Member Info for ocelot

This sounds like a major achievement to me. Well done, SS and all at UKOG!

... We took a prominent role in helping DESNZ (the Department for Energy Security and Net Zero) design a hydrogen storage business model that should effectively underpin investment into this new sector. We are delighted that the government now accepts the criticality of hydrogen storage for the UK's future energy system and that an unopposed Energy Bill amendment will now see provision for a storage business model, which is expected to provide sovereign guaranteed revenue support. The timely adoption of a government "minded to" position on the business model this summer would greatly strengthen the sector's ability to attract the private capital it and the UK needs to succeed.

1/ Work has commenced to discharge planning conditions for Loxley after which site construction plans can proceed. It is anticipated that site construction will commence in the second half of 2023, with the drilling of Loxley-1 to follow in 2024.

2/ Technical and commercial discussions continue with CeraPhi Energy regarding potential for a geothermal and agribusiness project incorporating the Broadford Bridge asset.

Given the oil to surface we remain bullish about the prospect's viability and are investigating whether an additional deeper target sits below Pinarova within the Cretaceous Mardin and Beloka section, the proven reservoir at Basur-1 and the nearby producing E. Sadak field.

Net assets at 31/03/23: £34.678m

no. of shares after 12/09/22 placing: 21,096m

net assets per share: 0.164p

discount of current share price of 0.058p to net assets = 0.106p or 64.6%.

Click on the RNS button above

Cash and cash equivalents at 31/03/23: £2.262m

Consequently, to date, and rather frustratingly, tests have not yet been able to assess the potential of the zones associated with the 12 hours of strong crude oil odour and oil at surface as previously reported. We await the results of geochemical analyses of oil samples collected from the well's mud pits, the nearby shallow oil seep and the nearby East Sadak field in due course from our chosen UK specialists. These results will tell us whether the seep and Pinarova oils are from the same deeper source. Given the oil to surface we remain bullish about the prospect's viability and are investigating whether an additional deeper target sits below Pinarova within the Cretaceous Mardin and Beloka section, the proven reservoir at Basur-1 and the nearby producing E. Sadak field.

The project is also unique in that it plans to provide the UK with one of the first strategic hydrogen batteries, whereby otherwise curtailed renewable wind, solar and nuclear power can be used to generate green hydrogen which can be stored then reconverted to power to meet peak power demand periods.

Useful rise!

I posted this post on the UKOG board but it is just as relevant to this board, too. It helps put into perspective all the noise surrounding Stop Oil Now and other protestors.

Times, p32. Energy Institute's Statistical Review of World Energy

"At a global scale, renewables are not yet eating into coal and gas-fired generation and in fact both coal and gas recorded record highs in terms of generation in 2022', Nick Wayth, the institute's chief executive, said ...

Wayth said the global primary energy mix had shown very little change, despite upheavals in trade flows and record prices for some commodities in the wake of Russia's invasion of Ukraine. Coal remained at 27% of consumption for a 6th consecutive year, oil increased slightly to 32% and gas market share fell slightly amid lower use for heating and transport".

... Frack Free Balcombe Residents’ Association (FFBRA) was granted permission for a statutory review of the minister’s decision.

The case will be heard over two days at the Royal Courts of Justice from 19-20 July 2023. (from article of 01/06 linked below)

https://drillordrop.com/2023/06/01/date-set-for-balcombe-v-gove/

Times, p32.

"At a global scale, renewables are not yet eating into coal and gas-fired generation and in fact both coal and gas recorded record highs in terms of generation in 2022', Nick Wayth, the institute's chief executive, said ...

Wayth said the global primary energy mix had shown very little change, despite upheavals in trade flows and record prices for some commodities in the wake of Russia's invasion of Ukraine. Coal remained at 27% of consumption for a 6th consecutive year, oil increased slightly to 32% and gas market share fell slightly amid lower use for heating and transport".

Howey,

Been here longer than I first anticipated in the Spring of 2019.

Can remember, when GL first arrived in 2019, he was looking at 4p as a more reasonable valuation of Angus. There's still a way to go!

AME ... are now working with the sole licenced perforating gun provider in our operational area of SE Turkey to source the required equipment. (RNS of 23/05)

23/05 was a Tuesday. By the end of today, 5 weeks will have passed since this last update re Pinarova-1.

But, of course, it's early in the session:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5419492

In terms of the figures, it will be informative to see where we stood at 31/03: since that date, RNSs have been, above all, about the progress of the sidetrack.

Any Indications about future plans will be a bonus.

Net assets at 30/09/22: £35.912m

no. of shares after 12/09/22 placing: 21,096m

net assets per share: 0.17p

discount of current share price of 0.058p to net assets = 0.112p or 65.9%.

Interim report to 31/03/23 to be released by 30/06 at the latest.

The biggest fossil fuel players are making the message clear: the transition to a green future will require much more natural gas.

From Shell Plc to Chevron Corp., the world’s top producers plan to accelerate investments in the fuel. China keeps signing deals to buy liquefied natural gas past 2050, with European importers not far behind. The US is forging ahead with new projects that will make it the world’s top LNG exporter for the foreseeable future.

This momentum marks a turning point for gas. The “cleanest” fossil fuel was seen as a short-term bridge to greener energy sources, and environmentalists have sought to phase it out amid worries that gas is far dirtier than advertised. Now, the idea that gas demand will peak anytime soon is disappearing.

“LNG sellers look around this market and feel pretty confident that gas demand will be with us for decades to come,” said Ben Cahill, senior fellow with the Center for Strategic and International Studies, a Washington think tank ...

https://www.bloomberg.com/news/articles/2023-06-24/oil-giants-from-shell-to-chevron-say-gas-here-to-stay-for-green-transition?sref=Em01M8Hr

The biggest fossil fuel players are making the message clear: the transition to a green future will require much more natural gas.

From Shell Plc to Chevron Corp., the world’s top producers plan to accelerate investments in the fuel. China keeps signing deals to buy liquefied natural gas past 2050, with European importers not far behind. The US is forging ahead with new projects that will make it the world’s top LNG exporter for the foreseeable future.

This momentum marks a turning point for gas. The “cleanest” fossil fuel was seen as a short-term bridge to greener energy sources, and environmentalists have sought to phase it out amid worries that gas is far dirtier than advertised. Now, the idea that gas demand will peak anytime soon is disappearing.

“LNG sellers look around this market and feel pretty confident that gas demand will be with us for decades to come,” said Ben Cahill, senior fellow with the Center for Strategic and International Studies, a Washington think tank ...

https://www.bloomberg.com/news/articles/2023-06-24/oil-giants-from-shell-to-chevron-say-gas-here-to-stay-for-green-transition?sref=Em01M8Hr

Nobody knows how this will develop.

The best the West can do is keep a close watch ... but from a distance.