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UK Energy Storage Ltd was formed on 16 May 2022, then a year later, on 19 May 2023, UKEn Holding Limited was formed.
The interesting thing is that while UK Energy Storage Ltd is 100% owned by UKOG, UKEn Holding Limited is 100% owned by SS.
https://find-and-update.company-information.service.gov.uk/company/14880485/persons-with-significant-control
The SIC code for UK Energy Storage Ltd is 06100 Extraction of crude petroleum (guess there isn't one for gas storage)
The SIC code for UKEn Holding Limited is 64209 Activities of other holding companies
So it looks like SS has a company already set up to hold UKEn under his exclusive control.
Maybe the plan is for UKOG to sell UKEn to SS then they go their separate ways, with UKOG going back to concentrating on Oil and Gas exploration (badly).
Of course SS's next move would be to start trying to find investors foolish enough to put money into his new company.
Hopefully, the supreme court will deliver its judgement soon and during this term (ends on 24/05)
Someone should tell the biggest one he had better sell quick.
https://twitter.com/davethedrill1/status/1775910858196971981
Already down on what he bought at.
Agree. Meantime Sanderson is grifting a mint of a living and stealing oxygen with his Hydrogen ponzi scheme. Pardon the pun
All the rampers deserve Karma to say the least…
Trollhunter has disappeared since their averaging down just before the consolidation which has seen further drops. love to say i'm sorry for them but they deserve all they get, as does the foolish one
I suppose it's a reflection of the likelihood that the sort of investor you're hoping to dig you out by buying shares so you can sell won't have read any RNS or Annual Report so you select a few bits you hope will make them think UKOG has assets - though for HH and Loxley they need a farminee that can afford to drill the wells, as they can't, something that isn't clear PPP are going to be able to do at HH RNS over a year ago and still not agreed, and no indication that anyone is interested in Loxley, a pre planned farm out available since mid 2022.
...and I notice you didn't copy and paste this bit about the loan to HHDL:-
'The Directors carried out an impairment review of the loans to subsidiary companies and determined that an impairment charge of £14.7m is required in respect of the loan owed by Horse Hill Developments Limited. The analysis was based on the expected values of Horse Hill Developments Limited and the carrying value of investments and loan recorded in the Company'
They obviously don't think HHDL will be able to repay much more of the remaining about £16.7mm loan - so not that profitable with HHDL having 65% interest in the field.
You posted:-
'Its is good to have the companies views on here for a change. Not just the made up nonsense from the activists'
The irony is if anyone was to trawl through what UKOG's views previously were about HH, BB and Turkey, all of which have been drilled and failed, you might find a more reliable commentary about the outcomes - Kimmeridge at HH not in production, Portland at HH nothing like as good as claimed, BB failed and both Basur-3 and Pinarova failed - would be in the 'nonsense' from what in your similarly wrong view are activists.
Still hangs onto the non assets (intangible assets) as if they have any basis in reality.
As deltavega, and I have previously, points out the figure is nothing more than how much UKOG has spent not finding commercial oil.
Even the valuation of HH-1 hasn't been put to the test of a CPR, the only producing asset with a 'normal' oil company valuation is Horndean and if / when it returns to production Avington - both operated by Star.
UKOG doesn't identify what bit of value of non-asset is associated with which project except HH so there's no way of knowing if the valuation is likely to be realised. Even for HH it's remarkable that despite the well that's producing being valued at £1.4mm (up from last year's £0.8mm) the Horse Hill development is carried at £19.3mm in non-assets - though that won't acknowledge the 49% hit based on the PPP farm out should it happen.
In fact apart from Turkey where they are obliged to stump up 50% of ongoing costs everything else depends on their salesmen being as good as AME's, or the farminees being as 'diligent' as UKOG apparently were in farming in - unless, of course, they didn't believe their own 'transformational' communications about it.
As for Contingent resources UKOG carry the Xodus 2020 gross resources for Basur Resan of 33mmbbls despite the failure of Basur-3, AME 7mmbbls.
Well it costs about 60p for a roll of Andrex super quilt bog paper, 235 sheets per roll, that's about 0.25p per sheet so it's about 4 x cheaper to use UKOG shares on a roll to wipe yer butt than Andrex...
0.05p 14.44k 1.72m m/c.
Soon as oceflop comes back the sp crashes even more , must try harder final ramper. Where’s Trollspunker these days ? how’s his buying going i wonder 😂😂
After the late reported 15 million yesterday and the 32 million the day before its no real surprise to me to see a delayed trade today of 28,870,773 at 0.05.
Https://twitter.com/davethedrill1/status/1775910858196971981
Bet he'll be happy seeing them being sold @0.053 .
Must be my bed time. Matron!
I have reviewed the numbers and I see no way out for UKOG now.
The numbers are there for all to interpret themselves.
The company can not finance anything other than paper planning and keeping the lights on for a few months more.
PPP are no white knight and are cash poor.
Its now, imo, on a one way trip to administration I am afraid.
Well clearly they sstill have sufficient to pay Ocelot to spout company twaddle.
Ocelot if the 'market' believed the company's valuation then the share would rise. That they don't again tell one what one needs to know old chap. do try not to pull the end off in your vociferous activity
Raspberries?
Ocelot
The Incinerator appeal at Portland hasn't been decide yet. It was held over 3 months ago. The HH decision is well overdue but nearly all expect it to go against Finch. How can you say "largely" when it is still being undertaken?
Who are these major players at Portland? Where are they going to get the hydrogen from?
You live in a dream world.
Deltavegatheta,
I can see the upside potential but whether this is realised will require one or two things to go UKOG's way including, for example, a (largely) favourable judgement in the Supreme court case and discussions with major players concerning Portland to begin to bear fruit.
Ocelot,
You better buy loads quick then before all the directors start buying all the shares as the upside is so amazing!
Very basically, UKOG is not valued by the market as a going concern, hence a market cap of about £2m in the place of net book assets of £40.852m.
Has the market got it right? Or will one or more developments take place prompting the market to revise its opinion?
Ocelot
I wouldn't buy a postcode lottery thingy if I was you.
Deltavegatheta,
UKOG's annual report has been qualified by the auditors for a number of years, I think. Nobody can miss this year's qualification plus the comments made by management themselves.
But, while the going concern basis is retained, it remains the case that net book assets are about 20 times the current market cap so, should something significant go UKOG's way for a change, the upside potential is obvious.
Ocelot
Fact. UKOG have proved on numerous occasions since Broadford Bridge that everything they have touched has not turned out to be oil. BB-1, BB-1Z, HH-2, HH-2Z, HH-3, Arreton, Loxley, Basur-3, Pinarova-1 and maybe others I have forgotten. Not exactly a good track record and everything UKOG does is "speculative" imo.
The auditors have warned you in black and white, if you choose to ignore their warning then you have yourself to blame.
Look back at older annual reports for numerous examples of large impairment charges being taken after assets have moved out of intangibles:
2022 "HH-1 should be impaired by £2.9 million"
2021 "HH-1 should be impaired by £1.46 million"
2020 "HH-1 should be impaired by £9.35 million"
If UKOG really was 95% undervalued someone would of snapped it up months ago. Instead the SP continues to go down further.