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Misled private investors to the sum of 400k plus @ a placing price of 0.18 knowing full well that the drill was compromised while protecting themselves and not buying a single share.
This guy should be behind bars.
It's also worth asking oneself the question - exactly why did the board entirely renege on its officially RNSed commitment to buy UKOG shares as of the 2nd July? And presumably they won't buy any shares at the start of this month either.
I mean why would they? They've got the best idea which way the SP is going to be heading... and it's not like they've suddenly decided to give a rat's behind about the continued pain of the company's shareholders.
Utter contempt for PIs as usual... and they're being paid obscenely large monthly salaries - all funded by PI money, don't forget - to continue to display this.
He should definitely be investigated something not right about all of this
The board should be investigated by the FCA, they have not upheld a number of the FCA requirements, certainly haven't when it comes to acting with integrity.
As I said many times before, Turkey is dead. They have not been award any further license blocks and have drilled a duster in an area known to be sub-commercial. It's clearly a ruse.
Why did they not spend any cash of converting HH1 to dual complete from the Portland and Kim? It's been a long time since SS updated the market on this and it should have been completed by now.
Sanderson, what an utter ****...
What could anyone have done differently to SS? Personally he has done his best.Good times ahead
SuperTrampers
Is this yet another
Strong Buy?
Every time it goes down it becomes a "stronger buy".
LOL
Alternative investing strategies, courtesy UKOG Plc.
" Personally he has done his best."
I was told many years ago - "it's not YOUR best we want - it's THE best"...................
£ 80 mm burnt here in less than 10 years
"Why did they not spend any cash of converting HH1 to dual complete from the Portland and Kim?"
The Kimm clearly doesn't produce well without (possibly) fraccing - the recharge rate is too low for commercial operations
Will1734, when you write "What could anyone have done differently to SS? Personally he has done his best".
I have to disagree. There are many things that could have been done better over the last 4 years.
1) As CEO he could have acted with integrity and kept shareholders updated with bad news when they had it to hand rather than withholding it.
2) As CEO he could have bought shares as per the commitment made as part of the director share plan that was issued by way of RNS. He has refused to buy the shares that he was committed to buy as per that plan. A shocking act by the CEO.
3) As CEO he could hold regular investor calls, there is no excuse for not holding them. As a CEO you have to take the good with the bad, face the music and tell the plain truth. He refuses to do this and refuses to do interviews (other than those where he has set the questions and on a ramping quest).
4) He could park the soundbites such as "smell the oil", "train leaving the station", etc, etc. A CEO should be using hype to promote placings without have hard factual good news to back that up.
5) As CEO he could come clean on the Kimmeridge at HH and tell the market and shareholders why they haven't touched it at HH for a long long time. While he is at it, he could also issue monthly operational updates showing production status of HH1 rather than leaving PI's waiting 3 months for the formal OGA data to land.
6) As CEO he could work with the board to produce an updated company strategy and make it clear what they plan to do. To me it feels like it's a case of flying by the seat of your pants to keep the placing cash rolling in without any intent to make UKOG a real commercial prospect.
7) As CEO he could uphold the promise made last year to take a pay cut for a longer period, instead of which, he did not take anything more than 1 month pay-cut of 10%. Check the accounts.
8) Following up on point 6, as CEO he could have provided the real expectations for the Turkey punt. They keep quoting Basur-1 and initial 6 hour flow tests, but they have not provided any details of what they expect over a 1+ year period.
9) As CEO, he could have had an updated CPR for HH commissioned, but we all know why they haven't bothered, the chance of RBL is dust.
I could go on and on and on. I'm sure that the FCA would find many many examples of him not acting with integrity.
Personally, I think he should consider himself lucky not to be facing criminal proceedings. But that is just my view, an opinion.
prainey
You on the other hand seem and act like a baby...glah..Long live SS you are making me money...nowt wrong with that..its a case of buying/selling @ the most opportune time,which I doubt half onthis BB HAVE ANY KNOWLEDGE.
Nailed it CynderLad
Been dealing now for 67 years,doubt anyone on here can teach me anything, going from what you type...50% of
you are still wet behind the ears.
Mirasol,
"The Kimm clearly doesn't produce well without (possibly) fraccing - the recharge rate is too low for commercial operations"
It would be nice to know that for sure - we can only inferr it from the lack of any Kimm development and the statements made in the Loxlely planning application documents about the Kimm being non-commercial, as UKOG have never made any other announcement other than posting what appeared to be very good flow rates from the HH test.
" UKOG have never made any other announcement other than posting what appeared to be very good flow rates from the HH test"
And that was a long long time ago
the disappearance of any mention of the Kimm since then shows it doesn't work commercially withe current operation
I suspect that a frac or prop job would help but that's not on here and now
Buy in last week did you Will? Welcome to UKOG!
SS has your money now!
Hi Mirasol,
It was also a long, long time ago that they said they would recomplete HH-1 as a dual Portland / Kimm producer and we are still waiting for that too! I forget, didn't they announce that plan after the EWT on the Kimm?
A full blown frac wouldn't help, as it's very difficult to Frac a formation that is naturally fractured (like trying to fill a bucket with holes already in it) and you won't know where the frac fluid is going to go.
I suspect they have some nearbore damage which a mini acid frac might help with, but even that (although it would be less than 100 bbls) would be impossible without the XP mob baying for blood.
Whatever the reason for not producing the Kimm is, the silence from the UKOG board on the Kimm is shameful.
Great post @ Cynderlad.
Just out of interest, would there be enough to put the case to the FCA that salmon slacks has deliberately misled us investors???? If so, this should be reported.
People have lost lots of money on this lifestyle share that keeps him in a decent salary and no doubt a healthy pension to boot.
This conduct ought to be investigated, all in my opinion.
It’s the same with Anguish. Shareholders were misled for six months last spring and summer over the state of their finances and progress at Poundland. Yes, the FCA should definitely be taking action in both cases but they appear merely to be a box-ticking setup. Whether it’s lack of funds, lazy staff or absent leadership, they’re toothless and largely missing in action. The London Stock Exchange should be involved too, in my view. The AIM market was surely not set up to bring the UK’s financial regulatory system into international disrepute?
If you did any research before investing in the Aim market you would then know that it is not Regulated so no point posting about FCA interaction now is there. Dyor. Gla.
Ian, that is another of your increasingly bizarre comments. You seriously believe that there is no regulation applicable to AIM companies and their directors? And you invest based upon such a complete misapprehension? That is terrifying.
Yes, although regulation is lighter touch than you'd find on the FTSE, there is still plenty in place and yes, the FCA can get involved if such regulation is contravened.
I mean okay, I can understand why, when looking at UKOG's and its board's track record, you might think that there are zero requirements to tell anything close to the truth, to announce information (good or bad) in a timely manner and not to directly contradict RNSed information and commitments...
...however such regulation still exists.
How can someone possibly invest anything at all in AIM when they are this clueless?
Thank you @Headinthesand
I’m just reading the London Stock Exchange AIM Rules for Companies - there’s definitely some regulation but as you say, lighter than with the FTSE companies.
If there wasn’t any regulation then surely any old crook could set up a company and fleece investors??
headinthesand
Investors' legal protection is provided by the 2016 Companies Act where Directors are personally liable to conduct Fiduciary Duties on behalf of all shareholders equally - including disclosure.
Beyond that, the Misrepresentation Act is designed to protect investors from relying on false or misleading statements. This act is easy to sidestep by paying for a CPR which is like lending your watch to someone and asking them what time it is!
FCA doesn't enforce these laws, but simply refers wrong-doing to the courts.
Fraud is fraud whatever the AIM regulations but determining what is and isn't is not straight forward I suspect.
The income from the City of London is too great to let honesty and integrity take over.