Member Info for cyan2

The new auditors have to demonstrate that the Group will have sufficient cash funds available to allow it to continue in business for a period of at least 12 months from the date of approval of the financial statements. I think that will be impossible now.

'Placing ..'

"...sooner rather than later ."

UKOG have, FIRST, the VERY tricky hurdle of trying to convince auditors that they are a 'going concern'

I am not sure how they can. Lets assume they do on the assurance they will raise more funds by placings. Just remember the eye watering 42% discount last time. Assuming authorisation is given for new shares ;will anyone want to have more and at what discount.? Its very bad either way as this company is sooo far from making anything from its mega long term hydrogen dreams. At best I see years more dilutions.

"or sell their 10% share of Horndean - currently the only cash generating, and thus likely sellable, asset they have."

I was thinking that would be the last thing UKOG could do to raise a little cash and pay a few weeks more wages before lights out. I suspect that auditors may not agree the company remains a going concern. Horndean would not raise enough to pay of site restoration liabilities, imo. its a right mess now. I think you are right about giving time for a select few to dump.

"due to additional time being required by its auditors, appointed earlier this year"

Why did the old auditors depart and why did you not RNS the change as you should.?

With such large liabilities now and next to no income, any auditor is going to struggle to be convinced that UKOG continues to remain a going concern. Sanderson can't go on forever relying on his past 'success' in raising funds from placings as a reason to argue UKOG is a going concern. End looks to be in sight, imo.

"due to additional time being required by its auditors" Really ? Just how difficult is it when you have a company doing so little business? have they unresolved questions about where some of the money has gone/spent? "Going concern" has to be an issue imo.

"UKOG is properly on life support" I agree. Raising capital now will be so difficult and if SS seeks authorisation to issue more shares there will be a blood bath here. Look at the discount he had to agree to last time 42% to attract placing support. It will be far worse next time, IF allowed by all. I would not be surprised if the last move to raise capital will be the sale of that 10% Horndean interest.

PE ratios compared;

Tesla (TSLA): 136.81

Ford (F): 6.69

General Motors (GM): 7.90

Looks like Tesla are WAY overvalued

I like the new info LSE publishes "What if I invested £1,000 in UK Oil & Gas?" £1000 invested a year ago now worth £184, down 81.6% . Not likely to be here in a year UNLESS UKOG can create many billions of new shares and get mugs to buy more again and again, and again.......

Oh dear; The two huge trades yesterday that excited some "Ordinary deletion Delayed publication historical "

12-Mar-25 16:24:29 0.00967 -500,000,000 Unknown* 0.01 0.011 -48.35k O

12-Mar-25 16:25:50 0.00967 -271,620,000 Unknown* 0.01 0.011 -26.27k o

Spoofed.

"Next discounted placing price: 0.005 - 0025"

Need to get authorisation to issue more shares.

Its all madness. You are right , a million miles from monetization .

Its all a matter of time before curtains.

"fair play to SS " What?, for big promises and no delivery?. Look at the 3 year chart . Massive dilutions and loss of shareholder value. The only reason this disastrous company is still trading is that mugs keep buying every new lot of confetti .

Look at UKOG's going concern statement and this bit ; "Whilst there can be no certainty that sufficient funding can be obtained in the timescales required, the Directors are confident of their ability to raise capital, which is supported by successful capital placements in the past."

Yes, UKOG relies entirely on the continued charity hand outs from shareholders who can be relied on to throw ever more money into the money pit. Incredible.

However; it appears the end of the road is in sight with so little value left and big bills to pay. The next lot of dilutions , IF authorised, will be catastrophic. Could see this share price being fraction of what it now is in short order.

This will go bust I am absolutely certain . People are not looking at the cash burn; the crippling liabilities and the lack of value in this company's assets. The latest pipe dream is Hydrogen storage; a ridiculously expensive, very long lead time dream. This company is late to the 'dream chase' with others way in front of them. Its just a matter of time before collapse. Averaging down to zero is ridiculous. I see one poor guy has had a £36 k investment drop to £31 in value . I am so sorry. There is no way, any one with sense, will authorise more share issues.

Like Rabbits in a cars headlights ; people are looking into the impending doom , frozen; just hoping for a miracle. Hoping some rich white knight will inject a lot of cash. Why would anyone do that? This company has nothing of significant value ,BUT has huge liabilities to site clear; in particular at BB.

I think some still believe that the government is going to give an up front cash grant for Hydrogen storage. Its just not so, a misunderstanding of what the government has in mind.

Looks like the tipping point has been reached; people have finally woken up to the situation and are heading for the exit. Someone must be advising the management that UKOG is no longer a going concern, surely?

How long before the company asks for authorisation to issue more shares?

The last raise of a measly £400k at a 42% discount was shocking.

When you reflect the company has a circa £275 K MONTHLY cash burn just for admin ; the future looks bleak.

Can they really continue to raise capital from shareholders via new equity.?

Huge BB costs can not be avoided much longer. How much time can this company stagger on?

Raising further capital is going to require authorisation to issue a LOT more confetti. The 42% discount to raise an inadequate £400k is a warning of how dangerously dire UKOG's financial position has become. I suppose a desperate move could be UKOG trying to sell the 10% interest in Horndean; their only decent asset; but how much could that raise?.

Look out for the authorities forcing UKOG to get on the BB site restoration. I can see SS later trying to offload blame for a collapse into administration on the councils.

OMG, Raised only £ £400,431. Ludicrous amount when you look at the wages bill.

That's not going to cover wages and company running expenses for long.

A larger amount of cash will be required to restore the BB site . They can not avoid that expense for much longer.., well they could, by going into administration. Clocks ticking.

The problem is that UKOG have a record of bigging up poor 'asset's' which have failed to deliver at enormous costs through poor choices of locations to invest in like Portland or the Turkish disaster, never mind the Broadford bridge catastrophe.

Hydrogen is just the next shiny new dream chase to excite punters. Trouble is UKOG are weak minnows , terribly weak , trying to make a play for enormously expensive projects which are many years from any chance of monetization. They are way behind other players in every way .

UKOG have big bills to pay and the raising of further capital for critical expenses will necessitate ever more dilutions. UKOG , imo, is an even worse gamble ( roll of the dice as Sanderson once said) than at any other time.

When are UKOG going to get on with BB restoration and where will the money come from? It can only come from more dilutions.

https://drillordrop.com/2024/12/02/call-for-action-on-delay-to-restoration-of-mothballed-oil-site/

"Neither of us know what is exactly going to happen.."

How about this for a stab in the dark; Another highly dilutive fundraise as UKOG are nearly out of cash and have serious liabilities to pay for, like site restoration at BB.

"That is where UKOG will get funding.."

The government ae not going to give UKOG an upfront cash investment, dream on.

UKOG are running out of money, AGAIN, and their gas plans are so incredibly expensive . They are years away from any monetization that's IF they could get enormously wealthy partners to put up the eyewatering amounts of capital required. Ukog have serious nearer term liabilities , including with site restoration costs at BB.

How on Earth are they going to get yet another placing away? What can they RNS to excite the gullible ?

As we are on the subject of RNS's , its outrageous that the halting of production at HH has not been properly announced to the market. Ukog have a record of issuing RNS's when they thought they could help their share price. Who remembers the joining of a geothermal association; twice RNS'd?. Worthless. But when it comes to suboptimal news, UKOG fail to RNS.

How much road has UKOG got left ?