Member Info for deltavegatheta

There's also the 4.5% of the fee on advances of £1,790,000 which is £80,550, so not much left over for SS's £348k wages.

Given that UKOG has been burning through £250k pm and that it needs £1m for BB restoration, another placing will be very soon.

Without a pipeline to get hydrogen in and out of storage they won’t get a penny from the government. Not even labour is that stupid.

Can’t see the HH farm-in happening without planning permission.

PPP seem to be more interested in Texas and lithium now anyway.

UKOG can continue to extract oil from HH-1, although it is declining with increased water content.

The proposed new HH-3 well is blocked due to the planning being revoked by the court.

HH-2 turned out to be not a Gatwick Gusher but a water fountain .

You can add to that no planning permission for the proposed HH farm-in

Only 96% down in the last year now!

Ocelot, if you read the annual report it only says that the value of HH has been evaluated and that it is "still assessing the potential of the remaining assets". Note that all it's previous HH valuations have proven to be way too high, as the write-offs show.

Given the HH-3 no longer has planning permission, the true value of HH-3 is currently zero.

BB & Turkey will be written down to zero in the next report.

Ocelot, as you know full well, that is just a record of how much has been spent on project that have yet to go into production as is clearly explained in the accounts. They are not a current valuation as UKOG states their value is still being evaluated.

Here are some of the past write-offs that have happen when assets have moved out of intangible assets and are re-valued:

2018 BB-1 "unable to be used for production" £9.25m

2018 "Holmwood operator abandoned the site" £1.21m

2020 Horse Hill "impairment charge of £7.89 million"

2020 "HH-1 should be impaired by £9.35 million"

2021 "HH-1 should be impaired by £1.46 million"

2021 Isle of Wight write-off £946k

2022 "HH-1 should be impaired by £2.9 million"

Where did UKOG get the money? By issuing new shares of course, that's where UKOG gets nearly all it's money.

UKOG got to keep only £150k from the last raise and is burning about £250k pm, so will need another raise very soon.

CEO salary is £338k, around a third of the market cap. Good pay for loosing £100m of shareholders funds.

There’s the £1m provision for BB restoration for a start, about equal to UKOG’s marcap.

UKOG is now out of cash again after only netting about £150k in the placing for itself.

UKOG has been burning cash at about £250k pm.

BB restoration costs are £1m.

Expect many more placings at large discounts.

If you hold more than 3% (or 10% if you are a MM) of the VOTING rights you have to start filing TR1s. The Shore Cap Stockbroking TR1 says the holding is indirect and It now appears that the shares are actually held in a nominee a/c called Puma Nominees which is a subsidiary of Shore Cap.

Ocelot, I’d send them a gold star in the post.

Every holder on the list is a nominee account for private investors.

Not a single institutional investor is silly enough to invest in UKOG.

The exact name on the TR1 is 'Shore Capital Stockbrokers Limited', which matches the ShoreCap entity on the FCA list of market makers. This is just a case of a MM finding it a bit more difficult to offload the stock than it was hoping for.

The difference in holdings between the two forms was 0.314%, so just the noise of ShoreCap carrying out its MM obligations.

Next placement will be at a bigger discount than 28%.

I think it will be the £1m Broadford Bridge restoration costs that sinks UKOG.

BTW market makers can hold up to 10% of a stock before submitting a TR1, so they could have acquired only 4% in the placing.

Volume has dried up today. Poor old ShoreCap is sitting on 1 billion shares that they now can’t offload at a profit as the ask is sitting below the 0.015p they paid for them.

Another attempt to mislead investors, a CO2 pipeline is not going to help a hydrogen storage project.

Storing blue hydrogen really is the dumbest idea I’ve heard.

UKOG are getting really desperate to find any kind of justification for its Dorset scheme.

Any H2 produced in Fawley is for use in making low-sulphur fuels and will be produced on demand.

SS knows this and is again wilfully misleading investors.