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Thank you, Investerinvester, and best wishes.

UKOG's home page writes of "the significant Loxley Portland gas discovery, assessed to be the second largest gas accumulation ever discovered and flow tested in the UK onshore".

Historically, the largest UK onshore gas field was Saltfleetby which, until some years ago, was owned and operated by a subsidiary of Gazprom (the world's "largest publicly listed natural gas company"), Wingas.

The order of magnitude of the figures for the gross value of Loxley should, therefore, come as a surprise to nobody.

And it should not come as a surprise to anybody if a number of parties were to approach UKOG concerning the pre-planned farm-out of Loxley.

My original post of 16/06 updated in full:

On the basis of the figures provided by SS in his letter to Jeremy Hunt of 10/06, the gross value of Loxley fell into the range of (43-70bn cubic feet x £15 per 1,000 cubic feet =) £645m to £1.05bn.

The price of natural gas has risen sharply since SS's letter.

Yesterday's closing ICE price for the front month of 490p per therm is equivalent to £50.81 per 1,000 cubic feet (multiply by 10.37).

On this basis, Loxley's gross value falls into the range of £2.18bn to £3.56bn.

(note: the commerciality of Loxley gas remains to be confirmed).

Following the SoS's grant of UKOG's appeal, I posted a valuation of Loxley's potential gross value of £1.14bn to £1.86bn, based on the front month natural gas price of 256p at the time.

Updating this valuation for yesterday's front month close of 490p gives a valuation of Loxley's potential gross value of £2.18bn to £3.56bn.

https://www.bloomberg.com/news/articles/2022-08-19/here-s-why-warren-buffett-loves-oil-giant-occidental-petroleum?sref=Em01M8Hr

Famed investor Warren Buffett is steadily snowballing a stake in Occidental Petroleum Corp. in what could end up being his biggest-ever acquisition. His Berkshire Hathaway Inc. on Friday won approval to buy as much as 50% of the shares. Some investors believe it’s a step toward a full takeover, which may end up costing more than $50 billion ...

With investments across the energy sector from utilities to solar power, Buffett claims to be a realist in the debate around fossil fuels. “People that are on the extremes of both sides are a little nuts,” he said at a Berkshire shareholder meeting in 2021 ...

Too much cash has been Berkshire’s biggest investing challenge over the past few years. The conglomerate had about $105 billion on hand at the end of June. It is expected to generate about $8 billion in free cash flow each quarter for the next five years, according to Greggory Warren of Morningstar Research Services LLC. Inflation at the highest in 40 years is a great incentive to put that money to work ...

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Gazprom PJSC will stop delivering natural gas to Europe through its main pipeline for three days, further squeezing energy supplies just as Germany is trying to build up stocks for the winter.

European benchmark futures soared as much as 9% after the Russian producer said it won’t ship any gas to Germany via the Nord Stream pipeline from Aug. 31 through Sept. 2 because of maintenance. The work will involve the only functioning turbine that can pump gas into the link ...

https://www.bloomberg.com/news/articles/2022-08-19/gazprom-to-halt-nord-stream-gas-link-for-three-days-for-works?srnd=premium-europe&sref=Em01M8Hr

The present value of £2bn discounted at 10% pa over Ibug's 8 years to 2030 (his post of yesterday of 16:10) is (£2bn x 0.4665 =) £933m.

PS: I haven't updated my figures for Loxley recently but, at a guess, on the basis of current natural gas prices, its potential gross value (before operating costs, therefore) is of the order of £2bn.

By rejecting UKOG's application, is it possible Surrey CC's planning committee rendered an important service to UKOG?

Had UKOG sought one or more farminee(s) for Loxley 2 years ago, the prices for natural gas would have borne no comparison to those prevailing today and Loxley's prospects would not have appeared nearly so exciting.

In current circumstances, there should be no shortage of players interested in "the significant Loxley Portland gas discovery, assessed to be the second largest gas accumulation ever discovered and flow tested in the UK onshore" (UKOG's home page).

Another one!

.

Almost there, by the sounds of it.

Then on to the sidetrack and maybe developments, too, at Lidsey.

A more political comment:

whether the new Conservative leader be Truss or Sunak, it looks as if the new administration will be harder for the environmental lobby to deal with than that of Johnson.

With a future ahead of it of about 2 years, it will be for UKOG and its eventual farminee(s) to press on with Loxley as expeditiously as possible during this time.

Not sure derampers, greenies, Nimbies, realists and normal investors can be classed under the same umbrella.
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Agreed. That is why one seeks to distinguish environmental activists and Nimbies from "realists" and normal investors.

... so think a number of the derampers are environmental activists.

Total down from 5.138% to 4.964%.

Mullins,

Not sure I agree with you on that one. Think a lot of the derampers have no exposure to this stock or, indeed, to any stock, think that they are, above all, negatively-inclined UKOG commentators.

9 trades, volume of 3.3m, doesn't look as if we are going to be breaking any records today!

With thanks to ogm4 on the Angus board:

https://www.reuters.com/business/energy/britain-receive-rare-lng-cargo-australia-2022-08-17/

How can it make environmental sense to ship gas to the UK from Australia?

No knowledge whatsoever of "all the ROIs" you've made in UKOG in this year alone, but you've said yourself UKOG is not to be shorted, so I wish you good luck with that.