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I thought this started years ago? At least the ramp gang get something to sweeten their losses...
Nobody interested in working with Sanderson. It's unfortunate that the 'get Sanderson out' campaign failed a few years ago, UKOG could have been in a much better place, dependant on his replacement.
Loxley Gas Project Update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has appointed UK based oil and gas divestment and project marketing specialists, Envoi Limited to facilitate the farmout of up to a 50% working interest in the Company's material 100% owned Loxley gas and hydrogen feedstock project ("Loxley"). The farmout seeks to fully fund the planned Loxley-1 appraisal drilling and testing programme with the Company's share of costs being carried by the farminee or farminees. The project has incontestable planning consent to proceed ahead (see RNS 10th January 2024).
Separately from Envoi's mandate, active discussions are ongoing with two UK listed energy companies interested in pursuing the farmout opportunity.
Loxley, one of the UK onshore's largest historic gas discoveries, was assessed in its most recent February 2023 Competent Persons Report ("CPR") to contain mid-case recoverable 2C Contingent Resources of 31.0 billion cubic feet net to UKOG, with an associated net to UKOG post-tax present values (discounted at 10%) of £124 million using 31 December 2022 gas prices and £87 million using an RPS Energy forward price forecast (see RNS 21st February 2023). Further development of the asset post appraisal would be required to move the 2C classification to Reserves (see glossary definitions).
The CPR is available on the Company's website www.ukogplc.com .
Stephen Sanderson UKOG's Chief Executive commented;
"The farmout process is designed to fully fund the Loxley appraisal programme and, if successful, remove the requirement for the Company to raise additional funds for its share of costs for this material project. We look forward to working with Envoi and with prospective farminees".
For further information, please contact:
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has appointed UK based oil and gas divestment and project marketing specialists, Envoi Limited to facilitate the farmout of up to a 50% working interest in the Company's material 100% owned Loxley gas and hydrogen feedstock project ("Loxley"). The farmout seeks to fully fund the planned Loxley-1 appraisal drilling and testing programme with the Company's share of costs being carried by the farminee or farminees. The project has incontestable planning consent to proceed ahead (see RNS 10th January 2024).
Separately from Envoi's mandate, active discussions are ongoing with two UK listed energy companies interested in pursuing the farmout opportunity ...
Stephen Sanderson UKOG's Chief Executive commented;
"The farmout process is designed to fully fund the Loxley appraisal programme and, if successful, remove the requirement for the Company to raise additional funds for its share of costs for this material project. We look forward to working with Envoi and with prospective farminees".
Me thinks
0.028 has quite a bearing on
being "dragged" into a swamp!
WOW Blue....Loxley 124 million must be news coming HH the supreme court must have UKOG in the news soon out tray or Portland has some business secretary input onwards upwards dont let the triffids drag you into the swamp...
Onwards and upwards.. ignore the swampies!!!
Maybe it will be the Supreme court that does something soon and announces the date of its judgement in Finch v Surrey CC.
They'll have to do something soon, they're in danger of running out of money to fund Sanderson's sinecure.
You cannot short UK Oil & Gas (UKOG) any more. Its shares are now more than 99.99% down from peak ramp and, at 0.029p the market cap is only just £1 million – there being almost 3.7 billion shares in issue, post one consolidation. But the final death throes are going to be interesting.
I predict that the next RNS will either be suspension or get the world-record for containing the most BS in a single RNS in the whole history of AIM RNSs.
"Swampies" might be brewing Green Tea to celebrate their victory over UKOG.
The upside would be limited by the 3.5bn+ shares currently in issue.
Ocelot: would Mr. Sanderson’s resignation represent a positive surprise?
If management is working on a positive surprise, then the percentage upside could be substantial.
Trish. Sanderson pulling his finger out of his ar5e would be a start.
We all know the history with this stock, but we could all be surprised if Sanderson pulls something out from nowhere! ;)
I don't know why anyone even bothers to post on here anymore. What is there to talk about?
A miracle?
They seem have put themselves in the position of not being masters of the company's destiny - with not even the spare cash to convert HH-2z, assuming it has ever been anything but a plan to keep the punters strung along.
So they have to wait and hope that something 'comes up' that creates a rise in the SP even if it's only temporary when the punters realise that news/plans and subsequent activity are months apart.
Plenty possible, though these have been expected soon for a while, the Loxley farm out expected 'soon' since 2022.
Supreme Court judgement which will expose whether the PPP HH farm in will happen, starting with 3D, some arrangement for Portland Port, Loxley farm in, something in Turkey.
“but what?”
Administration?
We are waiting for the date of the AGM to be announced.
On their side, management, too, appear to be waiting for something to happen ... but what?
Under George Lucan, it looked as if Angus might be interested by Loxley: he described it as an "attractive asset".
Under Richard Herbert, that is no longer the case. RH has said Angus's growth strategy should play to its strengths, the management of mature fields.
Re Angus, there has been no mention of any action for ages. Some of those involved can probably still be found on the bulletin board of lse's principal rival.