Member Info for OofyProsser

WG818: re your 9.19 post and the volume of water data, how many barrels does your figure equate to? I can’t find an intelligible conversion table.

Ocelot: “nobody is saying they are not debt-free”.

You know this statement is untrue. A number of posters who've taken the trouble to glance at the recent Interim Accounts have pointed out a total of £3.8mm of loans. All they’ve repaid is the balance of the Convertible, which is a small part of the total.

This is a pump and dump. Ignorant posters deriding better-informed posters who have taken the trouble to inform themselves merely show themselves up. UKOG desperately needs more money. It can’t afford to service more debt, even if any is to be found. It’s a pump and dump. You know it, I know it.

It’s a pump and dump.

HITS: yes, it’s been hard to keep up, hasn't it? There’s Kemexon too. I agree with you, at face value it’s not in any of these entities’ interests to get the price lower, unless, as 1347 suggests elsewhere, they want to put in a bid at a much lower price. I don’t go for this, personally. It’s merely someone selling because the scales have fallen from his eyes. Roadhouse’s claim of an email having been received from the Trappist Herbert suggesting that someone is selling because he wants to short the stock(!) is clearly entirely made up (if it had come from Mr. Zielicki, I might have accepted this was the wording!). Perhaps someone will own up to having got out of part of their big holding soon. Investverysmart(!) would be better advised to ask Roadhouse for verification of his email from Mr. Herbert.

HITS: you’ve overlooked Knowe Properties, haven’t you? Oddly, they’re two years in arrears in publishing their 2021 Accounts. I wonder how long it is since Jonathan Tidswell-Pretorius put in an appearance there to take the Chairman through the latest developments at Angus. I can’t imagine the latter being much impressed with either Angus’s bloodless Trappist CEO or its dozy parvenu Chairman - he of the 2 million scuffs.

Ridiculous nonsense. Risible.

It’s a bit dodgy for the management to claim UKOG is debt-free with the final settling of the Riverfort loan. The latest balance sheet shows a sum of £3.2mm. owing to non-controlling interests. It classifies these sums under “loans”. Have these loans been repaid?

More important, where is UKOG going to find money to stay in business, going forward?

Re the posters on here who retain the hope that it’s worth 1p, are they referring to the share price or the market capitalisation?

WG818: I’ve only been watching this comedy of errors for four or five years so don’t know what “historic ties” exist with Mr. Sandersons amusing plaything, UKOG. Can you enlighten me?

Think of what might have been if they’d got Poundland producing on schedule (for which the lenders made generous allowance). And then if they’d made more sensible decisions on a very complex sidetrack, which appears to have added minimal additional gas to the existing flow. Even better, if the noble Lord Lucan had only seen fit to take the bank loan eighteen months before he was forced into the eye watering terms of the Mercuria loan. Think of the dividends then. The Ocebot’s eyes would be rolling in their sockets.

As the American poet Whittier puts it “of all sad words of tongue and pen, the saddest are these - ‘It might have been.’” Innit?

...If, not I’d.

Ocelot: not always, they don’t. Market makers are there to make money. I’d they see a decent chance of spoofing investors by marking the price up while they, the market makers, are long, they’ll do it. It’s a more complicated science than you suggest.

Can anyone name an AIM-listed company that would not like to be able to pay a dividend? Wishing you could do it and getting your company to a position from which it can pay one are very different things.

Ocelot: I should think UKOG might welcome a bid. There must be dozens more such companies. If the previous management had got Saltfleetby working on schedule (even after multiple revisions), they would have been OK. If they had taken the seven weeks they stuck to for the completion of the sidetrack for a couple of million, that would have been OK too. As it is, Saltfleetby is depleting faster than expected and most of the revenue is going to the benefit of the lenders. I’ve no idea how they’ll finance more expensive drilling at Saltfleetby. Trafigura doesn’t need to lend them any more. The6 got a reasonably sweet deal. Even now, however, Angus is a better company in the absence of a merger with the likes of UKOG, surely?

SillyButtons: apologies for a very similar post.

There’s a lot of muddled thinking on all these threads today. Of course Trafigura is reasonably relaxed about its debt. It’s the lender and it’s got highly lucrative hedges on production which have a chance of paying off its loan before the loan matures. It’s shareholders who are left carrying the can. Angus will never make money while they can’t get lending facilities other than on similar terms from one of these canny big trading companies.

Why did Mr. Zielicki agree to a scripted interview when he knew he was in a close period? Saying he couldn’t say anything because of this may be an offence if nothing transpires re corporate action of some kind. It’s very unprofessional.

Ocelot: SillyButtons’s post appears to me to be entirely consistent with yours. Trafigura is unlikely to be offering a blank cheque. Anything Angus comes up with will need their approval.

Bubblepoint: if there was one thing that did for Angus, it was the hedges and the delay in production which made them pay the market price for the gas they couldn’t deliver while receiving a tiny fraction of that price for it. One or two of us pointed out the potential severity of these risks just two days after the RNS disclosing most of the terms of the original loan (the one they didn’t need).

I agree with your conclusion, though. The CPR had a lower rate of decline than this in the first two years. The big decline starts in 2026 and it’s big thereafter. Totally uneconomic without a big rise in the gas price.

If Mr. Zielicki and Brother ‘Erbert manage to pull off some AIM deal that somehow looks too good to be true but allows the share price to recover a bit, I would get out of it as fast as my little legs would take me. I wouldn’t hold my breath for it though.

Ocelot: if the Angus definition of de-risking is to diversify away from Saltfleetby, then they’re in real trouble. Angus doesn’t seem to offer anything worth having to a new partner or bidder.

Ninetails, the UKOG Chairman will take a dim view of the incoming Labour government if it fails to do a deal with Vast.

SimonAlexsmith: you’re right of course about the hedges running out next year but the long term gas flow rates will be falling and the following year they start to fall off a cliff, according to the CPR. The cost of further drilling and equipment is likely to dwarf the profits to be derived from it without a very big rise in gas prices. And we still don’t know the full terms of the offtake agreement. Any money spent elsewhere will need further capital raises. I think this is one for big bulls of gas only and take your profit as soon as gas reaches your initial target, don’t get sucked into raising it.