Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Clearly deranged for one.
Two relentless.
And Three hates anything British.
Send to Hamas. They'd fit in well.
Impossble. The volume simply isnt there to clear such a number of shares that would be issued, and the lender would have no security on the loan as the company have no assets! Not to mention YA are still owed. The only reason YA lent the cash last time was because of turkey still being a potential thing to drive volume so they can sell down off the back of punters. This time, there is absolutley nothing to drive volume so not even the lender of last resort, YA would touch this again for an amount UKOG would require to self sustain even for a couple of months.
Thats why the company are desperate to pump loxley, to bring back the pumpers and lube the confetti cannon, but the confetti cannon has well and truly seized up with trading volume as not even the dumbest of punters are falling for it. I suspect the pumping from the company re loxley in the weeks to come will be increasingly desperate in a last desperate hope to drive a bit of volume. So i am sure we can all expect some very laughable RNSs about a couple of tyre kickers over the next few weeks.
It really is already over here. There is absolutely no way out. Loxley FO will never happen in a million years. So yes, it will be very intresting to see what happens here re working capital needs to sustain Sanderscams ridiculous pay.
If it is any consolation to those who have lost big here, the game is nearly up for Sanderscam so just sit back with a bevvy, watch the show unfold and Sanderscam squirm as he enters into a forced early retirement in a very undignified manner (not that he is probably bothered as he has made more than enough to comfortably retire). Better than any musical/pantomine.
Next attempt to raise working capital here is going to be interesting.
The company spends £3.32m on Just admin ; lost £3.5m in last year has a market cap sub £1m now.
I reckon UKOG really needs to raise £3m to keep lights on.
How about an open offer; I am sure it will be very popular with shareholders. Offer 15 billion more shares at 0.02p to raise £3m.
What committed shareholder would turn his nose up at buying another 4 or maybe 5 new shares at 0.02p for each one they presently hold ?
Alternative is the expensive death spiral IF UKOG can find anyone to 'loan' them £3m
"It's been suggested several times over the years that he and the board should take the majority (if not all) of their pay in shares, if they were that confident. "
That would currently mean about a third of the company for his years salary.
No details or resolutions which probably means they are still deciding what exactly the plan to save the company is.
Also they might be trying to keep the votes as low profile as possible as the last thing they want is for pesky shareholders actually use their votes.
Notice of Annual General Meeting ("AGM")
UK Oil & Gas PLC (London AIM: UKOG) is pleased to confirm that copies of its 2024 AGM notice and forms of proxy have been posted to registered shareholders today, 3rd May 2024. The AGM will be held at 1100 hrs on Wednesday 29th May 2024 at 8th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, United Kingdom.
The AGM notice and subsequent AGM results will both be made available on the Company's website www.ukogplc.com .
Good for you Nibbley and well done - but you seem to have scant regard for anyone but yourself, coke bottle shoulders. The guy is an absolute schizzer and is continuing to do it. Not sorry if you disagree, you're in an increasingly small minority. Do you think Sanderson is a good bloke out of interest, that he's done wonders for his own bank balance and stuff everyone else??
After expecting others to invest over £100million in UKOG, here's the current total board holdings:
Stephen Sanderson 1,245,731 £318
Kiran Morzaria 450,818 £115
Penguins,
My bad - I misread your original post.
If I recall correctly, any resolution to remove SS would need a 75% vote in favour?
So - back of the envelope calculation - doesn't this now mean it's virtually impossible for PI's to vote Sanderson out?
ZYX,
Maybe I wasn't clear - having pointed out how cheap shares were - '40 shares to a penny' - I thought this was self explanatory - 'Anyone who wanted to turn up could, the main cost would be trading fees', maybe I should have put the main cost apart from buying a few shares would be trding fees.
so not as far as I know
It's been suggested several times over the years that he and the board should take the majority (if not all) of their pay in shares, if they were that confident.
Of course, none of them ever have.
The only one the actually buy any shares was SS, as he was scared of the get SS out campaign.
It's the only brilliant thing he's done in the last few years, as for an outlay of around £12k, it's allowed him to keep taking his absurd salary for several more years.
Oh, forgot. KM did actually buy some shares years ago when he came on as FM - they have to be worth about £0.3 by now...
Ah, Insidious and his "Would not want to be out of this over the weekend." nonsense.
I suppose it's better than his usual 2p/5p posts.
But just for grins;
Insidious, what "positive news" is in the pipeline that could possibly make this share sky rocket?
Loxley has been on the farm-out market for over 2 years and nobody has touched it yet.
And why would they, with the crushingly bad CPR that UKOG produced?
Nobody would buy in and carry UKOG 100% on what is effectively an Exploration Well that has offset data already available to show it's highly likely to be dry.
So go on, enlighten us as to your logical, factual, well thought out reasoning.
Although I'm not going to hold my breath waiting for your reply.....
Penguins,
UKOG originally had a stipulation that you had to be a shareholder to attend - have they dropped that?
Ocelot,
Although the market cap is less than £1 Million, any take over would have to accept not only the outstanding debts, but also the liabilities of the abandonment and restoration of the BB & HH sites.
Why take over a failing Company when you can just wait for them to fold and the licences been returned to HM Govt.
If you think it's worth it, you can then apply for the licences, but without the debts or restoration costs hanging around your neck.
GW71:-
Sentimental claptrap - I don't care much for UKOG or for that matter any company I have invested in.
I use them to make money whether that is short or long term.
UKOG was short term and I traded the ass off it - Sanderson sold the dream to everyone (Gatwick Gusher) but some saw it for what it was - a vehicle to make a bit of cash.
People only have themselves to blame if they are stuck in the mire of the AIM.
UKOG is not the only pup being peddled as the next big thing.
Couldnt agree more gwilliams. That RNS just rubs salt into the deep, festering wounds here. And just when you thought Sanderson could stoop no lower! You can now expect an RNS after every YA conversion of this nature. Every single share someone buys into this company goes directly into Sandersons pocket. There is nowhere on AIM more evident than this! UKOG is now nothing more than a wealth transfer vector from those fool enough to buy a single share, direct to Sandersons pocket. Do not pass go, do not expect a penny in return!
At least Sanderson knows the game is up. This is why he is looking to extract every last penny from the company, any way possible.
And some here are still sticking up for them? Anyone still defending the bloke at this juncture is either an affiliate of Sanderson, Sanderson himself or are on day release from the looney asylum. There is no other plausible explanation i can conjure. Either one, or a conbination of the above wouldnt suprise me in the slightest. This is undeniably one of the very very worst, and will go down in history as such! MTV has a new contender, if anyone remembers that one.
Welcome to AIM at its absolute rock bottom worst.
Nibbley - I agree with some of that. However that shouldnt and must not excuse the behaviour of the board of this specific company that are shooting in the dark at lost causes and taking investors for a ride whilst doing it. That the landscape is littered with similar cases does not make it right. there have been many well meaning start ups that have for no fault of their own ended up on the wrong side of history. This isn't one on then, The board - and Sanderson in particular - have dishonoured their fiduciary duty time and time again. They have taken sky high salaries, produced nothing but a loss and no hope of getting anything away.
Investors should beware and my humble opinion is that sooner or later the game will be up and if one is holding shares, they'll lose the lot. But if it's gone down this far then i suppose why not hold out - it's all gone bar the shouting anyway. And Sanderson keeps paying himself seriously bug bux which he doesn't deserve.
Reporting Period Month Name February 42 bopd
Oil Production Mass (tonnes) 162.432
m3 192
Associated gas production mass (tonnes) 5.293
Associated Gas Production Volume (ksm3) 5.947
Gas Flared - Volume (Ksm3) 5.947
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 151
Reporting Period Month Name January 44 bopd
Oil Production Mass (tonnes) 181.89
m3 215
Associated gas production mass (tonnes) 5.418
Associated Gas Production Volume (ksm3) 6.088
Gas Flared - Volume (Ksm3) 6.088
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 165
Reporting Period Month Name December 45 bopd
Oil Production Mass (tonnes) 188.658
m3 233
Associated gas production mass (tonnes) 6.755
Associated Gas Production Volume (ksm3) 7.59
Gas Flared - Volume (Ksm3) 7.59
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 168
Reporting Period Month Name November 44 bopd
Oil Production Mass (tonnes) 176.814
m3 209
Associated gas production mass (tonnes) 6.124
Associated Gas Production Volume (ksm3) 6.881
Gas Flared - Volume (Ksm3) 6.881
Gas Flared - Non Hydrocarbon (%) 4.5
Water production volume (ksm3) 185
Month bopd
Mar 23 54
Apr 23 46 Tank washing
May 23 57
Jun 23 56
Jul 23 50
Aug 23 46
Sep 23 48
Oct 23 45
Nov 23 44
Dec 23 45
Jan 24 44
Feb 24 42
Receipts for February $83.76 x 42 x 28 = $98,502
Receipts for January $80.23 x 44 x 31= $108,426
Receipts for December $77.86 x 45 x 31= $108,615
Receipts for November $83.18 x 44 x 30= $109,349
Receipts for October $91.06 x 45 x 31= $127,029
Receipts for September $94.00 x 48 x 30= $135,360
Receipts for August $86.16 x 46 x 31= $122,864
Receipts for July $80.11 x 50 x 31 = $123,957
Receipts for June $74.89 x 56 x 30 = $125,815
Receipts for May $75.70 x 57 x 31 = $132,738
Receipts for Apr $84.11 x 46 x 30 = $115,801
Receipts for March $78.53 x 54 x 31 = $132,451
HH production for February was 42 bopd
The Dear Leader (praise be his name) cannot be replaced! The company would become bankrupt without his devotees buying shares to support the company.
PS: for the very simple reason that I know I am not SS!
In all honesty, nope.
Ocelot you are presuming that a lot of negative posters are not really shareholders as some posters presume that you are not a shareholder and also presume you are Sanderson.
Can you see the hole in your thesis?
Foofgal "et al",
As you are all aware the Stock Market in general is nothing but a gambling platform.
Don't blame Sanderson for your poor investing decisions.
Irrespective of his salary - many more on AIM are doing the same.
The hard cold facts are that many on here thought they were on a get rich train and ploughed money into it.
I did the same but I used it as a Trading opportunity and it did me well.
I also had the good sense to realize like a lot of others on here that UKOG had run its course and was doomed and I therefore sold up and I now sit back and read the Daily Drivel on here.
Stop whining put your (so called) money where your mouth is and sell up and take the hit on the chin.
This is the Stock Market and its bites hard