Member Info for cyan2

Why post about XEL?.
They had a field they couldn't get anyone to farmin to. They went bust because they tried to push the project forward themselves on the back of bonds they ultimately couldn't pay back .

No similarities here

"Have you got a list of the 60 people? All I have seen is some jobs advertised that may or may not have been filled."

Hi Ralph. No names on the 'circa 60' . here is my source;

This paragraph is from RKH RNS dated 19th September

"During the second half of 2018, FEED contracts have or will be awarded for all outstanding elements of the project scope with a corresponding increase in the Operator's project development team to circa 60 people. The process to agree fully termed documentation for the provision of services and vendor finance has commenced."

"It just proves SL is way down on PMOs priority list"

PMO are more than capable of managing more than one project at a time. You do not employ circa 60 staff to progress a project unless you have a clear intent to monetize it, imo.

Here are some views from 6th January. Apologies if already posted

hTTps://whatsonthorold.com/2019/01/06/discussion-stirs-around-rockhopper-exploration-plc-lonrkh-this-week-here-is-what-analysts-are-saying/

I hope they are right!

I can see the logic in PMO buying North Sea assets to take advantage of historical tax credits there.

I am not of the opinion PMO could easily sell their SEALION interest. We have to remember they tried for a long time to attract another partner into the project without success. The realisation came that they would have to go it alone (with RKH).
All the evidence I have seen to date suggests that PMO are committed to SEALION's development with circa 60 staff dedicated to the project, so far.

The Falklands has a far more generous tax regime than the UK North Sea.

We have to look at the public statements as to progress to date. The latest (10th January) PMO RNS was, imo, encouraging.

The relevant paragraph;

"During 2018, Premier completed the selection of its key contractors for its operated Sea Lion project in the Falkland Islands and put in place LOIs for the provision of services as well as vendor financing. Premier is now working with its selected contractors to complete FEED and to convert the LOIs into fully termed contracts. In parallel, Premier is continuing to progress senior funding structures for the project, ahead of a final investment decision."

'convert the LOIs into fully termed contracts.' That is significant, imo.

I just do not see PMO easily selling SEALION. 55,000 barrels a day from SEALION would make it easily their most productive asset.

Good night all.

Its been an education and your rebuttal posts have been devastating.

GLA.

Selling ; "that's confidence" Not in my book.

May go a long way to explain SP weakness; they have been dumping into the market; NOT holding for a bright future;

sold 72 million shares,... so far

hTTps://uk.advfn.com/stock-market/london/solo-oil-SOLO/share-news/UK-Oil-Gas-PLC-Holdings-in-Company/78414174
hTTps://uk.advfn.com/stock-market/london/solo-oil-SOLO/share-news/UK-Oil-Gas-PLC-Holdings-in-Company/78459823
hTTps://uk.advfn.com/stock-market/london/solo-oil-SOLO/share-news/UK-Oil-Gas-PLC-Holdings-in-Company/78459823

Looks like SOLO HAVE been selling ; 234,042,221 down to 221,342,221 down to 162,042,221

Is everyone sure they are holding onto the share component of the deal.?

Share price has been a tad weak since the deal.

Sageman wrote;

" What value is 5% of a mining company which has yet to mine anything and you have no control whatsoever? Answer very little unless the major player makes it profitable. "

You will be accused of being a de-ramper! lol .

But, If the minority holders thought the majority holder was going to make a big success; wouldn't they want to hold?

Maybe they needed the cash ; no matter what the pittance paid was.

On the other hand; maybe they doubted just how profitable it would be holding? Maybe the feared being asked to participate in a development fund raising.?

One things for sure; no institution bought ; neither did BP or Shell put their feet in the door.

No, no connection to any MM; more conspiracy theories.

I repeat this fact from UKOG in their 30th August 2018 RNS

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"the Gunsynd and Primorus transactions will be completed at GBP300,000 per 1% of HHDL."
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

So UKOG values the whole of HHDL at just £30 million

UKOG's 71.9% of £30 million is worth just £21.57 million
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

I am an investor in stocks; mainly oil and like a reasoned debate; that simple. Its a Sunday evening and nothing like a good discussion.

"SS is prioritising HH buddy. Cash only stretches so far and they have 5 more wells to drill at HH and a sidetrack...."

I seem to recall drill costs were stated at about £3 million a pop.

From memory, I thought SS wanted to drill PEDL234 sites BEFORE Isle of Wight?

Have to say the HH Portland was a decent find and I would have Isle of Wight as my priority.

gkb47 writes;

"It's so obviously not an investment buy because you have indicated the company is only worth a fraction of it's current MCAP, yes?

It's so obviously not a sell because who but a complete idiot would try and talk the SP down before selling their stake?

So we are left with talking the SP down for trading purposes or for activist purposes, easy to work out really."

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This is a discussion board and I have highlighted what UKOG paid for their extra interest in HHDL.
From that I, formed a conclusion as to value. I am not buying or selling; never shorted in my life. I invest in oil stocks and am NOT an activist..

I have posted actual numbers; what UKOG paid whilst no-one else outbid them.

Conspiracy theories are the fall back position of those devoid of reasoned arguments and explanation for the current shares performance.
I forgot about the Isle of Wight in my critique. Should have mentioned it too. As I later wrote ; If its such a hot prospect SS should prioritize.

Rodders 74 wrote;

"Page 49..

SS salary is £240k per annum in 2017... that is as filed in the company accounts.. Oh and he took a further £99k in Shares.

So cease the lies about £600k and him having no shares!"
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
You missed out the text regarding the £99K;

"**** Share based payments are non-cash remuneration by way of the issue of share options in the company."
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They were options awarded. I have not seen any RNS to indicate he exercised the options and actually bought ANY shares.

He does not hold a single share.

http://www.ukogplc.com/ul/UKOG%20Annual%20Report%202017.pdf

I never short . I posed the question ; "Is the acreage really worth circa £60 million?"

The picture is what it is; the numbers speak for themselves. If the Isle of wight is such a great prospect I would be pressing SS to spend money there rather than looking for new PEDL234 drill sites that MIGHT replicate HH or MIGHT just replicate BB.

Why isn't SS prioritising The Isle of White if its that good?

Other assets?

What else has UKOG of value; Theonly other production is at Horndean? what about 14 barrels a day as UKOG's share.

BB? Non commercial; will they ever return?

Markwells Wood. UKOG reportedly being abandoned.

Holmwood; hasn't that been passed too?

Is the acreage really worth circa £60 million?

The current share price is apparently being blamed , by some on shorters.

Is it not just possible that the price is gradually slipping to a more realistic number?

Ponder UKOG's recent purchases of extra interests in HHDL;

30th August 2018 RNS

hTTps://uk.advfn.com/stock-market/london/uk-oil-gas-UKOG/share-news/UK-Oil-Gas-PLC-Acquisition-of-Further-Interest-i/78160952

"Upon completion the Company will hold a majority 71.9% HHDL shareholding, equating to 46.735% beneficial interests in the Licences,..."
"For a total consideration of GBP4,500,000, the Company will purchase Solo's 15% shareholding in HHDL, equating to a further 9.75% beneficial interest in the Licences. The total consideration of GBP4,500,000 with an effective date of 28 August 2018, will be satisfied through the issue of 234,042,221 new ordinary shares in UKOG ("Consideration Shares"). The Consideration Shares are calculated based on the 10-day volume weighted average price from 24 August 2018 of 1.92 pence.

In addition, and to ensure parity with the acquisition of 7% of HHDL announced on 20 August 2018 we have agreed with Gunsynd PLC ("Gunsynd") and Primorus Investments PLC ("Primorus") to issue a further 2,600,469 and 6,501,173 new ordinary shares respectively in UKOG so that both the Solo transaction and the Gunsynd and Primorus transactions will be completed at GBP300,000 per 1% of HHDL."
-----------------------------------------------------------------------------

"the Gunsynd and Primorus transactions will be completed at GBP300,000 per 1% of HHDL."
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

So UKOG valued the whole of HHDL at just £30 million

UKOG's 71.9% of £30 million is worth just £21.57 million

UKOG market cap today is £80.71 million.

If UKOG was really undervalued as many believe ; why didn't others outbid UKOG?

It appears the only ones interested in buying interests in HHDL is UKOG; others want out.

"say 20% is recoverable with the latest technology, and those 400m barrels could attract perhaps an OIP value of £5"

Listen to Sanderson 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

"Why would Dno, Gkp or G for that matter place anymore of their eggs in the regional basket? would make no sense whatsoever. Faroe on the other hand (Norway / uk) makes sense for Dno."

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Do you remember this;

"DNO makes $300 million bid for oil producer Gulf Keystone"

hTTps://gulfnews.com/business/energy/dno-makes-300-million-bid-for-oil-producer-gulf-keystone-1.1870465

Based on the COC statements to date regarding investors getting their money back and the conference call comments on the 52p valuation; I think we can make a wide ranging ball park figure for a possible corporate buyout being anywhere between 40 and 52p.

This would rely on NA and Lukoil progressing ETINDE towards commercial development and not abandoning their huge investments. If they remain committed I would suspect that NA are the most likely buyer of BLVN .
HART left us losses that could be used by any buyer to offset against income and thus making the transaction more attractive.. Thanks Kevin.

Gas is the flavour of the month and the future so one hopes our partners will remain committed to commercial exploitation.