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Lol HMS UKOG needs scuttled and sent to davy jones' locker not a new captain
"i suspect the two 0.5m tranches are no dead as ukog failed to meet the conditions of the agreement.
rf/ya must be mega****ed off following the 10% ebt voting move."
If so, it suggests that UKOG may not easily be able to use their services again and any fund raise will have to be by a HIGHLY discounted placing yet AGAIN.
Who bout 200m shares then?
i suspect the two 0.5m tranches are no dead as ukog failed to meet the conditions of the agreement.
rf/ya must be mega****ed off following the 10% ebt voting move.
what large investor would put money into a company were their voting rights are essentially null & void, and ukog can pass whatever resolutions it wants via the ebt.
!!!!!!!
Ilovesushi
Have you been eating puffer fish?
Due to the above there is no viable business here.
With only £345,000 gross profits for the 6 months ending 31 of March 2024, there is no real business here an it is only kept afloat by issuing shares. VOTE for consolidation you are voting for more shares, being wiped out and keeping the gravy train running for high paying directors.
There is only and ever can be total wipe out here. When Turkey was declared a duster, it was always curtains. The management are desperate to keep this going. It is all to continue their high wages. For God sake VOTE NO
Less than 4 weeks till the Annuals. That should throw up some insights.
Will end tomorrow with the reconvened GM, first proposed on 01/02.24.
Please be aware that not all posters on here are genuine.
A great many on this board are agitators, rampers, de-rampers, wind-up merchants, disrupters etc.
Many on here have not got two pennies to rub together and are acting out their fantasies to those who are prepared to listen to drivel.
Some of the so called oily experts are not - they just grab a piece of previously written text and expound the ideas.
You all know who you are , however it is entertaining & amusing to read the trivial nonsense created by fantasists
Desperately needs a new captain. Mr Sanderson needs to walk the plank to restore some semblance of buoyancy. Imo
Is it just possible they could do another reverse listing and change the company to UKEn from UKOG ?
OCelot will still be claiming it's a great company when it folds into the dirt.
It's dead
Its slowly but surely moving in that direction.
I remember watching this, the last 20 seconds are very accurate!!!
https://www.youtube.com/watch?v=0n9XolD7UmY
If all goes well there will be nearly another 50% of shares in issue this week which will push the MCap up. No doubt ocelot will be celebrating this good news if it happens.
Until this slams into the wall...what a massive con this has been.
Company Gamechanger
Transformational
what a load of garbage
Company been going since 2013 - CEO salary roughly 650k a year, not far off 7 million pounds in salary, wow...absolutely unbelievable that this has been allowed to happen, AIM is for companies, not private investors, its nothing less than a minefield. this was supposed to be one of the UK's saving assets when Brexit was announced, the PDF which the CEO released stated UKOG could potentially generate 18bn in Tax revenue, a 3000 job potential company...and look at it.
What a utter joke.
Splattered all over the BBC, The Famous Gatwick Gusher - and now its on its knees with consolidation looming.
This is a national scandal and I hope the BBC do an investigation into this company and its senior management
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?