Member Info for mimbrit

Some several decades ago at The Roundhouse in Dagenham, Supertramp were the support group to what was a bit of an unknown quantity at the time - Derek and the Dominos.

I was blown away by Supertramp's performance and said that, if Clapton could beat that, he truly was God.

He did - it was the Layla period.

Behold the closing chapters in the dreadful saga of UKOG.

On Wednesday, GoldPunter told us the company was trading below cash - his estimate £3.6m - and he was buying as many as he could. I reckoned they had half that and that the SP should be 0.005p as they have no other assets. Antc thought they had ploughed through the lot and today's announcement does smell rather like that - pretty rancid.

So Sanderson has flogged the dead Horse and it is the infamous Lenigas galloping off with it, as it's only comatose of course.

GoldPunter naturally knew this was coming and that Milipede is the white knight coming to rescue UKOG.

You really couldn't make this up...

Fairly hacked off with this now.

Can’t believe after last year’s debacle that we are discussing non-payment in June although, if we are paid at today’s rate, that’s sort of a bonus.

As for no drilling activity this year, I’m kind of speechless.

My guess is that there was a fairly substantial up front payment to keep the wolf from UKOG's door.

Where is it in the accounts? Well, Grammama asked similar searching questions and look where it got her...

Penguins,

"b) under this deed, the Chargor provides security to the Buyer for the Initial Consideration payable under ........ the Share Purchase Agreement"

Antc,

UKOG sold UKOG (GB) to Servatec for £400k - RNS 3rd July. There was a charge raised on UKOG (GB) same day so, presumably, some or all of the money changed hands at that time although the sale didn't complete until December. Ocelot is usually good at pointing out where this appears in the notes in the accounts so perhaps he/she could help here.

I think this was a fire sale because UKOG were running on fumes as evidenced by the September accounts and, as Penguins said earlier, its carrying value was £1.5m.

That money is long gone as is the revenue from the operation.

Under normal circumstances, we should get an estimate of the cash burn to March in the interims at the end of the month.

Skwizz doesn't think they'll materialise though and, as Grammama told us before being removed, UKOG is tight lipped about the various different sets of accounts out there.

My point, Antc, links with Penguins' in that the cash is UKOG's only current asset.

If it's £3.6m as TH2 propounds, then today's SP is reasonable.

If it's <£2m as I estimated, it should be nearer 0.005p.

As you believe Sanderson has consumed the lot, it should evidently be below that.

Take your pick.

Antc,

I think peeps should look at the numbers for Sanderson's 10 year tenure - cumulative losses of £104m...

He's 70 this month, has taken £4m in salary apart from any other perks of the job, and has left shareholders high and dry.

Of course, it's TH2's prerogative to throw good money after bad but encouraging others to do so is another thing.

TH2,

What do you think our NAV is please?

Do you think that we have £3.6m cash nine months after the raises (and being seriously underwater at the time).

Antc scoffed at my estimate of <£2m as a gross overestimate.

Any other estimates out there please?

Antc,

I think you will find he is/was a director of VERY many other companies n the UK, many defunct, and probably countless others overseas.

TH2,

In the interests of honesty and transparency, would you mind telling us which of today’s trades are yours?

“The National Wealth Fund has committed to spend at least £5.8 billion in five clean energy and

advanced manufacturing sub-sectors over this Parliament, of which low carbon hydrogen is

one.”

I thought I had seen a figure of £500m for transport and storage which, over 5 years and shared between a number of seriously experienced industry players, doesn’t suggest megabucks coming UKOG’s way as you constantly allude. Plus, we are nearing the end of the much vaunted H1 announcement about allocations, with every indication that I have seen suggesting this will slip or maybe kicked into the long grass.

Happy to be corrected if you know otherwise, but this looks like a garden path to me and could be quite unfortunate for unsuspecting investors even at today’s depressed price.

Antc, the company reduced its headcount according to the last accounts (it had run out of money).

We don’t know if it increased the headcount on receipt of the £5.5m although, if it was working flat out (!) on HH and H2 you might expect that.

What are your estimates for cash burn since October?

Future expectations are that UKOG will have a very tough and long journey to achieve retrospective planning for Horse Hill.

Even if the current oil price prevails at that point, the operation is unlikely to be profitable.

The company has stated that revenues from hydrogen only commence in 2032.

The gap will only be filled with placings at ever decreasing prices, wiping out shareholders each time. That’s why I value it at current cash (decreasing).

Reeves has all but snuffed out the UK economy but UKOG’s fate is self-imposed.

The company has probably less than £2m left of the money raised quite fortuitously last October and the SP should probably be 0.005p. It will almost certainly be that at the next raise, never mind the inevitable consolidation.

Why anyone is buying this is absolutely beyond me.

Two questions,

1) Is the gambling site an aggrieved creditor, and

2) does it offer better odds than UKOG?

Let’s assume revenue is correct, Ant, and the water cut is represented in the cost of sales and, ergo, the loss.

Presumably, if not much changes, similar financial results are to be expected.

Those who might be banking on Horse Hill galloping to the rescue might like to look at its track record to date

Revenue (£m) Loss (£m) Shareholders' funds (£m)

2019 nil -1.15 1.2

2020 0.75 -17.9 -16.7

2021 1.36 -1.8 -18.5

2022 1.5 -3.4 -21.9

2023 1.24 -0.9 -22.8

2024 0.83 -3.4 -26.3

From the 2025 group accounts, it might be surmised that further revenue of £0.15m would have occurred but the loss is anyone's guess and, given the company's propensity to report late, you won't know this until next year.

I wasn't here when it gushed and there are plenty more knowledgable about water cut and other matters. What's abundantly clear, however, is that it really didn't do very well. Apart from alluding to a pressure build-up while shut in, I'm not sure Sanderson has explained how it will do any better if planning approval is achieved against quite some odds.

There is the serious opposition at local level, the Finch legal case and Milipede's intransigence to be managed. I can't see the thing getting through planning for well over a year if at all so losses will continue to mount up.

With hydrogen revenues projected from only 2032, as they say on London Transport "mind the gap".

TH2 reported for repeatedly posting misleading stuff.

I have to give him full marks for the "secret sauce" laugh though (in around 2032).

You can buy @ 0.0103p now, the 47-share transactions continue to be buys not sells.

Something has to give here…