No cash and no investment coming31 Oct 2024 09:21
And losing money hand over fist with HUGE salaries and no revenue stream.
The burn rate is off the scale.
UKOG have < 2 months cash left by my reckoning, shutting down HH means that they may be able to squeeze their BoD salary payments out to the end of Jan, but certainly not any further than that.
In the meantime, they have the massive Broadford Bridge plug and abandon costs, and it now also seems that HH will unlikely ever to produce another drop of oil, so more future P&A costs. When the company folds, and it will, then the tax payer will be left with > £2 million costs. OUCH...
As for the directors salaries, the increase in employers NI means that UKOG are going to burn yet more cash.
So right now < 3 months at a squeeze, and zero chance of getting any investment in from the UK Gov. The Lab machine will not kick into over drive and splurge public money on a lifestyle company that would fail their criteria for investment, folks that pump UKOG saying otherwise are to be ignored.
As for Loxley, where's the £6+ million coming from, WOT no partner!!!! LMAO, there's more gas in my patio BBQ and that itself is only a quarter full.
In the meantime, you have a CEO and a BoD that will not make any comments in public, they can't even be bothered to RNS the shutdown of HH, how can they get away with that one asks? Well the answer may be that SS and his chums probably convene a meeting for 1 hour a month with the payroll team and spend the rest of the time laughing at the morons who have given them over £100 million via placings, in return for which they have nothing but; a cheese cave miles from any gas infra, a 12 month lease on a cabbage field and a bunch of rusting equipment at HH that will not cover 25% of the costs to P&A BB and HH.
p.s. keep an eye out for the last rites, SS will sell off the rusty kit at HH to pay the last few pennies into his retirement pot.
All in my own opinion of course. xoxox
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