Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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UKOG was founded in December 2013, via a reverse listing on the UK Alternative Investment Market and the renaming of its predecessor company, Sarantel Group Plc. The Company took the strategic decision to specifically focus on a portfolio of investments in UK oil and gas assets.
So In over a Decade of oil exploration and production they have to Date spent in the region of 90 million£ for around 40bopd and decimated the m cap and diluted the shares in issue to oblivion, the company is abysmal and should be investigated, they sail very close to the wind with a lot of grey areas in their market dealings…
The SP doesn’t lie…
Ocelot,
Not sure what UKOG classes as losses. My calculation would be everything raised, value of shares given instead of cash for equity (pi stump up instead of placees or CLN holders), any income vs what UKOG have now in tangible assets or cash.
Not su
But even having spent £90mm for £30mm of intangible assets and about £4mm of oil & Gas properties and plant etc is not a good return.
Why £90mm - because the intangible assets value (ca £30mm) is based on cash spent on projects that still, in the opinion of the BoD, are ongoing and either a project is successful and the value becomes tangible, or it's dead and ends up in in losses - and I've added that to Ocelot's losses of £60mm.
So for £90mm they've drilled two cheap wells (Basur -3 and Pinarova) and 3 expensive wells (HH-1, HH-2/ 2z and BB-1/1z), and 2 phases of seismic in Turkey.
It sounds like the bitter eggcup brigade are back but HH is still producing.
Let's look forward to a new CPR after the next HH3 drill.
Lol you stick to the "published" numbers, THE reality is far different. !!! £110 MILLION for 40 bbl/d
Bubblepoint,
Sorry but your figures do not look right.
I calculate losses of £59.148m from 01/10/13 to 31/03/23 on the basis of the published accounts (see my post of 13:10).
Where do you find an additional £50m+ of losses, about 11 months later, at the end of 02/24?
Ocelot,
NO poetic licence, go count up EVERY penny raised, borrowed/loaned, profits that have into the hobnob pot and been munched away since they started out, go count it all yourself, I have, as painful as it was, I don't give a hoot what your numbers and stupid asset values say, etc, the assets are borderline liabilities.
The company is worthless and the leader has spunked the LOT !!!
Bubblepoint,
Of course the losses are important, but they are disclosed in the published accounts.
My question is where do you get your figure of £110m from? Indeed, in your post of 21:40 of yesterday, this had become "OVER £110 MILLION" in capital letters "squandered".
Is this poetic license on your part?
Ocelot,
You are picking holes in what is already one of Aim's biggest colanders, UKOG simply pish money out of every hole, they couldn't sort themselves out if their lives depended on it.
Ocelot,
Oil companies live and die by their booked reserves of which UKOG have 100,000bbls from Horndean and 3,000bbls from Avington (March 2023 - 2022 annual report), which they don't operate, but that operator regularly CPR's all their assets, because they are prepared to have them audited by external technical experts, and the results are published.
UKOG has a CPR for their assets including HH dating from mid 2018 with no operated reserves, they also have a CPR for Loxley which also has no reserves.
The net assets you describe are mostly 'intangible' - essentially what they've spent not converting the remaining 'assets' contingent undrilled resources into reserves.
Oil and gas properties total £1.762mm (of which HH comprises a technically unaudited and unpublished £0.8mm) – I make that 0.0054p per share. In addition to that they will have some cash which they have taken already got but not issued shares for (£0.66mm to £1.66mm) and there is property plant and equipment of £1.563mm.
As for accumulated losses judging by previous write offs the only thing preventing £32mm of the cash raised being counted as losses is the time waiting for it to be moved from intangible assets (cash spent) to losses. I also suspect that shares given in exchange for equity in licences for millions in cash that may not be registered as cash spent.
Adrian,
First of all DL approaching land owners in the HHDL operated licence might not be advisable, it’s usually done by the field crew and until they have been contracted they won’t finalise details of where geophones need to be laid and where the vibroseis lines need to be placed which will depend on equipment available and parameters decided on which landowners need to approached and what roads they will use won’t be fully understood.
I've always said Finch will lose sot are you going on about. But the SP doubling when there's going to be billions of CLN shares waiting to be sold into any rise is unlikely - and it won't be next week according to the Supreme Court web site, and what price will the loan notes be converted at – it wouldn’t surprise me if new shares are miraculously converted at the equivalent of the vwap last week - if the SP doesn’t crater next week.
And do stop making up things about what I’m supposed to be / think, you don’t even remember the BS you post.
You posted:- ‘UKOG eventually got planning permission from Surrey County Council after the swampies put up trumped up allegations that Horsehill had caused earth quakes in Surrey in the past loool’
Then you posted:- And swampies objecting to planning by scaremongering at the SCC planning meeting in SEPTEMBER 2019 about EarthQuakes. FACT Penguins. Unlike your fiction.'
So now it was at the planning meeting when it got passed – that sort of eventually – later that day?
PS why don't you stick to X where you're left alone to lie into the void.
Accumulated losses at 30/09/13: £31.621m
Accumulated losses at 31/03/23 (last available accounts): £91.039m
Accumulated losses from 01/10/13 to 31/03/23 as UKOG: £59.418m
Ocelot's calculator is malfunctioning with so many zeros to deal with
Bubblepoint,
You continue to write of £110m, but the accumulated loss at 31/03/23 (the last available accounts) was £91.039m of which £31.621m was already on the books at 30/09/13, at the approximate time when Sarantel became UKOG.
At 31/03/23, UKOG's book net assets amounted to £34.678m.
On the basis of today's 32.54bn shares, the book net assets at 31/03/23 represent about 0.0107p per share, that is, about 14.3 times the current share price of 0.0075p.
"""At 40 barrels of oil a day at $80 a barrel *""
Haaaa haaaa yeah it ONLY cost investors £110 MILLION to see 40 bbl/d PMSL !!!!!!!!!!! great work !!
I did,
and the answer is unlike you she believes (or like you says she believed) the BS UKOG used to RNS about the amount of oil they were going to produce from HH
What was it, over 3,500 bopd from 6 horizontal well - and some posters here thought they were being conservative and they would immediately submit a revised upward planning application.
We know how well the horizontal bit went in the Portland, and as far as the Kimmeridge is concerned they didn't dual complete HH-1, deepen HH-2 to get more information or sidetrack HH-1 despite planning to do so before they got a report by RPS in June 2019 they've only ever mentioned as a note to the contingent resources table - ànd then 21 months later - maybe that had something to do with the inaction.
....and farming out 49% of all future wells doesn't show much faith in the outcome of more drilling, preferring to spend any cash raised on obviously rubbish wells in Turkey and the Portland Port money pit.
Just looking at the production from HH-1 illustrates that in all likelihood the economics of drilling another well don't stack up. Halving production from a pretty low level of a claimed over 3O0 bopd in a few months and declining from there rapidly probably means a risked NPV for a new well is negative, let alone making a decent return on the money spent - a far more likely real reason for not drilling and handing the risk to someone else of a supposed appraisal / production well.
Finch as you yourself have suggested in tweets is a useful idiot, allowing SS to draw an unwarranted salary whilst doing nothing at hH and chasing rainbows and unicorns in Turkey that should not have been embarked on with proper due diligence - the risks of failure in Turkey were far greater than any risk of Finch winning and the same appears to be true for HH, BB and Loxley.
But 'deramping'. Perhaps you should consider why the SP is so low. Explain exactly what in the past has been as successful as UKOG has claimed it would be. Suggesting, and explaining why, the plans and claims are pie in the sky isn't deramping when they fail - it's being realistic.
If you really believed the claims by UKOG perhaps you can explain your boasts about selling on P&Ds and not holding for results?
Must get some sleep, retro jetting a tube bundle on the ngl tonight, on a real oil platform, will leave FOTH to his Sunday ramp of the Gatwick dribbler…
When the BBC’s energy correspondence John Moylan, announced at 7.03 am on April 9 last year, that there could be 100 billion barrels of oil in the Weald Basin south of London there was uproar.
Not celebration. Not thanks. A kind of un-British scorn, cynicism and disbelief.
The BBC came up with the 100 billion barrel headline for the whole Weald by chatting with Steve Sanderson, and thumbnail sketched the ultimate potential of the Basin by using the Horse Hill numbers extending over a much bigger area.
Wells in the Weald have been producing oil for decades (you’ve probably put some of it in your car). But you’d be forgiven for noticing – the nodding donkeys are so well hidden it’s like keyhole surgery.
What was different was that our advisers Nutech, the world’s leading reservoir analysts, had conducted state of the art drilling, electronic logging, and detailed analysis using techniques that had simply not been available a generation ago. Nutech are leaders in their field, and one of a handful of authorised companies to hold all the UK onshore drilling data for Her Majesty’s Government.
Read the whole article on my blog: like desire oil load of bull S LOST 46000 POUNDS WITH THERE LIES
North Sea type numbers? What a total lie…
YEARS AGO in the papers The gatwick gusher what a con
10 of them drilled would still be laughable, SS couldn’t find a meaningful amount of oil at the refinery…LOL
Over 40 bopd wow! Ha, Ha, millions spent for that pitiful dribble… LOL
""""This well over sold.""
HaHaaaaaaaaa, Adrian likes to throw hard earned money down the toilet, DON'T be an ADRIAN, This stock should carry it's own health & wealth destruction warning !!!
£110 million squandered by this outfit, market cap under £2m, because they fail at everything they touch !!
My life is just fine ian12, and that gives me the freedom to comment on a company of crooks, I have stated 10 failings in the company and the way it is run, I notice you never challenged any of them, but decided to comment on others life’s, which you know absolutely nothing, I am on nightshift by the way and just in for dinner before you comment on me being on a bulletin board at after midnight on a Sunday morning…
Not sure what you lot are going to do if Ukog goes bankrupt, you will have to get a life !!
At how active this board is when, as far as I can see, the company doesn't appear to do very much at all.
It's all just a bit odd.
Excluding jam tomorrow fairytales