Member Info for CynderLad

Penguins, the only leak linked to UKOG right now is the water flowing out of HH1 and HH2z. Market shows it's disinterest in the company as the SP continues to drift lower and lower. Maybe the rig is stuck in the snow, one can only laugh.

Indeed. No money no honey. Enough said. Sando needs to give AME a big chunk of cash, £2.5m or thereabouts is due. And the drill costs are likely to be one instalment, not a buy now pay later, or pay in 5 easy instalments arrangement.

Everyone who's researched the results to end of Sept 2020 knows that UKOG are cash strapped. There's no mystery here, just a CEO who is too lame to update shareholders with the harsh hard stone cold facts. Turkey is dead. HH is nearly dead. BB has abandonment costs, and the market knows that both IoW and Loxley are merely ruses to continue operation of the SS gravy train.

Ocelot is really grabbing at straws, its pretty lame from the chief ramper.
Trying to argue that "near" is not "immediate". LMAO.
Well, put it into context. No updates from Turkey since 12th May, is that the distant past or the recent past?
Fact remains, no updates on Turkey now for 36 days. Maybe AME/UKOG were granted an extension to the 27th June deadline given everything. I don't see that as a drop dead date.
However, based on what I posted previously, Turkey is dead, just waiting for the formalities.

Just waiting for an RNS now. Maybe tomorrow? I doubt it will be long before they can update on what's happened the last week or so. The haze is visible and looks good, not sure of the diameter of the flare stack, but it looked reasonable impressive. Is it just gas flowing or is there oil too? What choke will they have set for this initial EWT, etc, etc, etc? We really need to see that RNS with some proper details. No half baked rubbish like one of the junior oilers in the Weald publishes.

Looks like 0.16 will soon be the sell price. Oh dear, what was that TH2 and Ocelot, load up at the cheap price???

Penguins,

As I have stated many times before, Sando does not exhibit any level of integrity.

Despite the efforts of the ramp squad, the SP continues to drift as predicted. You don't need to be a rocket scientists to understand why.

Come on ramp squad, you are going to have to work harder.

Sando having massive issues getting a placing away. Clearly too much risk for the usual candidates, with trading volumes being very low. No Turkey updates as UKOG don't have the cash to pay AME, so no spike to sell into. It's the good olde placing chicken and egg issue. UKOG need cash to pay AME to make progress, but UKOG cannot raise cash to pay them without progress being made there on site.

One has to laugh at their utterly pathetic efforts to try and mask the work going on at site.
They say that nobody is working after 7pm at site.

Point is, how many people do you know that work more than 12 hours a day? I doubt that they have folks lined up to work in shifts to cover 24*7.

If they are in the early stages of an EWT, then there will be PBU and short flow testing. They will not go straight into 24*7 operations. The PBU does not require huge volumes of staff on site. I doubt that they want to fund a roster to run a full scale longer term flow test 24*7.

Am sure that we'll see things hot up on site as they move through the early days of EWT, that is if they have actually started the EWT yet. Too much theory from people on the outside on Twitter. I'm waiting for formal updates. Until then, keep dancing..

and I bet Mrs Miggins would work hard rather than the BOD which are sat on the gravy train (which left the station 3+ years ago).

I see that my post was deleted. It's brewers droop for UKOG.

I'd think the support would increase if they had candidates with good CV's. Time will tell. I bet Sando would wait for the GM and a vote to oust him before falling on his sword. Even the numpty at ANGS (Vonk) realised that he was done for and did the right thing. Will Sando take early retirement, or will his final parting gift to PI's be a redundancy cheque at their expense?

I think the point is; the support to oust the board is now very strong. It doesn't matter whether the site looks professional or not. It's a campaign. If they have candidates interested in the roles; then let those candidates define the strategy and let the shareholders determine if that represents a positive change.

As for the current CEO. He has not done a single investor call in 3+ years. Why is that? Why is the CEO so ignorant towards shareholders? Simple answer to a simple question; he doesn't want to be put on the record in answering questions, instead he'd rather stay at home, count his cash and hide bad news in half baked RNS's.

The CEO is a plain old fashioned coward. Its there for all to see. And for a company to have such a lame leader is a massive red flag.

"Loading up". I sold my £10 worth at 0.19p last week.
I would be selling if I had anything left, the decline in the SP is there for all to see, and with the placing/open offer coming soon, then the SP will drop a good 15% to 20%. The volumes have dropped through the floor, something tells me that the savvy traders are waiting on the placing, dabbling elsewhere until that lands.

All just opinion, not advice. I'd rather take my £10 and donate it to UNICEF than giving it to Sando to spend on his fine art collection.

12th May since the latest Tweet from UKOG, it's hardly a case of the drill getting "ever closer", it's a case of the usual delay after delay as UKOG struggle to raise cash. This time it's cash to pay AME. I very much doubt that AME have issues in their supply chain, but UKOG have issues with the supply of cold hard cash. Don't get mugged by the rampers.

Cash as of end of Sept 2020 : £1.6m
Placing on 2nd Oct 2020 : £2.2m
Cash balance as of 2nd Oct 2020 : £3.8m

Losses / overheads per month based on the latest results:
Oct : -£266k
Nov : -£266k
Dec : -£266k
Jan : -£266k
Feb : -£266k
Mar : -£266k
Apr : -£266k
May : -£266k
Total loss since Oct 2nd: £2.1m

Remaining cash : £1.7m (£3.8m - £2.1m)

Turkey costs : Capped at $5m for "initial" drill. GBP to USD £1 = $1.141, thus costs for Turkey of £3.54m

I'll assume that UKOG have paid out £1m for the work to date in Turkey, leaving £0.7m left and cash calls from AME of £2.54m. Thus they are somewhere in the region of £2.54m short to pay AME.

But that's the only consideration. They will need £266k per month to cover the UK through to end of 2021. 7 months @ £266k = £1.862m

Combined, I forecast that UKOG are short £4.4m.

Please note that the £266k loss is based on the most recent results and burn rate. Since which UKOG have produced less oil at HH but at a higher market rate. They have also performed very few activities at HH that would burn cash other than the day to day operational overheads (e.g. not seen many cranes in ages). However, the water cut has increased and the costs of disposal will create considerable overheads (probably offset the benefit in the rise of Brent).

Will Sando give the shareholders an update, after all, shareholder OWN the company, he's merely an employee.

A broken clock is correct twice a day. However, in the case of Ocelot, he is stuck in a time vortex where time is standing still.

Ol' Frankensides knows that he missed the boat on getting a decent sum for either Brockham or HH. ALBA will be very unlikely to ever get anything for HH.

Unfortunately, the hard truth is that UKOG provides a lose/lose setup at present.
1) 8 BILLION new shares could be issued in the next 12 months, providing dilution, if the MCAP remains the same, then each £1 you have invested now would be worth £0.62p. That's a lose.
2) HH operational updates are limited, water cut is up, costs to dispose will be eating into the gains in the price of brent. Can HH continue to produce above 70 bopd with less than 50% water cut? If not, then that's a major lose as the site then becomes a loss making asset.
3) Last Turkey tweet was 12th May (setting aside the one that was deleted on the 31st). That's a whole month with no updates. Where's that rig, is it stuck in the snow? Of course it's not, but AME are not going to do any further work until UKOG stump up the cash.
4) UKOG are out of cash, we all know it, even the rampers who refuse to show their own math to support their position that UKOG have enough cash to pay for Turkey. See point 3, if UKOG had the cash for Turkey, then AME would be on-site and there would be plenty of tweets.
5) CEO and his chums only took a tiny pay cut compared to the 20% to 50% they RNS'd last year. How many times have I said that they show poor integrity?
6) The CEO refuses to do investor calls and answer investor questions. Why is that? If they had good news and a great strategy then SS would be shouting from the rooftops. Instead he hides away in his nice house counting his cash and keeping PI's in the dark.

Its lose/lose with this junior oiler. All my own opinion, if you disagree, then fine, but don't come back with arguments that aren't backed up with proper analysis; the opinions of the rampers is never backed by proper analysis.

I'll stick with my other junior oiler investment, name not to be mentioned here.

Ocelot needs to brush up on basic math.

Ocelot, needs to brush up on some facts.

UKOG had the AGM on the 12th May, "resolution 6 was withdrawn and all remaining resolutions put to shareholders were duly passed".

9 days later, on the 21st May, they then RNS'd the notice of a EGM, that was held on the 7th June.

UKOG were being pressed to raise funds, but on the balance of what they were asking for at the AGM, it would not have given them enough funds to cover UK overheads and Turkey cash calls. So Resolution 6 was withdrawn, and instead 2 new resolutions were brought to the table. The new resolutions gave UKOG the ability to issue 8 BILLION new shares, that's much more than was previously called for in resolution 6 of the AGM held on the 12th May.

The withdrawal of resolution 6 and replacement with the 2 new resolutions gives UKOG the ability to issue 8 BILLION new shares rather than 3 BILLION new shares.

It's not that they dont need cash, it's that they need a lot more cash than the 3 Billion shares would have provided, hence the increase to 8 Billion.

Get it right Ocelot.

All the above are stated FACTS and in RNS's.

end of story.... enjoy your weekends.