Member Info for cyan2

Good evening Idespair

This is what UKOG published on the 28th May and its clear about when the market would be informed.

"Upon commitment to the DDSPP, which is expected to occur in the open period following the publication of UKOG's interim results, due on or before June 30(th) , 2021, the director will purchase shares from the market on the first Friday of each month for a period of 12 months. Consequently, the first DDSPP purchase is expected to occur on Friday July 2(nd) , 2021 and the final purchase on Friday June 3(rd) , 2022.

Upon entering into the DDSPP in an open period the director will be committed to make the monthly purchase of shares under the programme in what otherwise may be a close period. Entering into the DDSPP will not preclude the director from buying additional shares in the Company during open periods. The director will be able to enter a new DDSPP upon completion of an existing programme.

The market will be notified of the share purchases under the DDSPP on the next trading day via a PDMR: Director's dealing notification. Further details will be issued in due course."

IF the board had bought on Friday 2nd July then they should have informed the market "on the next trading day"; Monday 5th July. They did not so inform and the only logical reason is ALL board members FAILED to buy ANY shares.

Good evening ocelot

You wrote ; "....the open offer is available at 0.18p until 26/07 and a lot can happen in 2 weeks."

I agree. The open offer is timed well. Still time for UKOG to release a "UKOG is pleased/delighted to announce .." RNS that's excites and helps the offer get away.

We all know Sanderson really needs Basur to be a perceived success. He has an advantage when, to a large extent; any RNS is HIM effectively marking his own homework.

If UKOG remain silent for next two weeks it would suggest to me all is not well.

Good morning Neilius

The timing of the latest Argentinian cage rattling suggests they are seriously concerned that Harbour might just sanction SL in this higher POO environment .

I hope that the FIG and Harbour are involved in realistic discussions now.

Someone has dumped 50 million shares at below the placing price.

Regarding the DDSPP; There are two possible scenarios here I see; both of which , I think, have hit confidence and the share price.

Firstly; its UKOG's tardiness regarding reporting directors buys . That's the best case scenario; frankly, incompetence.

or worst case scenario;

They decided it was not in THEIR financial interest to buy on 2nd July . That would be outrageous and a cynical breach of their commitment.

Its not as if the cash value of the promised buys were that large. Have the board trashed their credibility and trust of the market JUST to save themselves a few quid on the share price.?

They really need to clarify what's going on; publish the buys OR apologise for not honouring their commitment to buy shares on 2nd July.

Apologies, a correction ; the drill started late on 26th June ; "Saturday 26(th) June, air drilling of Basur-3's initial 17 1/2 inch diameter hole section commenced at 1818 hrs local time"

Ocelot;

The drill spudded late on the 27th June. What possible new event or information MIGHT have suddenly arisen that made it immoral or illegal for the board to buy shares on 2nd July?

The only thing the market was in the dark about was the timing and details of the placing.

If that was the 'excuse' ( good for them SP wise!) they could have clarified in the placing RNS.

Good morning Ocelot

You wrote "It may indicate that they have knowledge of something so they think it is inappropriate for them to buy at present."

Indeed! They knew a huge placing was offing that would likely tank the share price; why pay 0.23p when you can buy lower AFTER the placing,

You give the board too much slack; they made a COMMITMENT to buy on 2nd July and inform the market on 5th July.

IF there was a 'good' reason for their failure to honour the commitment they should have responded to Wizards enquiry and RNS'd.

Good morning TH

You wrote "When I say confidence I mean CONFIDENCE!!! :-)"

Would not a show of confidence be Sanderson and the board RNS'ing that they had honoured their commitment to buy UKOG shares.?

IF they do not have the confidence to buy AND hold UKOG stock; what does that indicate ?

I listened to an interview with a Cairn CNE executive this morning regarding their pursuing payment through the court's for India's failure to pay an arbitration award.

They have taken French court action to seize property owned by India .

Thanks to a CNE ADVFN BB poster for this link;

hTTps://www.ndtv.com/india-news/cairn-energy-secures-french-court-order-to-seize-20-indian-government-assets-2481825

I am probably just another green box but when i see these lines;

" Some of the monster buys I've seen this week only proves that there is demand for UKOG. People who spend 100k plus are not stupid, also they are not your average PI."

I have to ask; do you think its directors buying? About time they RNS'd some buys don't you think?

Good evening ocelot

The apparent failure to buy shares as they said they would is not insignificant and can not be overlooked, imo.
Some had pointed out on this board how the new scheme showed the new confidence of the board and their alignment of their interests with that of the shareholders.
That 28th May text assuring shareholders that the directors would buy was part of the sales pitch asking shareholders to support UKOG's resolutions on further dilutions.

Its not a good look now .

Lets see what UKOG eventually come up with to excuse their failure to buy on 2nd July.

This was the announcement text released on 28th May;
28th May 2020
"Upon commitment to the DDSPP, which is expected to occur in the open period following the publication of UKOG's interim results, due on or before June 30(th) , 2021, the director will purchase shares from the market on the first Friday of each month for a period of 12 months. Consequently, the first DDSPP purchase is expected to occur on Friday July 2(nd) , 2021 and the final purchase on Friday June 3(rd) , 2022.

Upon entering into the DDSPP in an open period the director will be committed to make the monthly purchase of shares under the programme in what otherwise may be a close period. Entering into the DDSPP will not preclude the director from buying additional shares in the Company during open periods. The director will be able to enter a new DDSPP upon completion of an existing programme.

The market will be notified of the share purchases under the DDSPP on the next trading day via a PDMR: Director's dealing notification. Further details will be issued in due course."

Here are the disclosure rules;

https://www.pinsentmasons.com/out-law/guides/disclosures-and-restrictions-on-dealings-in-shares
Disclosures in relation to shares
A director of a fully listed company is obliged to notify their company of any dealing in its shares within four business days, and the company must pass that information to the market by the end of the following business day. ‘Dealing’ is widely defined: the buying and selling of shares, the grant and exercise of options and pledging your shares as security for a loan are all disclosable. Similar rules apply to share dealings by directors of AIM companies.

'..the company must pass that information to the market by the end of the following business day.'

That reads like it should be RNS'd on Monday and UKOGs 28th May assurance that they would disclose on the next trading day acknowledges they understood these rules.

Penguins also wrote;

"I suspect they are just a bit slow in issuing the RNS, showing pi they have faith in the company low on their list of priorities"

That could be the issue. Might see the RNS tomorrow revealing 'huge' 2nd July board purchases . Such a pity no-one responded to Wizards reasonable enquiry.

Good evening Penguins

you wrote; Cyan2,

'Why would the board buy on Friday 2nd July knowing that a placing was in the offing ?'

I hope you're being sarcastic as that is called insider dealing.

What can I say?

Let's look at what the RNS announcing the placing says;

"The Placing's issue price of 0.18 pence per share ("Placing Price"), represents approximately a 22% discount to the closing price of the Company's ordinary shares on 01 July 2021, the business day prior to the placing's close."

Good evening Stockraiser

You wrote;
" "Upon commitment to the DDSPP, which is EXPECTED to occur"

So not set in stone, but I would like to think they are currently purchasing outside the DDSPP regardless!"

Why would the board buy on Friday 2nd July knowing that a placing was in the offing ? They had inside knowledge that the huge placing could likely tank the share price. They are simply acting in their best interest; and maybe will complete their commitment at the now lower SP.

Good morning Sources.

You wrote; "your stating slander against ukog the company will be informed of this this very morning , legal action can be taken against you.."

Don't you think UKOG have racked enough legal bills already?
I would have thought that if UKOG and Sanderson thought they had been the subject 'slander', and had a good case ,they would have pursued TW years ago. He has used some blunt language.

Good afternoon harvey5416
You wrote; " UKOG board are as sincere as the last 'Tory manifesto' "

Was your decision linked to the commitment of the directors to buy shares?

"...the first DDSPP purchase is expected to occur on Friday July 2...'

Wasn't the share price 0.23 p on Friday?

"The market will be notified of the share purchases under the DDSPP on the next trading day"

Still got 25 minutes for them release an RNS showing the directors HONOURED their COMMITTMENT to buy shares at 0.23 p

The whole problem with SL is its TOO BIG in everyway; but critically cost wise. Its a play for a major oil company not mid tier or lower.
Without UKEF support ; I fear the worst .
If harbour walk I am struggling to see who will step up?. We have Navitas hanging around in the background but they could not take on more. The interesting previous connections with Delek might suggest they could step up. However looking at their numbers; I think its a bridge too far.

MOODY's presentation was, indeed , like a sales pitch to other oil companies and his raising the possibility that Harbour may walk gives me a clue to what the mood music is like with Harbour.

Good morning Ovets
You wrote; ..they must "be in control"

My recollection was that Harbour stated its their preference to be the operator ( in control) of their assets. Harbour will not walk based solely on the issue of who is the operator. If the numbers are overwhelming positive; Harbour will invest , imo.

Good morning Muchaboutmoney

The DM also highlighted PEMEX poor safety record .
Pemex has a long history of major and deadly industrial accidents at its facilities.
hTTps://www.dailymail.co.uk/news/article-9751423/Ocean-flames-Gulf-Mexico-gas-leak-underwater-pipeline-sparked-fire.html

It does appear, however that Harbour are much keener on Zama than SL. The latest HBR presentation had these lines; . . "Preparations underway for the 1st of two commitment wells on Block 30.
Long life, cash generative asset"

Right from the start COOK stated they liked the asset; whether that has cooled much recently is the question. On the balance of evidence , they are sticking with Zama , imo.