Member Info for Ibug

Cinders
"The Proceeds of the Placing will, therefore, be used primarily to pay UKOG's remaining share of Basur-3 drilling and seismic acquisition costs and for general working capital. The Company anticipates that its remaining net capital commitment to such programmes is approximately £2.06 million for the Basur-3 appraisal well and £1.1 million for the 2D seismic programme."
Is post whatever so not sure where you are coming from with that one.

I posted this about 2 months ago. Nothing has really changed since then apart from POO rising the "normal" admin charges which can be anything. It's not as if they have anything to spend the money on at the moment.

"31 March 2021 Cash and cash equivalents £1.94m
Open Offer was £0.46m
Placing £4.97m
£7.37m - £3.16m = £4.21m

£4.21m from end of March this year with Basur covered means they do have a bit of spare change in the cupboard."

Cinders
Why are you getting so het up? All I was doing was pointing out how many shares has already been used up out of a total of 8bn. If you want the figures the split has been;

2,763,888,878 new ordinary shares
and
256,974,621 new ordinary shares

What is not to understand? Who knows what the SP will be when it comes to a placing. Loxley hasn't even been approved yet. Hell, they could even hold another GM and change it all.

Is it?

Resolution 1 – 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 £800,000. 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 2 – Disapplication of Pre-emption Rights
Resolution 2 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 £400,000 for cash on a non pre-emptive basis pursuant to the authority conferred by Resolution 1 above.

UKOG have only issued approx 3bn out of 8bn shares so far.

https://twitter.com/davethedrill1/status/1446190699645444099

They still need OGA approval for HH reinjection.
How many of the water reinjection companies saw an increase in oil production over the last year? It doesn't always work.
Officers report for IOW has been written, just not published.

I can't believe you fall for FOTH's harebrained schemes all the time. He will say anything to try and push the SP up or down depending on his position.
We have had underground pumps, new roads, pipelines to name a few and now Loxley. He has you jumping through hoops.

Easy to check. It's on the main page. And that is the all time low, not just the last 12 months.

52 Week Low 0.1075
52 Week Low Date 22-Mar-2021

ocelot
So you blindly posted it without checking the accuracy of it.

ocelot
I would check your calculations.

month m3 bbls water m3

Mar 20 893 5617 0.9
Apr 20 1160 7296 0.9
May 20 871 5479 87.6
Jun 20 753 4736 235.7
Jul 20 600 3774 219.5
Aug 20 633 3982 226.3
Sep 20 445 2799 179.6
Oct 20 233 1466 0
Nov 20 483 3038 188
Dec 20 403 2539 169
Jan 21 504 3170 267
Feb 21 443 2786 197
Mar 21 516 3246 249
Apr 21 482 3032 223
May 21 494 3107 197
Jun 21 452 2843 183

All this popping in and out of shares really does mess with your brain. It's as though you don't know you OGA fro EA or more bluntly your ass from your elbow.

Adrian
But they still need OGA approval for the FDP addendum to do it.

"A Field Development Plan addendum was submitted to the Oil and Gas Authority (OGA) for the conversion of the HH-2z well into a water injector. "

They still need to carry out works inside the well to convert it. Don't forget the plugs, pipes and packers as well as on site treatment.

Didn't take Adrian to show his true colours. Must be down on his investment already. He always forgets the OGA approval "to".

Freeasabird
@davethedrill1
#UKOG Isle of Wight Arreton3 well and sidetrack Arreton-3z planning application to be heard on the 19th of this month. See confirmation below.
Also Horsehill Water injector EA permit due and Loxley appeal decision to.

RBL . Catch 22. Horsehill is the only place they are likely to get a CPR from in the near future. They won't do one now as only HH-1 is producing and that includes water. To get a decent CPR from the field would require a reinjection well and more data from a productive second well to give realistic 1P, 2P and 3P values.

HTThttps://drillordrop.com/2021/10/06/latest-uk-onshore-oil-production-data-june-2021/

and this never happened!

HTTps://drillordrop.com/2019/07/06/second-drilling-company-seeks-to-explore-for-oil-and-gas-surrey-village/

There is more chance of FOTH making a profit in shares than iGas and UKOG drilling together.

There is no CPR for Loxley. And he's back!

ocelot
Most of those will be those that have lost their jobs when their firms have gone bust because of the price rise putting their firms out of business. UKOG will certainly see no benefit from it for at least 3 or 4 years imo.

ocelot
So how come there was no big outcry in February when the price rose only to drop again. Look back over the last 20 years and you will see how prices go down as quickly as they go up. Keep dreaming mate but don't try to draw in uninformed investors with your pies in the sky. Really should have a govt. wealth warning with some of your posts.

https://www.eia.gov/dnav/ng/hist/rngwhhdm.htm

ocelot
I don't know why.
When do you think they will get into production if they win the appeal?
They will need to raise funds for the drill.
There will be no cash from the exploration and appraisal period as all gas is flared off. They then need to go back to SCC for planning permission to produce.
A lot can happen, or even not happen, in 3 years. It took over 5 years to get HH into production.