Member Info for Jarv55

It hit 4p when it was Ad4

Recurring revenue of £2.79m, up 31% on the previous six-month period (H2 2019: £2.13m, H1 2019: £3.02m), a key focus for the Group in becoming a sustainable growth business

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Revenue of £4.43m, up 44% against the previous six-month period (H2 2019: £3.08m, H1 2019: £4.18m)

Mornington have you actually read the rns?

They should name these contracts in the rns if they can name Boohoo they can name them surely.

https://twitter.com/proactive_UK/status/1277878550176161792?s=19

Very good progress they need to up the pr and get an interview done with proactive. That Boohoi contract is big news should of been announced before.

Manman disagree it hasn't happened already old placing was cancelled. NEW PLACING being set up now what happens to those that forward sold the first placing?

https://www.marketscreener.com/SEALAND-CAPITAL-GALAXY-LI-24935550/company/

great news
https://www.londonstockexchange.com/news-article/MLVN/issue-of-equity/14592147

https://www.londonstockexchange.com/news-article/MLVN/issue-of-equity/14592147

Everything is set here just need directors buys Sanderson!!!

So the one piece of the puzzle that is missing is the bod and skin in the game. The Ceo should buy shares it is cheap enough.

Horse Hill-1 Intervention



The HH-1 intervention is planned to further improve oil production rates by a full re-perforation of the well's Portland section using larger and more deeply penetrating perforating guns, at twice the perforation density per foot compared to the current completion. The reperforations are designed to materially increase the ability of oil to flow into the wellbore.



The work will also reconfigure the well's production tubing set-up and deepen the downhole pump to maximise pumping efficiency and hence maximise HH-1 production. The recent installation of the new higher capacity Unico L706X linear rod pump also forms part of this production optimisation process.

Loan Note Repayment



The Loan Note outstanding balance of £1.75 million will be repaid via the mechanism outlined in the Company's announcements of 27 September 2019 and 12 February 2020 with an early redemption premium of £175,000.



Horse Hill Equipment purchase



The Company has signed a binding Heads of Terms with PW Well Test Ltd ("PW") for a £1.65 million purchase of all existing PW Equipment used to produce oil and gas at Horse Hill. The purchase is via three equal instalments of £550,000 as follows:

- Initial instalment payable upon signature of the asset purchase agreement via equal amounts of cash and UKOG shares. Full title to the Equipment will transfer to UKOG upon this initial payment.

- Two further instalments at 6-monthly intervals, or earlier at UKOG's discretion. Each payment either wholly in cash, or wholly in shares, or part cash/part shares, each at UKOG's sole discretion.

- In the case of payment via shares, the number of shares issued to PW shall be determined using the 5-day volume weighted average price ("VWAP") of UKOG ordinary shares on the day prior to the instalment payment date.

Stephen Sanderson, UKOG's Chief Executive commented:



"With the lockdown rules easing and encouraging signs of recovery in the Brent oil price, the Company has acted decisively to both strengthen its financial position, target further profitability of its flagship Horse Hill asset and start preparations for its next appraisal wells at Loxley and on the Isle of Wight."

How much is the Isle of White worth?

But there is plannig news due by the 29th 30th

4. Raised £4.2 million at 0.2 pence per share to provide funding for the above and other key activities. To include preparations for work at the Loxley Portland gas appraisal well site, if planning approval is granted on 29 June, and follow-up of the Arreton, Isle of Wight planning application. Placing details are provided below.

So at the moment the placees are flipping.

3. Finalised plans for a short but material intervention in the Horse Hill-1 well ("HH-1") designed to further boost production rates this summer

More oil coming in the Summer

2. Materially reduced Horse Hill oil field operating costs ("opex") by a further $4 per barrel via a £1.65 million purchase of currently rented surface production equipment ("Equipment"). Overall asset level opex now reduces to approximately $13/bbl at current production rates, amongst the lowest in the UK oil sector.

So they are starting to make profits over $13 per barrels lock down is easy we will need oil.