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Having said that, borrowings have come down a long way since 30/09/19, of course, through the conversion of Riverfort's loan into new shares.

Good point, Adrianuk, you prompted me to open up the annual report:

think the key figure is net assets: £40.794m

We are approaching the period when news flow should accelerate:
gas off-take agreement;
pipeline application;
kit;
re Balcombe, it sounded as if the revised application might go in during the 2nd half of June.

Take the Saltflleetby CPR mid-case valuation of £25.2m, tack on a few £millions for Balcombe = about 5.5p per share so, agreed, would seem to be a bargain at 3p, let alone 1.05p (lse's closing price is wrong).

It helps to explain why the share price fell so low and why the current opportunity exists, yes,

Brockham, the RNS of 28/06/19, happened instantaneously.

Later, there was a 2nd dip, maybe in November, with the recourse to Riverfort, above all, to set aside decommissioning funds for Brockham and Lidsey.

Why can't posters make their points without having recourse to such exaggerated language?

Reported.

Don't think they had any choice, Ohmetoe, it made - and still makes - sense to have control of HH.

Think (and sincerely hope!) the worst is now behind us, that the share will re-rate and translate into fewer new shares being issued in the future (which, in turn, should help the re-rate).

Ohmetoe,

There's a lot of truth in what you say, but think the market will anticipate the end of the overhangs well before they actually occur and that the beginning of the re-rate is in the offing.

A target range of 1-2p is quite sufficient to make UKOG a multi-bagger from its current price level.

1/ the present share price is ludicrously low, brought about by the "perfect storm" of overhangs (part and parcel of the Magellan acquisition)+ water ingress (now resolved) + coronavirus;
2/ UKOG is approaching profitability, the extent of which will be determined by the oil price and oil flows, of which HH-2z remains the big unknown;
3/ as and when the market becomes convinced that UKOG is approaching profitability, the share price will re-rate;
4/ positive operating cash flow will contribute towards, but not cover, the company's future financing requirements, UKOG remaining an ambitious company with a number of projects on the horizon;
5/ it is a potential multi-bagger, starting from a much lower share price base than I, for one, had anticipated.

at 0.2417p.

Likewise - long way to go from here.

Table 6-8 presents the mid-case forecast:

Total AEWB (ie Angus) pre-tax future net revenue: £50.5m

Total post-tax net present value at 10%: £25.2m

FYI, the CPR provides you with a higher figure for Saltfleetby than Jamesthe second's and a methodology:

http://www.angusenergy.co.uk/wp-content/uploads/2020/03/Reserves-Resources-Valuation-Report-Angus-Energy-Saltfleetby-Assets-Effective-Date-28th-February-2020-Report-Date-4th-March-2020.pdf

The audio recording of the conference call of 06/05 is still on the website, under media, videos.

If you have the time, why not listen to that?

The conservative scenario is for 10 years, the optimistic case is for 12 years.

The futures curve is through to November 2026, but Saltfleetby is for a longer period of time than that.

the futures curve:

https://www.erce.energy/graph/uk-natural-gas-futures-curve

Market cap at 0.075p: £3m.

Potential of Clogau quantified for the first time, on the basis of international (not Welsh) gold prices: £750m.

That is a very large gap.