Member Info for Ibug

No wonder they want to carry out the HH-3 seismic before drilling. HH-3 was planned to go towards the NE.

HH field https://ibb.co/VWpWZ5j

Other fields in the area https://ibb.co/sQcJ765

Https://en.wikipedia.org/wiki/Rough_(facility)

Wiki probably needs an update.

"Additionally the Directors have entered into heads of terms for a further 6 month bridge facility of £6m which, whilst the final terms are to be agreed, they expect will be on substantially the same terms as those announced on 28 March for the £3m bridge facility, which has itself been rolled according to its terms by a further three months. The £6m facility is expected to be agreed next week and further details will be announced at that time.

The combined facilities will provide working capital allowing Angus to close out the final rolled hedges arising from late production in Q3 2022 as well as funding to evaluate acquisitions and the development of storage at Saltfleetby. This capital demonstrates the continued support of our pillar investors and the direction of the new management to deliver returns and growth."

No mention of farm in then.

185.3 tonnes @ 46 bopd

Looks like little wayne has a problem. Me. My comments must really be getting to him.

I was at the pizza party in 2014 and have been invested on and off here since 2013 so UP YOURS little boy.

Ells

We are 1/2 way through H2 and nothing to show. You and your catalysts! It is the same with your "fully funded", "2017" and "0.06". So far none of it has come to anything. It is like listening to a wonky record.

Https://www.google.com/finance/quote/UKOG:LON?window=6M

If you think the last 6 months has been bad just imagine what the next 6 months will be like. The only thing to look forward to is HH-2Z reinjector and completing Pinarova-1. HH-2Z will save £250k a year which is not a lot in the greater scheme of things.

Loxley and HH-3 both need external funding.

ells will be gone before we find out who was right and who was wrong like many who have gone before him.

Fully funded

Haha

And at what price are all the other SP's at? It doesn't take a rocket scientist to work out you can't get much lower than scraping the barrel. When you hit the bottom it is very difficult to go any lower. It's a bit like your posts.

Ocelot

How many times have you posted that recently? Have you forgotten all the Resan wells penetrated those formations and what did they find? You really do need to improve your polishing skills.

I reckon they will have to dip into the extra £2m before the 12 months are up. April 1st anyone? If they take the whole £5m I can see there being over 30bn shares in issue.

31 March 2023 Cash and cash equivalents £2,262,000 - £388,833 x 3 = 30 June 23 £1,164,237

30 June 23 £1,164,237 + £3m = £4,164,237 - 12 x £388,833 (£4,665,996) = - £501,759 30 June 24

Nice to see "fully funded" managed to get out of bed. Whatever happened to the horsehill solar farm? It got binned before it even started. So much for home produced energy. They can't even produce enough gas or collect enough rays to power the site and be self sufficient.

A quick heads up. Don't be shocked when you see the April flow rates for HH.

If UKOG are true to form the first loan conversion will hit the streets within a week.

How the SP was affected last time. Did wonders for the SP. 4p down to just under 1p.

(01) 20 Nov: 12,229,633 shares at 4.0884p (£500k conversion)

(02) 24 Nov: 13,308,137 shares at 3.7571p (£500k conversion)

(03) 06 Dec: 14,159,092 shares at 3.5313p (£500k conversion)

(04) 11 Dec: 16,753,225 shares at 2.9845p (£500k conversion)

(05) 18 Dec: 16,753,225 shares at 2.9845p (£500k conversion)

(06) 09 Jan: 18,581,144 shares at 2.6909p (£500k conversion)

(07) 09 Feb: 18,779,343 shares at 2.6625p (£500k conversion)

(08) 27 Feb: 18,754,689 shares at 1.3330p (£250k conversion)

(09) 07 Mar: 16,831,617 shares at 1.4853p (£250k conversion)

(10) 16 Mar: 17,603,154 shares at 1.4202p (£250k conversion)

(11) 22 Mar: 20,650,917 shares at 1.2106p (£250k conversion)

(12) 27 Mar: 24,297,794 shares at 1.0289p (£250k conversion)

(13) 04 Apr: 24,297,794 shares at 1.0289p (£250k conversion)

(14) 09 Apr: 43,963,774 shares at 1.1373p (£500k conversion)

(15) 09 May: 18,701,376 shares at 1.3368p (£250k conversion)

(16) 23 May: 19,658,725 shares at 1.2717p (£250k conversion)

(17) 04 Jun: 19,251,502 shares at 1.2986p (£250k conversion)

(18) 19 Jun: 80,076,874 shares at 0.9366p (£750k conversion)

(19) 25 Jun: 52,865,299 shares at 0.9458p (£500k conversion)

Ocelot

They would have been down to the last million around now so just a good job there is no decommissioning going on.

31 March 2023 Cash and cash equivalents £2,262,000 - £388,833 x 3 = £1,164,237

Made a big mistake by dividing by 12 instead of 6

"Ibug

Posted in: UKOG

Posts: 8,540

Price: 0.058

No Opinion

RE: Balance sheet26 Jun 2023 16:18

31 March 2023 Cash and cash equivalents £2,262,000

30 September 2022 Cash and cash equivalents £4,595,000

Haemorrhaging nearly £200k a month by my calculations."

Now that is a big whoopsy.

Should read:

30 September 2022 Cash and cash equivalents £4,595,000

31 March 2023 Cash and cash equivalents £2,262,000

Difference for 6 months = £2,333,000 /6 = £388,833 a month

That is £4,666,000 a year so there is no way UKOG can make do on a £3m funding for the next 12 months.

No wonder they added this bit;

"Further advance of up to £2 million by mutual consent"

Just such a shame ells didn't check my figures.

TW says;

You may remember an aggressive debate in April between a fat Aussie penny share promoter ( D. Lenigas Esq) and someone who trained as an oil equities analyst (me) as t the financial health of UK Oil & Gas (UKOG) of Horse Hill infamy. I insisted it needed a raise, Big Dave said that I did not know what I was talking about. Well guess what, guess who was right and who was wrong and should be sending a case of Metaxa to the Sheriff?

David Lenigas knows where to send the Metaxa – UK Oil & Gas forced into death spiral, I was right and he was wrong!

Ells

Aren't you forgetting something.

"The respective RA programme deadlines are now as follows:

· PEDL137: commence drilling a Kimmeridge appraisal well by 30 September 2022.

· PEDL246: commence drilling a Kimmeridge exploration well by 30 June 2025."

It is the retention agreement with the NSTA to keep the licence area.

1st Support Level 0.057

2nd Support Level 0.056

3rd Support Level 0.055

Ells

Apart from the fact that it is PPP money which UKOG hasn't got yet and it doesn't look like PPP will be able to come up with the sash even for the seismic survey let alone anything else. Why else would UKOG say "preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro"

"Farmout Highlights:

· PPP to fund 100% of a new crestal infill production well, designated Horse Hill-3 ("HH-3"), to be spudded after the completion of a PPP 100% funded ~12 square km high-definition 3D seismic survey (the "Farmout Programme"), subject to an aggregate cap of £4.6 million."

Ells

Do I really need to know who Christopher Iles of Surrey is? Is he a mate of yours as you don't seem to have many. He wouldn't be able to afford me anyway.