Member Info for deltavegatheta

Who’s going to spend £8 million on an appraisal well that could end up dry.

If it does strike gas then next step is planning permission for extraction, including a newly expanded EIA.

The appraisal well only managed to get planning after ministerial intervention, what’s the chance of Labour allowing it?

52 Week Low 0.019

52 Week Low Date 20-Jun-2024

52 Week Low 0.02

52 Week Low Date 20-Jun-2024

“small onshore field such as Horse Hill”? I was told it could produce up to 30% of UK oil production.

PPP must be relieved, they don’t have to admit they’re broke now.

For a while InfraStrata (now H&W) was pursuing both the Portland & Larne Lough storage schemes but abandoned the Portland scheme, writing off £18 million, in favour of the Northern Ireland scheme.

I think the principle reason was that Portland required a 37km pipeline to the national grid but the Larne Lough scheme is near both a gas power station & the main Scotland to NI gas pipeline.

The Lib Dem candidate for Hunt's constituency, who is forecast to win, would:

"Cancel the existing licences, issued by the government, to explore for or extract fossil fuels in Surrey (including Dunsfold and Horse Hill)"

https://x.com/PaulDFollows/status/1802342384065261698

The judges must have been split or it wouldn't of taken so long.

I've got a feeling that they will say downstream emissions should be considered but only in respect of whether the scheme would cause overall emissions to increase or not. I think that is quite hard to prove for HH because you could argue that HH oil is just displacing other oil which might now not be extracted and left in the ground.

Anyway neither PPP nor UKOG have the cash to drill so it's largely academic.

Https://www.supremecourt.uk/news/future-judgments.html

Thursday 20 June 2024

9:45am

Courtroom 1

Judgment hand-down

R (on the application of Finch on behalf of the Weald Action Group) (Appellant) v Surrey County Council and others (Respondents)

By my calculations PPP have even less cash left than UKOG and looking at the Texas RRC website PPP produced zero barrels of oil in March.

It's shares are now illiquid so they will have real trouble getting a fund raising off the ground. FY accounts are due by end of July so maybe we'll learn more then.

52 Week Low 0.0205

52 Week Low Date 11-Jun-2024

Vol. Sold 33,771,921

Sold Value £7.60k

Vol. Bought 13,269,179

Bought Value £3.19k

Insidious,

it's "Loxley Hydrogen Feed-Stock" now, didn't you get the memo from SS?

The Companies House resolutions document has now dropped and they didn't make an adjustment this time.

Perhaps corporate governance is improving now that the CFO has taken over from the nearly 80 year old chairman as Company Secretary.

Out of the last 8 share issuances ZERO £s of new cash has been raised.

That's 1,482,651,379 new shares for zero new money.

Another ~1.3b shares need to be issued in order to pay off the remaining balance.

Many more if the share price continues to fall.

Based on average monthly oil price I estimate half year revenue to be around £600k, down from £890k.

Of course revenue doesn't really matter to UKOG as they get nearly all their money from share issuances (which prospects for are looking worse by the week)

HHDL has borrowed nearly £20m at base rate plus 0.1%. As interest rates have risen from under 1% in FY22 to over 4% in FY23, HHDL's FY23 interest expense is likely to rise from £168k to over £800k. That's over £70k per month. For the current FY interest expense will about equal to revenue.

Ocelot,

I see you aren't disputing my point about the GM. If they didn't follow the rules at the GM, then I think it is fair to question whether they followed the rules at the AGM.

If they amended the special resolution the same way as they did at the reconvened GM then it looks like they should of given 21 days notice.

As they only published the number of votes we don’t know the wording that was passed, so can’t tell if they did the same thing as they did at the GM or not.