Member Info for ocelot

Just a reminder:

the £2.2m raised on 02/10/20 was done at 0.16p - we're on a upward trend! (doesn't always feel like it, agreed).

Ibug,

£5m + whatever the open offer raises should see them good for quite a while.

Placings in themselves aren't the problem, it's the share price at which they are done that counts.

For the first time since the last placing of 02/10/20 of £2.2m, there is no need for further speculation about the next placing :-)

Larger fundraise than I, personally, was anticipating - wonder if they weren't pleasantly surprised by the extent of the demand.

Some of the derampers were suggesting UKOG might be having difficulty raising new funds - one more thing they've got completely wrong recently.

Hence the new corporate presentation released on the site yesterday, a Sunday.

Professionally done over the weekend, closed before the opening of business this morning.

The Company anticipates that its remaining net capital commitment to such programmes is approximately GBP2.06 million for the Basur-3 appraisal well and GBP1.1 million for the 2D seismic programme.

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has successfully raised approximately GBP5.0 million to fund its remaining share of the Turkey Basur-3 appraisal well's drilling, completion and testing costs and planned 2D seismic acquisition costs through a placing ("Placing") of 2,763,888,878 new ordinary shares ("Placing Shares"). The Company holds a 50% interest in Basur-3 and the surrounding 305 km(2) Resan licence.

The Placing's issue price of 0.18 pence per share ...

... the Company will shortly be sending a circular to shareholders setting out the terms of an open offer, which will allow existing shareholder the ability to subscribe for further shares at the Placing Price pro-rata to their existing holdings (the "Open Offer"). The Open Offer will be for a maximum amount of GBP5m. A further announcement will be made upon posting of the Open Offer circular to shareholders.

Ocelot,
earlier you posted:-
'It's one of the few shares that hasn't rebounded since the first lockdown.'

I'm guessing in your view the lack of a rebound in UKOG's SP didn't have anything to do with the fact that despite trying to hide it eventually (June 30) UKOG had to admit that HH-2z failed (no 720 to 1080bopd), ...
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Penguins,

I didn't express any view at all , I simply stated a fact.

... Mazrouei (UAE Energy Minister Suhail Al-Mazrouei) declined to comment on whether oil would rise beyond $80 a barrel, or even to $100, if OPEC+ didn’t raise output from next month. Rather, he said he had faith in the group being able to meet the “immediate” need to bring more oil into the market...

https://www.bloomberg.com/news/articles/2021-07-04/uae-rejects-extension-of-opec-oil-production-deal-to-end-2022?sref=Em01M8Hr

It's one of the few shares that hasn't rebounded since the first lockdown.

The oil price has picked up very considerably since WTI plunged into negative territory.

When the market does begin to focus its attention on UKOG, it's going to be very interesting to see what happens in terms of the share price.

Penguins,

Imho, as an investor in UKOG, I think you can begin to relax, the worst that can happen is that you make some money because the share goes up, (the 2nd worst, is that you make less money than you could have done because you didn't reinforce when the share was cheap).

Think we may be heading for something rather different than a spike, think a fundamental re-rating may be in the wind.

Think the time is approaching when investors may come to regret not having reinforced during this prolonged cheap buying opportunity.

the highest in a long time:

https://www.barchart.com/stocks/quotes/UKOG.LN/opinion

... there's also the possibility UKOG are facing difficulties getting a cash raise away ...
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Highly improbable, imho.

The destination of the funds is clear, principally to contribute towards the funding of Basur-3 and follow-up work.

Personally, am looking forward to the next fundraise and am intrigued by the prospect of Turkish participation (although, unless someone takes a disclosable stake, we will never get an indication as to the extent of this).

Instead of speaking of the Turkish Lira, it would be more appropriate to speak of cable, where the £ has recovered significantly against the $ since the original Turkey RNS of 23/07/20.

Penguins,

We will disagree on that one.

As a long-term shareholder, I am certain there will be a fundraise and am quite happy to let management choose the appropriate moment.

Penguins,

Given UKOG's lowly share price and market cap, the downside risk is, imho, as near to minimal as is possible, so the risk/reward ratio is, in all logic, attractive.

My impression is that UKOG's management is beginning to "win".

They have wrong-footed absolutely everybody with the timing of the next fundraise (the first predictions for this fundraise were made immediately after the last one, of 02/10/20, because it was for the relatively modest amount of £2.2m).

It means the market is no longer quite so sure of itself vis-a-vis UKOG and is obliged to interpret the signs with greater care.

PS: the interim results also showed that there is a very quick return to be made on the investment to convert HH-2z into a water injector.