Member Info for Insidious

#NUOG is a bombed out shell. There’s nothing in it. Complete re-structuring = massive dilution & wipeout via future placings/loannote conversions

O&G comps make profits from oil production.

You’re attributing ‘fantasy’ profits that don’t exist. From assets that don’t exist.

Taken from Twitter

I thought this company was on its last legs....

Hey Heid.....

Could be a tight squeeze .

Seadog assured us of transfomational news will arrive....

The Company has also agreed to sell its 50% interest in Marginal Field Development Company (MFDevCo) Ltd ("MFDevCo") to RMRI Limited (which holds the remaining 50% interest in MFDevCo) in consideration for the release of all outstanding debts due to RMRI Limited and Alan Minty, which totals, in aggregate, £1,230,614.21 ("Proposed Sale"). The Proposed Sale is considered to be a fundamental disposal under the AIM Rules for Companies ("AIM Rules"). As such it is subject to shareholder approval at the General Meeting. In addition, the Proposed Sale is considered a related party transaction under the AIM Rules as RMRI Limited is controlled by Alan Minty, a former director within the last 12 months of Nu-Oil. To enable the continued development of MFDevCo, the Nu-Oil Board have waived their shareholder rights on MFDevCo up to the point of the General Meeting.

The Independent Directors of the Company (being Graham Scotton, Frank Jackson, Tejvinder Minhas and Michael Bowman) consider, having consulted with Strand Hanson Limited, that the terms of the sale of the Company's 50% interest in MFDevCo to RMRI Limited are fair and reasonable as far as shareholders are concerned.

Should the Proposed Sale be approved at the General Meeting the Company will then be considered a cash shell under the AIM Rules and will have six months to effect a reverse takeover under Rule 14 or be suspended from trading. If that happened, the Company would have another six months to effect a reverse takeover or be de-listed from AIM.

In addition, RMRI Limited will be issued with 88,709,678 new Ordinary Shares in the Company to the value of £55,000 in relation to ongoing services rendered to the Company, also subject to shareholder approval. This is a significant discount on the existing liability due to RMRI Limited for work undertaken by it on MFDevCo activities.

Proposed Placing

The Company has conditionally agreed to raise gross proceeds of £0.5 million by way of a placing of 1.0 billion new Ordinary Shares at a price 0.05p per share, subject to shareholder approval at the General Meeting ("Proposed Placing"). The subscribers of the Proposed Placing have been introduced by representatives of C4. The net proceeds of the Proposed Placing will be used for short term general working capital purposes. In the event that the Proposed Placing was not approved at the General Meeting, the Board would have to seek alternative financing immediately. In the event that such financing was not available then the Company would be put into administration.

Nu-Oil is pleased to announce the implementation of a number of changes to strengthen the Company's financial position and create the foundation for a new strategic direction.

Notification of Transfer and Renegotiation of Debt

The Company has been informed by Shard Capital Management Limited ("Shard") that it has sold its loan owing to Shard by Nu-Oil to C4 Energy Ltd ("C4"), a UK incorporated private company.

Following the sale of debt, the Company has granted C4 loan notes of £10,000 denomination, which will be freely transferable, which sets the loan balance at £2.5 million (the "Loan Notes"). The Loan Notes are unsecured, interest free with a five-year term, with repayment due at the end of term. Subject to approval of the Company's shareholders at a general meeting to be convened (the "General Meeting"), the Loan Notes will also have conversion rights, at the option of the lender at any time, at a price of 0.05 pence per ordinary share, with C4 agreeing to a cap of 29.9% of the issued ordinary share capital at any point in time.

The basis of the new balance follows from the Company agreeing to borrow £1,000,000 from Shard for 12 months at a 20% interest rate on 25 November 2013. In December 2014, the Company obtained a further loan of £200,000 from Shard. In addition, the loan was secured against PL2002-01(A) and had a right of conversion. The audited balance of this loan was shown on the 30 June 2018 balance sheet in the 2018 Annual Report at £1.643 million and at £1.689 million in the unaudited interim accounts at 31 December 2018. With accrued simple interest to 30 September 2019, the balance increased to £2.215 million, with a higher number using a compound interest method of calculation (the original loan documentation was not specific on which basis the interest calculation should follow). In order to secure favourable commercial terms and given the proposed provision of short-term finance as set out below, the Directors of the Company have agreed to set the final balance owed at £2.5 million.

So when are we going to see 11p again....,

Please now more good news RNS's

Well its good news so you know what that means...

I wonder who that is...

Its a shame the SP isn't up.....

Unbelievable!!!

I thought you was still invested.

Bettter get ready for work.... good news will land here soon...

I was talking about that other company...

All over Twitter....

Heid - I see the equipment has arrived....

Where is this going to fall to?

UK Oil & Gas PLC

("UKOG" or the "Company")



Rig Arrival at Horse Hill: HH-2 Operations Commence



UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that operations for the new Horse Hill-2/2z ("HH-2/2z") Portland horizontal well, in which the Company has an 85.635% controlling interest, have commenced. The start of physical drilling operations or "spud" is expected shortly following completion of the rig-up process and will be reported in due course.



Drilling will commence with the HH-2 vertical pilot programme and will be followed directly by the horizontal well section, HH-2z, with a planned trajectory of around 1000m wholly within the Portland reservoir. Drilling operations are expected to be completed in approximately 60 days. The HH-2z horizontal will then be tested using a bespoke downhole electric pump, or ESP.



Immediately prior to rig arrival, test production from the HH-1 Kimmeridge oil pool was temporarily shut-in to permit a safe rig-up process and will be resumed prior to the pilot hole spud. Kimmeridge test production is planned to continue throughout the drilling campaign.



Before the current shut-in, Kimmeridge test production totalled 39,205 barrels ("bbl") of dry Brent quality crude, with average daily rates of up to 307 bbl of oil per day recorded following the resumption of production on 12 September 2019. Total aggregate Portland and Kimmeridge test production now stands at over 68,773 bbl.



Following UKOG's recent acquisition of Tellurian's 35% interest in Horse Hill, the Company now holds a controlling 85.635% interest in the field and surrounding highly prospective PEDL137 and PEDL246 licences, which continue to be operated by UKOG's subsidiary company, Horse Hill Developments Ltd, in which UKOG holds a 77.9% direct controlling interest.