RE: Guess who is sitting huge salt caverns.22 Aug 2024 09:08
Read that last RNS very very carefully.
You will note that UKOG do not mention a salt cavern, they merely mention mineral rights.
If you knew the Modus Operandi of the CEO, you will realise that it is what they leave out that is more important than that which they include in these RNSs.
i.e. In this case, they do not mention a Salt Cavern, thus I would conclude that there isn't one.
Furthermore, they do not detail the location or the area of land. If they had a good location and a good area of land then I'm sure that they will have covered that. Alas, they did not, so I would conclude that it's 10 acres of farmland that is miles away from any facilities.
If you know how the CEO operates, then you'll probably reach the same conclusion.
He has nothing left to ramp, so with the GM passing the 2 motions, he'll be looking at any opportunity to get a placing away, and given that they have no cash left, then the deal will probably nett a local farmer somewhere in the region of £10k per year.
Now, look at the track record under the CEO. Over £100,000,000 (yes > £100 MILLION) raised in 8 years and all they have is a single well producing enough oil to fill 30 family cars a day (but the cost of getting that oil to market is HUGE compared to the revenue from sales, water treatment and disposal + transport + refining + site costs, etc, etc).
You'll never see UKOG develop anything for the so-called Hydrogen future, whether Hydrogen actually makes it into our future energy delivery itself is completely up for debate!