Member Info for Ibug

£3m funding facility was supposed to be fully funded up to the construction stage.

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

There are still 5 Planning Applications still outstanding and the one passed have taken ages to get through. I get the impression the company are spending a lot of time toing and froing getting them passed hence "In the light of the recent successful Court of Appeal decision upholding the Company's planning consent to drill and test the discovered Loxley gas deposit, the Company now aims, subject to further funding, to commence the planned Loxley-1 appraisal programme in the second half of 2024. Certain costs associated with the discharge of pre-commencement planning conditions will also need to be funded."

Penguins

Yet another example of UKOG not telling PI's what was going on.

month oil/m3 bbls bopd water/m3 gas/t

Mar 20 893 5617 181 0.9 22.9

Apr 20 1160 7296 243 0.9 22.9

May 20 871 5479 183 87.6 22.04

Jun 20 753 4736 158 235.7 24.72

Jul 20 600 3774 122 219.5 16.48

Aug 20 633 3982 128 226.3 20.76

Sep 20 445 2799 93 179.6 15.52

Ding dong dell, water in the well.

The "Finalised plans for a short but material intervention in the Horse Hill-1 well ("HH-1") designed to further boost production rates this summer." obviously combined with the new "blue" pump configuration didn't work but we were never told why. Crane was over the well on various occasions between 26th May and 10th June. Lost count of the number of times the pump went on/off and the wireline was used. It has been all downhill since then.

09-Feb-24 16:11:50 0.0097 15,000,000 Sell* 0.01 0.011 1,455

Oh well. Writing was on the wall.

I wouldn't hang my hat on Portland. Look how long it has taken the incinerator at Portland to get through and it is currently at appeal.

Planning 10/01/2020 Land at Portland Port, Castletown, Portland, Dorset, DT5 1PP Request for Scoping Opinion for the Proposed Energy Recovery Facility (ERF), Portland Port, Portland.

Planning 10/05/2022 Outer Coaling Pier Dock Road Portland Port Portland Development at existing 'deep-water berth'.

Planning 05/12/2023 Portland Castle Liberty Road Portland Dorset DT5 1AZ T1 Sycamore - Crown reduction to north-east of multi-stemmed tree, to reduce lateral spread over car park and footpath by 2-3m.

Appeals 11/08/2023 Portland Port Castletown Portland DT5 1PP Construction of an Energy Recovery Facility (ERF) with ancillary buildings and works including administrative facilities, gatehouse and weighbridge, parking and circulation areas, cable routes to ship berths and existing off-site electrical sub-station, with site access through Portland Port from Castletown.

Https://westsussex.planning-register.co.uk/Document/Download?module=PLA&recordNumber=1911&planId=78564&imageId=82&isPlan=False&fileName=Adrian%20Watkins%20%20%20Support%2022-01-2024.pdf

Four years of protestor legal challenges have delayed further drilling and testing at Horsehill Surrey.

UKOG need to test Horsehill first as they have stated in the past to gain knowledge to re enter

Broadford Bridge . More time is needed while we wait for the Supreme Court decision to be handed to

Sarah Finch and Surrey County Council.

Thank you.

Someone is pushing for a sub 0.01 trade sell.

09-Feb-24 09:26:04 0.01 2,000 Sell* 0.01 0.012 0.20

"ocelot has the SP filtered". Now that is a joke. He has been hooked line and sinker more times than I care to mention.

Is it going to be another day of 0.011 0.012 ?

After the GM I predict it will be either below 0.009 or 0.09 depending on how the resolutions go after a placing or accepting the other £2m from YA (probably the obvious option). Never has “caveat emptor” been more appropriate here.

22 was different!

https://twitter.com/fossilfreeLDN/status/1541735459662995458/photo/1

It will be interesting to see what % they get for the GM.

UKOG AGM 5th May 2023: Total Votes

Resolution

For % Against % Withheld Total cast

1 577,210,047 98.63% 8,035,239 1.37% 16,043,447 585,245,286

2 550,451,358 92.50% 44,624,775 7.50% 6,212,600 595,076,133

3 548,423,081 92.07% 47,225,842 7.93% 5,639,810 595,648,923

4 564,045,055 94.84% 30,717,274 5.16% 6,526,404 594,762,329

5 506,526,346 87.06% 75,281,245 12.94% 19,481,142 581,807,591

6 508,294,475 87.59% 71,990,125 12.41% 21,004,133 580,284,600

Total Votes at UKOG Annual General Meeting, 28th June 2022

Resolution 1

Receiving and Considering the Accounts

Votes For Votes Against

99% 1 %

Resolution 2

Re-Appointment of Director

86% 14%

Resolution 3

Reappointment of Auditors

96% 4%

Resolution 4

Directors’ Authority to Allot Shares

82% 18%

Resolution 5

Disapplication of Pre-emption Rights

86% 14%

The last GM results in 2020 are here;

https://www.lse.co.uk/rns/UKOG/general-meeting-result-cra8e99ek8z1l5q.html

In 2021 they withdrew Resolution 6 – Disapplication of Pre-emption Rights before the meeting so anything could happen.

Ocelot

Have you ever wondered if Finch would take this to the Supreme Court if they lost (unlikely)?

The pump for HH-2Z injector has sat on site for 2 years now. Good job it is stainless steel even if they did cover it up at one stage. https://postimg.cc/TywyRN7h

Ocelot

Originally way back when it was £7m to get the drilling and testing of Loxley done. UKOG can hardly raise the cash to keep the lights on at the moment. Do you really thing someone is going to come in with £7m+ to drill on a whim?

Penguins

I had already worked out that if they take the optional £2m from YA there could be nearly 60bn or 6bn shares in issue this year. When you consider what they started with this year it will nearly have doubled.

Skwizz

I was just doing a what would ocelot or Adrian say!

It also shows the fragility of the company which could end up with over 44bn or 4.4bn shares before the AGM. When you get down in the weeds it gets dirty.

Is it at all possible that UKOG have got a single buyer lined up for the new shares (14767463100 or 1476746310) on offer between the EM and the AGM? It would give them 33% of the company. It is possible that they could go for under £2m which is all they would be worth. Nothing would surprise me any more. Only time will tell.

Ocelot

Define "smaller amounts"?

2,724,487,652 8 November 2023

1,087,649,954 16 January 2024

3,750,000,000 18 January 2024

876,412,394 29 January 2024

February 2024?

Ocelot

How would you feel if they potentially diluted the company by another 50%? 44bn shares in issue before the AGM is entirely possible. Wake up and smell the roses. Oh yeah!

Https://www.lse.co.uk/ShareTrades.html?shareprice=UKOG&share=Uk-Oil--Gas

I can just hear them down the pub saying how many shares they have in an oil company. Must have been the Black Horse.

I wonder if ells or ocelot would care to comment on how many shares UKOG could issue between the GM (not EGM) as ocelot suggests, and the AGM?

"Resolution 3 - 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 conditional upon Resolution 1, 2 and 4 being passed up to the maximum aggregate nominal value of £1,476.75, or should Resolution 1, 2 and 4 not pass up to the maximum aggregate nominal value of £1,476,746.31 being approximately 50% of the Company's ordinary share capital in each instance. 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."

Why do UKOG need to have a GM when they still have the ability to raise another £2m from the YA funding facility (Further advance of up to £2 million by mutual consent,)?

Why does UKOG need more money?

Will it be over 30bn or 3bn shares in issue in the next few months?

UK OIL & GAS PLC

2024 Annual General Meeting

To be held Friday, February 16, 2024

View Additional Meeting Details

>

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