Member Info for deltavegatheta

"it does provide UKOG's valuation of HH"

They are just reading UKOG's Annual Report "The Directors have determined that the potential value of the Horse Hill development to be £19.3 million, which takes into account drilling of four additional wells in the field, and supports the value of intangible assets of Horse Hill."

It's the same widely optimistic valuation and nothing new.

Ocelot, your argument is circular and proves nothing.

Alba: "Management relies on the valuations of the majority owner of the project as they have access to fuller information"

So UKOG values HH, Alba values HH based on UKOG's valuation, you then work out what HH is worth to UKOG based on Alba's valuation which is based on UKOG's HH valuation.

Trouble is nobody believes UKOG's valuation, hence the low SP.

I see Conoco is on the list. Perhaps they will step forward to develop the project they abandoned as non-commercial 40 years ago. If will only have to pay 100% of the cost for only 50% of the rewards (if any), seems like a sweet deal (not).

The board aren’t even trying to persuade shareholders to vote in favour of doubling the number of shares, there isn’t even a “Background” section in the AGM notice. At the previous AGM the pre-emptive rights resolution only narrowly passed even with the help of the EBT. This suggests that SS has another cunning plan up his sleeve.

UKOG retains the authority to issue just over 1 billion shares before the AGM.

Imagine just prior to the AGM, UKOG issues RF/YA with 1 billion shares, obligated by the agreement to be voted alongside the company.

Together with the EBT, this would give them control of about 30% of UKOG shares. Given that at the Feb GM just under 10% of shareholders voted (excluding the EBT), they don’t need to care what pesky shareholders think, they can easily win the vote regardless.

Nothing screams double bagger more than a company about to double it's amount of shares and then use the cash raised for a couple more months of admin costs.

If RF/YA do request say another 200,000,000 shares then UKOG will amend the resolution so that its for an additional 4,076,840,000 shares.

So the number shares are likely to go from present 3.88b to over 8b

Nicholas Mardon Taylor was last re-appointed at the 2020 AGM and according to the Articles of Association directors have to be re-appointed every three years.

So he should of been re-appointed last year not this. Nick is 80, so perhaps he just forgot.

The MP for Portland facilitated a meeting. That's a very long way from the government saying they need hydrogen storage in Dorset.

"If" is doing a lot of heavy lifting there.

Would you put SS in charge of a £1 billion project? (be honest now)

Ocelot,

There is no requirement for hydrogen storage in Dorset.

No-one is going to trust SS with £1 billion.

Assume UKOG only targets raising enough cash to keep them afloat for 3 months in the hope that a miracle appears:

Monthly cash req for operations: £245k (from cash flow statement)

Offering price: 0.0255p (optomistic)

=> (245,000 x 3) / (0.0255 * 0.01) = 2,882,352,941

That’s 2.88 billion shares!

No details or resolutions which probably means they are still deciding what exactly the plan to save the company is.

Also they might be trying to keep the votes as low profile as possible as the last thing they want is for pesky shareholders actually use their votes.

After expecting others to invest over £100million in UKOG, here's the current total board holdings:

Stephen Sanderson 1,245,731 £318

Kiran Morzaria 450,818 £115

If UKOG had a positive case to put to shareholders it would be making it, but it can’t:

- HH farmout dead due to PPP lacking funds

- No one wants Loxley farmout

- Turkey is dry

- Portland’s a £1billion fantasy

Instead SS issues this RNS showing shareholders the middle finger.

But they told the BBC they never said it and they also made claims like "Kimmeridge Oil can reduce imports by ~27%"

Here's Lenigas repeating the 124 billion barrels claim:

https://www.youtube.com/watch?v=tnYmaeBOQlg&t=203s

The BBC nailed SS years ago over the 100 billion barrels claim:

https://www.youtube.com/watch?v=a2h2kWmf5iA&t=60s

And here is SS again repeating the claim:

https://www.youtube.com/watch?v=6h2HxOe8WLI&t=976s

52 Week Low 0.024

52 Week Low Date 02-May-2024

"It will be interesting to see if he takes the company private"

He would probably need to become a major shareholder and he's not that stupid.

52 Week Low 0.0245

52 Week Low Date 02-May-2024

Ilovesushi,

“ For this it will received £420,000? Take away Mr Sandersons wages of £330,000 the company will have about £90,000 left as working capital”

UKOG doesn’t receive any new money from these loan conversions, they simply reduce the loan liability.

UKOG did receive £2m cash back in June 2023 when the loan was taken out but that money was spent long ago.