Member Info for Ibug

Ells

Who said anything about "commercial flow tests for Pinarova-1". Learn to walk before you can run. They haven't even done the new perforation or tried to flow the well yet. Then they have to see if it will flow at at a commercial rate which is something not 1 well in the Basur/Resan license area has done and there have certainly been over 20 of them in close proximity.

Aw ells. I didn't know you cared so much. Why worry about me when you have your investments to worry about? There are probably more stuck in this share than most on AIM and wish they had never bought here. Just think, you could be one of them.

Ells

They don't have the funds for drilling again at Pinarova. That is not covered by "Turkey: further testing of Pinarova-1 and further drilling preparations/studies". £279k for a shallow well soon becomes over £1m for a deep well. You only need to see what wells are costing in Turkey on a daily basis. TL/£ rate changing all the time.

Leewayne

I don't suppose you saw it coming? Some of us can read an audit report. Some of us don't believe all the BS put out by the company and some PI's. Some of us can think for ourselves. The big question is when do you top up.

I do love ells and his "catalysts". It is a bit like listening to moneymunch and his "perfect storms". At the end of the day it is just a load of BS.

"This is death spiral finance. The worst you can get. "

Oh boy. Even Adrian knows not to touch YA.

Ells

You still have no handle on the financials do you? When admin is running at £3.2m a year the £3m funding facility is not going to go a long way.

Ells

6 months ended 31 March 2023 (Unaudited) £'000 Revenue 890 Other Cost of sales (310) Administrative expenses (1676)

When revenue doesn't even come close to covering the cost of sales and admin where do you think the money is going to go? The reinjector is only going to save £250,000 per year.

· Turkey: further testing of Pinarova-1 and further drilling preparations/studies

· Loxley gas discovery: discharge of planning conditions and preparations for site construction, plus a potential farmout to cover the planned appraisal and development programme,

· Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro

· Portland hydrogen storage (UKEn): Planning application work and conceptual engineering studies.

Pinarova is UKOG funded.

HH-2Z is all UKOG funded.

Portland is all UKOG funded.

Loxley is all UKOG funded at present.

HH-3 is all UKOG funded at present.

Ells

UKOG still have one or two butt kickers left in the pot but will you see them coming?

6 months after the £10m Death Spiral funding from YA in 2017 UKOG did a £5.5m placing to carry on business. Never say never.

But the only physical work they have the money to carry out is the "water reinjection work-over".

They do not have the money to drill anything else in Turkey,

They do not have the money to rill HH-3. They do not have the money to complete the seismic survey of HH.

They do not have the money to construct the site at Loxley or drill.

One of many that would prove otherwise!!!

G-Martin

Posted in: UKOG

Posts: 392

Price: 0.058

No Opinion

RE: Balance sheet26 Jun 2023 16:27

The cash position should cover Pinarova-1 construction early March

Unaudited results six-month ended 31 March 2023

Hence where the statement; "The Company has ample funds to cover its share of the planned drilling and testing campaign" comes from

Ells

"fully fund working capital necessary to progress the Company's key planned activities over the next 12 months" are the key words.

PPP SP has dropped 50% since DL took over and have just done a placing for Texas. No placing for HH-3 though.

Ells 0.05p has spoken.

Love it. They just don't get it.

How many of these will we get today?

52 Week Low 0.0565

52 Week Low Date 28-Jun-2023

Only ocelot could polish the turd that is Death Spiral debt by YA.

It couldn't really get any worse could it? Death by YA. Reminds me of 2017.

Will ells be ticking these off one by one?

The funds will fully fund working capital necessary to progress the Company's key planned activities over the next 12 months, which include:

· Turkey: further testing of Pinarova-1 and further drilling preparations/studies

· Loxley gas discovery: discharge of planning conditions and preparations for site construction, plus a potential farmout to cover the planned appraisal and development programme,

· Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro

· Portland hydrogen storage (UKEn): Planning application work and conceptual engineering studies.

Ouch

UKOG declares interim loss of £1.3m

UK Oil & Gas plc reported an operating loss of £1.32m for the six months to the end of March 2023, slightly larger than the year before.

Full story here;

https://drillordrop.com/2023/06/27/ukog-declares-interim-loss-of-1-3m/