You’re wrong Penguins - all of this is vitally necessary. It should be remembered that UKOG’s main source of finance is share issuance. That income stream is under serious threat as mug punters finally wake up to what us being perpetuated here.
UKOG has issued far too many shares to far too many sellers - Cannacord, Tellurian, YA, Riverfort et al. What it’s doing here is a tidying up exercise to make it easier to dump stock. Eliminating the death spiral is an action UKOG thinks will lift sentiment.
Operationally it’s clear HH-1 isn’t performing and neither is HG-2z. This is going to have to be fudged while all the shares are shifted. That’s going to be achieved by trying to puff up IOW and divert attention there.
Don’t fall for any of this guff. Plenty of fantastic opportunities in the market right now. This isn’t one if them.
Clearly an employee of some kind. Only payroll behaves in this way. The weekly, sometimes daily, buys to average down just aren’t credible.
UKOG doesn’t like the sentiment ebbing away - mug punters are it’s main source of funding. They want to keep milking them.
Today’s RNS is about rearranging the furniture on a sinking ship to try to disguise the reality.
I give it about three months until the next placing.
HH is clearly failing - HH1 needs work and no news on HH-2z. HH is going to fail.
Prepare fur distraction therapy - the focus will now shift to IOW.
Why buy these near worthless junk shares? It’s pointless because they’re printing more tomorrow anyway, and the day after, and the day after that..,,
I've been warning and warning about this for some months. UKOG now has over 10 billion shares in issue. Back in September 2019 it had over 6 billion. This will just continue until any shareholder value has been completely obliterated.
By my calculations UKOG has now issued ALL of the 3 billion shares that it asked shareholders permission to issue earlier in the year. At that time PCS and other rampers suggesed that they might not issue all 3 billion. They've done so in double quick time and will now need to come back and ask for permission to issue more shares.
The share issuance habit here is totally and utterly out of control. Management is dangerous to shareholder value.
I have no idea why any PI would buy here. Good luck all stuck in this nightmare.
It’s a death spiral. Management are appalling and overpaid. They think milking PI’s is just fine. Even say so in the last set of accounts.
I’m wondering if it’s a zero. The assets do have some minor value but if HH-2z is a fail you have to question if the field is really commercial?
Some value in the assets for me but in reality HH is a very ordinary and borderline commercial field.
Disgracefully puffed up out of all proportion.
Good luck all genuine holders - I hope you can get some cash back out of this mess
If you buy UKOG shares. What is happening here is utterly disgraceful. PI's are being milked each and every day. Once you've bought you're in the lobster pot and they're not letting you out unless you take a loss. Not a chance of a trade even.
Literally giving your cash away to Riverfort, YA, Tellurian, et al....
Rogan, I’m totally confused by FOTG. He was ramping UKOG and he blocked me at that time. I then heard he ‘d totally gone the other way. Now I’m hearing he’s working for UKOG? So a swing back in the positive direction? I’m still blocked so honestly have no idea.
Fondle, I can tell you what is likely to happen given what’s going on. However nothing is 100% certain. Events can surprise - like Covid. I can’t forecast a time at which the SP will hit 0.10.
UKOG is locked in to a death spiral. I see very limited chance of escape.
The way PI’s have been milked to keep this lifestyle company on the road is disgraceful imho. I am in the side of decent PI’s. There are many here who have lots significant sums.
Having warned here for around six months I’m now inside by what, 80%.
I hope I’m wrong and that PI’s are able to recoup as much of there investment as possible.
I’ve seen you asking why the SP is where it is and not down to 0.10 yet. It’s simple - market mechanics.
UKOG is caught in a death spiral. Ever more shares will have to be issued to satisfy the loan repayments. If you check the most recent conversion RNS, and do the maths, you’ll see shares were issued at less than 0.18. Those shares all have to be sold to PI’s.
Following on from that will be the next conversion. That will be at a lower price still and so will mean more shares will have to be issued (comparatively). As more and more shares are issued the value of the shares PI’s already hold will be slowly eroded.
The SP will gently drift downwards. It may take some time to get to 0.10. I anticipate that to be early Autumn.
There is a real possibility that the SP collapses because HH-2z fails. If PI sentiment dissipates rapidly there will be no buyers. Therefore it would be far better for the company if they continued the EWT for the foreseeable.
Complicating the above picture is the fact that we have other sellers including Tellurian and the placees.
Given time I think you’ll see 0.10 but I doubt it will be a fast process.
If HH-2z is a success then the SP will spike but be aware there are a long line of sellers who will sell into any rise. PI’s will get spiked in that event imv.
Ohmetoe - there is no such thing as ‘locked in’ when it comes to shares. It’s just an unwillingness sell and face reality. That’s difficult to do but it feels great to press ‘sell’ and be free again!
In my opinion it’s always best to cut a failed investment and look for other opportunities. The worry here is that the 20% or whatever it might be that remains iof the initial stake halves again over the coming months. In the meantime, as Greenspan says, there really are a lot of investors making great returns right now.
Why marry UKOG? It won’t be faithful to you.