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Hi Adrian,
Still peddling the revenue of £100,000 a month, forgetting they are having to dispose of lots of water which doesn't come cheap plus all other OPEX at HH. Maybe 25% left - maybe SS salary.
So how much spent on the Turkey fiasco, how much spent on all those consultants for Portland - all the other salaries, Raised £2mm last June, maybe 2 x £500,000 in November and February, and the £750,000 in January which seems to be destined to the Portland project in the hope of getting some sort of government help, maybe awarded next year.
and of course if they did take the 2 x £500,000 then they still owe £1.66 in loan notes which at the current SP means there's still not enough authorisation for share issue
Ahhhh hello ADRIAN,
I see you are still as full of it as SS is lol,,, YOU and he should have plenty of need to use the vast quantity of confetti to wipe yer butt's but as most comes from your mouth then use it for that too !!! clueless ramper that you are !! lol
Why?
I just report you, Adrian.
Much more entertaining seeing all the time and effort you've put in being wasted again.
When the CEO has trashed a company down to this level, with enough confetti to give EVERY man woman & child on the planet 4 shares each, then the best thing to do when you are caught short of bog paper is reach for the bottom drawer, cheaper to use UKOG confetti than tesco's cheapest bog roll !!!
Bottom line is they have NO money, they saturated it with confetti, squandered OVER £110 million to get it to this point and have a market cap below £2m, says it all !!!
AimDogs,
The only director on a significant salary is SS.
It would certainly be a gesture appreciated by PIs if SS was to reduce his salary or, at least, reduce the fixed element and build in a variable element related to the share price performance.
Do you think it would be prudent for the CEO and other directors to take a salary cut at this point?
11am, the deadline for receipt of proxies, has now passed: the die is cast for the GM.
Ocelot
Didn't take them long to change that. Now reads "The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project. "
Suggest you look up what a "trading house" is before overinflating.
To round off my post of 10:12:
in the long term, believe Portland is looking very promising: "The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project" (the capital reorganisation RNS of 01/02)
Of their 4 principal projects, it is Loxley where I believe they need to find a partner for a significant percentage without further ado.
what must be done must be done,got to keep the lights burning,so get on with it fight the good fight,britain needs this gas at all costs or will one day return to coal, with a dictators boot up your ****s.
Cash generation.....Turkey?
The only positive about Turkey is it is meant to be cheap to drill dry wells. As for HH - having paid £12mm for 35%, plus about £3mm for 10% equity through HHDL (at £300,000 per percent), they want to farm nearly 43% equity out in the proposed farm in for a £2.3mm uplift to PPP. HHDL may remain operator but PPP, if the farm in is fully executed, will have the greatest equity - doesn't show a great deal of faith in further drilling.
But 'short term' in Turkey they probably need to shoot more seismic to find the mythical deeper accumulation and at HH there's 3D to acquire first.
At the last AGM UKOG had 21bn shares in issue.
Post GM UKOG will have either 32.5bn or 3.25bn shares in issue.
Post AM I expect UKOG to do a very quick cash raise and expect either 50bn+ or 5bn+ shares in issue.
The number of shares in issue will have doubled in just over a year. Good luck if you are trying to sell.
"An Informed Investor will look at the KII ...". I haven't understood.
In the very short term, think the share has been caught up in a downward spiral and has overshot.
In the short/medium term, believe management need to focus on cash generation (HH, Turkey) but an appropriate strategy requires the Supreme court to deliver its judgement.
Ocelot
Unfortunately all you speak is BS. You have even exceeded moneymunch in the amount of bull you post on here.. Perhaps you should apply to Trump for a PR post.
That Ocelot continues to be paid.
Ocelot:-
You've just confirmed that you don't believe in UKOG.
You are are wrong about investors not being able to be informed.
An Informed Investor will look at the KII and make an decision based on what he or she has read.
This share was only ever going to be a Traders vehicle (in the last2-3 years) to make a few pounds here and there.
Look at the millions of shares you can buy for a few quid - people are buying these for FOMO but they will have a reality check imposed upon them very soon.
If ever the term "Caveat Emptor" should be brought up for an investment this is IT
Ocelot,
'The GM resolutions will enable UKOG to raise more funds from the market'
First of all UKOG has either £0,66mm, £1.16mm or £1.66mm of outstanding loan notes that could be converted - and yes it's ridiculous that UKOG has declined to mention whether the two additional 'committed' tranches of £500,000 have been raken, and even though they were described as committed in the world of UKOG they may or may not have taken them.
But at the current level of SP £0.66mm is about 60% of the new authority to issue shares, £1.16mm is about 106% of the new authority, and £1.66mm is about 150% of the new authority.
So whether the GM authority to issue about 45% more shares will enable more cash to be raised, or just service the debt taken on and therefore cash already taken and quite possibly spent, isn't known.
Not exactly transparent - but that's not unusual unfortunately for UKOG.
But does ocelot really believe the Supreme Court judgement will do anything other than (hopefully) facilitate a P&D. It certainly won't solve the problems with the reservoirs at HH or magically help PPP who have gone radio silent about their workovers in the US with a SP half what it was when the farm in to HH was announced
As regards December production it was slightly up at 45bopd and water cut down at 43%.
NibblePibbley,
"Informed investors" can't be informed of the effects of the GM resolutions until after the GM and any subsequent follow-up. Hence, at the present time, one can only speak in hypothetical terms.
I wonder if anyone will ask useful questions at the GM.
An important one would be , how much cash is UKOG sitting on now?
UKOG have already indicated that they need to raise cash for working capital "in the near future"
Perhaps a question about just how much capital UKOG are intending to raise would give shareholders an idea on how much dilution there is to come.
It should not really be left for someone at the meeting to ask and get such useful information ahead of the others.
UKOG need to issue an RNS properly outlining their current financial position by revealing the cash at hand balance and just how much they intend to raise. They need to outline where the cash will be spent; what the priorities are.
Its no good just stating the company needs to raise cash for "working capital obligations"
and then warning
"Failure to carry resolutions 3 and 5 will, therefore, mean that the Company will not be able to fully implement its operational and growth strategy."
There is a lack of frankness about what's to come; a VERY significant creation of new shares.
What are UKOG planning to do with the cash raised by dilution of the newly consolidated shares ( assuming they pass all resolutions)
That would be useful to know.
I VERY much doubt that its as Drill or Drop speculate; to Move Loxley forward towards a drill
UKOG previously announced they planned to farm out Loxley because of "uncertainties" and that there were better uses of UKOG's cash resources elsewhere.
IF there was any hint of a LOXLEY farmin UKOG would be trumpeting NOW. The absence of interest is obvious and not that surprising when just an appraisal to PROVE commerciality costs £7m ( UKOG's estimate).
All we know for certain is ; UKOG are up to their old games; planning to dilute shareholders equity again so they can roll a dice again; almost certainly in Türkiye, imo .
Ocelot:-
in the third paragraph of your post of 09.01, you said "in theory".
Informed investors don't deal in theory, they deal in fact.
I'm at a loss as to why institutions are still willing to lend UKOG any funds at all.
This company in its present form is in a death spiral
It has been a game changer for me, turned my 35k to less than 1k.
Wouldn't like to be in this at the weekend
Bumdebum,
"Oceclot must be on a decent commission to continue to post such clearly desperate messages......."
Can you be more specific, please? Is there anything in my post of 09:01 with which you disagree?
Just to be clear for the swampies this company will be
A Gamechanger!
Have Nation Significance
Be Transformational for investors.
It went up yesterday by one hundred thousand's of a penny, I thought whow I'm in for a killing. LOL
1:10 (in answer to Ongold's post of 07:34).
The GM resolutions will enable UKOG to raise more funds from the market but, fundamentally, change very little.
For a company reliant upon the market for funds, what matters is its market cap and, in theory, by itself, the GM will make no difference to the market cap.
Imho, it needs the Supreme court to deliver its judgement in the Finch v Surrey CC case. Only then will management be in possession of the necessary information to finalise a strategy.