Member Info for CynderLad

My opinion. If Loxely appeal is not overturned in favour of UKOG, then UKOG (234) Ltd will be struck off. Any thoughts on that?

If you look at the case on the Planning Inspectorate site (https://acp.planninginspectorate.gov.uk/ViewCase.aspx?caseid=3268579) then you will observe that the Applicant is "UKOG (234) Ltd".

Interestingly, if you look on Companies House, the accounts for "UKOG (234) Ltd" are overdue and should have been submitted 30th June 2021. The company is now listed with a status of "Active proposal to strike off".

Maybe a technicality, but would the planning inspectorate rule in favour of an applicant that is facing a strike off by companies house? Have UKOG returned those accounts now? Are SS and his mates looking to strike off a number of the companies under their umbrella to simplify the day to day running? It's important to note that all creditors must be repaid before this can done. Not sure what debt that particular company has or why UKOG are 2+ months late filing the accounts. It just smacks of terrible management.

All in my opinion of course.

I contacted the guy who was running that campaign. His reply was that he was keen to restart the campaign, but that he had insufficient time to do this at present. Apparently he had a well respected CEO helping him with some of the basics in running the campaign. That CEO also had a few suggestions for candidates to replace SS, all of which had a decent track record of shareholder relations.

I do not hold any shares in UKOG, so could not help him with adding to the 7% he had already mustered.

For what it is worth, I back his motives for the ousting of the CEO and the rest of the directors. How can a CEO be allowed to stay in post given his complete lack of responsibility to shareholders? How can a CEO really think he can evade investor / shareholder calls? It's a joke right.

All in my opinion of course.

TH2 doesn't understand the concept of fixed vs variable costs. UKOG have not once stated the output required for costs to be $13 to $15 per barrel.

Is that cost based on 100 bopd. You bet it is not.

There are fixed costs that are "fixed", e.g. security.

Also TH2 fails to consider the costs of the water disposal, which were certainly not included in the $13 to $15 figure.

UKOG will be making an operating loss at HH at 100 bopd. They have not stated the output required for it to be profitable at an "asset" level, but my view is that it has to be >180 bopd with water disposal costs and >120 bopd (if they ever get HH2z converted to a water injector).

So simply put. UKOG are losing money at HH each and every day, the lack of clarity from the CEO and the lack of comms make it clear that they are hiding this from shareholders. Why would they do that? (oh wait, it's their MO, they care not one jot about the folks who actually OWN the company).

All in my opinion of course.

p.s. I am invested in UJO and as per my post yesterday see a medium term climb to 90p at which point I'll top slice. But don't need to see the volume of chaff posted here by some members.

Heid, careful what you say. Not sure that you have a "cult" following. Just a few steps away from psychosis.

Just keep it simples. I read what you post here and on twitter, but I'd recommend you not take that as inference that I'm seeing you as a cult figure. Clowns have a good following too, just look at Adrian.

I'll be top slicing at 90p :-)

Why SRBS, are you expecting some transformational news? If so, then how much confetti will SS issue to raise the funds to drill a duster at Loxley?

If SS was given the choice of cash to pay for HH2 into Kim or cash to pay his wages, it would be the latter. SS is not fussed about wasting money (even when he knows it's pointless), but will only do so if his salary is protected. Just take a look at Turkey, dead duck before it even started.

All in my opinion of course.

Oh poor Pboo. How about you comment on the liabilities at UKOG, especially those in the HHDL accounts. Poor sausage.

UJO are going to deliver very healthy profitable cashflow with Wressle banging out the oil, and with their royalty deal due to be extended from 2.5% to 27.5%. UKOG can only dream of 500 bopd and enough cash to do a royalty deal.

WNA news will be coming soon, and it will be a good result in my opinion.

Back to you tea party with your Broberspam mate and his girlfriend (Mick Hucknall).

Good luck all UJO LTHers.

You see double glazing companies act like UKOG. Opening multitudes of companies for *accounting* reasons. Trying to unpick the accounts from multiple companies is a right *pain*, but SS doesn't care one jot.

All in my opinion of course.

Is coming soon in my opinion. UKOG have exhausted most of the cash used to drill the hole in a very poor license area in Turkey, and their cash call commitments to pay for seismic there will see off the rest of the reserves.

They are not turning a profit with the other revenue streams (Horndean and HH) as their UK operational overheads are way too high for a company of their standing. Mostly being wasted on overpaid directors.

So how long until UKOG need more cash to pay the board? It's just a matter of time, there is nothing transformational due any time soon.

All in my opinion of course.

UKOG have no gas, a modicum of oil and a load of water.

But, more importantly...

UKOG have no cash, a modicum of shareholder support, and a load of useless directors who refuse to do interviews.

All in my opinion of course.

Ibug, there's NIMBY's all over. They are happy to consume, just not wanting it in their back yard right.
I'm neither XR or NIMBY :-)
Just keeping an eye on UKOG as an example of a really bad company to be anywhere near.

I once won 3rd place in a talent contest, didn't make me a millionaire.
Being 3rd place in UK onshore production, same story. It's not where you finish, it is the profitability of the company that counts.
I'd rather invest in a company that ranked 103rd but could turn a profit.

The other side of the coin is also important, if UKOG are making a loss despite being in 3rd, then what does that say about the UK onshore business? It says "steer clear", that's unless you have some assets that could be truly transformational.

p.s. UKOG will soon be down a notch as the Wressle site comes online with 5X the daily output of HH and with zero water and with oil free flowing to surface. Put that in you ramp pipe and smoke it.

Let's have some debate, rather than the other option on this discussion board.

1) When will SS do an interview?
2) When will SS do an investor call and answer questions submitted to him?
3) When will the BOD buy shares as per their RNS'd obligations to do so?
4) When will the seismic &analysis in Turkey be completed, and will it show that the drill was a waste of UKOG cash?
5) How much will UKOG be awarded in costs for the Loxley appeal, and will they have anything other than shrapnel left over after paying their legal costs (after all, UKOG cannot claim costs for an unproven asset, if you can call it an asset at this point is another altogether different question).
6) When will UKOG dual complete Portland and Kim on HH1?
7) When will they switch HH2z to a water injector and how much will that cost?
8) Is 3 tankers a week from HH really good news given that pre HH2z they were talking 30 tankers a week?
9) What will ALBA do next, if anything?
10) Will SS get an Xmas presents off Santa? (I'm told that naughty children don't get presents)
11) How much cash do UKOG have left in the bank?
12) How much will it cost to drill/EWT Loxley?
13) IoW - discuss, will it happen before 2023?
14) Will the Chairman grow a pair and do the right thing for the shareholders, after all, the chairman is supposed to act on behalf of the shareholders when the rest of board are not delivering on their commitments!
15) Will Ocelot bother to answer any of the difficult questions, or will it be more ramping on the back of elevated gas prices?
16) Will Ozzy52 send me a valentines card?

Some for banter, but lots above for newbies to pick through and seek some honest questions.

Pboo, and how does that compare to the £200k+ net loss per month in the last set of accounts. HH will be £900k shy of making UKOG a break even operator. They need 200 bopd to make a small operational profit at a company level.

But don't forget the extra dilution through placings to cover the costs of Loxley, HH2z conversion and the dead Turkish duck. Of course, the placings will have considerably larger cash raises than the mere overhead of the capital costs of those ventures, because as all savvy researchers know, the board take a huge % of each placing to cover their salaries (and back-hand payments to their companies such as Apex for services that are not properly documented).

SO with this in mind, and given that you said that you were out of UKOG, then why bother to commentate on the loss making asset operational circus that is UKOG?

All in my opinion of course.

EDF knocking on the door asking for payment for the overdue bill sent to UKOG. My domestic gas supply will see more gas put through it than Loxely ever will.

Ocelot, that's great news for companies that are producing gas, but UKOG are only producing "poor excuses and limited updates off the back of a terrible company strategy". Unfortunately the latter only fuels a long term downward spiral in the MCAP and SP, and SS likes to through plenty of confetti on that fire in the form of dilution.

I'm backing UJO to make a significant announcement in respect of WN very soon. I also have a small position in ANGS, who are due to continue the work at Saltfleetby to bring production back online in the next 9 months or so. If gas keeps climbing, then I'd rather back two companies that are close to production than UKOG who are trying to hoodwink folks over Loxley, Loxley which will deliver SFA other than several billion more UKOG shares into the market.

UKOG had one chance to make themselves a steady cashflow operation, and that chance was at Horse Hill. They should have ploughed the extra cash into HH rather than Turkey. They've exhausted that cash now, and it'll not be long before SS comes back to PI's looking for another £3m to £5m to fund further pipedream adventures.

All in my own opinion of course.

Ibug, it just comes across as SS and the board being lazy. Why would they not get these accounts filed? Is this the first step towards HHDL being wound up? What happens if HHDL were to be wound up? What impacts would this have on PEDL ownership and with ALBA? It all smacks of something pretty nasty to me, but am not surprised given the complete neglect shown by the board towards shareholders.