Member Info for ocelot

+$31.20 at $1,899.46

Good to see the project has got underway as planned.

Best wishes to all those involved, at UKOG and its partner, AME.

Turkey: Pinarova-1 construction commences

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that construction of Pinarova-1's drilling pad and access road commenced on schedule over the weekend. As per the Company's Pinarova-1 release of 1(st) March 2023, site construction is expected to take approximately 14-21 days. Given no adverse weather-related construction delays, drilling to a total depth of around 500-550 metres below surface is expected to commence towards the end of March to early April 2023 directly after site completion ...

Article by Oliver Shah on p9 of The Times business section.

Makes sense, targets set in hope by politicians do not appear to be realistically attainable by business.

The headline may be attention-grabbing but the content is much more nuanced:

This means that the business is in the red on paper but has not actually lost cash. 'Nobody saw gas going up that much,' Lucan told The Mail on Sunday. 'It was clearly not ideal timing, but the loss doesn't reflect any value lost to shareholders.'

Indeed, it's so rare I've no memory of seeing that shade of blue before!

neither a buy nor a sell, most unusual:

https://www.barchart.com/stocks/quotes/UKOG.LN/opinion

From the RNS of 01/03:

UK Oil & Gas PLC (London AIM: UKOG) ... now expects to commence site construction within the next 7-10 days. Site construction is expected to take approximately 14-21 days and, consequently, given no weather-related construction delays, drilling to a total depth of around 500-550m is expected to commence directly after site completion towards the end of March to early April 2023.

The simplest, as for many other companies, is to focus on the adjusted operating figures.

From note 25 to the accounts:

The loss on these contracts at 30 September 2022 represents the forecast spot-price value of the gas to be
extracted against the value fixed to be provided to the Group. Under projected gas production volumes,
these arrangements will fix the amount payable to the group for the contracted volumes, with any excess of
volume being able to be sold at the available spot price.
In the event that the Group does not meet its production timetable, the swaps will crystallise as a liability at
the dates at the proposed periods of gas production in the swap agreements.

https://drillordrop.com/2023/03/08/losses-widen-at-angus-energy-on-derivative-swap/

... But there’s also a sense in Houston that they’ve turned a corner in the climate debate, as well. “Balance” is now the buzzword for executives when describing the energy transition, as affordability and security have surged to the top of the agenda, jostling for attention alongside sustainability.

BP Plc and Shell Plc’s recent pivots toward investing more in oil and gas only reinforce the consensus that it’s going to be hard to kill off fossil fuels even as the clock ticks on the climate crisis ...

Today’s Take: Exxon Warns Europe
Exxon Mobil Corp. Chief Executive Officer Darren Woods used his prime-time address at the CERAWeek by S&P Global conference in Houston to criticize European energy policy, which in his view has gone too far.

After years of deterring investment in oil and gas, Europe had no alternative but to burn coal to keep the lights on when Russian gas stopped flowing. But by continuing to hit the oil and gas industry with “punishing” measures like the European Union’s windfall tax, things will only get worse, Woods said Tuesday.

“What we saw in Europe should be a wake-up call,” he said. Exxon “stepped back and reevaluated” its investment strategy in the continent, he continued. Meanwhile, it’s plowing ahead with new projects in the US, where the Inflation Reduction Act offers incentives for companies rather than punitive measures.

US carrots versus European sticks — that particular metaphor has become a recurring feature at CERAWeek ...

https://www.bloomberg.com/news/articles/2023-03-08/exxon-has-a-message-for-europe-don-t-mess-with-oil-and-gas?srnd=premium-europe&sref=Em01M8Hr

Excitement may be building but the share price seems to have taken a pause for reflection!

The other side of a trade is a market-maker, not another investor.

Net assets at 31/03/22 are, therefore, about 0.17p per today's issued share capital (no account being taken of cash that has been raised through the issue of shares since 31/03/22).

net assets at 31/03/22: £36.144m

We should have the figures at 30/09/22 by the end of this month.

IG Markets lift its holding by a small amount on 06/03, enough to push it through the 3% threshold

No claims to any originality of thought, but I have an image in my mind of a plane at the beginning of a runway having been cleared for take-off.

Wow!