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It looks as if HHDL's non-controlling interests (principally Alba) have now agreed to the proposed farm-in by PPP

Horse Hill Farmin Update

UK Oil & Gas Plc (London AIM: UKOG) is pleased to announce that further to its announcement of 28(th) March 2023, the Company's relevant subsidiaries and Pennpetro Energy Plc ("PPP") have agreed to extend the conditional binding Horse Hill farm-in term sheet until 30 June 2024, whereby PPP will farm-in to the Horse Hill Oil Field on an incremental production only basis by paying 100% of both a 12 km(2) 3D seismic survey and a new crestal production well, Horse Hill-3 ("HH-3"). The farmin remains subject to the completion of the formal farmin agreement and necessary regulatory consents. The Company currently holds an effective 85.635% interest in Horse Hill and the surrounding PEDL137 and PEDL246 licences ...

The Sunday Telegraph: Hydrogen could replace natural gas in thousands of homes under controversial plans to decarbonise entire towns in Britain’s push towards net zero.

(I haven't read the article).

My post of 20:45 last night was not a serious one, if anyone has any doubts: unfortunately, UKOG are not in a position to buy back shares (which would be a great money winner, given they have all been placed at levels well above the current share price).

Imagine the surprise if UKOG was to use a part of the £675k to step into the market and buy some treasury shares at these levels!

Even after learning HHDL would be paying around £100k to Alba, I had failed to realise this would mean £675k would be paid to UKOG: this morning's news was, therefore, a positive surprise.

As were the names of the 2 major players with whom SS had positive discussions about Portland.

Does SS have any more positive surprises in preparation?

In terms of news, this has definitely been a better week.

But Bubblepoint is right, the volume remains modest in comparison to the number of shares issued (and the £ amount remains modest given the price of the share).

Need to see volume of 500m, 1bn or more.

An uncrossing trade lifted the closing price by 0.0015p yesterday and has knocked it back by 0.001p today.

202.2m shares.

How about now?

The share has been holding pretty steady in its current zone for a while now.

Tuesday, 05/12: positive discussions re Portland with 2 major players;

Friday, 08/12: partial repayment of advances to HHDL in the amount of £675k.

Management is taking initiatives: there should be more to come and quite soon.

It's a different perspective, Bubblepoint.

You see the number of shares issued and reflect on how UKOG got there.

I'm more interested in net book values and the potential for the share price to close the gap on those values.

Bubblepoint,

Those looking at UKOG for the first time will see the market cap is a pittance.

The number of shares is irrelevant to an assessment of UKOG's prospects, what matters is its market cap (you can consolidate but that doesn't change the market cap).

The more positive the outlook, the more likely it is investors will take note of net book value when assessing UKOG.

A prudential discount of 50% still leaves net book value at about 0.075p.

Bubblepoint,

"... it is all a pittance for 10 years of HH trials & tribulations, ...".

That helps to explain why the share price has fallen as low as it has.

Is there room for at least a partial recovery? that is the question investors are likely to be asking themselves.

The sum is not far off 10% of their overnight market cap!

So Alba's payment of around £100,000 should be made today, too.

Useful sum.

Perhaps the £ total traded today shows the share price has fallen too low?

Agreed, there are 23.8bn shares in issue but that doesn't explain why the current share price should be 0.027p.

Bubblepoint,

"The reason for low volume is simple, most are wise to this shower, so no one wants in, ...".

Your argument cuts both ways: "... and no one appears to want out any more either".

Almost all investors in UKOG are holding.

We know from the past that many more keep a close eye on UKOG than post on this board.

It is reasonable to assume, therefore, that those who are not invested, or are thinking of reinforcing, are awaiting a sign. Given UKOG's lowly share price, imho it doesn't even have to be a particularly positive sign, a mildly positive sign will probably suffice.