Member Info for CynderLad

Ocelot,

Jimmy White hasn't rules himself out of winning the World Snooker Championship, but it aint gonna happen.

Sando saying that they haven't written off the Kimmeridge is laughable. They have already concluded that it is sub commercial, otherwise they'd be producing from it right now. Why else would they leave oil in the ground when they could be pumping ££££'s into the coffers?

It's a write off, but Sando couldn't say otherwise in that meeting as it would need to be announced via RNS. He is reticent to write off the Kimmeridge, because then the market and all PI's would know that BB and HH are only ever going to present costs rather than profit to UKOG.

Never trust a fox with a lump of cheese!

But the rampers will want you to think that putting Turkey into production will be free and the production kit will be costed in. Think again! Read the RNS! The $5m capped (£3.6m) was for the initial drill. That DOES NOT include costs of putting the site into production.

https://roddersjones.wixsite.com/sanderson-out

I am supporting this movement to vote Sando off the board.

2nd Oct bank balance : £3.8m
End of Oct bank balance : £3.534m (allowing £266k for wages and oil revenues for HH)
End of Nov bank balance : £3.268m (allowing £266k for wages and oil revenues for HH)
End of Dec bank balance : £3.002m (allowing £266k for wages and oil revenues for HH)
End of Jan bank balance : £2.736m (allowing £266k for wages and oil revenues for HH)
End of Feb bank balance : £2.47m (allowing £266k for wages and oil revenues for HH)
End of Mar bank balance : £2.204m (allowing £266k for wages and oil revenues for HH)
End of Apr bank balance : £1.304m (allowing £400k for wages NO oil revenues for HH and £500k payment to AME)
End of May bank balance : £0.404m (allowing £400k for wages NO oil revenues for HH and £500k payment to AME)
End of June bank balance : TBC - pending Sando's effort to get cash in.

Note, in the above. Only £1m of the £3.6m will have been paid to AME. So they will be short £2.6m

Then there are the UK costs to cover until the end of the year, that's a further £2.4m unless they can get HH producing something decent.

My call. £5m needed to stay afloat until the end of 2021, and they better pray that Turkey give them enough cash to cover the costs of going into production (i.e. EWT kit is not production kit and staff in Turkey do not work for free!).

Is no more.

How many times have you been told that a placing was coming. I predicted that the RNS would land on the 14th May. Was a week out and only because Sando couldn't get his city mates to buy in for their usual easy 10%.

They couldn't get a placing away, so now looking to shareholders for cash.

How many times!!!!

£1.6m in the bank as of 30th Sept.
£2.2m placing on 2nd Oct (to pay for Turkey)

£1.6m burn rate per 6 months.
Turkey will cost £3.6m minimum.

So as of end of March, their UK operational costs had consumed all that £1.6m that was in the bank, and now they are eating into that £2.2m for the UK overheads. Mostly Sando and his BOD chums getting paid money for nothing.

UK burn rate (including consideration for oil revenue) is £266k / month. Right now, they are not producing oil at HH, so costs cannot be offset using income, the burn rate is therefore closer to £400k / month.

Right now, I estimate that UKOG have less than £500k in the bank, assuming that they have paid AME £500k for the work to date. It means that UKOG are in a very bad place. £400k needed to pay the wages in June and July! Then there are the AME instalments which must be due very soon.

I suspect that the lack of pictures from Turkey may be because AME are not willing to take the rig to site until UKOG have stumped up the next wedge of cash and right now they do not have it. Simple as that.

But hey ho, the rampers will be on in a moment saying that it's all lies. How many times has it been said on this board that a massive placing is due, in fact, I'll say it again, there will be 3 placings in 2021.

I feel it only right to own shares if you are going to support a motion to have a director thrown off the board. But hey, if you don't understand that logic, then maybe stick to playing with lego. It's only a tenner, so my max loss is less than a round of 3 pints in my local.

I bought £10 worth of shares yesterday and signed up. Same as you, no confirmation on the web-site, but I did get an email from the guy running the site confirming that my support had been registered.

p.s. Anyone seen a tanker in the last 3 weeks? Not seen a bean from the eyes, or from the truckers. As I called it previously, if Turkey has any initial success then HH will be shut-in and probably left for several months, then abandoned.

Even the Share Prophet folks are on the case now:

https://www.*************.com/views/55818/breaking-sack-lyin-steve-sanderson-of-uk-oil-gas-campaign-underway

FYI. Take the context of Turkey into consideration, AME are the operators, all UKOG have to do is a bit of basic partner management, some basic PR and some basic regulatory stuff. I'm sure that Mr Cartwright could do that, who knows, he may even be doing the bulk of that now.

Wizard,

I think that site is only looking for enough support to take it to the next level. If he gets 10%+ then it would surely result in legal consultation on the process, and you are quite right, it would require appointment of interim CEO.

Kris Bone is the UKOG Operations Director - he is not on the BOD, but look at his profile, he's a suitable interim CEO.
Matt Cartwright is the UKOG Commercial Director - he is not on the BOD either, but again, look at his profile, he would be more than suitable as a Finance Director and Chairman.

I think they could get shot of Sando, Kiran and the Texan chairman. Cut £500k off the remuneration bill and have these two take the reigns. Just my opinion, am sure that there are other candidates out there who could do the job too.

The other question is whether ousting the CEO, FD and the Chairman would actually result in their employment being terminated. That is a sticky wicket.

I wonder what liability ALBA have if HH were to be abandoned?
As UKOG bought PW Well services kit, then are they able to make some form of standing charge to ALBA to cover the costs?
Are ALBA simply taking a % cut of all crude produced, or do they only get a cut of profits post operational overheads?

On the subject of crude, anyone seen a tanker in the last 3 weeks? Looks like the eyes have decided to spend their time on something more interesting (paint drying) than waste hours hoping a tanker is going to turn up.

Thanks Penguins. I've emailed the chap who is running the sanderson out site. Waiting for a reply. I wanted to suggest crowdfunding as a means of getting some assistance with legal consultation on Companies Act 2006 matters.

Penguins, it would be nice if UKOG and ALBA would actually disclose the current loan situation and whether any revenues are being deducted from the loan balance. I don't know how much ALBA are owed or whether that loan is diminishing.

Talking of partners, are DOR completely out of HHDL now, or do they still have a small %?

It would be a written resolution and UKOG has share capital. Hence votes are based on volume of shares held.

However, the written resolution would be a reverse of that seen in the typical AGM's. It would be a motion to remove a director or directors from the board. That puts a very different slant on the proxy votes as it would require >50% to vote against the motion.

Interesting huh.

Looks like the Twitter PR is leading to an uptake in PI interest to back a motion to have Sando thrown off the board.
47 PI's (1.12% of all shares) have backed this in less than a day.

https://roddersjones.wixsite.com/sanderson-out

I will buy £10 worth of shares and throw my hat in the ring to support them. If it is taken forward then you'll hear my voice at the EGM in support of the motion to oust Sando.

£4m valuation. One has to laugh.

Penguins, do UKOG/HHDL have a loan to repay to ALBA? How long do you think ALBA get a free ride under the JV?

Qwerty, why talk about II's, it's PI's that would make or break this.

I think Vonk at ANGS resigned ahead of being voted out, the % of shareholders was quite small if I recall correctly.

Ocelot, I think under the Companies Act 2006, that you only need a majority of the votes cast at the EGM for the motion to be passed. As the BOD do not hold any significant volumes of shares, they have limited protection against a motion to oust any given director. The attendees at the EGM would almost certainly be those supporting the motion to remove a director from their position. If it's 10%, then support from holders of 1.2 billion shares is required. If that is 100 PI's or 1000 PI's, then you can count on the majority of those attending the EGM would be supporting the motion. It is not 50% of the 12 billion that is needed.

As seen on Twitter.
https://twitter.com/OutSanderson/status/1395032513677045762