Member Info for ocelot

at $1,795.90, +$26.77

We have made three hires since this loan facility was announced at the end of Q3. One Health and Safety Lead, one Site Supervisor and most recently, a Lead Operator in late March... These are essential staff who need to be thoroughly grounded in the specifications of all of the equipment which we are procuring, the site, existing wells and the plans for new site controls and safeguards. They will be a key part of our HAZID and HAZOP meetings over the coming weeks and months. They must also trained up (or at least ready to train future operators up) to full HSE competency in order work safely in a high pressure gas process installation...

That's the way accounts are presented, Ibug.

UKOG controls HHDL and HH, so 100% of revenues are incorporated in the group's revenues and the share of the minority interests comes out at the level of results attributable to shareholders in UKOG.

I said that the HH production will prevent insolvency.
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Fair enough, cyan2.

Comes out in minority interests, Ibug.

cyan2,

you mention the old chestnut of insolvency.

How many companies become insolvent when they have no debt?

UKOG has no financial debt. It's one significant liability is the 3rd instalment due to PW Wells Ltd of £550k, which it can pay in shares, should it choose so to do.

... there have not yet been any major roadblocks, but a few potholes as might be expected in a secured facility with many interlocking agreements ...

... we do hope that the next RNS will be the happy announcement we have all been waiting for.

200 bopd x $67 x 365/1.385 = c£3.5m pa - it all helps.

https://www.ukogplc.com/ul/UKOG_Turkey_Slides%20_FINAL_190121.pdf

Agreed, Yanis, don't think Elizabeth Henson is there to help get a placing away, think it is more likely she is there to help identify:
1/ joint venture partners (but not necessarily now because, as elir71 indicated below, there is more work to be done to prove up the relevant resources);
and, possibly:
2/ a core shareholder or two.

It was the other way around, elir71, it was the recovery in the share price and placings which enabled Alba to terminate the arrangement with Bergen, on 12/10/20.

Ibug,

No, I don't, I know nothing at all about Sonar Petrol Arama Uretim Ltd.

It seems to me unlikely that UKOG's Turkish operations will prove to be a total failure, so then it is a question of determining just how successful they will be.

But, given UKOG's current share price, any result which isn't a total failure will, in all probability, see the share price rise.

From the RNS of 07/04:

8. High-impact oil appraisal project with an upside OIP range of 150-500 mmbbl gross with expected recovery factors of 10-20% of OIP

But imagine the impact on the share price of one serious joint venture partner!

PS: just noticed that lse's closing price is wrong: it was 0.25p, not 0.2425p.

My personal near-term ambitions are more conservative: I think it can double and double again, to arrive in the zone of 1p.

For the present, I am intending to maintain my "strong buy" opinion until we get there. When we do, I'll assess the situation at that time.

UKOG's current share price is backward-looking, reflecting the successive disappointments of the Weald.

South-East Turkey offers bigger potential at lesser cost in a much briefer time-frame.

As the market becomes increasingly convinced UKOG can deliver on its objective of a step-change in value growth, the share price should become forward-looking and rise very considerably.

... the price we, as UK citizens, are paying for our electricity has risen considerably over the last 15 years to accomodate the cost of idling gas fired power stations, manned 24/7 and on standby to make up the load when solar and wind power periodically fail. We strongly believe that baseload or continuous generation, which does not require several pence/kwhr of that standby support, should be rewarded with improved long-term tariff rates to encourage us and other operators to invest further in this industry.

Angus sees a very profitable future for shareholders in geothermal with wide public support...