Member Info for Ibug

Exploration
Over the horizon would be outside territorial waters unless SS doesn't know what how far over the horizon actually means.

wizard
What I do understand is that onshore oil production will shortly become a thing of the past once the realisation sets in that it is never going to make money to keep the BoD in the manner they deserve. There may still be hope for gas production if they find more up north and are able to frack it.

SS just copied and pasted the work done by Egdon or have they plagiarised the work done by Egdon? If Egdon just ran out of cash what is not to stop UKOG doing the same? The windfarm alone adds another $400m+ to the final bill.

How some posters on here manage to shoot themselves in the foot and get very piqued when it all goes to rats.

Insider Knowledge
What is the distance to the horizon at sea level?
What is the distance to the horizon from 400'?
What is the distance to a 300' wind turbine from sea level?
What is the distance to a 300' wind turbine from 400'?
How far off Portland Bill does marine traffic pass south off Portland Bill going up and down the English Channel.
That's for me to know and you to work out for yourself.

Can anyone show any evidence that the Finch case actually stopped UKOG carrying on with it's normal business?

I think they have about 3bn still to play with before the AGM.

And still SS remains quiet about HH. Have they worked out that injecting water into HH-2z is not going to make a blind bit of difference to HH-1?
Have they worked out it will cost more to inject water in to HH-2z than they will make in savings over the life of the well or inject water into the right place?
HH is a non starter at the moment as far as I'm concerned.

Insider knowledge
or not
But not in Traffic lanes. They are close to the coast. You never were much good at research.

https://www.arcgis.com/apps/webappviewer/index.html?id=cb3474a78df24139b1651908ff8c8975

Tony
I'm sure putting an over the horizon wind farm project right in the middle of the English Channel traffic lane is a really good idea and well thought out.

They have raised over $7m for Turkey already. They have raised for Loxley pad already. Will be interesting to see what any new placings are actually for.

for UKOG to post on the website.

https://www.ukogplc.com/ul/AGM%20Notice%202022%20FINAL.pdf

Has all the details you really don't want to read.

"In respect of Resolutions 4 and 5 the Company will make available to the Shareholders
an opportunity to participate in any fundraising on terms which are the same as the
terms that will be offered to any new investors by way of an open offer.
Please note that if Resolutions 4 and 5 fail, the Company’s ability to raise further working
capital may be impacted."

No discount for shareholders then. Only about another 10bn shares in issue. What's not to like? They will be queuing up here to buy them. We know who they are.

What would it take to relax fracking rules? – Tory backbencher asks minister

The Conservative MP heading the Net Zero Scrutiny Group has asked the government what would be needed to ease the controls on fracking.

Full story;

https://drillordrop.com/2022/05/31/what-would-it-take-to-relax-fracking-rules-tory-backbencher-asks-minister/

"In respect of Resolutions 4 and 5 the Company will make available to the Shareholders
an opportunity to participate in any fundraising on terms which are the same as the
terms that will be offered to any new investors by way of an open offer.
Please note that if Resolutions 4 and 5 fail, the Company’s ability to raise further working
capital may be impacted."

https://tenor.com/view/panic-mainwaring-captain-dads-army-dads-gif-16995770

Resolution 2 – Re-Appointment of Director
The Board recommends the re-appointment of Stephen Sanderson, who was appointed as a
Director following the annual general meeting of the Company held in 2015 and re-appointed
at the annual general meetings in 2016 and 2019. Mr Sanderson, being eligible, offers himself
for appointment.
Resolution 4 – Directors’ Authority to Allot Shares
This is an ordinary resolution to grant the Directors with authority to allot and issue shares and
grant rights to subscribe for shares in the Company for the purposes of Section 551 of the Act
up to the maximum aggregate nominal amount of £970,000. This resolution replaces any
existing authorities to issue shares in the Company and the authority under this resolution will
expire at the conclusion of the next annual general meeting of the Company.
Resolution 5 – Disapplication of Pre-emption Rights
Resolution 5 proposes to dis-apply the statutory rights of pre-emption in respect of the
allotment of equity securities for cash under Section 561(1) of the Act. This is a special
resolution authorising the Directors to issue equity securities as continuing authority up to an
aggregate nominal amount of £650,000 for cash on a non-pre-emptive basis pursuant to the
authority conferred by Resolution 4 above.
The authority granted by this Resolution will expire at the conclusion of next annual general
meeting of the Company.

They really are extracting the urine imo.

Tuesday 28th June

I hope SS has his bid in for a grant otherwise he has missed out on up to £100k. Otherwise they will have missed the timeline.

Think they may have already missed the timeline.

"4. Timeline
Week commencing 28 February 22: Expression of Interest process launch
15 March 2022: Initial meeting and Q&A with applicants
8 April 2022: Expressions of Interest process close
11 to 22 April 2022: Shortlisting
27 to 29 April 2022: Provisional interview/presentation dates
3 to 6 May 2022: Bid selection
Week commencing 9 May 2022: Letter of Offer to selected LA(s)
Week commencing 16 May 2022: Acceptance of Offer from LA(s)"

I am sure under 70 bopd since last September will hardly touch the side of the UK onshore total production. Anyone thinking of taking this share seriously should check out the figures here;

https://drillordrop.com/2022/05/04/latest-uk-onshore-oil-production-data-february-2022/

or click on the green well here at HH

https://www.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa

Amazing how he didn't mention the cost of an offshore wind farm at over £400m. Did he actually put a cost on anything.
At least 4 years in the making or in the case of UKOG it will probably be 8 years.
Is he setting his sights higher to bring in the high rollers? Or is he making sure he has a job for another 5 years?
Now where is that AGM?