Member Info for ocelot

Not finished yet, 2nd monitoring extension.

From note 25:
... UKOOG represent the onshore oil and gas industry and wider supply chain and provides the Company with general industry advice and representation. Stephen Sanderson, UKOG's Chief Executive, is a Director of UKOOG ...

I hadn't appreciated this.

Answer re interest on non-controlling interests:

The loans are payable on determination by the Board of HHDL. The loans currently attract an interest rate equivalent to the Bank of England base rate, which was 0.1% during the year.

The rate used to be the BoE's base rate + 10%.

Net assets at 30/09/21: £37,503m = 0.23p per share.

Note 8 to the accounts:

What happened to loan interest due to non-controlling interests, down from £111k to £3k? (these are the non-controlling interests in HHDL, Alba and Doriemus).

In fact, it's so odd I will now filter you.

If you think that a low share price is an indication of future prospects of vast riches you are deluded mate. The low SP means that the company is fairly valued and it is low for a reason.
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Very odd statement, Grayling.

You are, effectively, saying that shares cannot rise if they decline to a "low" price.

But given the lowly share price, there's no need for buyers to too beware!

Agreed, ian12, think this morning's report contains several signs of things turning around.

Released the accounts a few days ahead of the deadline, which was 31/03.

It's clear they believe they have a story to tell the market.

Will shift my opinion from "buy" to "strong buy".

However, with UKOG's wide-ranging activity and interests we firmly believe that the Company is progressing towards being self-sufficient in its generation of cash flows.

The overall tone is distinctly upbeat.

The Company is reviewing the potential acquisition of further new international producing oil and gas properties which have the potential to deliver potentially significant short term cash flow. These assets also have the potential to become self-funding relatively quickly...

1. Find and Develop Low-Cost and Long-life Assets
- Continuing to invest in new and existing near-term production assets in the international sector is a key priority. New assets added to the Company's portfolio must demonstrate potential self-funding capacity in the near term. Once in production, revenues from these assets will provide free cash flow to re-invest and deliver shareholder returns...

In this spirit of expanding our horizons we have completed the evaluation of potentially lucrative proven oil & gas field opportunities elsewhere in the world, including in the United States, where access to such opportunities has arisen from within the Directors' extensive business network. Should negotiations be successful, there is the realistic prospect of adding significantly to both our reserves and cash flow base in the coming year...

Given the number of new opportunities available to the Company, all of which are considered to offer far greater success case economic impact and higher probabilities of success than the proposed Isle of Wight project, the Company has decided not to appeal against the planning refusal. The envisaged GBP0.5 million planning appeal costs will therefore remain available and could be used for developing new oil & gas and geothermal/energy storage projects (see New Ventures below)...

New Ventures

The Company evaluated a number of potential producing oil & gas fields and near-term production opportunities in the period with the greatest number being within the United States, where the career histories of the Board give privileged access to a broad network of opportunities. A full due diligence evaluation of one international property is now in its final stages...

In tandem with most other similar companies, UKOG relies on the liquidity of its shares to be able to raise funds from equity, which it views as the most sensible and realistic way of funding the growth of its projects and portfolio pipeline. However, with UKOG's wide-ranging activity and interests we firmly believe that the Company is progressing towards being self-sufficient in its generation of cash flows.

Lots of people want to resume their holiday travels, there's little suggestion of any demand destruction at current levels, on the contrary.

See how it plays out, but any significant reduction of Russian oil supply is going to create problems for the oil market and for inflation.

From the BBC's coverage of Johnson's press conference:

Nato and the G7 are united in their determination to wean themselves off Russian oil and gas

A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022.
Doug King, the chairman of RCMA Group even sees crude at $250 by year's end.
Most $200 oil predictions are factoring in a significant loss of supply from Russia.

https://oilprice.com/Energy/Crude-Oil/Top-Oil-Traders-See-Oil-Topping-200-By-End-2022.html

Acknowledgements to City Chappy on a rival site

A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022.
Doug King, the chairman of RCMA Group even sees crude at $250 by year's end.
Most $200 oil predictions are factoring in a significant loss of supply from Russia.

https://oilprice.com/Energy/Crude-Oil/Top-Oil-Traders-See-Oil-Topping-200-By-End-2022.html

Acknowledgements to City Chappy on a rival site

... “Wakey, wakey. We are not going back to normal business in a few months,” said Pierre Andurand, who has been super bullish on oil for a while. “I think we’re losing the Russian supply on the European side forever.” ...

Yet Andurand is neither the only superbull nor the biggest one. Doug King, the chairman of RCMA Group, told the FT that crude oil could top $200 and reach $250 by the end of the year.

“This is not transitory. This is going to be a crude supply shock,” King told the FT summit ...

... the upside potential remains considerable as analysts see some 3 million barrels daily of Russian oil going off the market.

The problem is that these barrels cannot be replaced either easily or swiftly, according to the trading industry.

“I don’t think given the way things are going, this is a temporary problem,” Alok Sinha, head of oil and gas at Standard Chartered told the FT summit. “You now have to deal with this as a long term issue which means you need to find alternative supply growth.”

A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022.
Doug King, the chairman of RCMA Group even sees crude at $250 by year's end.
Most $200 oil predictions are factoring in a significant loss of supply from Russia.

https://oilprice.com/Energy/Crude-Oil/Top-Oil-Traders-See-Oil-Topping-200-By-End-2022.html

Acknowledgements to City Chappy on a rival site

https://twitter.com/angusenergyplc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor