Member Info for mimbrit

I guess someone knows a Sanderson special announcement is coming first thing Monday.

Close to $1m - ridiculous situation.

Stock - absolutely right it won’t be a placings as they have exhausted the current authority to issue more shares.

However, it’s a reasonable bet that will change in the coming months.

I think there should be a limit of, say, five posts per day on any board.

Then, maybe, people would engage brain before posting and not waste posts playing the man and not the ball.

Yes, it has been a bit grim at times.

Not half as bad as at MATD.

Not sure what has been going on with disappearing posts after someone commented on Horndean production.

Interestingly(?) the budget was for 168 bopd and it looks like 169 bopd were actually produced. However the trend was from 186 bopd average at the start of the year down to 145 bopd at the end, which represents only c.£20k/month gross to UKOG until the sale goes through.

Does anyone know about that? After all, it’s five months since the announcement and what might have been a fairly substantial down payment from Servatec.

In the annual accounts there was a reduction in headcount from 14 to 13. However, the amount they declared for admin in the interims would have only fed Sanderson plus two or three.

There must have been salary sacrifice or deferment and that’s why there’s a lot less cash at bank today imho.

Unless Sanderson conjures up some revenue or a concrete prospect, he will be raising again in Q2 and probably at a horribly low number.

Ocelot, I bow to your deeper knowledge of the loan situation.

What is your own estimate of cash at bank now?

Figures are at 31/03/25. Since then they have raised £5m less expenses, say 10%, = £4.5m.

They have also had 8 months’ worth of general expenses, new project expenses and have had NO REVENUE.

So it is very misleading to suggest they have cash of £5m - please be realistic!

Sadly, Mumbo, I don’t think there will be anything like that amount in the kitty.

If you look at the interims, they had £3m net current liabilities in March and that after declaring admin expenses a fraction of their usual run rate; they would have accumulated further liabilities during that period and been gasping for air by the time of the placings.

Plus, those are now two months back so they will have munched through a fair bit of the new money after playing catch-up.

Rare Earth Minerals mentioned in the article is now Cadence - note who their finance director is, and have a look at their chart.

And for even more Lenigas, look what is happening upon consolidation today at Wishbone Gold…

Https://www.standard.co.uk/business/markets/david-lenigas-is-the-gatwick-oil-bonanza-a-con-no-fracking-way-10218767.html

And Steve “my background is big oil” Sanderson mentioned in despatches.

Describes the people on this board who understand the history, track record and behaviour of the company, who try to research things diligently and help others avoid costly investment mistakes.

There was a charge registered at the time of the announcement of the sale which suggests the company was in receipt of (very much needed) funds.

Has there been any progress with this at NSTA? I can never get my head around their website.

…and failing to own up for different sets of equally iffy accounts.

If you won’t take this up with the auditors, Ocelot, why not follow your own advice and report it to the FCA?

Well found, Ocelot.

However, if you look at the interim accounts to March, there was not a hope in hell of getting past September with the funds they had at their disposal, let alone surviving another nine months; the placings were already in the bag at the time of the statement.

I think they will STILL need to raise additional capital before the end of Q2 2026 unless something fundamental has changed in the running costs of the company. Remember, they currently have no revenue, the P&A costs are not going to evaporate, and these pesky hydrogen studies need to be funded.

Ocelot,

“Think the comment about needing to raise before Q2 2026 was made BEFORE they raised the total of £5m.”

I don’t think so, but nor can I be bothered to look; accounts (before any still necessary corrections) suggest the company was in financial difficulty well prior to the placings. How did they manage from March onwards with only £373k in the bank?

Nobody has explained satisfactorily which set of annual accounts the auditors actually endorse. Maybe you should ask them if you are deeply committed here.

Ocelot,

I’m not sure that the notice to strike off is that much of a concern; after all, they only have to submit the accounts and those must have been done BEFORE the group accounts, mustn’t they?

What the various liabilities do mean, however, is that the £4.5m (after expenses) will run out that much sooner, and I think I saw something that said the company would have to raise before Q2 2026 which is a bit of a shocker.

As for suggesting that future partners wouldn’t consider their past track record, I think John McEnroe had very famous response which might be appropriate.

I hope they have some specialist media people preparing this as Mike Buck does have a penchant for telling things warts and all, and tanking the SP.

Simple, ignore him and don’t rise to the bait.