Member Info for ocelot

£6.12m of debt facility, maybe a further £8m of committed funding plus nearly £3.5m of new equity (if all the warrants are exercised).

Certainly in terms of financial clout, Angus is shifting up a gear or two.

Spot gold: + $27.63 at $1,870.80

Negative comments are welcome, because they help to rein in over-exuberance.

But, imho, they do need to take account the share price which, at its current level, already reflects an enormous amount of negativity.

ZYX098/Penguins,

We are all guessing as to the timing of the next placing, because none of us have access to UKOG's books and cash position.

As you say, Penguins, "we will see".

and the share price decline is well overdone, imho.

The placing should strengthen their hand in the Balcombe committee meeting, the councillors won't be able to question Angus's financial means to push ahead with the project.

The stronger £ will help, too, reduce the £ equivalent of $ drilling costs.

From the RNS of 02/10/20 (my capitals):
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that ... it has successfully raised GBP2.2 million to fund its share of INITIAL DRILLING and seismic costs through a placing ("Placing") of 1,374,999,993 new ordinary shares ("Placing Shares").

Given the repayment of the 2nd instalment to PW Well Test Ltd in cash, I have begun to wonder if UKOG hasn't got a bit ahead of the curve this time and, in terms of cash resources, thanks also to its cost-saving initiatives, finds itself more comfortably placed that I had previously imagined.

However "total" operating costs are defined, the key point remains: they have made strenuous efforts to squeeze costs and reduce cash outgoings.

Not sure about that, Penguins, may have responded too quickly.

... From January 2020 to January 2021 our total operating costs have reduced by 66%. The savings will help place Horse Hill in a good position to take advantage of the strengthening Brent crude prices seen in the past month.

So, "total" operating costs, there's no mention of per barrel.

Yes, ZYX098, they would have to release an RNS in those circumstances, the number of issued shares is a key figure for the market.

Management salaries reduced at the time of the first lockdown, total HH operating costs down by 66% from Jan 20 to Jan 21, they've been managing their cash resources tightly.

PS: the obvious time to amend authorisations is at the AGM. Last year it was held on 17/06.

Penguins,

Agreed, they can recover the amount through the next placing.

But, as you also point out, there is a cap on how much they can raise, so their potential total cash resources have been reduced by £550k.

We don't know their cash position, but they definitely paid the 2nd instalment of £550k to PW Well Test Ltd in cash, so most of us got that wrong.

My reading of the photos is: "all is well".

Not so wishy washy, they wouldn't tweet those photos if they were aware of any negative developments.

Good volume (32.3m on AIM).

The share may have come off a bit more, but the decline seems to have brought out the buyers.

Ozzy52,

I imagine Arthur Levitt Jr's opinion was prompted, at least in part, by GameStop and such like.

His is a senior voice.

Where NY goes, London tends to follow closely behind.