Member Info for deltavegatheta

The whole point of borrowing the shares was to avoid issuing new ones at the time of the placing as that would have needed a prospectus. But, as the RNSs states, new shares will need to be issued to pay the borrowed shares back, that has yet to happen.

Have stopped to think what that sentence actually means?

Here's the RNS for the transaction leading to Tom loaning the shares:

https://www.lse.co.uk/rns/PPP/placing-and-subscription-to-raise-16315-million-swyhrh37kx9w1mj.html

Note this paragraph:

"Under the Stock Lending Agreement 41,525,325 new ordinary shares will be issued to the Lenders as soon as reasonably practicable subject to compliance by the Company with the UK Prospectus Regulation, the Listing Rules and the Company's dealing policy. The Company undertakes to make the necessary listing and admission hearing applications to have those new ordinary shares admitted to trading."

That hasn't happened yet, but will once PPP re-lists.

Between this and a subsequent placing PPP needs to issue a total of 48,726,195 new shares according to the last couple of paragraphs of the annual report.

It says disposal, the annual report confirms Tom ended up with only 500,000 shares compared to 5,000,000 the previous year.

Now find the RNS for more detail

If I just posted the answer no one would believe me and try and get my posts deleted by admin.

That’s what happened when I tried warning people about the significant risk of PPP getting suspended.

Nothing to do with the £10k outstanding

Yes a Mrs P Evans has 3.1m shares but she has held them for many years, so that’s not where Tom’s 4.5m shares went

BTW the full answer involves a lot more than 4.5m shares

Tom held 5m shares through FHF SECURITIES (A'ASIA) LIMITED. On the same day as the Director notification RNS there was this one about FHF reducing it’s holding by 4.5m shares to 500.000

https://www.lse.co.uk/rns/PPP/notification-of-major-holdings-5tj243n9fiab5qu.html

So that’s not where the 4.5 million shares are now.

“Yes but who now has them as they are shown as being disposed of for nil value”

That’s a very interesting question, the answer is in the AR with more detail in RNSs,

A lot of people on this board will not be happy with the answer.

Dobbo777 : Here’s the RNS clearly showing Tom disposing of 4,500,000 shares:

https://www.lse.co.uk/rns/PPP/directorpdmr-shareholding-kxcc7w6w09rmjvs.html

Also confirmed in the 2023 annual report

THE RNSs and annual report clearly state that Tom now has 500,000 shares not 5m

The advice to government on how to achieve clean power by 2030 is out:

https://www.neso.energy/news/our-clean-power-2030-advice-government

The plan is to keep gas plants in reserve for when the wind doesn’t blow and that’s ok as long as gas is less than 5% of annual supply and the UK exports the equivalent clean power during the year.

Here’s the section most relevant to hydrogen storage:

“Low carbon dispatchable generation

Gas CCS and Hydrogen

These plants can turn up and down to match demand needs and can fill gaps during periods of low renewable output. Although this can pose some challenges for their operation, it is an important requirement of a clean power system in 2030. Higher levels of dispatchable generation reduce the need for weather-dependent renewables significantly and the need for very long-duration

energy storage.

After 2030, low carbon dispatchable power could be built up to replace the need for the remaining unabated gas generation. Hydrogen in the long run can be produced via electrolysis at times of high renewable output and stored for later use when renewable output is low, without reliance on fossil gas or residual emissions. However, large-scale hydrogen storage appears unlikely before 2030 and relative costs for hydrogen and gaxs with CCS are uncertain. We therefore group these technologies in our clean power pathways.”

So it looks like you guys will have to continue to fund SS’s salary until at least 2030.

The RRC numbers and the RNS are telling the same story, except the RNSs only reported the best months.

The actual numbers are on the Texas Rail Road website:

https://webapps.rrc.texas.gov/PDQ/home.do

Oct 2023 0

Nov 2023 4,827

Dec 2023 2,919

Jan 2024 0

Feb 2024 891

Mar 2024 510

Apr 2024 537

May 2024 0

Jun 2024 0

Jul 2024 0

Initial gush, which is common due to the pressure, followed by poor flows then zero flow.

Here’s some research re: “IPA is right 500 bopd from one of our wells”

Chalk Talk #1H and Chalk Talk #4H:

“Both wells were producing at rates of approximately 15-20 bopd prior to being shut-in and Nobel hopes to restore production to similar levels or better after a thorough evaluation and contingent upon a well workover.”

https://www.lse.co.uk/rns/PPP/publication-of-annual-report-and-accounts-lo373052f7b9cj9.html

Which is par for the course:

“It may come as a surprise to some that the average daily oil production per well in Texas is only 16 barrels. There are a lot of wells in Texas that produce a barrel a day or less.”

https://www.gdhm.com/news-post/oil-prices-rig-count-and-production-rates/#:~:text=It%20may%20come%20as%20a,the%20health%20of%20the%20industry.

Reality has a habit of catching up with investors

Megan_ “Tom Evans holds 500000 shares in his own name and 4500000 held through FHF Securities”

Not true, here’s the corresponding RNS for FHF Securities reducing it’s shares to 500,000:

https://www.lse.co.uk/rns/PPP/notification-of-major-holdings-5tj243n9fiab5qu.html

Agreed poster's research skills are questionable.

PetroQuest Energy, Inc filed for bankruptcy in Nov 2018:

https://www.petroquest.com/wp-content/uploads/2018/11/Royalty-Owner-Letter12.pdf

The company Stephen Lunn is a director of is this:

https://www.companyhub.nz/companyDetails.cfm?nzbn=9429033965611

I can't find any links between the two companies (which is probably just as well)

MyIPA, you say “ Petroquest is large enough”. What do you base that on?

This remains true, DYOR, links provided:

In order to be successful in the forthcoming H2 storage allocation round you will need a H2 transport (pipeline) cohort or your application will be sifted out, see “transport and storage cohort assessment stage” in the gov doc:

https://www.gov.uk/government/consultations/hydrogen-storage-business-model-market-engagement-on-the-first-allocation-round

#UKOG’s only hope of such a partner was SGN, but judging by SGN’s LoS it does not have any plans to bid in the forthcoming H2 Transport Allocation round, effectively killing UKOG’s chances of being successful.

The two successful bidders will be HyNet in the NW and the Humber Cluster. They are industrial & CCUS clusters and already have planning applications well under way.

https://medium.com/@h2_happenings/does-ukogs-portland-hydrogen-storage-scheme-make-sense-d317f305bb67