Member Info for ocelot

£96,154 across the 2 warrant exercises of 07/11 and today.

So many of the detractors express their dislike of UKOG as a company without drawing any conclusion about its share price. Indeed, a good number of the detractors don't appear to have much knowledge of the share market itself.

Indeed, very few of the detractors suggest UKOG should be sold at these levels, because they know full well from past experience how very quickly the stock can rebound on positive news.

The important question is when might a partner be announced.

The answer to that is "I don't know" and nobody else knows either.

But it is something to be borne in mind amongst all the negative posts on this board because, following the National Gas MOU RNS, we all have recent experience of the very substantial impact on the share price of a positive RNS.

Agreed, elir71, that HH is not UKOG's top priority but it is encouraging that UKOG is again speaking of HH in a positive manner:

" ... the Company is working closely with SCC to rectify the situation (created by the Supreme court;s judgment of June 24) , via a new retrospective planning submission later in 2025. By agreement with SCC Horse Hill oil production was temporarily shut in pending restoration of planning approval. On resumption of its profitable production operations the company will assess the future opportunities for Horse Hill.

So potential for, at least, a partial write-back of impairment, should UKOG obtain consent from Surrey CC and get Horse Hill back into production.

From 09:07 of SS's interview of 13/10:

Been talking to a couple of big players, one European, one Japanese.

The model is that a partner takes "up to 50% of the project": that would leave a very healthy percentage for UKOG.

The odds of extreme cold this winter in the US, Asia and parts of Europe are climbing, threatening to boost energy bills for consumers already grappling with high costs and economic uncertainty ...

https://financialpost.com/pmn/business-pmn/rising-polar-vortex-threat-for-us-asia-and-europe-signals-higher-winter-energy-bills#:~:text=from%20our%20team.-,Rising%20Polar%20Vortex%20Threat%20for%20US%2C%20Asia%20and%20Europe%20Signals,Energy%20Bills%20Back%20to%20video&text=A%20deep%20freeze%20would%20likely,show%20signs%20of%20persistent%20weakness.

Alba possesses, therefore, 11.765% of, in the words of UKOG's Stephen Sanderson, a potentially significant untapped recoverable resource.

No idea whatsoever, marc001.

UKOG have recently raised a total of £4.5m but for other priorities.

In its annual report RNS of 30/09, Stephen Sanderson stated the following:

"... whilst an updated planning application including the amended EIA is prepared for submission later in 2025. The Company currently aims to restore production at the site in H1 2026.

During the long shut-in period at Horse Hill, given the geology and historic reservoir production behaviour of the field, we would expect a significant reservoir pressure build-up to have occurred. Consequently, we expect that any re-start of production is likely to be at higher rates than those immediately prior to the shut-in date.

Should this be the case and given that the produced volumes to date represent less than a few percent of the assessed oil in place the Company regards the remaining untapped recoverable resource perspective as potentially significant. Consequently, given the restoration of planning consent we consider Horse Hill offers the potential to remain a future strategic asset and to help contribute revenue towards our energy transition Clean Power projects".

Almost £77k in the kitty

Donald Oleforo, Head of Hydrogen Business Development, National Gas, commented:

"At National Gas, we are committed to working together with industry, government, regulators to develop the core hydrogen network that will facilitate Britain's place as a world-leader in hydrogen production and storage. This important industry partnership with UKOG is recognition of this potential and marks our joint commitment to delivery." (National Gas MOU RNS of 01/10)

... The company (National Gas) states the new network “will grow the existing hydrogen economy by driving home-grown hydrogen production and ensuring continued supply through storage – helping to increase the UK’s energy security.” ...

At its core Project Union is about turning hydrogen from a strategy into reality.

It aims to connect production, storage and export for a fuel that can decarbonise steel plants, chemical sites and other hard-to-clean industries ...

From UKOG's (6-month delayed) 23/24 annual report, page 70:

At 30 September 2024, the outstanding loan balances owed to HHDL’s shareholders were; Alba Mineral Resources PLC (Alba)

£2.6 million (2023: £2.1 million) ... The loans are payable on determination by the Board of HHDL (controlled by UKOG). The loans currently attract an

interest rate equivalent to the Bank of England base rate.

Can't help, mimbrit, don't know why finance costs are differ between the RNS and the annual report or why, in the annual report on page 61, the "change in estimate of decommissioning liability" does not show a figure.

It is Note 19 that catches my attention, mimbrit: I read that to mean UKOG had over-provided for decommissioning costs in past accounts, meaning that losses for 23/24 were diminished when they wrote back to the income statement the over-provision.

Let us agree to disagree on your conclusion.

We will disagree on this one, mimbrit, because it is not at all clear in my eyes.

Why should £886k appear as a negative number in the income statement when its principal constituent, the change of the estimate for decommissioning (Note 19), is a positive one of £753k? that is, the provision has decreased during the year so requires to be been written back to the income statement.

Mimbrit,

Not clear - Note 8 shows the "Change in estimate of decommissioning liability" as a negative figure of £625k but Note 19 shows the "Change of estimate" as a positive figure of £(754)k.

Since the close at 0.046p on 01/10 the company has raised a total of £4.5m and Peel Hunt has disclosed a stake of 10%.

The Issue Price represents a discount of approximately 35% per cent to the Closing Price of 0.046 pence per Ordinary Share on 1st October 2025, ... (1st placing RNS of 02/10)