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If you're in contact with Zeus, Trish, can you ask him kindly to pull this share price up? Thank you and thanking him in advance.
Loan Reduction via Equity Share Subscription
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that to enable further orderly reduction of the balance of the funding facility announced on 28 June 2023 ("Loan"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a tranche of 200,000,000 ordinary shares ("Equity Shares"). Future conversion of these Equity Shares by the Investors will further reduce the current £0.545 million principal balance of the £2 million gross first cash sum received ...
No one except you is taking the Portland scheme seriously.
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... and the government, apparently, and, according to UKOG, "several significant potential international investors" (RNS of 01/02/24).
Reminder of this tweet of 05/12/23:
UK ENERGY STORAGE LTD: Portland Port hydrogen storage business gets significant boost in the space of a few days after positive discussions with two of world’s giant trading companies, Japanese Sumitomo, and US ExxonMobil. The countdown to lift off begins …
Bull-ish,
Re Portland, do you agree that:
1/ UKOG is acting as a catalyst?
2/ in the event of the participation of one or more significant international investor(s) in the project, UKOG is likely to be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?
At the bottom of its RNS of this morning, JAY presents its Dundas asset as follows:
Bluejay's most advanced project is the Dundas Ilmenite Project in Greenland, which is fully permitted and in the process of reinstating its 2019 MRE which, reported in accordance with the JORC Code, represents 117Mt at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ. The Company has agreed a Master Distribution Agreement with a major Asian conglomerate for up-to 340ktpa of its anticipated 440ktpa annual output. The Company has signed on a major European bank to head the financing syndicate for Dundas.
At the bottom of its RNS of this morning, JAY presents its Dundas asset as follows:
Bluejay's most advanced project is the Dundas Ilmenite Project in Greenland, which is fully permitted and in the process of reinstating its 2019 MRE which, reported in accordance with the JORC Code, represents 117Mt at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ. The Company has agreed a Master Distribution Agreement with a major Asian conglomerate for up-to 340ktpa of its anticipated 440ktpa annual output. The Company has signed on a major European bank to head the financing syndicate for Dundas.
My question was as follows:
If and when the participation of one or more significant international investor(s) is agreed, how will that work in practise? Does that mean UKOG will be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?
But if all of the preliminary work has been, and is being, done by UKOG, it is unlikely a significant international investor would expect UKOG to supply its services without remuneration.
"The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project". (the GM RNS of 01/02/24)
If and when the participation of one or more significant international investor(s) is agreed, how will that work in practise? Does that mean UKOG will be remunerated for managing the submission to the first hydrogen storage allocation round and the acceleration of its project schedule?
In theory, before the overhang clears definitively, cheap buyers will come in to benefit from the bounce on its clearance.
Given nobody knows the size of the overhang, all one can do is keep a close on trading for signs that the overhang is dissipating.
Apart from the Supreme court judgement, the big unknown is the state of discussions with significant players re Portland: only management is in a position to assess how close a player is to coming on board.
Unfortunately, the HH decision is proving to be considerably more difficult than that on Rwanda.
"A final judgement will likely be handed down in late Summer/early Autumn once Lady Justice Rose and Lord Justices Kitchin, Leggatt, Richards and Sales have considered the case". (RNS of 21/06/23)
At least 10 months will have elapsed between the hearing and the delivery of the judgement.