Member Info for deltavegatheta

I had estimated Sept 23 cash to be £2m, the actual was £1,868,000.

Using the same maths as before they have currently about £1m, so about 3 months cash left if no capital raise.

It's just saying that they don't need to show separate accounts for just the activities of the top level company, just the top-level and subsidiaries consolidated together. That's standard and not sus, unlike most of the rest of the report.

Looks like UKOG are looking for a new CFO, Guzyal Mukhametzhanova's name is no where to be found in the annual report.

The hydrogen clusters need to be built before any pipeline linking them together.

The Solent Cluster hasn't started to be realised yet, unlike some of the Northern clusters.

There won't be any requirement to store hydrogen down south anytime soon, the hydrogen has got to come from somewhere and at the moment there is no real plans for blue or green hydrogen anywhere near Portland.

Https://drillordrop.com/2020/06/26/dunsfold-environmental-permit-granted/

"The planning authority, Surrey County Council, has confirmed that all the costs of the highway work and speed restrictions must be paid for by UKOG’s subsidiary, UKOG234.

The work will be covered by a section 278 agreement, a legal agreement to carry out highway alternations to the road network.

Just over three weeks ago, DrillOrDrop understood that negotiations on the section 278 agreement were at an early stage and the finalisation date was not known.

We also understood that the traffic regulation order for the speed limit reduction required a consultation, which has not yet been advertised."

It's almost as if they are trying to hype the SP prior to a capital raise.

So far this morning they've convinced people to buy £220.10 worth of shares.

The risk of NSTA not extending the Loxley license was never very high on people's worries about UKOG.

The real issue is being able to raise the funds to do the drilling and believability of the CPR report given UKOG's history.

The only power UKEn has is a stack of PowerPoint slides

See https://www.lse.co.uk/rns/RGO/investment-portfolio-redemption-reverse-takeover-0d20hyiverqdkzh.html

Looks like UKOG has just lost one of its funding providers, RiverPort is exiting the investing business and is going to become a "health and wellness" company (no joke).

Turns out that providing death spiral financing isn't a sustainable business.

It is unclear what happens to RP's UKOG shares, it didn't seem to be a long-term holder anyway, selling them off as soon it was able after acquiring them. I think the UKOGs shares will be part of RiverFort's other investments which will be retained (or rather continue to be sold).

Matt Cartwright to planning committee:

"UKOG remain committed to its primary objective of unlocking its potential as a domestic source of oil & gas. We also have a backup objective. It's feasable for the well to become a geothermal heat spource that would that would enhance fruit and vegtable growth..."

RNS announcment:

"UK Oil & Gas PLC announces that its application to extend the planning consent at its Broadford Bridge site, primarily to assess the viability of converting the site to harness geothermal heat and power, was today refused..."

At least one of those statements is a clear lie.

Here's what they say in the planning application:

"The Site comprises a worked farm that accommodates a well site in retention mode. Temporary earth bunding delineates a stable, flat and drained well pad formed of crushed stone overlaying an impermeable membrane. A concrete well cellar and a conductor pipe have been sunk into the ground and cemented to surface through which the BB-1/1z wells have been installed.

Upon completion of Phase 3: Testing, BB-1/1z were suspended and permanent barriers to flow installed within the wells. All operational plant and machinery has been removed and the stone surface cleaned and retained along with the perimeter drainage ditches. A standard shipping container has been installed over the wellhead assembly and all valves closed."

UKOG (234) Ltd which has two assets, Broadford Bridge and Loxley, has as provision/liability of £1,013,619, I don't know what that would include other than the BB restoration cost.

When UKOG restored Markwells Wood during FY2019 & FY2000 it released £1,013,000 from their decommissioning provisioning figure during that timeframe and only MW was restored.

So it looks like UKOG has used what it cost them to restore MW as the provision allowance to restore BB, which is reasonable as they are similar sites.

So that's another £1m to find in addition to SS's salary and paying back RF/YA the remaining ~£500k before they can even think about investing in Loxley, HH or Portland.

Going concern statement in forthcoming annual report is going to be very interesting, it now has to take into account the BB restoration costs as well.

UKOG needs to make a big restructuring announcement in the next couple of months, business as usual isn't going to be possible.

UKOG has lost both applications 4-7

This isn't going UKOG's way, the councillors all seem to be siding with the 106 objectors and not the lonely supporter

Oil company accused of “clutching at tea leaves” to avoid restoring Broadford Bridge site

https://drillordrop.com/2024/01/05/oil-company-accused-of-clutching-at-tea-leaves-to-avoid-restoring-broadford-bridge-site/

Also:

Geothermal energy agreement with Ceraphi Energy

https://www.lse.co.uk/rns/UKOG/geothermal-energy-agreement-with-ceraphi-energy-iwx2t60nxg90qns.html

Ceraphi recently bought a load of abandoned fracking wells, so I suspect that's its focus now.

I've been estimating UKOG's cash position using the first half figures and projecting forward a year to March 31st 2024.

Cash as of 31st March 2023 £2,262,000

Cash burn (2xH1 rate) -£4,666,000

RF/YA raise £2,000,000

HH repayment £675,000

CMC raise £750,000

Est cash at 31st March 2024 £1,021,000

Issuing all remaining shares at 20% discount would raise about £740,000, so up to £1,761,000.

Cash burn rate is around £390k/month, so UKOG will run out of money in around 5 months unless they have reduced spending sharply.

To have enough to survive until March 2025 UKOG needs about an extra £3m, so would need to raise about 150% of present market cap.

In a couple of weeks we will see what the actual cash position was as of Sept 30th, the going concern statement should be interesting.

Looks like they found at least some merit to the case, otherwise there would be a judgement by now

UKOG's share price fell so low it was below par value and they couldn't issue any more shares.

They then had a general meeting to approve a 10:1 consolidation, but at first attempt it was clear not enough shareholders would support the move, so they adjourned the meeting, issued 10% extra new shares to their Employees Benefit Trust, which at the second attempt at the meeting, voted for the resolution enabled them to get the consolidation and 50% new shares issue through.

All this has confused the hell out of all the websites, so their analytics are mostly wrong at the moment.

In reality UKOG is down another 8% today.

I think the limiting factor for RP/YA in asking for more shares is that they are only allowed to trade 20% of the volume each month and they don't want to be left holding the shares (they're not totally stupid).

It's been over a month since they last got any shares and the volume has picked up recently, so I'm sure they will try to get some more shares very soon, before UKOG uses all the allocation in a fund raiser.

How much of the £660k they go for will be crucial for UKOG, if they go for the lot it will only leave about new money £250k for UKOG which could be terminal.

It was the EBT ploy that swayed it, raising the % for from 60% to 78%.

Note that even with grabbing control of 10% of the vote they only passed the 75% special resolution threshold by 3%, so they still need to tread very carefully at the AGM.