Member Info for ocelot

Europe's battery industry is scaling fast: 22 gigafactories today, with plans for 35 more by 2035, adding 1,300 GWh capacity. But growth hinges on private/public financing, tech R&D, and lower energy costs. https://mckinsey.com/industries/automotive-and-assembly/our-insights/europes-economic-potential-in-the-shift-to-electric-vehicles via @McKinsey

https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/europes-economic-potential-in-the-shift-to-electric-vehicles

Can they structure any merger(s) in such a way as to make use of their tax losses?

The Group has incurred indefinitely available tax losses of £179.1m (2022: £173.5m), which includes tax loss

incurred on the acquisition of Saltfleetby Energy Limited, to carry forward against future taxable income of

the subsidiaries in which the losses arose and they cannot be used to offset taxable profits elsewhere in the

Group ... (from page 56 of the last annual report)

Hadn't appreciated the sheer magnitude of the tax losses available to them.

At 40% they are worth £71.64m, 5.9x the current market cap!

Looking to create a Tier-1 partner group.

From 09:13, speaks of obtaining development capital:

"had a lot of interest", "seeing a lot of interest, we've already received some offers".

Significant shareholders total 42.1% so the float totals 57.9%, about 2.56bn shares out of the total issued capital of 4.422bn.

From 10:31: The government's planned 3-fold expansion of wind generating capacity "needs storage solutions".

Sees a "huge growth market here (in the UK)" for energy storage solutions.

The 4.5m buy went through at the full ask price of 0.30p.

An industry leader has today warned that the UK must ‘mind the gap’ between UK energy production and consumption.

At Offshore Energies UK’s (OEUK’s) Wells Conference, HSE & Operations Director Mark Wilson revealed the UK is producing less energy than ever before – the equivalent to only 60% of demand.

Well drilling activity has also significantly reduced, falling by almost 60% in the last ten years as oil and gas reserves have declined, but also as a consequence of lack of investment.

In a keynote speech to over 200 attendees, Mark Wilson said there is a risk of the UK becoming increasingly reliant on imported oil and gas:

“As the UK’s oil and gas production declines, the chasm between the energy we create and the energy we consume grows.

“The government acknowledges that we need oil and gas for decades to come. We must mind the gap between the UK’s energy consumption and falling levels of production, or risk becoming more reliant on imports than ever before.

“The UK, its politicians, people, and businesses must be conscious of this energy gap and the implications it has for our energy security, economy, supply chain and skills.

“We hope the Government recognises the need to bolster homegrown energy, and that the upcoming Autumn Budget sends the signals needed to stimulate business confidence and investment in this sector.”

https://oeuk.org.uk/mind-the-gap-between-uk-energy-consumption-and-production-warns-oeuk/

An industry leader has today warned that the UK must ‘mind the gap’ between UK energy production and consumption.

At Offshore Energies UK’s (OEUK’s) Wells Conference, HSE & Operations Director Mark Wilson revealed the UK is producing less energy than ever before – the equivalent to only 60% of demand.

Well drilling activity has also significantly reduced, falling by almost 60% in the last ten years as oil and gas reserves have declined, but also as a consequence of lack of investment.

In a keynote speech to over 200 attendees, Mark Wilson said there is a risk of the UK becoming increasingly reliant on imported oil and gas:

“As the UK’s oil and gas production declines, the chasm between the energy we create and the energy we consume grows.

“The government acknowledges that we need oil and gas for decades to come. We must mind the gap between the UK’s energy consumption and falling levels of production, or risk becoming more reliant on imports than ever before.

“The UK, its politicians, people, and businesses must be conscious of this energy gap and the implications it has for our energy security, economy, supply chain and skills.

“We hope the Government recognises the need to bolster homegrown energy, and that the upcoming Autumn Budget sends the signals needed to stimulate business confidence and investment in this sector.”

https://oeuk.org.uk/mind-the-gap-between-uk-energy-consumption-and-production-warns-oeuk/

Https://www.gov.uk/government/news/tidalwave-of-clean-energy-investment-worth-billions-unlocked-ahead-of-investment-summit

"miliband's policies risk a repeat of ****stan's energy collapse"

(****stan had become dependent upon lng imports and found itself in competition with deep pockets at the time of putin's invasion of ukraine).

cites chris wheaton, oil and gas analyst at stifel:

"higher windfall taxes will force uk gas production into decline faster than the uk can decarbonise through investment in renewable energy' ...

for the next decade and a half ... the loss of domestic gas production could end up being an extremely expensive policy".

assuming the government reinforces windfall taxes in the budget as it has indicated is its intention, it is going to have to go all out to back investment and remove regulatory hindrances and technical bottlenecks.

The company's core strategy is:

"to lead the development of nationally significant salt cavern hydrogen storage projects in Dorset and Yorkshire".

Think UKOG has got its mojo back.

The UKEn home page has been updated recently, too. It now features prominently this quotation from Ed Miliband:

Increasing home-grown power generation, through renewables, nuclear, hydrogen and carbon capture and storage, can significantly reduce our exposure to volatile international markets. We’ll double onshore wind, we’ll treble solar, we’ll quadruple offshore wind, we’ll invest in nuclear and hydrogen and carbon capture and tidal power. That’s the new Britain we can build together. Hydrogen is crucial for achieving the UK’s net zero ambitions, represents an industry poised to create new skilled British jobs, enhance energy security, and drive economic growth.

Ed Miliband

Secretary of State for Energy Security and Net Zero, 2024

https://ukenergystorage.co.uk/

We now have a very clear statement of the company's core strategy, it is:

"to lead the development of nationally significant salt cavern hydrogen storage projects in Dorset and Yorkshire".

Still not sure if UKOG's failure to appeal Broadford Bridge wasn't, effectively, an expression of confidence in Portland's prospects.

There is now a link to UKEn's site within the home page text _ don't remember this being the case before.

https://www.ukogplc.com/

Mention of geothermal energy has gone:

Welcome to UK Oil & Gas PLC

UK Oil & Gas Plc (UKOG) is an energy company that initially focused on oil and gas exploration and production in the UK and international onshore sectors. The company has now shifted its core strategy to lead the development of nationally significant salt cavern hydrogen storage projects in Dorset and Yorkshire.

The previous version read as follows:

UK Oil & Gas Plc (“UKOG”) is an energy company, originally focused upon oil and gas exploration and production in the UK and international onshore sectors, but more recently spearheading hydrogen gas storage opportunities in Dorset and Yorkshire and investigating the geothermal energy space in the UK.

It was in an interview of 12/07 we learnt Krzys Zielicki was unable to buy stock, 3 months ago.

Could it be that the parties to any proposed agreement(s) are waiting for the Budget, to ensure it doesn't contain any changes above those widely anticipated?

Perhaps they are saying that the subject of the blasts is currently considered to be off-limits, because they cannot control how readers may interpret anything they indicate.

Stockraiser,

The recent interview with management you refer to in your post of 11:33 on 08/10 was RH's with Zak Mir on 04/09.

In it, RH confirmed twice that Angus's tax position remains protected.

At least any Budget moves should affect all players in the sector so, in theory, should not impede the idea of mergers between them (could even encourage it, perhaps).