Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
I now expect UKOG to slash a few staff from the ranks. There is no justification for the number of staff that they have on the books.
Furthermore, I expect them to make the Covid-19 salary cuts a permanent one.
This company just does not have sufficient cash to operate a 1 well site with 300 bopd with their current company overheads that are not factored into the $13 per barrel asset costs.
People have to go, salaries have to be cut.
If there are placings to fund salaries, then that is the last straw for any investment case.
We've observed just how was spent on exploration and drilling, and on site development at HH for production.
Now it is time to batten down the hatches, wait out the storm, get the Dunsfold planning over-turned. Brent will be above $65 within 12 months, the cashflow position should then improve.
UKOG cannot expect or plan to continue with the placing approach to financing. They need to slow down (I hate to say that), and take stock of what they have. There is no reason why this company cannot be a stable one with sub 500 bopd so long as they make the necessary long term cuts to the main costs.
Sanderson, you need to forget about a bonus for 2020. You've failed with HH2z, you've failed with Dunsfold.
Bottom drawer for me. Yes, I do still hold my position above 0.2p, but annoyed that I did not follow some core principles and sell at 0.4p last week.
Good luck to those holding, this company still has legs, but that light at the end of the tunnel just became a little more distant.
Its the SCC chairman that should be sacked. If planning was granted yesterday then the SP may have been up 25% or more.
That is not due to SS, that is due to the idiots running the SCC committee.
HH2z is disappointing, but a water re-injection well was required long term anyway.
The cash balance is more of an issue, as without HH1 turning out 750 bopd, then the cashflow levels will be insufficient the generate cash for further drills in 2021. SO, it is now inevitable that a placing will be required to raise cash for HH3 drill.
That is unless they can do further intervention work on HH2z to cease the water. Can they shorten the horizontal further or is the water issue one that impacts the entire play?
Too many weak minded people making decisions despite there being no legal basis to support their opinion, all because they are trying to keep their mates in the local area happy. Talk about conflict of interests. You have a group of councillors who are given the mandate to help the economic situation of the county whilst preserving the interests of locals.
Its not just a failure of weak-minded people to make the right decision, its a failure of governance.
Simply put people who are:
- poorly educated,
- too lazy to read a report in detail,
- too lazy to liaise with the chairman, planning office and legal team ahead of the meeting
- are unable to use simple technology
- had over 4 hours to ensure that their microphone was functional
- had the opportunity to phone into the session (rather than just use simple technology)
- incapable of understanding the basic arguments for and against
- incapable of understanding the boundaries of their jurisdiction
- unable to understand the importance of getting the UK progressed to a more independent state
- unable to explain or understand the basic concept of import/export
The above should not be eligible to stand as councillors.
We need a younger, brighter and more progressive rule in this country, not a bunch of whingebags with XR swayed opinion. Put simply, this country will be on its knees if idiots like this are left to run the interests of the counties in this wonderful country.
What should change right now; ALL planning applications for such developments should be removed from county council remit and ruled upon by central government. This is feasible and happens a lot with major developments at present.
If county councillors do not understand the importance of progression and development given the huge deficits and borrowing, then they do not deserve a say on the matter. This country is on its knees. Brexit was going to hurt, but Covid-19 has smashed the economy. These councillors will not give a damn, most of them are retired; one day they'll realise that their grandchildren will have to foot a huge bill, and that the UKOG development of a GAS asset (green and long term benefits) they decided to take the XR position.
Furthermore, the chairman should not have allowed a vote on a motion with very weak legal basis. He should have rejected the motion. That was very weak on his part.
The good news is that SCC would have voted for deferral, so that would have been months of delay anyway. So the appeal process may actually provide approvals sooner than would have been achieved anyway. Watch this space.
Even if they still say "refusal" after their offline chat, then UKOG will have to now focus on HH development, or potentially IoW .
Dunsfold will be won on appeal, of that there is no doubt.
So UKOG will now be spending their time (and money) on developing HH.
HH3/3z and HH4/4z to be drilled within 6 months.
Have some of those apples Ruth!
The locals will never be happy, they will whinge, as would I if it was in my back yard.
However, there is a huge legal issue if SCC vote this down against planning officer recommendation.
It will be passed, no doubt, with conditions, some of which may be difficult, but then UKOG dont need to be drilling there this year, its a 2021 drill.
28p
0.59p
I suspect MM's will let it rise towards close, ready to bag at open tomorrow. I'm expecting 0.45p close. Lets see.
All eyes on UKOG for a 5pm RNS? Will there be one?
There will be RNS's next week.
29th June : Dunsfold site planning application review at SCC committee. Planning Officer recommendation to PERMIT.
30th June : Half yearly results due (unless UKOG issue an RIS to ask for a 1 time 1 month extension). The half year results will certainly include an operational update.
I'm holding, waiting for a huge TR-1 to land, maybe this week, maybe not. Large wedge ready to go in on top of my buy at just over 0.2p.
We have seen 2 billion twice this week. What odds 3 billion tomorrow?
Off the charts volumes.
That is not a pump and dump. You want to see P&D, go look at UJO. Some shameful P&D on there (especially last year).
50% of all stock, over 5 billion traded within 2.5 days this week. That is not a small Twitter P&D force, that is something much much larger.
The trolls will say otherwise, they hate UKOG, doesn't take much to work out who they are or what they are trying to achieve.
Thats over 125% of the total shares in issue including those in the placing just 2 weeks ago.
That is no a pump and dump campaign. It smells of something much much bigger, as in MAJOR BIG. There I did it, I used capital letters.
Yawn, price of fish, Penguins, price of fish. You are deliberately de-ramping UKOG with fake news and claims made without hard facts.
You are making a hard line relationship without fact. Nice job there. Factless opinion. You might as well post an update about the oil pipeline that runs less than a few hundred metres from the HorseHill site. It carries oil products and could carry crude. BUT, that doesn't mean that it will be used by UKOG does it?
So Penguins now has to admit, with egg on face, that he cannot testify to the origin of the tanker hat was taken back to the yard by N66 yesterday. Penguins, it is worth noting, and this is a fact, that BKP have a fleet of trucks, not just N66. So it could have come from any number of different locations as BKP has many contracts. ALso, Gregg is very good at ensuring that he does not break the Non-Disclosure Agreement that is clearly in place between BKP and UKOG, so he is not going to provide any details as to where he took that from. But you also have to check his other tweets, there is more to his working life than just trips to/from HorseHill.
Egg on face, maybe more than an eggcup full. Don't come with theory trying to push as facts, come with facts, otherwise known as, dont bring a knife to a gun fight. p.s. Where have you been for 4 days? You must be gutted by the record volumes of trading, as earlier this year you stated that the big sellers would not be gone until Xmas. Wrong again!
Penguins, show us the footage of N66 actually being at Horse Hill. Those pictures are at a different site and is not Horse Hill. Come on, you love facts, so show us some that give credibility to your deramp.
Yeah, I'm sure that Hamble would process waste in waste tankers. NOT! There was an incident during initial setup of HH2z, where tankers were sent away, but then returned with wheels down. Appears that it may have been due to rejection on quality grounds at Hamble. Those tankers going to Hamble are carrying only the finest quality API sweet crude that HH produce. Not waste.
Tymers may be right when he says 2p next week.
I bet you can sell. MM's aren't stupid. They want your cheap shares to sell at 0.6p this afternoon.
Research the purpose of an EWT and also the status of HH1 and HH2z.
EWT = key results are to determine the dynamics of the reservoir, not to produce as much oil as possible.
HH1 status = was on Portland, may now be on Kimmeridge. We await the additional deeper perforations of the Portland, and then the dual completion to flow Portland and Kimmeridge in unison from that one well.
HH2z status = unknown, was potentially in EWT phase, certainly not in production. Awaiting further interventions on the shortened horizontal that was originally 2,500 ft long.
So, to state just 2 tankers a day is a bit wide of the mark.
Put it another way, UKOG have a pump on HH1 that can produce 1,000 bopd, and an ESP pump in HH2z that can also do 1,000 bopd. SO if both reached that peak we would be looking at 2,000 from just 2 wells, with permission for 6 wells on site.
I'm looking forward, not backwards, its been through 2 years of EWT on HH1 and is now in the first stages of 25 years production with much setup to get HH1 running at production levels with optimised settings.
All in my own opinion, do your own research, there is plenty there in the RNS's (facts) to review and piece together.
I'm looking at AAL closely. Have dabbled with them in the past and made some good returns. SP looks a tad high for my entry point, but it could continue this run thats been going 3+ months. I'll sit on the sidelines for a bit longer, continue research, and look for an opportunity for an entry. This for me has been a buy and hold for 6 months in the past, not an overnight 10%er. Good luck to holders.