Member Info for ocelot

The Loxley appeal decision is at the top of Ruth Hayhurst's list of "What to watch for in 2022" (her article of 30/12):

Loxley/Dunsfold, Surrey: The outcome is expected soon on the public inquiry into UKOG’s plans to explore for gas near the village of Dunsfold. Residents are planning an event on 8 January to demonstrate that large lorries will need to cross common land without permission to reach the proposed site.

A reminder that the application was refused when the narrow majority of councillors (by 1 vote) went against the recommendations of their own officers.

£3.086m at 31/03/21.

Per the last annual report, these are "the outstanding loan balances owed to HHDL’s shareholders ... The
loans are payable on determination by the Board of HHDL ...", ie by UKOG's management.

by Citywire, of John Bennett. Some extracts:

... If you look at what China and Russia are doing, they are laughing at us. In the West, we are cancelling whole industries and companies, like cement and oil. We are going to need them for the transition, so what are we doing?’ ...

The big dilemma Bennett ... currently faces is that some of the best value in the market lies in these ‘cancelled stocks’, such as cement, oil and gas companies. However, the environmental, social and governance (ESG) scorecard ‘exclusionist’ approach that is adopted by some asset managers precludes them from buying into these sectors, making it hard to see what could drive share prices higher.

‘It could be value in a vacuum, as fund managers are not allowed to buy them,’ said Bennett ...

Volume of 20.8m for the first day of another shortened week is very encouraging.

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.The 23-nation alliance led by Saudi Arabia and Russia approved the 400,000 barrel-a-day increase scheduled for February at a meeting on Tuesday, according to a statement...There are questions about whether OPEC+ will can actually deliver the full monthly increment, given the recent struggles of some members such as Angola and Nigeria to hit their production targets. Just 130,000 barrels a day of additional OPEC+ crude are likely to hit the market in January, followed by 250,000 barrels a day in February, according to Amrita Sen, chief oil analyst and co-founder at Energy Aspects Ltd.“Even if that headline number is 400,000, what’s coming to the market is half of that, maybe even less,” Sen said in an interview with Bloomberg TV before the OPEC+ meeting ...https://www.bloomberg.com/news/articles/2022-01-03/opec-sees-tighter-first-quarter-as-it-considers-next-output-hike?srnd=premium&sref=Em01M8Hr

The front month natural gas contract (Feb 22) is up 37.7% at 235.000p (but it had come off sharply during the weeks of Xmas and the New Year):

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5188709

... Storage sites are only 56% full, more than 15 percentage points below the 10-year average. “In none of the past years since records began have we had comparably low storage levels at this time,” says Sebastian Bleschke, head of INES, the association of German gas and hydrogen storage system operators. Barring an increase in Russian exports, something that doesn’t appear to be in the cards, levels will be at less than 15% by the end of March, the lowest on record, according to researcher Wood Mackenzie Ltd. And that’s assuming normal weather conditions...

Traders are already preparing for the worst, with prices for gas delivered from spring through 2023 surging about 40% over the past month. Some say the crunch could last until 2025, when the next wave of LNG projects in the U.S. starts supplying the world market.

“It’s hard to see how a decent level of gas storage can be achieved without additional Russian exports via Nord Stream 2 or existing routes,” says Massimo Di-Odoardo, vice president for gas and LNG research at Wood Mackenzie. “2022 will be another volatile year for European gas prices.”

https://www.bloomberg.com/news/articles/2022-01-04/europe-s-energy-supply-crisis-has-the-eu-at-the-mercy-of-putin-and-the-weather?srnd=premium-europe&sref=Em01M8Hr

18. An AIM company must prepare a half-yearly report in respect of the six month period from the end of the financial period for which financial information has been disclosed in its admission document and at least every subsequent six months thereafter (APART FROM THE FINAL PERIOD OF SIX MONTHS PRECEDING ITS ACCOUNTING REFERENCE DATE FOR ITS ANNUAL AUDITED ACCOUNTS - my capitals).

That is, an AIM company is required to produce an interim report (UKOG's should be produced by 30/06) and annual audited accounts (UKOG's should be produced by 31/03).

Natural gas prices in Europe surged on Monday as reduced flows from Russia again caused uncertainties about Europe’s supply security in the winter months.

Benchmark European gas for next month jumped as much as 20% to 84.50 euros a megawatt-hour, after falling earlier. Russian flows via a key route through Ukraine dropped. Meanwhile, supply concerns were exacerbated by potentially growing gas demand in Asia which could result in the region attracting liquefied natural gas cargoes, leaving Europe once again starved for the fuel ...

Indonesia, one of the world’s largest thermal coal exporters, on Saturday halted shipments to secure dwindling supplies for domestic power plants. The decision could increase LNG demand from China, India, Japan, and South Korea, which combined received 73% of Indonesian coal exports in 2021, Engie EnergyScan wrote in a report on Monday ...

https://www.bloomberg.com/news/articles/2022-01-03/european-gas-extends-losses-amid-rising-supplies-mild-weather?sref=Em01M8Hr

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

Extract from an article on the electoral concerns of Tory MPs in the Times on p14:

Lee Anderson, who won (the red wall constituency of) Ashfield for the Conservatives in 2019, said that the cost of living was fuelling voters' doubts. He blamed "the huge rises in the cost of living coming down the track, through higher energy bills, which my votes care far more about than the platitudes spouted about the 'green agenda' by the wealthy elite who flew into the Cop26 summit in private planes".

Anderson, a former Labour activist, added: "No one disagrees that we must do more to protect the earth. but mention the Net Zero journey to people in Ashfield and they will look at you as if you have just arrived from another planet. Many of them are only just managing to make ends meet. They want to be able to switch on the heating without worrying about the next bill".

For the first time since 1935, no onshore oil or gas wells were drilled in a calendar year, according to 2021 data from the industry regulator.

Wells were drilled every year throughout the Spanish flu pandemic (1918-1920) and the second world war.

But according to the Oil & Gas Authority’s public wellbore search, no onshore wells were spudded between 1 January 2021 and 31 December 2021. This is an 86-year-low for the onshore industry...

https://drillordrop.com/2022/01/01/no-uk-onshore-oil-or-gas-wells-drilled-in-2021-official-data/

For the first time since 1935, no onshore oil or gas wells were drilled in a calendar year, according to 2021 data from the industry regulator.

Wells were drilled every year throughout the Spanish flu pandemic (1918-1920) and the second world war.

But according to the Oil & Gas Authority’s public wellbore search, no onshore wells were spudded between 1 January 2021 and 31 December 2021. This is an 86-year-low for the onshore industry...

https://drillordrop.com/2022/01/01/no-uk-onshore-oil-or-gas-wells-drilled-in-2021-official-data/

Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity.

With OPEC+ meeting in two days to consider output policy in the face of the fast-spreading omicron variant, Russia’s lack of growth highlights the limits of the group’s attempt to boost supply if demand continues to recover. Saudi Arabia, Iraq and the UAE can raise output, but others such as Angola, Nigeria and Kuwait are struggling to meet their quotas.

Russian companies pumped 46.11 million tons of crude oil and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equates to 10.903 million barrels a day -- based on a 7.33 barrel-per-ton conversion rate -- and is flat to November.

It’s difficult to assess Russia’s compliance with the OPEC+ deal, as the CDU-TEK data don’t provide a breakdown between crude and condensate -- which is excluded from the agreement. If condensate output was the same as in November -- some 930,000 barrels a day -- then daily crude-only production was around 9.973 million barrels, about 37,000 barrels below its December quota.

Until recently, Russia ramped up production by restoring operations at wells that were shut-in or idled in spring 2020 as the pandemic shattered global demand. Now any further growth in output will mostly come from newly drilled wells, officials at Lukoil PJSC and Gazprom Neft PJSC said late last year ...

https://www.bloomberg.com/news/articles/2022-01-02/russia-december-oil-output-flat-signaling-lack-of-capacity?sref=Em01M8Hr

further historical aside:

it's where the UK's tax year comes from, Lady Day.

25/03 + 11 days to adjust for the shift from the Julian to the Gregorian calendar in 1752 + a further adjustment of 1 day for the Leap year in 1800.

historical aside:

until the adoption of the Gregorian calendar in 1752, Great Britain celebrated the New Year on 25th March, Lady Day, the Feast of the Annunciation: it would, therefore, have been a celebration of Spring.

Wishing all posters a happy and prosperous New Year in 2022 with good health.

Yes, indeed, wishing a happy and prosperous New Year and good health to everyone in 2022 - the time is fast approaching when Angus should warm the ****les of investors' hearts.

Wishing all posters happiness, prosperity and good health in 2022.

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