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Posed this question:-
'How will the share respond IF tomorrow at 11am the Supreme court judgement is scheduled for next Wednesday?'
I suppose it depends whether like some you believe that the reason UKOG has done nothing except for workovers of HH-1 for 4 years is because of the legal challenge or that the extensive testing, result of HH-2/z and the decline in production of HH-1 has indicated that the risk of drilling a Portland dud is high - and not getting a CPR done, something that enables 'booking' reserves but has to be published, continues with the secrecy about what is happening in terms of the Portland reservoir at Horse Hill. Also companies usually farm out their riskier projects, not appraisal or development wells
Certainly after they commissioned a Kimmeridge report in June 2019 they failed to deepen HH-2 through the Kimmeridge for more data, they didn't dual complete or sidetrack HH-1 for the Kimmeridge.
Even if you do think the delay was due to the legal challenges there will be a long wait until anything happens except more workovers to supposedly help production - none of the previous ones have helped except to the extent the reservoir was shut in for a few weeks and initially production improved.
Good, that will give him some pain!!
The horrid banker that he is.
SS's £12k investment is worth less than £1k.
https://www.lse.co.uk/DirectorsDeals.html?shareprice=UKOG&share=Uk-Oil--Gas
Yeah, just cogitating on potential options.
But I'm also thinking that with so many shares now being held by the Employee Trust and in nominee accounts, it's going to be difficult to just get the 5% required, never mind a majority.
And that's even before the massive dilution that is headed our way after the AGM.
Skwizz,
It's the only good thing that SS has ever done.
Trouble is, it was for his benefit, not UKOG's.
For a miniscule cost, he managed to stop the growing movement to get him thrown out, thus enabling him to ride the gravy train for several more years.
Bumdebum,
Wary of groupthink, when almost everybody seems to think exactly the same way.
Is there any remaining possibility of positive surprises, apart from the Supreme court fixing the date of its judgement?
Well yes, there is, in Portland and in Loxley.
But, unfortunately, am not gifted with any particular insights.
If anyone dopey enough invests in UKOG they are going to lose out.
This is nothing but a share to be traded but not now as the share has no tangible worth
Take the hit and get out now whilst you can
Ocelot - the shares would be on the same direction as today - downwards
There are, since the 3 billion shares convienently issued to the trust, 32,539,926,104 shares in issue.
At 0.0062p per share the market cap would be £2.017m
In my previous post example I suggested UKOG might raise £4m (after consolidation); £3m to cover 12 months admin and £1m to well cover another Turkish drill.
For simplicity and a better understanding of the carnage to come lets just assume that UKOG were not consolidating and had the right to issue shares NOW to raise cash.
My more accurate calculations suggests that another 64,516,290,300 would have to be issued IF the price was ).0062p.
If the death spiral price was at the usual 20% discount then share s would be issued at 0.00496p
That means to raise £4m would require issue of 80,645,162,900 new shares
Total shares then in issue would be 113,186,089,000. 113 Billion shares
Consolidation will not remove the pain to come
If only the rampers would buy some shares with their own money instead of trying to get others to buy before the next round of dilution then there might be more buying (as the quality of ramping has hit an all-time low, just like the share price).
#shootingfishinbarrels
No point in selling worthless stock is the reason selling is drying up.
How will the share respond IF tomorrow at 11am the Supreme court judgement is scheduled for next Wednesday?
Ocelot
Could it be that the many on here still cannot believe that they were taken in JTP, DL and SS. Stockholm syndrome?
Sando needs to keep an eye open over his shoulder, there will be considerable risk of legal proceedings, hopefully he is put behind bars and made to pick up the odd bar of imperial leather soap. Then he'll know what it feels like to be shafted
PS: capitulation is usually marked by a frenzy of selling. That is not what the trades in UKOG are presently saying.
This board is more active than the market in UKOG shares.
'To raise about £500,000 they will need to issue at least another 1 Billion shares.'
That sounds a bit rampy when you omit that the 1 billion shares would be post consolidation. More like more than 10 billion shares pre-consolidation...
Appears to have been reached here. Usually these dying companies manage to exist for a period of time paying directors salaries but fortunately investors are getting wise to these aim ponzi schemes. Unfortunately Sanderson has made the most from this and will walk off into the Bahamas sunset a relatively rich 'man'.
Good times certainly makes weak men.
On Monday you could buy 13333 shares for £1, now you can buy 15384.
You would not get this many bits of confetti in a £1 box.
Why are people still buying this share - UKOG is doomed.
Forget the meeting, cut your losses and get out before you lose all of your investment
"We were delighted that the North Sea Transition Authority ("NSTA") granted its formal consent for the conversion of Horse Hill-2z into a water reinjection well. With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill, removing the need for costly transportation and disposal of produced water at third-party sites. We estimate that the removal of these costs would add around £250,000 net earnings to the Company per year and reduce the field’s carbon footprint. Planning consent currently remains in full force and lawful oil production at Horse Hill continues."
Despite what some PI's are saying that was what UKOG said AFTER "Finchley" took SCC to Court.
Why else would UKOG buy the horizontal pump back in mid '22 if they weren't going to use it?
"Can someone tell me, I thought SS was meant to buy shares each month? The last time was 1st december so, if that's the case, what's happened?"
Sandercon was contractually obliged to buy £1,000/month of shares over a twelve month period.
This was supposed to pacify PI's who criticised his disinterest in investing in his own dead-duck.
Investing just £1,000/month, when your basic salary is twenty five times as much was never going to do that.
The twelve month period expired some time ago and left some shareholders questioning whether he even managed to complete it (I think he actually did but may as well not have, for all the good it did him).
It will only get worse.
So far;
2023 AGM 8,438,550,000 = aggregate nominal amount of £843,855
If agreed;
2024 GM 14,767,463,100 = aggregate nominal amount of £1,476,746.31
Post 2024AGM;
Another 2bn shares +?
To raise about £500,000 they will need to issue at least another 1 Billion shares. Then how long will that money last? They will need another after that and here is the problem. There comes a point in time when more and more shares need to be issued with an ever lowering of the share price returning lower and lower funds. This is the end of the road for a company. When they no longer can issue shares the value of a listing is lost. This is destined to be listed. Few assets and little future of making money. Do not top up as this is in a death spiral. The shares have no value and what value they have will soon evaporate. Perhaps they can sell the water that they have from the gusher down in Gatwick?
There’s no way back from death spiral finance, it’s ruthless …
The saying "there's no fool like an old fool" appears to be very true on this bb. Looks like YA are firm believers in it. You can't hide from the facts. The question is how long will it continue?
27-Feb-24 16:24:20 0.006 75,000,000 Sell* 0.0062 0.007 4,500
26-Feb-24 16:36:14 0.00683 75,000,000 Sell* 0.007 0.0075 5,123
23-Feb-24 16:10:10 0.0074 75,000,000 Sell* 0.007 0.008 5,550
22-Feb-24 16:31:58 0.007 100,000,000 Sell* 0.0075 0.008 7,000
21-Feb-24 16:08:23 0.00713 75,000,000 Sell* 0.007 0.008 5,348