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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.
So without the EBT chicanery they would of only got around 60% for each motion and the two special resolutions would of FAILED!
i suspect the two 0.5m tranches are no dead as ukog failed to meet the conditions of the agreement.
rf/ya must be mega****ed off following the 10% ebt voting move.
what large investor would put money into a company were their voting rights are essentially null & void, and ukog can pass whatever resolutions it wants via the ebt.
Cuttingoutfat,
There is a lot of difference between UKOG announcing something and things actually happening.
If everything they announced came to pass UKOG would be FTSE100 company by now, instead they are down more than 99%
Just study what happened to UOG today for a preview of what happens next.
UOG issued new shares representing 76% of the equity and the stock closed down 38%.
UOG makes an operating profit, UKOG turns in a heavy operating loss.
I found this notice confirming that 3 billion new shares were admitted this morning:
https://www.londonstockexchange.com/news-article/market-news/aim-notice-27-02-2024/16350607
If anyone wants to see what UKOG will look the day after details of the fund raising are announced, just take a look at UOG today, down 40%!
If you don’t take note, close your eyes and hold, then I’m afraid you deserve what you will get left with (spoiler: not a lot)
SS is currently preparing to bid for millions of pounds of tax payers money to fund UKEn
It's ukenergystorage.co.uk
The plan seems to be to separate out UK Energy Storage, it has a separate website and on Linkedin SS gives himself two job titles, CEO of UKOG and CEO of UKEn.
So they may still get a chance to participate in SS's next £1billion fund raising.
At the AGM only 600,000 votes were cast, so unless this time they get off their behinds, it really just RP/YA vs EBT
RiverPort/UA have bought more than 4b shares since June, if they still hold them they could still out gun the EBT.
The marcap is around £2m not £200k, cancelling the consolidation at the last minute has screwed up the reference data some websites are using, which can’t help trading. Someone said that HSBC has suspended orders until the consolidation is complete, which is understandable.
Agreed it’s only a question of when not if UKOG goes pop.
The LSE members trading fees will be a few pence.
The market makers are probably testing each other out to see where the price is.
Remember the RSP brokers can’t see each other’s quotes without requesting a two-way quote prior to making a trade.