Member Info for ocelot

Reminder of this Investor Question of 31/10/23 and answer:

Now Balcombe has been approved please can you outline next steps and timeline for testing and what is the longer term plans for the site. Thanks Asked on 31 October 2023

One of the reasons we had wanted a global refinance in the first place, is that the current senior loan facility “sweeps” away excess cash to accelerated debt repayments which means that exploratory capex, as at Balcombe, will need to wait for a refinance and certainty that no appeal against the recent judgement will be made or accepted.

That said, the refinance completed, this will be amongst the top priorities for 2024. Assuming no appeal is accepted or successful, we will begin re-engagement with the local community regarding their concerns and with WSCC regarding satisfaction of planning conditions and the EA regarding permit conditions as well as upgrading our plans for what is, initially, a very minor intervention.

The second stage – a full well test spread – would only proceed if the winning of commercial volumes of oil was determined to be an exceptionally high probability in the relatively simple first stage of works but we cannot leave an indefinite pause between the two stages to seek finance. Angus farmed into a 25% interest into Balcombe some six or seven years ago at the height of the broad-based enthusiasm for the Kimmeridge as a play in the Weald Basin and presently the Board is weighing the cost of the various stages of the operation versus our interest in the field and we have opened discussions with our partners in the field regarding those respective obligations and interests.

7bn euros in hydrogen infrastructure subsidies from seven member states has been permitted by the EU

https://www.hydrogen-worldexpo.com/industry_news/7bn-euros-in-hydrogen-infrastructure-subsidies-from-seven-member-states-has-been-permitted-by-the-eu/?utm_source=https%3a%2f%2fevent.tge-hydrogentech.com%2fhydrogentechnologylz%2f&utm_medium=email&utm_campaign=Hydrogen+Technology+Europe+Newsletter+19%2f02%2f24&utm_term=7bn+euros+in+hydrogen+infrastructure+subsidies+from+seven+member+states+has+been+permitted+by+the+EU+&utm_content=28717&gator_td=dD50qEWWq9J5UG971cyLQ6SuoNW2V5MfRG2ZTOPyn4MbWG5fA43ldjdGgA2yH7k8v9j748dEIQFoGylXUULRz09pn%2brpbnjdtHqKEnh3vSAS2PuM5jnTfAUYkLyC8eVsmynRXXc9CNPcce6gRk%2beXxNgcszZzdeOEREWLHOemXmCFfPAxNch%2bdxFUUoMwJAV

Market cap: about 30bn shares at 0.0085p = about £2.55m

The 1:10 consolidation has not gone through yet, which is where that £251.05k figure appears to come from.

Deltavegatheta,

As far as I am aware, the subscription facility remains in place. It was set up with an alternative asset manager a number of years ago. I dare say, before calling upon it, they might want to have a word with the asset manager concerned.

PPP still have a £20m (or $20m, I forget) share subscription facility in place until, if I remember right, the end of June.

Once the global refinancing has been completed ..., the company will be working on 4 main priorities:

1. Optimise the recovery from Saltfleetby Field and the value of the field ...

2. Generate value for shareholders from the currently shut-in oilfields operated by Angus in the south of England ...

3. Initiate a project to evaluate the longer-term potential for gas storage or gas disposal at Saltfleetby.

4. With the company’s financial situation secured, look at growth options for Angus.

(abbreviated answer to Investor Question asked on 01/02/24)

If there is a player out there with a potential interest in Loxley, now is the time to manifest that interest.

RNS at 5.38pm:

Short term extension to £6m Bridge Facility

Angus Energy plc (AIM:ANGS) announces that the £6m bridge facility, due to be repaid today, has been extended under current terms until Friday 23rd February 2024 in order to allow time to conclude documentation of the proposed £20m Global Refinancing Facility.

Mea culpa - unless there is an after-hours RNS, no RNS today.

No. They've applied the 1:10 ratio to the bid and offer prices and then measured the % movement vis-a-vis the current market price.

"Facility Summary:

-- 3 committed tranches: GBP2 million receivable no later than 2 days after completion ("First Tranche"), GBP0.5 million receivable by no later than November 17(th) 2023, and GBP0.5 million receivable no later than February 16(th) 2024, ..." (RNS of 28/06/23)

On 12/01/24, UKOG raised £750k through a placing at 0.02p.

"... it (UGOG) has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a fourth tranche of ordinary shares ("Equity Shares"). Conversion of these Equity Shares by the Investors now reduces the balance of the GBP2 million gross first cash sum received to approximately GBP0.66 million". (RNS of 23/01/24)

On 01/02/24, it announced a capital reorganisation with the GM scheduled for 16/02/24, currently adjourned.

Tradingview has failed to take notice of the RNS of last Friday.

Not possible, ripley94, the GM was adjourned (see the RNS of last Friday).

Agreed, Stockraiser, they've got it wrong.

... Aleph Finance Limited has agreed to an extension of the Bridge Loan for one month until 19(th) February 2024, for a fee of 1%, which is proportionate to the fee paid for the previous extension of the loan in October 2023. (RNS of 19/01)

Think UKOG should make a virtue of listening to shareholders' questions and come back with a revised management strategy which:

seek to grow the share price;

prioritises cash generation;

seeks to reduce funding needs;

in part aligns management remuneration with share price performance.

Not to my knowledge.

Think is depends on how your shares are held. If they are in an intermediary's nominee account and you have given no instructions, think it is the nominee who decides for you (but stand to be corrected on this one).

The key resolution is no.4, the adoption of new articles. This is a special resolution requiring 75% vote in favour.

"Once the global refinancing has been completed, anticipated to be BY THE END OF FEBRUARY, ... (from answer to Investor Question asked on 01/02/24).