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If we do the simple thing and take SS at his word (are those the derampers I can hear screaming in protest in the background?), that UKOG has moved closer to significant international funding, then, with a current market cap of £4.9m, UKOG is a straight forward buy, isn't it?

That's always possible, H2Express, but in that case, imho, he has done a disservice to shorters, because what he said makes no sense.

"We’ve moved closer to securing significant international funding, ...". Bit like 'we're one day closer to the end of the world'

AimingLow,

Why is it "a bit like 'we're one day closer to the end of the world"?

Doesn't it mean what it says, that UKOG have moved closer to securing significant international funding?

"We’ve moved closer to securing significant international funding, ..."

It could be "significant" in different ways, ie. in terms of:

1/ the absolute amount involved for the project; or

2/ the amount involved for the project's promoter, UKOG;

&/or

3/ the identity of the international funder, presumably a major industry player.

Until clarification is provided, some patience will be required.

As per the Results of Retail Offer RNS of 08/08, issued shares now number 11.14bn.

At 0.044p per share, market cap is, therefore, £4.9m.

Before the 1st placing of 10/07, market cap was below £1m.

Through 2 placings and a retail offer, UKOG raised a total of about £1.75m.

Raises of about £1.75m have, therefore, put about £4m on the market cap. That is a very good rate of return for a period of less than 2 months.

2nd biggest volume stock on the market yesterday (and the top volume stock was a stock with a market cap of less than £1m) - after the placing and retail offer, interest appears to be returning to UKOG and its prospects and to be returning pretty quickly.

Salt caverns may not be new, but the pressing need for them is.

Bubblepoint,

I don't know what a potti stock is, I've never heard the expression before.

A company such as Sumitomo has been known to leave a significant percentage with their much smaller partners, because they are seeking innovative ideas and to encourage an entrepreneurial approach.

Personally, I'm increasingly convinced that something quite important is in the process of developing at, and being developed by, UKOG.

In this context, international funding suggests a major industry player.

If that was to happen, it would become very difficult for the derampers to call into question the credibility of the project, maybe that is why they are so active at the present time.

Agreed, Jungmana, apart from actually announcing international funding, it doesn't get much more positive than that.

"The funds will also permit the Company to further negotiations with identified prospective strategic joint venture partners and conclude a land option agreement for a further hydrogen storage site". (the placing RNS of 05/08/24)

The land option agreement for a further hydrogen site was confirmed in the 2nd Dorset hydrogen storage site RNS of 21/08, about 2 weeks later.

We await news of the negotiations with identified prospective strategic joint venture partners.

A reminder, too, of this paragraph from the interim results RNS of 28/06/24:

"Our new Yorkshire project concept has a similar planned strategic storage capability to serve both the nascent Humber and Teesside hydrogen clusters, being a co-located salt cavern site close to these future expected high hydrogen demand areas. It is also within pipeline reach of Sumitomo's planned 590 Megawatt Bacton hydrogen plant via the proposed Project Union pipeline system".

Today we confirmed completion of the first blast at the Clogau Gold Mine in north Wales in almost 40 years.

This will be followed by a sequence of blasts at No.5 Level as part of the bulk sampling of our key gold target.

The 1st contains a brief video summarising this morning's RNS.

At 08:22:51: 35,037,113 at 0.0485p

Volume of session so far:

AIM: 46.0m

Aquis: 42.3m

"... should be showing signs of life by say 2050 PMSLLLLLLLLLL"

To be discussed with the new government and its ambitions for 2030.

"... they are ONLY diverting to storage because they are such a failure at e&p".

And because they saw an opportunity in the net zero economy for hydrogen storage.

It is quite a transformation of stock market image, from a Weald basin E&P to a company now closely associated in investors' minds with the net zero economy and the new government's ambitious plans for it.

"... our team has completed our first blast underground at the Clogau Gold Mine (on the 28th) ... to our knowledge the first blast to have taken place at Clogau in around four decades.

Most importantly, the start of blasting signifies that we are now very much at the business end of our operational activities at Clogau ..."

Congratulations to GF, MA, KB and all the team!

0.08p before the placing and retail offer at 0.05p.

New shares were due to be admitted this Tuesday, 2 days ago.

Today's action was simply the beginning of the correction of an overshoot on the downside following the placing news.

Agreed. If Ed Miliband discourages investment in the North Sea and relies almost entirely upon the wind and the sun, then a means will have to be found to store that energy until it is needed and that means will need to be found quickly.

Some of the recent positive posts have gone missing, including mine.

Oh well, positive posts or not, volume has picked up and the share price with it (a bit!).