Member Info for deltavegatheta

Even UKEn's own presentation states that it will be HyNet and Humber that will get the funding:

"The government (Growth Plan 2022), has indicated its intention to support 5 hydrogen projects including two salt cavern storage facilities, one for each of the two Track #1 decarbonisation clusters (the HyNet Cluster, NW; East Coast Cluster,

Humber)."

See section 3.1 p7,

https://ukogplc.com/ul/UKEn%20Portland%20Port%20White%20Paper%20DIGITAL%20211122_opt.pdf

A placing is coming. After paying off the CLN they were left with less than £200k and they are burning that amount each month.

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

I really don’t think you guys would want my line by line fact checking of it.

I’m actually paid by George Soros & Bill Gates

They bought shares in placing to make a quick buck, now sold batch of them.

As they are a market maker they only have to disclose holdings over 10%, so expect no further TR1s even if they sell down further.

If you want to try to trade UKOG as a momentum play, then fine, go ahead, you know the risks/rewards.

But if you are thinking of buying UKOG because someone told you the government is going to give it loads of money then DYOR. A hydrogen storage facility with no pipeline, no hydrogen producers or consumers isn’t going to get funding, it’s come sense.

There is no requirement for a hydrogen storage facility in Dorset.

Despite all the ramping, this remains true. DYOR.

Dream on, we should find out next week.

I wish you a good evening.

But they are split up into separate legal entities. The MM one is Shore Capital Stockbrokers Limited, check the list of MM on the FCA website.

MM’s hate having to disclose their position, which is why they are allowed 10% rather than the usual 3%. They will want to fall below 10% asap, but before the PPP conflation the SP was lower than the price they paid.

A better rumour would be that UKOG are going to open a hydrogen storage scheme in 2050, could take years to disprove! Learn from the ramping master, your crush SS!

Ocelot, if you are going to try to start a rumour, choose one that doesn't risk being deflated Monday morning when another RNS appears saying Shore Cap have further reduced it's stake.

Shore Cap's a market maker, it can own up to 10% without a TR1 so it might of only bought 4% in the placing , it buys and sells shares to make a quick buck. MMs don't takeover companies!

If you don't believe me here's a source that names the two hydrogen source projects the government will give support to, see section 3.1:

"The government has indicated its intention to support 5 hydrogen projects including two salt cavern storage facilities, one for each of the two Track #1 decarbonisation clusters (the HyNet Cluster, NW; East Coast Cluster, Humber)."

https://www.ukogplc.com/ul/UKEn%20Portland%20Port%20White%20Paper%20DIGITAL%20211122_opt.pdf

Here's another source:

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

I'm fairly sure there will be an RNS Monday morning saying that Shore Cap have again reduce it's stake. It's a market maker looking to make a quick buck from the placing. It will have been selling at the ask all day to all the new "investors".

We'll find out on Monday if I'm right.

Sumitomo is trying to build a hydrogen plant in Norfolk, hundreds of miles from Dorset. It also can't find the magic combination of producer, consumer, pipeline and storage.

Meanwhile the HyNet cluster in the NW and the East Coast Humber cluster have submitted planning applications for both pipelines and storage as well as having producers and consumers. Those two schemes are the ones that are going to get government support, not UKOG.

UKOG needs a hydrogen pipeline partner to qualify for government funding, as outlined in the official Hydrogen Storage Allocation Round document. Despite knowing this, SS continues to mislead shareholders about the project's viability to secure his high salary. The only potential pipeline, SGN's H2 Connect, lacks a concrete plan for construction. Without SGN's bid in the 2024 Hydrogen Transport Allocation Round, UKOG's project will be rejected, even if they somehow secure the necessary financing, producers, and consumers, all of which they currently lack.

There will be fees for all the consultants UKOG mention in it's latest slide deck for Portland. There will be fees for licenses of undeveloped fields. There will be fees for planning consultants to sort out BB, HH-3 and Loxley. All investment activities as they aren't currently producing any revenue.

When a companies best argument for not restoring the site is that it is looking into growing geothermal tea you know they have no case, as the council decided. An appeal might delay it a few months, but the £1m liability will remain.

If you want to understand cash flows use the cash flow statement, it's what it's there for. It takes ignores for non-cash items like depreciation.

From last 6m results:

Operation cash flow = -£574k; investing cash flow = -£945k => -£1,519k for 6 months => £253k cash burn per month

The BB decommissioning provision can be found in UKOG (234) Ltd accounts to Sept 2023, p7, "Provisions for liabilities £1,105,295" that is consolidated into UKOG plc accounts in Note 19 "Provisions - decommissioning" which in total are £1,451,000.

UKOG is legally bound to restore BB as soon as possible following it's request for an extension being refused in March 2024.

"Some of the monthly burn will be reduced following the end of convertible loan fees" The £250k pm doesn't include finance costs, it is the sum of operation and investment cash flows taken from the last half year results.

UKOG doesn't have any non-current debt, but it does have a £1m provision for the restoration of BB.