The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
“ It is UKOG acting as a catalyst”
Add UKOG to your £1b project and see your investment disappear even faster.
"Does that mean UKOG will be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?"
Why go with an established company with a track record in delivering large infrastructure projects when you can go with UKOG that has one small oil well and has lost £100m+ of investors money.
The whole Portland thing is just ridiculous.
No work has been done on Portland by UKOG except getting an agency to produce a slide deck and showing it to a revolving door of energy ministers.
DYOR research into the realities of the project, like is there even a requirement to store hydrogen in Dorset? Don't just believe what SS says.
"Does that mean UKOG will be remunerated for managing the submission?"
If you had £1 billion to invest in a project would you entrust the project to SS?
Portland is just a wheeze to keep the believers believing.
Remember UKOG gets it's money from shareholders not customers.
The Companies Act says the AGM must be held within 6 months of financial year end, so they will miss the legal requirement by at least 5 weeks.
SS must be scared of meeting the shareholders. I hear he wears brown trousers these days.
Are they more likely to:
A: invest £250k in HH
B: take all the cash they can out of HH as load repayments to keep them afloat as few more weeks
Yes UKOG had revenues of £1.5 million last year but had costs of $4.9m resulting in a loss of £3.4 million.
It needs over three times the number of tankers leaving HH if it is to keep the lights on.
Latest NSTA figures show HH production declining.
Look at the cash position and burn rate. Companies fail when they run out of cash. UKOG has run out of cash and the low SP makes raising new funds extremely challenging and even if did succeed would wipe out existing shareholders.
52 Week Low 0.0325
52 Week Low Date 16-Apr-2024
52 Week Low 0.0375
52 Week Low Date 16-Apr-2024
AGM is overdue (which is a criminal offence).
Sando clearly afraid to face the share holders.
They get their money from shareholders not sales, so trying to pump the SP is UKOG's top priority.
Expect some ridiculous announcement about Portland and it's £1b risk free opportunity prior to a major fund raise. They will then spent the money on directors salaries before announcing that they aren't in a position to bid for this year's hydrogen storage round, but they will aim to bid in the next round and then not even do that as no-one is interested in the project.
UKOG still owe RF/YA about £500k which is now nearly a third of marcap. It doesn’t look to be sustainable to keep on buying and selling 6% of marcap shares for either party.
I wouldn’t be surprised if a deal was done where UKOG pays them off for say £350k. It would of course have to be part of a larger multi-million fund raising which I suspect is coming as UKOG currently can’t afford to peruse any of its dreams.
That was just a General Meeting not the AGM
From https://www.legislation.gov.uk/ukpga/2006/46/section/336
"Every public company must hold a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period)."
"If a company fails to comply with subsection (1) an offence is committed by every officer of the company who is in default."
The accounting reference date was Sept 30th 2023, so it should of be held by end of March.
From the AoA:
Each Director shall retire from office and shall be eligible for reappointment at the third annual general meeting after the general meeting at which he was appointed
Also SS will be up for re-election at next years AGM
UK Energy Storage Ltd was formed on 16 May 2022, then a year later, on 19 May 2023, UKEn Holding Limited was formed.
The interesting thing is that while UK Energy Storage Ltd is 100% owned by UKOG, UKEn Holding Limited is 100% owned by SS.
https://find-and-update.company-information.service.gov.uk/company/14880485/persons-with-significant-control
The SIC code for UK Energy Storage Ltd is 06100 Extraction of crude petroleum (guess there isn't one for gas storage)
The SIC code for UKEn Holding Limited is 64209 Activities of other holding companies
So it looks like SS has a company already set up to hold UKEn under his exclusive control.
Maybe the plan is for UKOG to sell UKEn to SS then they go their separate ways, with UKOG going back to concentrating on Oil and Gas exploration (badly).
Of course SS's next move would be to start trying to find investors foolish enough to put money into his new company.
Ocelot,
You better buy loads quick then before all the directors start buying all the shares as the upside is so amazing!
The auditors have warned you in black and white, if you choose to ignore their warning then you have yourself to blame.
Look back at older annual reports for numerous examples of large impairment charges being taken after assets have moved out of intangibles:
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"
If UKOG really was 95% undervalued someone would of snapped it up months ago. Instead the SP continues to go down further.