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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!
WTF is that?
Just looked on HL which shows 3.64billion shares in issue. Is that correct? It was about that in 2017 when I first invested (now di-vested).
Has anyone seriously looked at the financial accounts and considered SS's remuneration package as a % of turnover and the background of losses?
How can this be justified?
Anyone?
Pernicious
adjective formal
having a very harmful effect or influence:
The cuts in government funding have had a pernicious effect on local health services.
If they do not need dilution to raise funds it makes you wonder why they got authority to issue a couple of billion. Damn the company will need more dilution despite what is said here. This RNS was designed to get the share price up.
Now what is the next move by RiverFort Global Opportunities PCC Limited and YA II? Are they going convert their loans to equity? How many shares will be issue? Guys you are all going to be diluted to death. The downward Spiral is still in play. The company is heading for administration. There is no way back. Any sign of deals with these companies should put up warning signs that the future is bleak. Very bleak.
READ BETWEEN THE LINES
"We will not need to raise funds Loxley Gas Project Update". But we will still need funds to pay my high wages and for working capital as we are completely broke.
"We have appointed UK based oil and gas divestment and project marketing specialists, Envoi Limited to facilitate the farmout". We have not found anyone as of yet willing to buy into this project. We are now desperate we need help to get it off the ground as there is nothing else.
This was a whole attempt to get the share price up. This company is kept afloat buy fundraising and it knows it cannot do that at this level as they will have to issue to many shares and get too little back.
Loxley may get someone to get this off the ground but it will probably be bought from the administrators. This project is years from being commercialised and UKOG will not be around to benefit.
Its good that it seems that most have read through this RNS and the share price did not go up as Sanderson had planned. The company is going under. Its as simple as that. Forget this nonsense about f £124 million using 31 December 2022 gas prices. Was this not similar to Türkiye? Was that not a duster? AVOID this company
Not sure Adrian knows how to spell gusset!
Ahh! another help keep my salary coming in rns from SS.
" Separately from Envoi's mandate, active discussions are ongoing with two UK listed energy companies interested in pursuing the farmout opportunity"
WHY would you pay another company when you are in discussions whith 2 interested parties? Answer, maybe because they aren't so interested if indeed they even exist which is probably the case.
SS desperate now, he sees his salary coming to an end.
I wonder how long it will take ocelot to find the tenuous link to ANGS.
It is an encouraging initiative and it is very good to hear they are already in discussion with 2 UK listed energy companies.
They say “UK listed energy companies” not “major onshore players”
They are having lunch with two-bit AIM/Aquis wannabe companies
I bet Star Energy don't get involved considering they dropped plans to drill for gas less than 2 miles away. Makes you wonder why UKOG have been trying to get the project done at no cost to themselves.
"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".
Surely a positive move from a Company going bust , fingers crossed they pull a rabbit out the hat. gla
After years of searching we can’t find anyone to farm Loxley out to.
We are now spending money we don’t have to see if someone else can find someone.
'raise additional funds' from where, nothing left, he is going downstairs when the grim reaper comes