Member Info for ocelot

And that nav is before the real uplift to value of the processing plant (think SB spoke of the uplift being of the order of 6 times) and when they are sure there is more graphite to be integrated into their calculations.

The judgement in the Finch case should be very close now.

If favourable, then at least investors can quantify the short-term payback on converting HH-2z into a water injector (annual saving of costs) and, if Alba can be brought on board, then the farm-in of Pennpetro can progress and they can see renewed exploration activity at HH.

Pinarova-1 has proven to be a disappointment, but the licence area does look promising and operating costs are much lower than in the UK.

The problem with Loxley is that it has yet to be proven commercial and any payback is, at best, for the medium term.

Virtually no production at Saltfleeby in November? Looks very odd.

https://drillordrop.com/2024/02/02/uk-onshore-oil-and-gas-production-in-charts-november-2023/

Https://drillordrop.com/2024/02/02/ukog-abandons-turkish-well-test-and-announces-new-fundraising-plans-for-loxley/

LOXLEY LATEST: Following our victory at Court of Appeal (who refused permission for further appeal against planning consent for our conventional gas feedstock project), here’s a reminder why it’s material to UKOG http://tinyurl.com/2p8x9upm #gas #energy #aim

Https://www.lse.co.uk/news/uk-oil-gas-shares-sink-after-pinarova-1-testing-setback-n4hompdojr06udg.html

I hadn't realised so much hope had been placed in Pinarova-1

If SS is to survive, there needs to be some signs of recovery in the share price, otherwise the onus is on the Chairman and the board.

Chief Executive Stephen Sanderson commented:

"Exploration drilling and testing is never guaranteed to deliver success, even if all prior indicators are positive. This is certainly the case for Pinarova-1, and we are disappointed by the lack of commercial flow. We will continue to analyse all data and explore both the potential updip shallow Germik/Hoya accumulation and the likely more significant deeper pool objective, the most probable source of the observed shallow hydrocarbons and shot-hole oil seep. With operator Aladdin's cooperation, costs were fortunately kept to a minimum and it adds to our bank of data about the Resan licence for the future."

The Company is changing its policy on Investor Questions. After this month, whilst questions continue to be gratefully welcomed, it is the intention of management to answer them in structured periodic engagement via live webinars, which will also allow for further live questions.

With the global finance sorted, can you please confirm what the priorities will be for the board for 2024? Asked on 1 February 2024

Once the global refinancing has been completed, anticipated to be by the end of February, the company will be working on 4 main priorities:

1. Optimise the recovery from Saltfleetby Field and the value of the field. This includes capital projects to install a booster compressor, to allow production to continue until reservoir abandonment pressure and the preparation for drilling a new well in 2025, as described in the CPR published in October 2023.

2. Generate value for shareholders from the currently shut-in oilfields operated by Angus in the south of England. We are exploring options to restart production from the Brockham field during the first half of 2024 and are hoping that the legal challenges to our plans to test the Balcombe well are now behind us.

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.

It's where it is now with interest rates at their current levels.

But it should be a major beneficiary of a decline in interest rates.

These will require management to provide assurances to the auditors concerning their ability to fund the company over the next 12 months.

Today's news may have something to do with this deadline although, if you're looking to raise funds via equity, it is, above all, the market cap that matters so the company is still in need of positive news, whether it comes from Pinarova-1, Portland, Loxley and/or HH.

Spot gold: $2,060.35 +$20.83

https://www.kitco.com/price/precious-metals/gold

The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project. (RNS of 01/02/24)

The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project. (RNS of 12/01/24)

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 … (tweet of 05/12/23)

This bumps up the value of an individual share but, in theory, is neutral in terms of overall market cap.

So they remain in need of some positive news from somewhere.

One potential source is in the comment about Portland:

"The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project".

No dilution ... until they seek to raise new funds in the future.

In theory, the effect is price-neutral, the market cap shouldn't change.

"Capital Reorganisation"

a subdivision and reclassification of the Existing Ordinary Shares, followed by a consolidation resulting in 2,953,492,610 New Ordinary Shares of £0.000001 each and 2,950,539,117,790 Deferred B Shares of £0.000001 each

Number of Existing Ordinary Shares of £0.0001 each held

10

Number of New Ordinary Shares of £0.000001 each following the Capital Reorganisation

1

Number of Deferred B Shares of £0.000001 each following the Capital Reorganisation

999

1:10 is preferable to something like a 1:100, imho, ensures the stock doesn't disappear from the radar provided by volume figures.

The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project.