Member Info for ocelot

3. OUTLOOK

The outlook for our Welsh gold projects is strong, not least as we now find ourselves within touching distance of

possible first gold production from the bulk sampling of both the Waste Tip and the Llechfraith Target.

With that in mind, in the next period we intend to further our partnership, marketing and offtake discussions in

relation to future gold produced at Clogau and at the same time to continue our development work to establish

a fully traceable "mine-to-market" supply chain. This will underpin our ability to command a premium price for

our gold production. (from the annual report, the Chairman's statement dated 07/05/24)

+21.4%

5th biggest gainer on the market

The higher the share price rises, the easier it becomes to fund UKOG via equity capital, thereby creating a virtuous circle.

And one cannot assume the share price will remain the same for the next many months.

We simply don't know whether they will be paid in cash or in shares, that is at the election of the company". They have been paid in shares this time.

They kinda admitted that the prospects for hh & loxley weren’t that great by choosing to spend their sp**** funds on turkey instead. so when that ended up a duster it’s not surprising the market bailed on them.

One of the attractions of Turkey was the prospect of timely monetization of any commercial finds.

Re HH, after all this time, we still await the Supreme court's judgement. Rwanda was, apparently, a walk in the park by comparison to scope 3 emissions.

It has been agreed with the royalty holders that until June 2025, the royalty will be settled in cash or through the issue of new ordinary shares in the Company (in the case of the Aleph entities, this is subject to shareholder approval), issued in April (in respect of March) and then quarterly at a 15% discount to the 30 Day Volume Weighted Average Price, at the election of the Company. On present production and gas price assumptions, this will equal approximately £300,000 per calendar quarter for each quarter until and including the quarter ending 30 June 2025, or £1.5 million in total over 18 months (the "Equity Royalty Payments"). Thereafter royalties will be paid in cash on net gas sales revenue, not taking account of any new hedges. (RNS of 22/02/24)

27.4m shares = 0.62% of the increased share capital of 4,421.9m shares

They raised £380k on 28/03/24, that is about 1 1/2 months ago.

Just testing:

On a tree by a river a little tom-tit

Sang "Willow, tit willow, tit willow"

The title of the RNS is itself encouraging: "High-Grade Gold Produced from Clogau Waste Tip"

By way of illustration, assay results from Pit 2 dug at the Waste Tip in 2022 (reported in the RNS of 21 March 2022) returned a back-calculated head grade of 0.28 g/t of gold. By comparison, Trench 1, which was dug in the same location as Pit 2, has returned a back-calculated grade of 6.0 g/t. Similarly, Pit 3, which was also dug in 2022, returned 0.83 g/t whereas Trench 3, which was dug in the current exercise and is directly along strike of Pit 3, returned 17.22 g/t. In both these cases, therefore, the latest round of trenching has returned results more than 20 times higher than in 2022 ...

Where was the share price before the Pinarova-1 result? About 0.20p in new money?

On bad news, I was expecting it to come off, say, about 25% because I was assuming expectations were already not high.

But it lost almost 50% very quickly and is now at 0.029?

The share price reaction has been very much worse than I for one anticipated.

The market cap really suffered on the failure of Pinarova-1.

Personally, I was surprised by the extent of the negative reaction. Given all of the dismissive comments beforehand on this board about Pinarova-1, I hadn't realised market expectations of success were so high.

UKOG is burning about £250k a month, that's 25% of it's marcap each month. It needs to double it's share outstanding every four months just to survive.

Alternatively, it needs to increase its market cap.

28/03 placing shares: 585m

Volume traded on AIM (but not on Aquis) since then through to yesterday's close: 917m

(PS: we do not know what % of the placing went into firm hands so the daily volume figures are all we have to work on)

The AGM is on 31/05 at 9am. If you are able to attend, then you should be able to put your question to the board on that occasion.

Overriding Royalty Interest Payment and TVR

ORRI Payment

As previously announced on 22 February 2024, Angus Energy will settle its March 2024 royalty or ORRI ("Overriding Royalty Interest") payments on Saltfleetby Field production in shares.

The Company will now issue a total of 27,448,470 Ordinary Shares to the ORRI holders (the "ORRI Shares") at a price of 0.3544 pence each, being a 15% discount to the 30-day VWAP as at 26 April 2024, representing a value of £97,277.07 ...

Average number of employees in the year ending 30/09/23: 28 (30/09/22: 23).

Insofar as possible, they will be looking to spread the cost of those skills across a wider asset base than Saltfleetby alone.

One awaits the definition of their development strategy with interest.