Member Info for deltavegatheta

It appears you’re referring to Sumitomo's collaboration with H2Pro, an innovative Israeli company recognized for its IPR in electrolyzers. H2Pro has been named one of BloombergNEF's 12 Climate Innovators and was a recipient of the 2023 BNEF Pioneers Award.

What IPR does UKOG possess? A downloaded copy of a 15-year-old planning application for a long-abandoned project doesn't qualify.

I did manage to do some research into why UKOG were talking to Sumitomo, they own 50% of SES Water, the water company in the Redhill area.

I suspect SES is interested in HH-2 as a major source of water for its network.

Ocelot,

Do you ever seek independent confirmation of what SS says? His track record isn't great, is it? So far, he hasn't been proven correct about anything, losing over £100 million of shareholders' money on his dubious plans.

Looks like they have given up on using Loxley and HH as the hook to get punters to buy their confetti, five tweets in a row for UKEn.

Shame there is no requirement for large-scale hydrogen storage in Dorset.

The actual figure is given in the results of GM RNS:

"This is an ordinary resolution to grant the Directors with authority to allot and issue shares and grant rights to subscribe for shares in the Company for the purposes of Section 551 of the Act conditional upon Resolution 1, 2 and 4 being passed up to the maximum aggregate nominal value of £1,627.00"

They added on 50% of the EBT issue as an admin change, just as at the AGM they will add on 100% of the further CLN issues.

"By my calculation they still have 278,977,335 left from the GM"

Mar 3rd GM authorised 1,627,000,000

Mar 13th CLN issue 206,965,282

Apr 10th CLN issue 200,000,000

May 2nd CLN issue 152,796,721

May 17th CLN issue 228,215,768

1,627,000,000 - 206,965,282 - 200,000,000 - 152,796,721 - 228,215,768 = 839,022,229

So still room for lots more confetti issuance before the AGM.

Paying off the remaining £370k will of course drive future new share issues, but UKOG is burning at least £250k per month, that’s after allowing for HH revenues.

So by far the main driver for future share issues is admin costs as UKOG is living way beyond it’s means resulting in ongoing large-scale dilution for shareholders.

Any shares held by RF/YA at the time of the AGM will need to be voted with the company under the terms of the agreement.

So if RF/YA ask for a load more more shares just before the AGM, the vote is fully fixed in the company's favour.

And the result of those discussions? If they amounted to anything I'm sure they would of announced something.

I hear they also have:

- a website

- a deck of PowerPoint slides

- a downloaded copy of a 15 year old planning application for a long abandoned project

What they don't have is:

- any experience in energy storage

- the ability to fund the project

- any partners as there is no requirement for hydrogen storage in Dorset.

S p a r s e gets censored lol

they kinda admitted that the prospects for hh & loxley weren’t that great by choosing to spend their sp**** funds on turkey instead. so when that ended up a duster it’s not surprising the market bailed on them.

UKOG is burning about £250k a month, that's 25% of it's marcap each month. It needs to double it's share outstanding every four months just to survive.

Go into a dark. quiet room and think about the implications of that before you feel tempted to press the buy button.

Fawley have no real plans for green hydrogen:

ExxonMobil accused of ‘greenwashing’ over carbon capture plan it failed to invest in

https://www.theguardian.com/uk-news/2024/mar/31/exxonmobil-accused-of-greenwashing-over-carbon-capture-plan-it-failed-to-invest-in

Fawley have been producing and consuming all the hydrogen it makes for decades. They have no need to transport that (non-green) hydrogen 50 miles to Portland for storage.

One of the major constraints if grid capacity for transporting electricity and even more so for hydrogen.

Portland is only 42 miles closer to London than Chester where most the existing salt caverns are.

Most renewable energy is produced north of Chester, so the energy for storage (either electricity or hydrogen) would have to flow past Chester on its way to London.

So Portland is actually a very strange place to locate hydrogen storage facility for London, it makes much better sense to build such facilities up north, near the large wind farms.

“certainly sounds bullish”, i’d say sounds like bull ****e.

ukog have been mentioning fawley since the beginning of the project in 2022, but it wasn’t until six months ago ukog actually managed to get a meeting with exxon, and that was only after joining in march 2023 the solent cluster which exxon is a founder member.

so exxon don’t seem that keen to me.

Here's a complete list of previous write-downs to UKOG's "assets":

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"

Total: £33m.

Yet to be disclosed: Turkey

If drill testing is ever carried out on HH-3 or Loxley the same pattern will be repeated.

The Operator’s plan was later revealed to be framing HH3 out to PPP who unfortunately, just like UKOG, are broke and any can’t raise the required funds to do anything.

Ocelot

“The definition of insanity is doing the same thing over and over again and expecting different results.”

Let's look at the history of UKOG's HH-1 valuation:

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

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

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

HH-2 spouted water not oil

Turkey was dry

You have to admit UKOG's historical valuation record isn't great is it? The market can see straight through UKOG's "intangible assets"