Member Info for ocelot

Nice UT, +0.50p at 1.60p.

UK Oil & Gas PLC (London AIM: UKOG) has been informed that, in another preliminary court hearing sought by opponents of the Company's material Loxley conventional gas and hydrogen feedstock project in Surrey, the judge, Mr. Justice Lane, dismissed five of the opponent's grounds seeking to reverse the Secretary of State's grant of planning consent as being unarguable. Two remaining grounds were given leave to be argued at a further hearing at some time in the future, as yet unknown. As per the Company's recent RNS of 21(st) February 2023, full planning and environmental consents remain in force for the Loxley-1 appraisal programme.

Stephen Sanderson, UKOG's Chief Executive, commented:

"The Company's legal team remain robustly confident that following the extensive Loxley public inquiry, the Secretary of State's decision to grant planning consent was thoroughly considered and entirely lawful. Consequently, we will continue to move our project ahead."

AME have updated their website since I last looked at it:

https://aladdinmiddleeast.com/tr/project/resan/

From yesterday's RNS:

"In line with Angus' s vision of becoming a significant player in the aggregation, production and storage of gas, the Board has decided ...".

The focus on the "aggregation, production and storage of gas" is, unless I'm mistaken, new.

The 2 words "significant player" are not new but do suggest the extent of management's ambitions.

Updated for todays decision ("more details coming"):

https://drillordrop.com/2023/03/02/legal-challenge-to-dunsfold-gas-drilling-gets-go-ahead/

PS: just looked at T Winnifrith's site but HITS's name is not immediately apparent, so don't know if he still writes for the site.

If anybody is familiar with the poster Heid who is active on the UJO board, she posted on one occasion a message from a contributor to T Winnifrith's site who identified himself as HITS and wrote of his "head in the sand persona".

Thank you for your comments, Push2.

Singhie,

Mr WG818 could always be a Ms WG818.

https://drillordrop.com/2023/03/02/protest-at-high-court-by-opponents-of-surrey-gas-drilling/

There's a Wetherspoon up Chancery Lane.

There doesn't seem to be that many of them.

How the new Investment Allowance will work?

The government has also been clear that it wants to see the oil and gas sector reinvest their profits to support the economy, jobs and the UK’s energy security.
To encourage this, a ‘super-deduction’ style investment allowance will be introduced within the levy to provide an immediate incentive for the oil and gas sector to invest in UK extraction ...

Also this from this morning's answers to Angus's Investor Questions:

Please can you confirm that the cost of the sidetrack will eligible for the UK’s Energy Profits Levy Windfall tax rebate of 91p of every £1 spent on fossil fuel extraction? Asked on 2 March 2023

Our tax advisors have confirmed that the costs of the sidetrack are indeed eligible for deduction against the energy levy although the exact mechanics of the deduction are complicated.
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That is, if the sidetrack proves successful, Angus will have to invest elsewhere in the UK, if for no other reason than to reduce their tax liability.

This from this morning's Angus RNS re its sidetrack at Saltfleetby:

"The Company is confident from the electric logging, mud logging and gas shows in the reservoir section that the well will be a successful producer".

This may help to clarify ANGS's intentions (if any) re Loxley, given they were unlikely to make any commitment until they were sure of the additional revenue from the sidetrack.

There's a lot in there: management changes + debt facility from Aleph.

The Company is confident from the electric logging, mud logging and gas shows in the reservoir section that the well will be a successful producer.

The Solent Cluster is a low carbon energy project joining the UK’s journey to a Net Zero future. The project will produce, store, and distribute hydrogen to decarbonise the south coast region and is being developed and implemented by the collaboration of a wide variety of businesses, industries and public sector organisations.

I see Exxon is a member of the Solent Cluster:

https://www.thesolentcluster.com/members/

It looks as if Turkey is going to move very quickly, weather permitting.

Given UKOG's depressed share price, the risk/reward ratio looks attractive.