Member Info for mimbrit

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

If you look at the track record of the CFO, the 2022 and 2023 accounts for parent and subsidiaries were signed generally on time and submitted to Companies House promptly, a marked contrast with prior years before her arrival.

If you look at 2024 accounts for the subsidiaries, most were signed off on 16th December (6 months late) and submitted to Companies House anything from 7 to 12 weeks later and UKEN not at all.

Why the strange change in behaviour?

What has the company got to hide?

I guess we will find out "very shortly"...

Antc, RNS from 30th September with accounts

QUOTE

PKF Littlejohn LLP resigned as the Company's auditor on 24 January 2025, and Moore Kingston Smith LLP was appointed. However, the Company experienced timing challenges encountered during the audit. The audit did not progress in line with expectations, ultimately affecting the Group's ability to meet the reporting deadline under AIM Rule 19. As a result of the delay in publishing the audited annual results, the Company's shares were temporarily suspended from trading on AIM, in accordance with AIM Rule 19.

In July 2025, MKS LLP resigned, and the Board subsequently appointed PKF Littlejohn LLP as the Company's new auditor. MKS's resignation letter did not raise any matters to be brought to the attention of shareholders. While this transition was necessary to move the audit forward, it inevitably resulted in some disruption to the overall timetable.

UNQUOTE

Why did PKF resign?

Why di MKS resign?

What convinced PKF to step back in?

Why were two different sets of accounts published (RNS and Companies House)?

Why would UKOG refuse to explain that?

What have PKF found this time around (or do they want UKOG to be honest about the earlier discrepancies)?

What on earth is happening with UKEN 2024 (yes, 2024) accounts?

Skwizz,

I think you'll find he did buy a grand a month for a year if you click on 'UKOG Director Deals' above. His average was a little under 10p a share but he'd already lost 40% of his stake by the end of the year in question and he's 99% down now like many other poor souls. Only I imagine those poor souls didn't generally benefit to the tune of an average £400k salary.

The UKOG map shows the Project Union pipeline arriving at the company's (proposed) storage; the official National Gas one doesn't.

...between the Project Union hydrogen pipeline delineated in the map tweeted by UKOG

https://x.com/UKOGlistedonAIM/status/2046492323886796948/photo/1

and the map on National Gas's own website

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

...and such a consolidation would mean Mr. Sanderson owning 1247 shares worth £124.70 in the company, a 99% loss like many others have suffered.

However the CEO's investment in 2021/2 represents only around 0.25% of his income from the company - what does that tell you?

Yes, Trish, with a 1:1000 consolidation which would mean 36.5m instead of 36.5bn shares in issue.

Sounds about right.

…and few will MOUrn their passing.

Buy or sell on their RESULTS.

Ocelot,

On paper, that’s correct but ask yourself…

1) What assets does UKOG have?

2) What cash does UKOG have?

I kind of doubt they add up to £4.6m which is why the SP is sitting precariously where it is.

I think this was UKOG’s last desperate roll of the dice before they have to release their 2025 results by next Tuesday, or suspend again.

Those results are likely to be dire and you have to ask yourself who would partner with this company with its track record and over £130m of accumulated losses.

Let’s be having them, Mr. Sanderson, then judge if he’s investable.

Interestingly. only 2.844bn shares were voted in favour of the last authority to double the share in issue.

Assuming the 1.825bn shares in the EBT were all voted in favour, that means a miserable 2.8% of other UKOG shareholders voted for it...

Well it would be, with a 1:1000 consolidation…

What will LTHs vote when Steve ‘my background is big oil’ Sanderson seeks authority to double the current 36.5 BILLION shares in issue?

Will they vote, having lost 98-99% of their investment, as I believe occurred last time around?

What would you like to see happen, Antc1781?

Surrey County Council has cancelled its March planning committee meeting, so Steve ‘my background is big oil’

Sanderson should have bags of time to make the submission at the one on 22nd April…

Good question - it seems to have defied gravity for quite some time.

None at the present time, but a long awaited application is expected at Surrey County Council to restart the ‘Gatwick Gusher’; it was last anticipated in December, but December came and went.

The company expects higher rates of production after being shut in; we know this as Steve Sanderson reminds us his “background is in BIG OIL”.