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There are at least 19 other fields that could potentially be decommissioned before then but do you think they are going to advertise it? Wytch Farm is the biggest of them all. The writing is on the wall and has been for years for onshore oil. The majority of oil at Wytch Farm comes from the long reach wells towards the IOW.
Wizard,
You believe what you want to believe but if UKOG thought that another well at HH was worth drilling they would have done it. As for a CPR I suspect the reason for not getting one done is to hide the problems - normally a company gets a CPR done to provide reserves to boost the company valuation. Instead UKOG have settled for an internal valuation for HH-1 of £0.8mm based on an unrevealed decline curve and quote the resources determined n the mid 2018 CPR produced before the 2018 onwards extended well test, and before the revised mapping resulting from the HH-2z well depths, which also repositioned the bounding fault so Collendean Farm -1 was no longer in a separate fault block. The same applies to the Kimmeridge where they had a report done in June 2019 - but not a CPR which has to be made fully public - it didn't have billions of barrels of resources.
Since 2018/2019 they've tried Turkey, tried HH-2z and seen HH-1 decline massively - their growth 'strategy' has failed, they have little positive cash flow from HH-1 and huge outgoings. They have failed so far to farm out Loxley and are losing 49% of equity in future HH wells (if PPP actually farm in) when they could have drilled at least one with the cash they wasted in Turkey and they could be profiting from them if they were as successfully as some expect (not me).
You've swallowed the BS for years and appear to still believe the Kimmeridge is a viable reservoir - maybe there will be pump and dumps but a long term recovery of the mcap looks very unlikely.
While many may not want to admit Ocelot is correct.
While I may not be happy with the current situation as a shareholder. I have to take a number of things into consideration.
1. The HH Supreme Court decision after many lengthy legal challenges is the final challenge possible in the courts. This has a affect on all the shareholders funds invested to date at Horse Hill and other Weald sites
2. It was always clearly stated by UKOG that a new Horsehill CPR would not be released until after HH2 drill or possibly a HH3 drill.
3. The relaunch of UKOG in 2018/19 stated that it was about growth for the company. I may not have envisaged what that may have entailed at the time,but here I am and I going to quit now?
'No'
3. Much was made of the future net present value of assets in the ground accross the Weald and what it would take to make it happen.From memory the timelines were based on 2030. While we now see the start decommissioning at whych Farm and future energy security concerns for the UK.
4. We also see the beginning of new developments through the Hydrogen storage in salt caverns.
Am I going to quit as times are tough. 'No' In for a penny, in for a pound. What do I have left not much its true. For me I had better keep on going as should this turn around at some point it may be to my advantage. If it fails now or later there is definitely nothing for the future.
While I am sure there will be many who slate this post for there own reasons I ask myself at this stage do I want to cut my own throat?
Gl. to all genuine shareholders.
Just study what happened to UOG today for a preview of what happens next.
UOG issued new shares representing 76% of the equity and the stock closed down 38%.
UOG makes an operating profit, UKOG turns in a heavy operating loss.
'How do you know the value of shareholder's equity will be decimated?'
In the Roman Army, decimation was the killing of 1 in 10 of an army unit as a form of punishment. It could be said that issuing the 3 billion shares to the EBT was a form of decimation, as it was pretty much taking away 10% of the company from shareholders.
What comes next is worse than decimation.
"are you predicting no change in the mcap even tho the company just raised £4m??"
The market cap depends on the share price; it depends on the appetite to buy the shares. Will there be an appetite to buy UKOG shares just because they have managed to drag the show along for another year?
Of the circa £4 m I used as an example of the raise; £3m will be just for admin which does not add value BUT does ensure Sanderson gets his enormous pay for another year.
Ca some one tell me am i right or wrong but i fought ss was ment to buy shares each month the last time was 1st december so if that the case whats happened
How do you know the value of shareholder's equity will be decimated?
folk here talking about admin the last couple of days.
so what do you think will happen to the equity when the company is fully funded for the near-term projects?
are you predicting no change in the mcap even tho the company just raised £4m??
Https://drillordrop.com/2024/02/26/perenco-confirms-potential-decommissioning-of-wytch-farm-by-2037/
"downward pressure should be relieved."
I think UKOG have fixed the GM meeting with the 3 Billion share issue which they must have calculated as the number of votes they needed to win.
Most think Supreme court will not go against UKOG
The BIG problem is the amount of cash UKOG needs to raise. They need circa £3m for the next 12 months admin alone. To finance operations like another 5th rate Turkish drill; UKOG will need much more on top.
I reckon if UKOG had the authority to issue shares with a 20% discount; never mind consolidation, say they had authority already; they would have to issue 75 Billion more shares. Do the maths ; 33 billion shares are now priced around 0.0065 ; market cap now circa £1.95m. To raise circa £4m they will have to issue at least 75 Billion more shares.
It does depend also on just how much cash UKOG has now, BUT, we do know they need cash "in the near future" for working capital.
Its obvious that the value of each shareholders equity is going to be decimated.
Insidious when the rats leave the ship people still want to find the rats.
How’s your last trade going ?
In 'the very short term' - do you define that as the few days it could take to start issuing more shares?
1/ the result of the GM; 2/ the Supreme court judgement.
If either goes against UKOG, then there is a very real problem.
If both go UKOG's way, then, at least in the very short term, some of the downward pressure should be relieved.
Rich3648
Posts: 1,947
Price: 0.0066
RE: So SadToday 17:40
Insidious i’ve made so much money the last 12 months out of crypto my losses here mean nothing.
So stop crying about your loss here then and move on....
Bumdebum - What a Troll you are, trawling through my posts history. Really have no life...
Have you nothing better to do with your time...
You bought in after the peak?
Have you ever done anything in the market yourself, bumdebum?
Soon. S. S will become shoes polishers in the streets
You will be able to buy the whole company for a fiver, and when I do SS is going to polish my shoes for 50pence
Insidious i’ve made so much money the last 12 months out of crypto my losses here mean nothing. How’s your udog profit captain muppet? What’s the word on the street, buy, strong buy 😂😂 you are top of the tree with trollspunker as top ramper muppets.
You have been crying everyday for the last few years about your loss, leave trading to the grown ups...
Insidious you are one saddo period.
Why do you post here all the time after all your massive losses ?
Is it a good time to buy now mr expert 😂😂
Go find hied and trollspunker and have a ramping orgy.
Most of the posters here do not believe in this company but yet still they live on this BB 24/7...
Looking at their posting history they never post anywhere else...go figure...
Depends on whether ss can convince anyone to finance his next unlikely project and keep him employed for another year or two. Most people know that Portland stone is extremely expensive to work on and that storage project will be hugely un economic compared to others being touted around but you never know who might fall for it , with this company's track record . lol.
The board of UKOG cannot rob much more from this scam
Just hope that they are really due
a prison sentence!