovery: discharge of planning conditions and preparations for site construction, plus a potential farmout to cover the planned appraisal and development programme,
· Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro
· Portland hydrogen storage (UKEn): Planning application work and conceptual engineering studies."
So when UKOG say: "These resolutions also seek to satisfy certain obligations owed by the Company under the funding
facility agreement as announced on 28 June 2023." they fail to mention the number of shares requested won't even cover some of the 4 obligations.
If the domestic market can ever use it for cars, for which I have expressed doubts before, because the the inability to control the lazy and non technical element , thus leading to hydrogen leakage and frequent explosions.But if it were for cars then to produce hydrogen for them as fuel you only need water and electricity so in that event better to sell the hydrogen extractors and compressors to the home market . Not store the stuff
It is about 64 miles to Fawley which is where they aim to pump the hydrogen if they ever get anything done there. They reckoned 2030 for building the pipeline but I can't see that happening as they are pretty slow in Dorset.
Seems like Summit is as desperate to find takers for its proposed hydrogen production as UKEn is to find a use for its proposed hydrogen storage facility.
Dorset doesn't seem a particularly attractive location for Summit though, comparing with other proposed facilities:
Bracton to Aldbrough Hydrogen Storage, Yorkshire 150kn
Bracton to Keuper Gas Storage Project, Cheshire 265km
Bracton to Portland 375km
There doesn't seem to be any near term plans for hydrogen pipelines over these sort of distances, causing both UKEn and Summit serious problems.
The early hydrogen storage projects will be located very near hydrogen production facilities, which rules out Dorset.
I ought to know Bacton is in Norfolk!
Not sure why UKOG's as yet secret gas storage project in Yorkshire or the much tweeted about project in Portland, Dorset is of much interest to Summit. A letter expressing support (and stating it is in no way a committment to participate) only costs a stamp I guess.
Of course the support is heavily weighted towards Summit's Bacton project in Yorkshire, support just like that from government in 2022....
Supporters whispering from the terraces - when what UKOG needs is an investment partner.
If the letter (linked on the home page) is the outcome of 'discussions' with 'Sumitomo' - the letter is from Summit - not exactly what's needed.
5 December 2023:- 'The countdown to lift off begins …'
“Any old any old iron?”
Dishwashers, iron, washing machine's, vacuums
These guys who drive round in a thirty year old transit bellowing crap into the atmosphere need to move and put the megaphone on
Go to Surrey …
“Gates, fencing, redundant drilling machines, old metal equipment … any old any old iron”
Sounds like a kock and bull story to me.
"Dear Stephen,
RE: Hydrogen Storage – Letter of Support
I am writing to express our support for the Dorset and Yorkshire hydrogen storage projects that are being undertaken by UK Energy Storage Ltd. (“UKEn”). Summit Energy Evolution Ltd. (“SEEL”) is a wholly owned Subsidiary of Sumitomo corporation (“Sumitomo”) and we are joint developers of the Bacton Hydrogen Project, a proposed 590 MW CCS-Enabled hydrogen production project in the vicinity of the existing Bacton Gas Terminals in Norfolk.
The UK government has committed to reducing greenhouse gas emissions to net zero by 2050 with a target of a 78% reduction in carbon emissions by 2035 which will require significant action, especially over the next ten years. Hydrogen represents an opportunity to decarbonise industry and provide a range of off-takers with access to a low carbon fuel supply. As a result of this we understand the need to develop and build a hydrogen network through the repurposing of existing gas infrastructure as well as the creation of new interconnected gas infrastructure."
I wonder with commodity prices rising whether ‘overpaid Salmon Slacks’ has given any thought to weighing in the gates and fencing at horse hill. Metal prices may mean the purchase of the fencing is his most astute decision.
'24/05/2024: Support from Japanese corporation Sumitomo Click here'
The future is here - or maybe they don't know what day it is at UKOG HQ
Apparently UKOG has another gas storage project:-
'I am writing to express our support for the Dorset and Yorkshire hydrogen storage projects that are being undertaken by UK Energy Storage Ltd. (“UKEn”).'
As we all know, Sando is squeezing the last drops of blood out of idiots buying CLN shares. He'll take every penny out the coffers until the company folds. Then it's someone else's problem.
UK OIL & GAS PLC
228,215,768
ORDINARY SHARES OF GBP0.000001 EACH, FULLY PAID
(BS3D4G5)(GB00BS3D4G58)
Will push issue to over 4bn. Not bad considering they started at under 3bn just recently.
Someone's getting excited over an 80m trade in UKOG shares.
Just to point out.., that wondrous financial happening was worth £18,800.00.
Or to put it another way; burger all!
Don't think Michael Burry will be losing any sleep over it yet....!
Late trade of 80m.., Lololol.
Assuming that the 80m are CLN shares and yesterday I posted ' so probably 80,000,000 shares left - and then there's the next conversion, and the next. etc.' then I make it that so far in May there have been just over 318 million CLN share sales, 90million on 1st and 2nd May, and the recent conversion of over 238 million shares.
Based on this site's daily trade totals in April there were just under 1.2 billion shares traded in April.
The CLN holders are supposedly limited to 20% of the previous month's trades. which would be 240million shares, not 318 million.
I guess unless YA/Riverfort notify UKOG of which sales are theirs then there is no policing of this limit, obviously my tally could be wrong and it's just a coincidence today's sale matched my expected remaining shares, and the 2 x 45 million sales on 1st and 2nd May weren't CLN shares.
Will the SP need to drop tomorrow to shift these 80,000,000 0.0231p shares....though the two 'sells' of 25,000,000 at 0.024p at about the same time are suspicious.
Do you remember posting this yesterday:
downbutnotout
Posted in: UKOG
Posts: 24,762
Price: 0.026
No Opinion
RE: Good volume again21 May 2024 16:47
50m late reported trade. thats seller out.
Loxley licence ?
Bang on Penguins. 80m late reported trade. seller is out.
80m at 0.0231p at 15:41:34
"I think their best bet is to sell some likely sounding assets ."
Like what?
What 'valuable asset has UKOG to sell?
Avington 5% interest ? worth VERY little
Horndean , UKOG's 10% interest is their most profitable asset. " UKOG's net share of Horndean production revenues was £297,000 for calendar year 2023, with net earnings after costs of £140,000."
Overall profit from all UKOG's oil production was £275k. It follows that the profit from HH production was only £135K.
Not sure selling Horndean would raise enough to keep the lights on long.
I think their best bet is to sell some likely sounding assets . Alternative buy back all their shares and use them to build a step ladder to the moon and charge for the exerpience ?