Member Info for ocelot

Lots of information in the update on work activities, all positive.

There are 2 RNSs (the one concerning warrants is only for £40k at an exercise price of 0.32p).

... none of the lenders we spoke to had issues with quality of the asset as security or the ability of the cashflows to amply service this level of debt.

The placing should mean Turkey can now accelerate: they need to get a move on, if they are not to be caught out by Winter conditions.

If it was leaked on twitter, gkb47, then it was a leak to which nobody paid any attention, otherwise the share price would not have fallen as it did when the placing was announced.

They did rather well because they got the placing away without any leaks whatsoever beforehand.

It is perfectly normal for a share price to decline on a placing at a discount to the existing share price.

Will the share price and the market cap rise following the placing?

Too early to tell, isn't it?

Everybody was expecting a placing and yet nobody saw it coming when it did.

Think UKOG and WH Ireland did rather well.

Agreed, Mirasol, there's no competition between them when it comes to communication.

Why would anyone invest in a company in which JTP is involved.
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You would need to identify the £32k buyer to obtain an answer to that one.

The 2 permissions for Clogau/Dolgellau were the immediate trigger for the share price rise.

Coming back to your post of 22:52 of last night, Penguins:

SS wasn't necessarily "BS-ing": SS is not a man of finance and the City doesn't stand still, so its service offer is changing all the time.

George Lucan himself is now seeking a "streamlined" debt facility instead of RBL finance.

It was the subject title that gave the game away!

Fine, Penguins, mistakes have been made, there's no doubt about that, but that is all in the current share price.

We all know oil exploration is risky, whether we read the small print or not.

For myself, the only question that really matters is: where do we go from here?

The trade's time was 15:28:45, the offer price was 0.80p, the trade price was 0.805p.

With the placing out of the way, let's hope Turkey can now advance at pace.

UKOG's story is one of 2 failed wells, Broadford Bridge and HH-2z, neither of which has produced oil in commercial quantities (although the future of the latter remains an open question), both of which have cost money.

BB was into the Kimmeridge, so known to be adventurous. HH-2z was into the Portland and meant to be a relatively safe option into a known reservoir.

UKOG is not responsible for the geology of the BB and HH sites.

Penguins,

According to George Lucan of Angus, the minimum ticket size for RBL financing is $20m.

"This is a specialist form of credit advanced by a now small number of international institutions ... generally speaking the larger lenders have high fixed costs associated with evaluating, structuring and approving a loan and reserves based lending is complex and requires a significant time allocation. The larger lenders tend to have a minimum “ticket size” of $20 m and above ...".

Twitter giveaway in the name of "Gold Mines of Wales", I should add.

But, to keep his salary, SS needs UKOG to, at the very least, survive.

And, to survive, UKOG needs to be able to raise funds, so it needs a market cap of a certain size because the oil business involves costs of a certain size.

So, to keep his salary, SS needs UKOG's market cap to rise.

Twitter giveaway, "high possibility" of finding gold in the BBC News article of 12/09, talk of a local interpretation centre or museum on ITV, the indications are promising.

It makes a difference in that I didn't recognise your 1.7bn figure, Mirasol, so went back to check the RNS.

It's been a very tough couple of years, there's no doubt about that: first, Broadford Bridge, then HH-2z, no oil flowing, so no cash flowing either (or much less than hoped for, anyway).

Can it be turned around?

In its favour, the share price is down and out, so expectations are just about zero.

Communication is poor, which doesn't help. As ever, the potential to grow is there.