Member Info for cyan2

"The drilling program is fully funded as per SS statements."

The next two drills ARE funded; the multi drill field development has NOT yet been funded.
The questions remain; how will those drills be financed and why raise funds NOW when the share price is so low.
The funding priority should be HH not elsewhere .

"cyan 2... Its because he knows the Weald is going to be good and UKOG a star."

Surely if he was confident of good news soon, from say a great cpr ,which would lift the price ; he would have waited and have raised at THAT then higher price, not down here

It stinks. Doesn't add up. Where is the updated CPR? Surely SS could have waited for a good news lift from a great CPR or the start of the drills.

Is there bad news to be announced soon?

"will hold to see what SS has done with the proceeds...glah"

The question to ask is this; why on Earth would SS be looking for opportunities elsewhere if all was so great in The weald?

"If there was 10 billion barrels recoverable across our weild licences would you not be happy right now is this not possible is this what makes this share exciting?"

There's not 10 billion recoverable that Sanderson's targeting .

Listen to Sanderson on 20th July 2018 ,as to what he HOPES UKOG can book as reserves (recoverable oil);

Sanderson himself stated his BEST CASE target for RESERVES to UKOG is 100 million barrels.

" We really do have significant growth potential in The Kimmeridge play which we stated to the market; we think we have 100 MILLION barrel net reserve POTENTIAL to UKOG over the coming years IF IT ALL pans out....."

100 million POSSIBLY

hTTps://www.**********.co.uk/blogs/uk-oil-gas-ukog-live-company-group-lvcg/?posttype=blogpost

Imo, The shutting in of the Kimmeridge throws all that ambition in doubt. The flows recorded were poor.

'My guess is we will have committed to buying more of HH by the end of next week'

I doubt that. The RNS indicates something different, imo;

"the Placing's proceeds will be utilised in the assessment and acquisition of new opportunities, both in the UK onshore and elsewhere"

"assessment and acquisition of new opportunities"

Does not read like more of HHDL; they don't need any more "assessment" of HH or the Weald ; they are inside.

I previously pointed out this paragraph from the results RNS which was, and remains, a warning;

"The group's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital. The Directors are confident that adequate funding will be forthcoming with which to finance operations. Controls over expenditure are carefully managed."

Beyond the next two drills, the future finance of the HH development is still not sorted. The multi drill future development needs funding; but how?. Do not be surprised if there will be further dilutions.

Yet again SS and UKOG prove that any assurances about being " well cashed up" are worthless. As long as they see a seemingly never ending appetite for UKOG paper they will continue to effectively print their own money.

burningspear. lol. You had better e-mail Sanderson and tell him to get his facts right in future..

And whilst your contacting him can you tell him to spice up the results RNS a bit.

UKOG's previous RNS's used to mention the "billions of barrels' . The latest RNS seems a tad lacking in "billions" hype.

Good night all

The LSE auto removed "Voxmarkets" from the link in my post. You will have to insert to create working link

"Just a quick question for anyone who cares to answer.

What share price does UKOG's 50% share of HH valued at £11 billion give UKOG with 5.8 billion shares?

Answer IMO not just a £1 party but?"

I assume your question is based on YOUR assumption of 1.5 billion barrels recoverable.

Not credible If you listen to Sanderson's ambitions;

Listen to Sanderson on 20th July 2018 ,as to what he HOPES UKOG can book as reserves (recoverable oil);

Sanderson himself stated his BEST CASE target for RESERVES to UKOG is 100 million barrels.

" We really do have significant growth potential in The Kimmeridge play which we stated to the market; we think we have 100 MILLION barrel net reserve POTENTIAL to UKOG over the coming years IF IT ALL pans out....."

100 million POSSIBLY

hTTps://www.**********.co.uk/blogs/uk-oil-gas-ukog-live-company-group-lvcg/?posttype=blogpost

UKOG could have published something along the lines of;

' UKOG can not completely rule out the possibility of raising further working capital through equity issues; however ,its the companies belief and intention that conventional lending and revenues will negate the need for further dilutions.'

The actual words used were; "future operations DEPEND on the ability to raise sufficient working capital through the issue of equity share capital."

That reads definite , imo.

Just have to await the CPR's

Hi wizard125.

I suppose, as someone previously pointed out; the use of the word "depend" is significant.

To raise conventional funds UKOG need to produce good CPR's. Normal conventional lenders will need to see the reports and likely protect their loan by lending against the asset.

In fairness, UKOG to address conventional lending in this paragraph;

"We are optimistic that Horse Hill's horizontal production targets of 720-1,080 bopd per well can be met and that subject to these production rate and regulatory approval, Horse Hill will be able to generate fee cash flow in 2020. The addition of proven and probable reserves at Horse Hill will could also facilitate possible reserve-based lending (i.e. debt facilities) which can further help reduce the need for equity dilution."

"will could"

"reduce the need"

That's clear then.

My interpretation; UKOG hope they MIGHT be able to get some reserve based lending but, its unlikely to be enough to finance their ambitions.

"Reduce the need" is not the same as negating.

They could have completely ruled out more share issues. They did not.

Hi MRPlumper.

The revenue, to date from HH appears , imo , to now passed over half that drills development cosds. The next two drills are funded.
However; the results RNS had this warning paragraph;

"The group's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital. The Directors are confident that adequate funding will be forthcoming with which to finance operations. Controls over expenditure are carefully managed."

That's clear to me; more dilution is a risk IF UKOG are going to advance fields developments further.

"The group's continued future operations depend on the ability to raise sufficient working capital.."

"WORKING CAPITAL" . In't that the basics? A bit different to funding acquisitions.

From todays RNS;

"The group's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital. The Directors are confident that adequate funding will be forthcoming with which to finance operations. Controls over expenditure are carefully managed."

'raise sufficient working capital through the issue of equity share capital.'

More shares; more dilution. Looks like UKOG are giving the heads up.

I see the fake twitter account; 'alaskaoilandgas' has been deleted . So much for yesterdays tweet stating ' signs of commercial discovery'

Obvious scam by pump and dumpers .

Just hope the authors got their timings wrong and did not profit from the deceit.

People have been brought to book in the past for market abuse using fake twitter accounts;

hTTps://www.dailymail.co.uk/news/article-3306419/Trader-faked-Twitter-accounts-1m-US-stock-fraud.html

" not sure he's broken any laws etc "

I am sure he has; market abuse. Read this tweet;

A tweet linked to a video of a gushing well was posted to encourage investors and support his position;

Chris Uranium Oil? ********* Feb 12
"Just had a good chat with good source made my day #UJO hTTps://youtu.be/ihKdqk_WJOI via @YouTube"

===========================================================================
Why would anyone share such 'inside'? information? . He was obviously trying to influence sentiment. Pump & dump like he recently did at AAOG.

I bet the "source" tale was entirely fiction.

How could he drop from 7% to under 3%n(maybe ZERO) in one day. Where are the other threshold TR1's?

Some have long suspected he was dumping even as he was posting his ramps;

From twitter;

Dean Rock? @DeanRock20 Feb 6

"********* Still waiting for t1 saying 8% all bullshit as you mouth off saying great things as you are selling 30 million a day. Every1 starstruck with your tweets and comments whilst http://selling.you don't give a flying. About UJO or shareholders whilst scamming people"

And just before the poor RNS Chrisoil claimed all was going very well after a call to EDR.

I bet no such call was ever made
.
Clear market abuse and the failure to TR1 his sales would also be unlawful.

Listen to an IDIOT at work;

hTTps://www.youtube.com/watch?v=-mkgkwLRiQw

Partial transcript from about 2 mins;

Chrisoil "...both these assets are de-risked appraisal wells, and first of all we'll just run through the Biscathorpe. Now Bisacathorpe is basically 14 million recoverable to 42 million recoverable barrels of oil; now put into context ; on shore , in the UK, that is massive.

Now that was de-risked by BP on Biscathorpe1 and basically they found in Biscathorpe 1 , about 1.2 million recoverable oil with significant upside , and that's not me saying that ; its in the operators full year results.
That has significantly derisked, its not a question of will it hit; its just a question of how much?"

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

You dim wit Chrisoil. They did not find 1.2 million barrels of recoverable oil;

THEY FOUND 1.2 METRES OIL FILLED SAND.

UNBELIEVABLE!!!!!

hTTps://uk.advfn.com/stock-market/london/union-jack-UJO/share-news/Union-Jack-Oil-PLC-Half-Year-Report/78275283

"The Biscathorpe-1 discovery well was drilled by BP in 1987 and encountered a thin oil filled sandstone, which is expected to thicken downdip."

hTTp://unionjackoil.com

Read the "Biscathorpe Update – December 2018"

"Oil shows from 1.2m sand in 1987 BP crestal well, reservoir expected to thicken down-dip on structure in a similar fashion to nearby Reephamin a combined structural and stratigraphic trap"

If people actually do their own research rather taking the word of this dim-wit you would do better.

On 11th February Sanderson was interviewed and stated about the next two drills;

"will be doing about APRIL time"

hTTps://www.youtube.com/watch?v=wvFkS6CfeEs

"question ref tankers, how much can they hold, 200bbls ?"

Answer; 220