Member Info for mimbrit

Teabag,

Krok said he didn’t know of a company with poorer investor relations so I gave him an example, that’s all.

Discussion of UKOG is for the UKOG BB (which is dire).

I’m infinitely more comfortable here but hope the AGM won’t be another damp squib.

Krok,

I do - UKOG beats Matad hands down for contempt for shareholders.

However, the atmosphere here is pretty grim.

Ocelot,

“The negative assets are a bit of a sleight of the hand” - UKOG accounts seem to be generally; I haven’t yet scrutinised the third iteration of the 2024 accounts and the company refused to explain the discrepancies between the first two.

“outstanding loans only become payable when UKOG determines they are payable” - How else do you consider they should be accounted for?

“the HH assets may have been over-impaired” - how would you value them given planning approval is probably years away, and with their previous financial performance?

You seem to have a good knowledge of the company so could you expand on those points please?

A value of 0.005p is my estimate of the cash remaining in the coffers and obviously decreasing.

As the company has no revenue or prospects thereof, negative assets and no rich suitor coming around the corner, I think the current SP is actually well overcooked.

Anyone considering making a investment in this company should read this article as part of their research:

https://drillordrop.com/2021/12/17/ukog-chief-executive-commits-to-invest-12000-in-company-over-a-year/

I wasn’t a shareholder at the time but understand that Sanderson gave in to pressure to invest after not having done so in five years as CEO.

True to his word, Sanderson invested £1000 a month for 12 months and finished up with 12,457,310 shares; he has not invested a penny of his own money since and his holding has cost him just 0.3% of his considerable earnings to date.

Now consider what his £12,000 investment is worth today; the shares were consolidated 1:10 so he holds 1,245,731 shares currently at 0.01p = £124.57 = a loss of 99%.

Poor Col in the last comment was already down 99% BEFORE Sanderson invested.

There, but for the Grace of God, go you.

Sorry to get the earlier title wrong.

Have a look at the government hydrogen infrastructure map and project details/partners here:

https://national-infrastructure-consenting.planninginspectorate.gov.uk/projects-map?searchTerm=Hydrogen

Nothing in the south and nothing for UKOG.

Sushi, it’s worse than that; the LSE shares in issue number is wrong - it’s 36.5bn.

Plus, some poor people bought at nearly 0.05p in the rush after the National Gas MoU (about which we have heard precious little since) and have lost 80%.

Sanderson’s own piffling investment (contrasted with his outrageous salary) is down 99%.

A definite AVOID, you’re dead right.

The 2024(!) accounts for our flagship subsidiary are now visible at Companies House only a year late.

Interestingly, like most of the other subsidiaries' accounts, they were signed off on December 16th last year - why has the company waited six months to submit them to CH?

Such is the high regard Sanderson has for shareholders that the report is almost a verbatim copy of the 2023 accounts. In its business review there is an identical list of activities to the prioir year including meetings with the very same people as then.

The report reads as if it were an oil exploration company (and the company SIC is just that) not the ground breaking hydrogen saviour it purports to be.

I haven't wasted any time seeing if the subsidiary accounts tally with the consolidated because there have been three different versions as we well know.

By the way, UKEN have submitted their 2024 accounts to Companies House today - almost a year late - why on earth would that be?

You can't view quite yet but watch this space.

Just for balance...

Our company has no revenue and no likelihood of any in the medium term.

It has negligible assets after selling UKOG(GB) last December and liabilities which take it into negative equity to the tune of £5-6m. Yes it raised £5m last October/November but there were costs associated with that plus the general cash burn; an estimate of £2m remaining didn't elicit howls of derision.

There is no prospect of any government funding, and the cash will continue to dwindle.

I think even the target price above could be generous.

In the ARA, Sanderson helpfully points out

“Project Union's first phase, currently targeted for operation by 2032, is expected to connect the East Coast hydrogen cluster, with envisaged routing also facilitating UKEn's East Yorkshire project.”

So, what are we going to do for income for these next 6 years?

And, regarding the Weymouth site...

“Latest designs would see the National Gas Project Union pipeline coming directly to this nationally strategic storage facility.”

Not according to the map on National Gas’s website, see

https://www.nationalgas.com/future-energy/hydrogen/project-union-energising-britain

UKOG accounts state that Sanderson holds 12m-odd shares.

Did he immunise himself from the 1:10 consolidation then?

I actually agree, Ocelot, that £8bn is a huge figure, driven largely by Milipede's blinkered approach to our energy mix.

What I don't get is grossly expensive, inefficient and intermittent wind generated energy, transmitted with huge power losses over distance to sometimes produce hydrogen inefficiently to put in extortionately expensive holes in the ground for later consumption.

Then count the carbon footprint of putting them up and the cost of decommisioning and replacing in 25 year's time.

Please convince me this makes economic sense because, at the moment, Milipede is hurting everyone with overwhelming energy costs, sending companies overseas, crippling those remaining and doing Rachel from accounts out of tax receipts.

Where's the maths Ocelot?

TH2, two things...

Did your learned friends advise you to recommend this company as likely to receive government backing?

Please could you help me with the source of your "independently reported to be worth £2billion plus annual revenue" information? That would indeed be interesting.

Many thanks.

“Before joining UKOG in April 2019, Kris held positions including…”

Company website.

Interesting that the three operations posts shed saved an average Prime Minister’s salary each. Are all directors included in the employee head count?

Kris Bone joined the company in 2019, but Ocelot would know that.

QUOTE

During the year, the Financial Reporting Council ("FRC") conducted a Corporate Reporting Review of the Group's Annual Report for the year ended 30 September 2024. As part of this review, the FRC raised queries regarding the discount rate applied in measuring the Group's decommissioning provisions.

UNQUOTE

There follows a detailed explanation of the revisions required.

At the bottom of Note 3 there is another item "Increase in administrative expenditure and change in estimate - £450k"

Don't shareholders deserve a detailed explanation of this too? How is that number reflected in the restated accounts? Was this another "part of this review"?

This is the third iteration of the 2024 accounts and perhaps it shows why the FRC was interested in the first two.

UKOG has confirmed that, at best, it was running on fumes last September; Sanderson didn't benefit from the usual largesse because the cupboard was bare.

Yes, £5m was raised but there would have been significant costs associated with that, maybe £400k.

It has paid £? for the P&A at Broadford Bridge.

We lost £4m last year on a turnover of £400k. Yes the headcount has reduced but cash burn is still going to be c. £300k/month and UKEN is promising a lot of new projects...

So I doubt there is £2m left at this point in time.

I'm sure there is someone out there with a better estimate.

For balance…

https://drillordrop.com/2026/05/05/shrinking-assets-and-cash-ukog-delayed-accounts/

Sanderson couldn’t pay himself his usual wedge because the coffers were empty.

Take note