Member Info for Crocqman

Don't post on this board too often any more.
See a small rise on the rig news when it comes, but not a big jump.
Still feel we will only see larger rises if all goes to plan over the coming months, and perhaps not before around end Q3 - my conservative target is back to the 2p mark by end of year.
This stock is lacking volume and sentiment to do much in the short term and needs actual results now to rise following so many false dawns and fund raisings over the past year.
All imo, of course. Hope to be proved wrong, but good luck to all holders, dyor and stick to your own strategy when buying/selling.

Could be an interesting last half an hour if true.
gla

bumblebee1,
I'd say it's cheap because it will be a relatively a high cost/low return opportunity needing significant upfront investment prior to seeing any return. I feel it will take longer to bring in any income than what has been suggested, perhaps a year or more, so unlikely to fund any future works in the short term.
By no means an expert, but just my thoughts based on the detail we have so far on this.
An unwanted distraction to what is important, the current work program.
gla

Jangles,
I think your comment can apply to most boards on here tbh.
Cutting through all this 'drivel' though, what is your viewpoint on this share and the current state of play?
My investment here is small. Happy with my position and for them to get on with the job and provide updates in due course.
Appreciate that some may be more fully loaded than me and a bit restless though.
gla

SM,
Interested as to how you can say TR1 rules are rarely kept to by some people. In what way do you suggest they do this?

I understand that the buyer/seller (e.g. CO) has to notify the issuer (UJO) within a certain timeframe (4 trading days, I think) and then the issuer has to notify the market within another set timeframe (by the end of the trading now upon receipt of the notification, I believe) but don't see how the rules cannot be adhered to - it will not be CO making the actual declaration after all, but whoever his platform provider is and they will have a responsibility to abide by the FCA requirements in this regard.

Agreed ST.
As well as sentiment being down generally, it seems interest in posting here is down too with the lack of news/activity.
At least we don't have the constant extremes of ramping vs deramping posters and continual bickering to wade through.
Expect next news update to confirm rig contract and arrival for commencement of scheduled works, hopefully before the month is out.
gla

Agreed Fairview.
This buys vs sells reporting always bandied about across all boards when its well known figures are shown as a best estimate only and not to be taken as accurate.
Volume looks to be circa half of this time yesterday which was a relatively low volume day.
Many sitting tight waiting for news and any placing shares sells will be getting sold on an adv basis, so unlikely to move the market in any way.
Happy to have added in the dips yesterday and today (sub 0.14) and waiting on some good figures to be announced.
gla

Some good posts on this thread.
Personally, I feel it will be closer to Q4 before we see any meaningful uplift in the SP from current activities, but only expecting a return to the 1.70 to 1.90 range we seemed stuck at for months at the back end of last year. Possibly 2p by year end if everything currently planned goes well and we finally get a CPR along with the side tracks.
Not the best prediction for many (myself included with a higher average), but feel we will be well into 2020 and beyond for any significant gains here now from other activities as most of what is expected from the current campaign seems to be already factored into the SP (sadly) and sentiment no longer with this share.
Expect a short uplift when the rig is finally announced.
This is assuming there is better management of the current assets and no more fund raising from placings in the short term.
Hope to be proved wrong with my conservative estimates, but having been here for over 18 months I know better than to be over optimistic.
gla

Good posts (and from ST too).
I hope this goes as anticipated and in expected timeframes
Bought in 3 weeks ago sub 0.1 with a couple of small top ups at 0.11 and 0.13 since then.
Hoping to add a final amount before the week is out.
I just hope this asset of possible 'national importance' does more for the SP here than the oil of 'national significance' has been doing for ukog this past 9 months or so.
Excited to see how the next few weeks play out and hope all holders do well.

Mix,
Isn't Monday week a Bank Holiday (27)?
Based on thoughts from others, it seems more likely it could be Tuesday onwards then, but before the month is out.
Interest is certainly building.
gla

Alan,
Not sure if your para on the abandonment pot was connected, or in reply to my recent post on the potential acquisition.
Just to be clear, using the abandonment pot for drilling costs was not something I was suggesting would happen.
The specific useage of this pot (as reiterated by you) is clear imo.

Only £1 to be paid for the asset, but look at the costs to bring it back into play.
Circa £1m for installation of in-house processing
£500k to £700k for new pipeline to NG
£1m for workover to existing wells.
£3m to £4m for 2 new side tracks.

For an opportunity to add to cashflow, it seems a big outlay and a long timeframe to achieve.
A high cost, low margin play.
This opportunity seems to be more a decision to attain access to alternative fund raising sources using this new asset as a means to do so.
Not convinced, but will await updates

Have been following this board for a month or so. Some familiar names on here from elsewhere.
Finally took up a small position following receipt of some dividend proceeds last week and looking to add some more from a further dividend due next week (hopefully before any news update lands).
Only a small play for me, but see it as a free play and every little helps.
Not setting any SP targets, just interested to see how this plays out.
gla

PP,
The deadline to accept the offer will be different for each platform provider, depending on their individual requirements to process everyone's instructions in time for the 'actual' deadline, so some will be a day or two earlier than others.
They will usually give a final date and anything after that date will be on a best efforts basis only.
Best to check with your own provider - I have not received anything yet from mine (HSBC).
gla

Mr008,
Alan's post from earlier in response to a site update suggests that the water isolation may already have been completed. In which case potentially a positive news update before the week is out?
gla

Why do you think undermanned and undeskilled?
It is tagged as a 51% interest, the other party/parties may have the expertise/manpower and I would presume the corporate structure may only involve one or two of the current bod on the new board.

It does seem a bit of an odd fit at the moment, but let's wait and see before passing judgement. The take-up of the placing at least shows some corporate confidence towards the proposed acquisition.

The £3m will not have been raised in 90 mins.
The lead broker (WH I) would have been chatting to II's/existing shareholders in the run up to the placing announcement (at least 1 day or more) as part of the accelerated book build process to gauge interest, most likely at an indicated price range (amount to be raised, price indication, timeline, any conditions, etc) and will have had a firm (binding) take-up for the majority, or all of the offer prior to the first news release being made.
The public announcement then gives other investors the opportunity to apply for any remaining shares after the 'preferred insiders' have had their chance and the company would then decide whether to go with the 3m or 5m based on the demand.
The II's will have been made insiders (under MAR regulations) and will have had time to do their own due diligence (they will have been full details of the potential acquisition and use of funds) before committing.
Most likely the placing was targeted at previous placing II's with a good (favourable) background knowledge of the company.
The subsequent announcement will have been confirmation of the extent of the take-up at the indicated price.

Hopefully, the next announcement will be a positive one based on the current work schedule.
gla

200 tankers is a nice number, of course, but the company's announcements are geared more to number of barrels produced (e.g. over 10,000 per 15/3 RNS) and the average daily rate of production (steady ave. of 220 bopd)
All are good indicators though and further good news expected.
gla

younba,
The funds are related operationally to current activities though.

Reasons for the Placing and Open Offer
The funds raised are to be applied, after provision for general working capital, approximately equally to support ongoing works at the Company's Brockham asset, forthcoming works at the Company's Balcombe asset, a seismic overview of the Company's Lidsey asset and to fund the exploration of potential acquisition opportunities..

Seadoc,
I'm still hoping that I've planted some magic beans with this investment and that UKOG turns out to be the golden egg laying goose.
Time will tell.
gla.