Member Info for ocelot

If we say that derampers represent about 5% of the capital and that rampers match derampers and represent about another 5%, then the silent majority represents about 90%.

It's interesting, isn't it?

For all the sound and fury of rampers v derampers (and vice versa) on this board, we can now see that both camps are in a small minority by comparison to the silent majority of investors in UKOG.

Update: Based on initial advice, we are seeking support from shareholders accounting for 10% of all shares in issue. We will appoint a panel of 5 shareholders to interview candidates for each of the 3 roles. Applications for candidacy to be accepted once we have reached 10%.

They've arrived at 4.67% of the outdated share capital, so 95.33% of the outdated share capital are not supporting his cause.

My attention was caught by what GL said about Lidesy and geothermal:

Completing seismic at Lidsey this week.

"If we get anywhere near a decent fraction of that OIP (9m barrels), the value to the company could be £60-70m and we have 80% of that licence".

Considers the undervaluation of the company could be by a factor of "many, many times" on Lidsey alone.

Re geothermal, looking at long-term revenues of £200-300m.

More information was provided in the RNS of 24/02/21:

Details of the sampling programme

It is proposed that a stream sediment sampling campaign be performed over two areas within the Company's Gwynfynydd licence area. This, along with drainage basin identification, will enable the targeting of areas of likely gold mineralisation. The objective of stream sediment sampling is to look for pathfinder minerals which may indicate a hard-rock source of gold mineralisation upstream.

This initial targeting could lead to follow-up soil geochemical sampling, detailed geophysical surveys, trenching, and ultimately diamond drilling.

The study will focus on two drainage or catchment areas within the Gwynfynydd and Craig y Penmaen basins (see Figures 3 and 4 in the PDF version of this RNS)...

https://www.rns-pdf.londonstockexchange.com/rns/1095Q_1-2021-2-23.pdf

There was this in the pretty dense RNS of 02/02:

... In respect of the BGS's stream sediment sampling programmes, stream sediment sampling is a common gold exploration method which involves the collection and analysis of the silt or sand in a stream or riverbed. Anomalous assay results may indicate an area of mineralisation upstream of the anomalous samples.

Alba is currently also undertaking a detailed drainage basin analysis to assist in the planning of focussed stream sediment sampling programmes. A drainage basin, also called a catchment area, is an area from which all precipitation flows to a single stream or set of streams. Typically, the analysis employs the use of Digital Elevation Maps (DEMs). By identifying a drainage basin, the stream sediment results are constrained to a geographic area thereby aiding the targeting of mineralised areas...

Yes, cyan2, ANGS do have a CPR (and an offtake agreement with Shell).

They were unable to obtain RBL finance, because they were seeking £12m and the minimum size of RBL finance at the time was $20m (cable was less favourable to the £ at the time, too).

The thread was started by a filtered poster, so I've no idea what he/she wrote, but ANGS's debt facility is most definitely NOT an RBL.

De-risked financially, the remaining risks are of a technical nature.

Wonder if some of the funds specialising in micro caps may now take an interest.

-- Construction activities are planned over several months with multiple local specialist contractors. On site operations will commence in July with limited groundwork preparations on this pre-developed site. In situ fabrication of flowlines will commence in August and main production equipment will be connected as individual skid packages arrive.

Should be a stream of operational news flow in the coming months.

RNS is dated right at the beginning of June, 5 months would take us to the beginning of November, maybe they've built a little margin into their forecast timetable.

43 pence per therm is better than the highest price retained for the CPR, that of 42.24p for the year 2025 (see p49 of the CPR):

https://www.angusenergy.co.uk/wp-content/uploads/2020/03/Reserves-Resources-Valuation-Report-Angus-Energy-Saltfleetby-Assets-Effective-Date-28th-February-2020-Report-Date-4th-March-2020.pdf

Congratulations, George and all the team - got there!

The average achieved price under the Hedge, including all fees, costs and charges is 43 pence per therm.

Saltfleetby Drawdown and Initial Application of Funds

Angus Energy plc (AIM: ANGS) is pleased to announce that the Conditions Precedents to drawdown have been met, the full GBP12 million facility required for the re-development of the Saltfleetby Gas Field and the drilling of the side-track well is now fully available.

GBP5.84 million has currently been drawn down with the balance to be drawn over the coming weeks against invoices in line with the Field Development Plan and the Plans for the acceleration of production through the fast-tracking of the side-track well.

Simultaneous with drawdown, the Company has hedged (the "Hedge") approximately 70% of the Company's and its partners' share of future gas sales, estimated under a conservative projection, for three years beginning in July 2022, providing Angus with downside revenue protection, all the while allowing the Company to capture upside in the event of higher gas prices. The average achieved price under the Hedge, including all fees, costs and charges is 43 pence per therm.

We all know that UKOG's current share price and market cap do not correspond to management's ambitions for the company.

It makes sense to broaden their horizons and focus on SE Turkey, where it is clear there are opportunities to be explored and they have partnered with a company with decades of experience in the region.

Dwelling on the past won't restore past losses, so investors will turn to the future and anticipate the spud of Basur-3, wishing all those involved all the best.

UKOG's share price and market cap are very modest at the present time and do not integrate the possibility of any success in Turkey.

Consequently, the results of Basur-3 do not need to be outstanding in order to provide a boost to the share price.

Almost any positive results would help to improve UKOG's market image.

Acknowledgements to Orkney on a rival site:

Re Greenland ipo: John Meyer, Partner and mining analyst at SP Angel, stated on a 24th May vox podcast that Alba's Greenland IPO was "the sensible thing to do". When discussing the Welsh gold he stated that there was "more value to come out of it".

Zak Mir's bulletin board heroes of yesterday:

"back on a more positive and bullish trajectory", "looks like a better picture there for UKOG".

... in Wales, Alba has discovered ten ‘promising’ areas near to the original mine and is looking for more. ‘It is not in the realm of fantasy that we will find one or more significant virgin gold deposits through this work,’ says Alba’s chairman Frangeskides.

Having quoted the extract from Penguins's post of 10:45 again, I would like to add:

the speed of payback concerns the future, the speed with which capital can be recovered in order to be re-invested.

It does not concern the past.