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The geothermal may open up new sources of funding to UKOG.

Angus Energy have been taking an ever closer look at geothermal, too, for about the last year.

The board may be quiet but, at 148.7m, volume has exceeded that for the whole of yesterday's session (122.9m)

Delays in production ramp-up at Scotgold have knocked back the price this morning. Might see a transfer of some interest to Alba.

Shore Capital: SSP recovery could surprise

The recovery of food-on-the-go group SSP (SSP) could come later in the year than expected, but Shore Capital says there is reason to think that it will be strong.

Analyst Greg Johnson retained his ‘buy’ recommendation and a ‘fair value’ price target of 390p on the owner of Upper Crust, which closed down 2.6%, or 9.1p, at 336p on Monday.

The analyst said the business’s recovery is now expected to begin ‘from the summer rather than the spring’ but this is ‘more than offset by a greater than previously expected contribution from net new contracts over the medium term’.

‘Our…fair value…stands at 390p per share, a c.15% upside opportunity,’ said Johnson.

‘With just a 12% share of the estimated £23bn travel food service market, potentially some £400m of debt headroom, and a highly fragmented but dislocated competitor base to target, such assumptions could prove highly conservative.’

1st well and seismic capped at $5m, ie at $1.39 about £3.6m.

Last placing of 02/10/20 was for £2.2m.

Obviously, we don't if the 1st well and seismic will run up against the cap or not.

Is it possible they've received some quite substantial expressions of interest in advance of the next placing?

Pure speculation on my part, but they do give the impression of being relatively at ease concerning their cash position.

UKOG do seem to be far more relaxed about getting the next placing away than I had anticipated - makes one wonder if they've not received some expressions of interest in advance.

Are you saying they've found a nugget? :-)

Imho, UKOG has always been managed as if it was a bigger company than it is.

The surest way for SS to secure his future remuneration and, indeed, future bonuses is to grow UKOG in size, in terms, above all, of its market cap.

Let's see how prospects develop in Turkey.

The last update was released on 29/03 which was the Monday of that month's last trading week and 2 days ahead of the end of the month.

Not sure if there's very much to be read into that, but we shall see.

Conclusion: HH is no longer draining cash in the same way it has in the past.

.

EVEN stronger, not ever stronger.

It's a strong buy at this price. If it goes down, it will become an ever stronger buy :-)

Extracts from the 09/02/21 UK and Ireland mining portfolio presentation:

Clogau-St David’s: High-Grade Gold
Historically, gold found in exceptionally high-grade pockets within quartz veins

https://www.albamineralresources.com/wp-content/uploads/2020/12/20210209-ALBA-presentation-UK-Ireland-FINAL.pdf

Likely calendar: AGM, placing, Basur-3 spud, Isle of Wight planning committee meeting, Loxley appeal inquiry, with news of the application for 3 additional Turkish licences and further news of HH potentially at any time.

PS: I like the gentleman walking in the background with his Collie who raises his stick to salute one of those working on the drill.

Makes for quite a nice advertisement for Wales.

"... so all going really well. We're cracking on with phase 2 behind me ...really good progress being made with the drilling".

The last placing was for the relatively modest sum of £2.2m and was on 02/10/20, about 6 months and 3 weeks ago. At the time, nobody was expecting the next placing to take so long.

It makes one realise just how much of a cash drain HH investments have constituted (as the 19/20 annual figures also showed).

The impact of SS's shift of strategy is, therefore, two-fold:
1/ investment in Turkey at lower costs than in the UK;
2/ substantial reduction of HH's call on UKOG's cash resources.