Member Info for ocelot

Way out of date, Ibug, your link is dated 07/01/21.

The councillors went against the recommendations of their own officers.

It was worth lodging an appeal at the time, because of the size of the potential resource.

After the enormous rise in natural gas prices of the last several months, it's potentially worth a lot more now.

Hence the appeal to the inspector where the decision remains, for the present, outstanding.

For information, it relates to the RNS of 21/09/20, "Volumetric study confirms significant gas resource".

Indeed, how do we know they have not already been approached?

We don't.

The enormous rise in natural gas prices must make Loxley a pretty tempting proposition, although, of course, the duration of the rise remains to be seen.

Who knows? Maybe potential suitors will approach them.

Re the timing of the decision, reminder of these extracts from UKOG's RNSs:

Pandemic permitting, the expectation is that a public inquiry will be held in the autumn, with a decision by the end of 2021. (RNS of 10/02/21)

The Planning Inspectorate's formal appeal process has an effective start date of March 1(st) and culminates with the public inquiry, scheduled for up to nine days. Based upon the earlier than expected inquiry date and the inspectorate's average post-inquiry decision timescales, the inspector's ruling is likely to be issued in autumn 2021. (RNS of 04/03/21)

Pronounced decline of about 20% of natural gas prices so far this morning:

https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5188708

Don't know, Ninetails (and I'm not sure anybody does).

One thing that does tend to be forgotten is that UKOG are not obliged to retain 100% ownership of Loxley. Angus, for example, are the operator of their Saltfleetby project with 51%-ownership.

https://drillordrop.com/2021/12/22/residents-put-toes-on-the-line-in-fight-against-gas-drilling-near-surrey-village/

Further reminder:

it was in its RNS of 17/12/20 that UKOG announced its intention to appeal:

... At both the 29 June and 27 November 2020 SCC planning committee meetings, UKOG also highlighted the role that a successful Loxley gas project would play in the government's low-carbon hydrogen policy, in which natural gas is reformed into clean burning hydrogen, with an envisaged 85% saving in related carbon emissions. Domestic gas has approximately a quarter of the carbon emissions of imported liquefied natural gas.

The importance of such domestic gas as part of the net zero transition was further underscored by this week's Written Ministerial Statement and Energy White Paper, in which it was acknowledged: "The UK's domestic oil and gas industry has a critical role in maintaining the country's energy security and is a major contributor to the economy".

It continued: "The projections for demand for oil and gas, though much reduced, is forecast to continue for decades to come", adding: "We will therefore make sure the natural gas markets and networks evolve in a way which enables continued investment and ensure secure supplies but also promotes the use of low-carbon options (i.e. hydrogen), wherever possible". The government also reaffirmed its position that low-carbon hydrogen would be required as part of the transition to net zero...

From Citywire's round-up of the morning papers:

Top stories
Financial Times: ‘Stratospheric’ wholesale gas and power prices threaten a ‘national crisis’ in Britain, energy companies are warning; Good Energy and EDF press for urgent government intervention to protect customers and suppliers.

From Citywire's round-up of the morning papers:

Top stories
Financial Times: ‘Stratospheric’ wholesale gas and power prices threaten a ‘national crisis’ in Britain, energy companies are warning; Good Energy and EDF press for urgent government intervention to protect customers and suppliers.

Assume the inspector's decision is for the new year now, (reminder: the council's first rejection of UKOG's application goes back to 29/06/20, 18 months ago).

European power climbed to a fresh record as France faces a winter crunch, spurring the region’s top aluminum smelter to curb output.

Electricity for delivery next year surged as much as 6.4% to an all-time high in Germany, Europe’s biggest power market. France, which usually exports power, will need to suck up supplies from neighboring countries to keep the lights on as severe nuclear outages curb generation in the coldest months of the year.

The crunch is so severe that it’s forcing factories to curb output or shut down altogether. Aluminium Dunkerque Industries France has curbed production in the past two weeks due to high power prices, while Trafigura’s Nyrstar will pause production at its zinc smelter in France in the first week of January. Romanian fertilizer producer Azomures temporarily halted output ...

Supplies will be so tight in the winter that French power for February is trading at 1,000 euros a megawatt-hour. Prices have been rising so fast that the European Energy Exchange on Tuesday raised the maximum price for order entry, trade matching and trade registration of power futures to 3,000 euros a megawatt-hour from 999.98 euros previously.

https://www.bloomberg.com/news/articles/2021-12-22/european-power-surges-to-record-as-france-faces-winter-crunch?sref=Em01M8Hr

Nope.

How could there be an update by 29/12/21 for the interim results to 31/03/22?

It's about 1.5% of the share capital.

That's a buy of about £140,600, which is unusually large for Alba.

Yes, let's hope it is a harbinger of better times to come.

.

Late-reported. Day's volume on AIM now 102.0m+.

The current share price seems to assume the probability of Angus succeeding at Saltfleetby is zero.

That is simply not a reasonable approach: if one was to sit on the fence and attribute a probability of 50%, the share price would be way higher.