Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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They don't care they aren't even trying to pretend they're running the company in the interest of anyone but themselves.
The sequence after Wednesday’s BS about Loxley was predictable, Thursday a CLN conversion, today the EBT allocation followed by the AGM announcement – but not the resolutions or supporting statements – or should I say BS for posters like ocelot to repeat as if they’re facts rather than hopes – just like every ‘positive RNS since 2015.
Apologies for this but.......
Prior to today’s RNS the EBT had a total of 325,500,000 shares – the recent 3,005,000,000 plus 250,000,000 as of September 2023 (in the Annual Report) in the EBT, divided by 10.
But it seems they can’t be bothered to calculate 10% properly – and it isn’t a difficult calculation - the new award of 62,087,925 increases the total holding to 387,587,925 – 3,671 shares too many based on the total as it will be of 10 May.
It should have been 62,083,845 shares, bringing the UKOG total shares to 3,875,838,459 shares and the total shares in the EBT to 387,583,845 without rounding up. Because they got it wrong it means the EBT has 4,079 more shares than it should.
The previous EBT holding of 3,255,000,000 shares was also more than 10% the then total shares.
Who’s doing the maths at UKOG.
The same one doing the accounts? The predictions of production?
It would not surprise me to see them asking for another 1bn shares as one of the resolutions. That should please ells_valexpert, or should I call him sonmoon!
Assume UKOG only targets raising enough cash to keep them afloat for 3 months in the hope that a miracle appears:
Monthly cash req for operations: £245k (from cash flow statement)
Offering price: 0.0255p (optomistic)
=> (245,000 x 3) / (0.0255 * 0.01) = 2,882,352,941
That’s 2.88 billion shares!
"It would not surprise me to see them asking for another 1bn shares as one of the resolutions."
1 billion new shares will not raise enough to last one month . Look at the admin costs alone ; £3.320 million pa that's about 277k a month.
I billion issued at a realistic price of 0.02p, (typical 20% discount), raises only £200K
If you want UKOG to not just survive but continue to finance some very basic works, like Portland planning; UKOG will need to raise at least £3m imo.
That's likely 15 billion shares.
Is it possible? Hard to see anyone wanting that number in a placing of the type that raised £750k in January when the share price was much higher.
UKOG may have to try and raise in bitesize pieces; say 5 billion lots backed by a ramping series of RNS's
Remember this; UKOG burnt through an average of £8.7m in fund raises each year since 2017.
To drill again in Türkiye will require UKOG to put up £1.2 m. I do not see any further Turkish drilling activity now.
Its a lot more expensive to drill in UK and what with the very poor state of PPP finances one can reasonably rule out any further drilling as suggested in the farmin with PPP.
The farmin RNS from March 2023 reminded everyone that : "Planning and environmental consents remain in place for a further 4 production wells at Horse Hill"
There is no chance they will be financed now.
Its all about staggering on , paying inflated wages, and hoping for a Loxley miracle.
Someone previously pointed out that last year Stephen Paul Sanderson incorporated UKEN Holdings Limited with himself as the only shareholder.
Is this a cunning plan to sell this company to UKOG as a holding company for the multiple gas storage subsidiaries as it couldn't possibly be a vehicle to take parts of UKOG private - although on reflection if nothing else Mr Sanderson has been well funded over the past 9 years by thousands of investors buying shares from various lenders given the shares at a price that's briefly (or in the future) below the market price.
Whilst most projects remain early stages, even though they've been on the books for years, HH with very little expenditure could be a nice little earner for a private company that doesn't have huge overheads and expensive and risky ambition. 40 bopd may not fund a company with staff costs over £2mm, let alone all the other costs, but with just a couple of site operatives and a manager the profit could fund a very pleasant retirement - and there's always DL waiting in the wings to help with going public - billions of barrels I tell ya........
HH is too marginal for anyone without deep pockets to want to take on alone and improve, imo.
The bottom line is this; UKOG appears to be no longer a going concern;
".........there can be no certainty that sufficient funding can be obtained in the timescales required...."
"....there remains a material uncertainty that may cause significant doubt over the going concern nature of the Group.
The independent auditor's report also refers to material uncertainty related to going concern."
Its going to be a real struggle to yet again raise enough cash through new equity; I think its a bridge to far now BUT it won't stop Sanderson trying.
Believe there is a reason management is fighting so hard to maintain UKOG as a going concern and that it is other than the continued payment of their remuneration.
We do not know how close they are to concluding discussions "with several significant potential international investors with regard to their participation in the Company's hydrogen storage project" (RNS of 01/02/24).
Any subsequent cash injection is likely to be ring-fenced but arrangements could include the payment of fees to UKOG for its management time.
Ocelot,
There is no requirement for hydrogen storage in Dorset.
No-one is going to trust SS with £1 billion.
Deltavegatheta,
Have you thought to communicate your 1st point to the government and to several potential international investors?
Re your 2nd point: if one or more potential international investor(s) participate(s) in Portland, would you not expect them to exert some influence over the development of the project?
The MP for Portland facilitated a meeting. That's a very long way from the government saying they need hydrogen storage in Dorset.
"If" is doing a lot of heavy lifting there.
Would you put SS in charge of a £1 billion project? (be honest now)
As we can all see, UKOG does not have £1bn to invest, it is acting as a catalyst and as a project manager. It will be for those who contribute capital to oversee the employment of their capital.
Sanderson has project managed a 125 million company to less than a million. Nobody or any entity is going to trust him to run a bath after that stunning performance.
Wasn't that Liz Truss? That nobody would trust her to run a bath??
Ocelot
Please take a look in the mirror and hopefully you will see just
what a complete turd you are looking at!
then again I don't think you will
in fact it could be Sandascam
sad, sad individual
Over 3bn new shares on offer for the AGM. That will be another 50% off the SP this year at least.
Perhaps I should have said just under 4bn.
This is called "putting the boot in".
Total voting rights 19. As at 2 May 2024, being the last practicable date before dispatch of this notice, the Company’s issued share capital comprised 3,875,842,538. Ordinary Shares of £0.000001 each. Each ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the Company as at 2 May 2024 is 3,875,842,538.
UKOG has never learnt to live within their means - lead by an overpaid unsuccessful CEO who has a record, for whatever reason, of persevering with lost causes - out of the three wells SS has drilled the testing of both BB and Pinarova should have been abandoned long before it was, even with HH-2z pi were strung along until it was impossible to hide the failure (HH-1 was drilled by the Angus team I believe).
Now, and for years, instead of sorting out HH, getting HH-2z converted to an injector (although this may not be the certain win UKOG suggest) and drilling HH-3 they've wasted millions in Turkey and now more millions on the Portland port gas storage vanity project.
It hasn't even been bad luck - the Kimmeridge was a long shot out of structural closure, and AME were clearly farming out their dross it Turkey - and for BB failing to shoot seismic before drilling in the wrong place is unforgiveable - and then admitting the wells in the Resan section of the structure had issues with water - that was either known about but not mentioned or they're due diligence was lacking. Pinarova was a ridiculous but at least cheap well.
Unless there's a dramatic improvement in the SP nearly 4 billion shares won't even fund salaries for much more than 6 months, and they obviously won't, by 29 May, have cleared the loan notes so maybe a billion of the 3.8 billion will have to be set aside for that.
The current plan seems to be let's hope some mug comes along and funds Loxley 100% (and perhaps making the same mistake of not shooting seismic first) while hopefully some international investment company joins the Portland Port project in some unspecified way.
Maybe either happening will improve the SP but then there's the threat of issuing billions more shares the moment the SP improves - and with a guaranteed 10% of the shares voting in favour UKOG could call a GM at any time to get the confetti factory up and running when the 3.8 billion run out.
I had hoped that the AGM notice would have a plan that wasn't just more of the same but perhaps a plan that accepted cash was constrained so maybe somethng along the lines, for instance, that unless participation is assured in the near future the Portland Port gas storage project would be put on hold for a later round, as they already accept they may not get an allocation in the 2024 round and would then apply in the next.
'and for BB failing to shoot seismic before drilling in the wrong place is unforgiveable'
Should be Basur-3....
Nicholas Mardon Taylor was last re-appointed at the 2020 AGM and according to the Articles of Association directors have to be re-appointed every three years.
So he should of been re-appointed last year not this. Nick is 80, so perhaps he just forgot.
That would be good for some
Application has been made for EBT Shares, numbering 62,087,925 ordinary shares in total, to be admitted to trading on AIM . Admission is expected to take place on 10 May 2024
Number of shares in issue up 24% in 2 months is pretty good going. What will it be like after a year?
"Yo no se"
That.., is quite apparent.