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Looks like YA have already started imo.
17-Apr-24 14:04:39 0.035 25,000,000 Unknown* 0.035 0.04 8,750
16-Apr-24 16:15:48 0.03474 48,098,304 Unknown* 0.035 0.04 16.71k
11-Apr-24 15:46:17 0.045 61,094,509 Unknown* 0.045 0.055 27.49k
11-Apr-24 15:43:53 0.045 25,000,000 Unknown* 0.045 0.05 11.25k
11-Apr-24 14:02:38 0.045 25,000,000 Unknown* 0.045 0.05 11.25k
10-Apr-24 16:24:16 0.045 30,000,000 Unknown* 0.045 0.055 13.50k
09-Apr-24 16:26:50 0.05 30,000,000 Unknown* 0.045 0.05 15.00k
The mugs will keep on buying though.
It would not surprise me if UKOG are using the same company that did all the work back in the early 2000's for Portland Gas. You just need to look at what UKOG have pushed out compared to what was published then. A bit too close for plagiarism for my liking. Could it be that UKOG are being taken for another ride?
"The reduction in the Loan's principal balance from that stated in the Company's 13th March 2024 RNS results from the conversion of the prior tranche of 206,965,282 ordinary shares by the Investors at an average price of approximately 0.054 pence per share."
Nice bit of late reporting by UKOG considering the SP has been down round the ankles for some time. Real shady company imo.
"We were delighted that the North Sea Transition Authority ("NSTA") granted its formal consent for the conversion of Horse Hill-2z into a water reinjection well. With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill, removing the need for costly transportation and disposal of produced water at third-party sites. We estimate that the removal of these costs would add around £250,000 net earnings to the Company per year and reduce the field’s carbon footprint."
So why haven't UKOG started? The monitoring ground holes have been drilled. Only thing missing is the money. But is it worth spending over £250k to save around the same amount?
"All Investor share transactions are subject to:
· an orderly market provision that provides that the maximum number of shares which can be traded by the Investors or any of their affiliates in any calendar month shall be such number of shares which is equal to twenty (20) per cent of the number of shares of the Company that have traded during the previous calendar month (as confirmed by the reports available by Bloomberg or their equivalent);
· neither the Investors nor any of their affiliates shall hold any net short position with respect to the equity of UKOG during the Loan term; and
· Investors will exercise any share voting rights in support of any resolutions proposed by the Company."
I'm not sure they will pay off the first £2m given the low trades other than the ones made by YA before the AGM when they will have to go cap in hand to shareholders for the right to issue more.
The only question is will they do a placing to pay for HH-2Z and funds to keep the lights on before the AGM.
Oh Adrian
You can only tell porkies can't you, never the truth. They can only drill another 4 wells and one of those will only give them less than 50% if the deal with PPP ever goes through which is highly unlikely.
Pboo
7,366 posts about O&G. Complete ignorance, serial loser and personal attacks on any one who says it as it is. You keep saying you are not invested here but we all know you have taken a big hit from 8p all the way down to what it is today. You really are a sore loser. Think it is you that needs to get a life.
13 Mar 2024 09:29
Future conversion of these Equity Shares by the Investors will further reduce the principal balance of the £2 million gross first cash sum received below the prior £0.66 million figure announced on 23 January 2024.
Anyone care to guess when the next "Loan Reduction via Equity Share Subscription" will be given that YA are getting through about 155m shares a week?
Https://www.supremecourt.uk/news/future-judgments.html
Should have checked the website myself rather than believe ocelot.
All those "slugs" of water are very promising. Makes me wonder why it has taken so long to do anything there.
2018 "the company said it had encountered unexpected water and ran out of time to do more than two tests because equipment had failed........
In a statement to investors, Angus said this morning it believed it could isolate the water-producing zone and establish commercial production at the Balcombe well under normal pumped conditions."
They have been slugging it out ever since.
Sound familiar?