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I quoted Horndean as that was the only UKOG asset I had memory of regarding production costs. My point was fair to raise. Your numbers did not include ANY costs. That's why I wrote "How much at HH?" There should be room for reasoned debates as to the real value of UKOG as a company. Today the market cap is over £43 million. UKOG's assets are the licenses; The one actively producing well; Horndean; net 14 barrels aday to UKOG And , the 49.9% interest in HHDL. The market cap is about £43 million UKOG holds 49.9% of HHDL. SOLO paying £1 million for 5% suggests a total value for HHDL of 20 m. UKOG's HHDL share can not be higher than £10 million. A previous small buy by UKOG themselves suggested a lower value ; £17 million; so UKOG's HHDL share would be worth £8.5 million. I do not see £33 million of value in UKOG's assets away from HHDL. One should really also factor in the outstanding YA loan as debt, although we all suspect it will be converted. UKOG seems to have a great premium compared to its partners. I don't think its justified. If anyone wants to argue that UKOG is undervalued please throw up some numbers to argue.

Interesting numbers argus1. Points to remember; From memory of production costs at Horndean , I think you have to allow significant costs. I think Horndean was around $55 per barrel. Please correct me if I am wrong. How much at HH? How much will each drill cost? How many millions. Also; UKOG's share of oil revenues is 32.435%. If I had to make a guess; I would say , on balance, that the Portland may well be found commercial. I am more skeptical regarding the Kimmeridge

Dated 14th June "UK Oil & Gas Investments PLC (LON:UKOG) shares also soared by 40% to 1.5p after UK authorities gave it the green light to test the Horse Hill discovery in south-east England." Yes, and on that day those buying were left in the dark that the placing had completed BEFORE release of that good news. I expect any investigations will start at the OGA focussing on what discussions they had with UKOG over finances and UKOG's HH commitments. Was OGA approval contingent on UKOG raising funds to adhere to the OGA's rules?; hTTps://www.ogauthority.co.uk/media/4693/march-2018_consolidated-onshore-guidance-compendium_vfinal.pdf Extract; 7. Financial Guidance Licensees must meet certain financial criteria to demonstrate that they have the financial capacity to exploit the exclusive rights granted by the Licence. The OGA has two distinct types of financial criterion: Financial Viability and Financial Capacity. Financial Viability refers to a company's ability to remain solvent while Financial Capacity refers to a company's ability to meet known and specific costs. The OGA's financial guidance can be found here. The measures described in the OGA's financial guidance are solely for the purpose of establishing whether Licensees have the viability and capacity to undertake the obligations of their Licence. These measures should not be assumed to meet the needs of third parties who have an interest in a license's financial capability. ======================================

Listen to cautionary remarks from SANDERSON himself on possible recovery scenario at HH Video dated 22.02.2016 hTTps://www.youtube.com/watch?v=Y0Nybav_Icc After 11 minutes SANDERSON addresses depletion issues; SANDERSON said "The next stages are; do these wells access a commercial volume of oil and then you have to try and replicate it because this type of oil deposit very much depends on being able to drill your wells almost back to back so it becomes very much like an industrialised process, because that's how you get the improvements in costs and efficiencies . Because, generally speaking these types of wells do decline, ie, you know the flow at the start of the year when you put the well on compared to the flows at the end of that year can decline by sixty or seventy per cent, or so. We don't know that, the more general aspect, so generally you have to drill a lot of wells close to each other so you can maintain a certain level of production" +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ So 1700 barrels today from HH could turn into 510 in a year. What about years 2 and 3 ?

"It’s funny people making fun of the ‘See you at £1 party’ because this share could actually go to a quid if everything goes right." So; UKOG turns into a company worth around £4.5 BILLION POUNDS. ? No chance. Just listen to SANDERSON himself. UKOG are TARGETING , at best a fraction of 200 million barrels; hTTps://www.youtube.com/watch?v=RTRYVvCe7Bce Sanderson starts with 124 billion barrels across the Weald, BUT; Only 16 Billion are in UKOG's licence areas, BUT UKOG's NET working interest is just 4 Billion Barrels, BUT' with a target 5% recovery target UKOG have 200 MILLION barrels, BUT, that number would rely on the company being able to mass drill which he thought unlikely. And a bit later; 20 Billion goes down to 1 billion to an end up number for UKOG of possible 30-50 MILLION. UKOG will NEVER extract billions of barrels. SANDERSON spelt it out; he would need mass drills, imo, probably every couple of miles to stand a CHANCE of extracting just 200 million. How many sites would he be allowed,and at what COST, ? A fraction of what would be needed, imo. BUT here is the CRITICAL point; SANDERSON picked his flagship spot at BB to PROVE he could do it and FAILED miserably. Its NOT going to happen. There are small areas of natural fractures were small amounts COULD be extracted. However, the evidence from BB suggests the tight oil will not flow without fracking, and that's a maybe as the kimmeridge is clay rich. Not even that is certain.

" It was wise to wait, but people just jump in" Yes they did. I bet some were glad to take advantage of the spike in the share price. Some , had the whole picture; UKOG's financial weakness, that the placing was not optional , and, that it had actually completed before the OGA "EXCELLENT news" If it can be proved that 'some' took advantage of this knowlege; prosecution and imprisonment should follow. The FSA should be asking W H Ireland a few pertinint questions.

Yes, there may be problems, but I do not expect shareholders to be taken for a ride. Honest, prompt RNS's are required. Not selective choice of words and late reporting market sensitive information; like the placing. Its market abuse, imo, that allowed others to potentially trade to small investors disadvantage; ask those who paid 2p .

UKOG ,Fully funded now; but for how long? Sanderson said that in November 2017 yet placed this week. Can you believe in his financial stewardship? Look at what happened with those RNS's; 8.6.18 RNS ";UKOG notes recent media speculation regarding a fundraise and announces that it is considering raising funds. The Company is progressing discussions and should any arrangement be finalised a further announcement will be made. Terms including amount and pricing are to be agreed and there can be no certainty a transaction will be finalised." On the 14th june we got the OGA approval RNS which prompted posts lie this on ADVFN; mikeygit - 14 Jun 2018 - 14:15:07 - 86409 of 86875 UKOG strikes oil 2016 - UKOG 'Just got back in after a mornings shop to read this EXCELLENT news. We can all breathe a sigh of relief----back on track again.. ALL FULLY FUNDED--so capital raising indicated the other day for something else!!??' ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Mikey and other investors were deliberately kept in the dark about the placing that had completed BEFORE THE OGA RNS. Did he and others buy spiking the price thinking the funds were for something extra.? If people can not see how the company's behaviour was wrong; there is nothing else I can say.

Its clear what the fund raising is for ; you can read it all in the RNS. I did not want to clutter the board up with it all. The only other ACTUAL DRILL funded away from HH funded is HOLMWOOD. Look back at what SANDERSON said about the £10 million YA loan; From the 15.11.17 RNS and reference HOLMWOOD drilling timetable; "Use of Funds: The Loan, as a source of general working capital, will enable the company to carry out its stated forward drilling and testing programme over the coming 12 months. This programme includes the completion of the BB-1z flow tests, the forthcoming production testing and appraisal drilling programme at Horse Hill and the drilling and testing of the Holmwood exploration prospect, a Horse Hill-1 and BB-1 geological look-alike." Stephen Sanderson, UKOG's Executive Chairman, commented: "This GBP10 MM funding, the largest in the Company's short history, ensures that our stated drilling and testing programme, spanning four wells over the next 12 months, is fully funded." ====================================================================================== 'IS FULLY FUNDED' If it was UKOG, would not have placed at 0.9p They clearly ran out of cash in a gigantic over spend at BB.

Gerry wrote this earlier today; The order that the RNS landed can be at best described as "unfortunate" some may have different views. 'unfortunate' ? imo quite deliberate. I still am flabbergasted that UKOG and WH Ireland think they can get away with releasing the placing RNS the day after the RNS announcing OGA approval. Investors were deceived into thinking everything was ok after the OGA RNS and that placing concerns were likely ficticious; like that UKOG was desperately short of cash and unable to fund all HH commitments. The share SHOT up. Now we know that the placing had completed BEFORE the OGA RNS was released. Look back to what was published In the results RNS dated 3.4.2018 PEDL137 - Horse Hill "This financial year's imminent long-term KL flow testing and appraisal drilling programme at Horse Hill (operated by Horse Hill Developments Ltd) will follow up on the successful flow test results of early 2016, where an aggregate stabilised natural flow rate of 1,688 barrels of oil per day was achieved from the Portland and two KL reservoir zones, KL3 and KL4." ----------------------------------------------------------------------------- In the LATE RNS reporting on the fund raise UKOG state; Use of Proceeds "The net placing proceeds will be used to implement UKOG's stated wider corporate strategy as follows: -- Funding its portion of the Horse Hill-2 appraisal well, which in the event of a successful EWT outcome, is planned to directly follow the EWT in late 2018/early 2019........ " ========================================================================== So UKOG had almost run out of money and were unable to fulfill their HH committments. My suspicions are confirmed; imo, they HAD TO raise cash for HH. They were obliged to release the placing RNS BEFORE the OGA RNS. Whilst some were paying the spiked share price of 2p others had already paid 0.9p in the placing. Outrageous conduct which I hope will be looked into and any suspicious trading too.

The interests sold were reported in the accounts "The Company disposed of its entire shareholding in Angus Energy Plc for GBP572,000 in early 2017 resulting in a gain on disposal of GBP204,000."

Reference the FOUR producing assets that Sanderson claimed 'underlies the value' of the company. Two fields interests were cashed in and sold early in 2017. There are two remaining fields; Horndean and Avington UKOG has 10% of Horndean producing , for them, about 14 barrels a day UKOG have 5% vof Avington; UKOG share 1.75 barrels a day!! Read the accounts; UKOG actually LOST £47k on both fields combined production last year. Avington has been shut down for the time being due to expense.

"There are potentially billions of barrels of recoverable oil here" listen to SANDERSON himself. UKOG are TARGETTING , at best a fraction of 200 million barrels; hTTps://www.youtube.com/watch?v=RTRYVvCe7Bce Sanderson starts with 124 billion barrels across the Weald, BUT; Only 16 Billion are in UKOG's licence areas, BUT UKOG's NET working interest is just 4 Billion Barrels, BUT' with a target 5% recovery target UKOG have 200 MILLION barrels, BUT, that number would rely on the company being able to mass drill which he thought unlikely. And a bit later; 20 Billion goes down to 1 billion to an end up number for UKOG of possible 30-50 MILLION. UKOG will NEVER extract billions of barrels. SANDERSON spelt it out; he would need mass drills, imo, probably every couple of miles to stand a CHANCE of extracting 200 million. How many sites at what cost would he be allowed? A fraction of what would be needed imo. BUT here is the CRITICAL point; SANDERSON picked his flagship spot at BB to prove he could do it and FAILED miserably. Its NOT going to happen. There are small areas of natural fractures were small amounts COULD be extracted. However, the evidence from BB suggests the tight oil will not flow without fracking, and that's a maybe as the kimmeridge is clay rich. Not even that is certain.

Just remember ; UKOG's share of revenues is 32.435%.

Sanderson's track record is that he is silent when there's trouble. He was publishing a RNS every week during the early months of the BB drill; all going well and within budget. They dried up and we now know why. If the placing was all about good news SANDERSON would be enthusiastically yapping about it. He isn't; imo its not good news.

"can see no sane reason why you would sell out when it is near the bottom" How near the bottom? Potentially another billion shares going to be created soon. Not forgetting �3.75 million of that YA 'loan' outstanding likely to be converted. Anyone looking to support a placing will want to look at the fundamentals. problem is; based on recent transactions in HHDL, we can value UKOG's 49.9% share at �10 million tops. With a current market cap of around �40m, the hard nosed money men will likely conclude UKOG remains hugely overvalued. UKOG's asset base is very much centred on HHDL; there is little of value elsewhere, imo. Just how much extra appetite remains for UKOG paper is there after the BB failure? And IF UKOG gets the placing away , what happens if HH is not declared commercial? Where is the bottom then? One can imagine all the rosy scenario's but there are darker ones possible. Not welcome, but has to be dispassionately considered. The investors decision making process is not helped by UKOG's opaque RNS and general poor communications.

I note the comment regarding lazy investors who want the numbers can find the on UKOG's site. Trouble is the cash position has not been reported recently. https://uk.advfn.com/stock-market/london/uk-oil-gas-UKOG/share-news/UK-Oil-Gas-Investments-PLC-Report-and-Accounts-f/77086209 "At the end of the period, the Group had GBP1.78 million (2016: GBP2.44 million) in cash and cash equivalents." Period being 30th September 2017 UKOG were happy to include this line at to the outstanding loan in April 2018 "At the date of the publication of this document, the outstanding amount due on this loan is GBP5.25 million." Trouble is; they did not reveal the cash position at the date of the report. Now why is that? Embarrassment.?

The last RNS was a missed opportunity to put the nay sayers in their place; SS could have therein stated that UKOG were fully funded for the EWT , BUT,that they were considering a fund raise for other purposes. The fact is he did not. ummmm

"they are looking at ways to fund 2019....." SS said HH would start imminently; it hasn't. Its not unreasonable to speculate that the lack of progress is linked to insufficient funding to satisfy the OGA. SS should fess up the cash position and state clearly why the are 'considering' the fund raise.

"they are looking at ways to fund 2019....." SS said HH would start imminently; it hasn't. Its not unreasonable to speculate that the lack of progress is linked to insufficient funding to satisfy the OGA. SS should fess up the cash position and state clearly why the are 'considering' the fund raise.