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Skwizz posted ""The RNS smacks of desperation"
Exactly what I thought."
UKOG should have saved themselves the RNS fee . Its a revelation; UKOG have NOT been unable to farm out LOXLEY and they are no closer to one today than they were 2 years ago. The other two interested parties must be considered 'timewasters ' because UKOG would not be hiring 'Envoi' to market Loxley otherwise.
Envoi, oh dear, oh dear. say no more.
UKOG actually shot themselves in the foot today with that dismal RNS.
"The RNS smacks of desperation"
Exactly what I thought.
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).
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.
Page 37:
https://www.ukogplc.com/ul/660baef6c126f_660b9d88a37fa_UKOG-ARA-FS2023aa.pdf
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.
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.
WTF is that?