Member Info for Penguins

Jeez,

TH2 so delusional that the government would give them a nod - more likely the elbow.

I'm afraid it's pretty certain that the government is well aware of UKOG's 'credentials' of failing to execute 'as expected their description of outcome - eg 'transformational, national importance, etc - of every project, Even Portland Port.

Let's hope the Energy B rampers don't turn up here peddling BS about the Kimmeridge (proved unproducible at BB) or any other claims - no doubt DL will be ready to rerun the hype of 2015 - unfortunately it's pretty clear that it was just that.

Also expect there to be a lot of push back to the planning application, and not just because of DL's record.

AntC,

Won more than I've lost, mainly from the BB false hopes, but the days of buying low selling high seem to have ended - I'm sure TH2 disagrees but then you should see what he was posting after the NG MOU:-

'Cannot buy...nothing on offer! 6 Oct 2025 11:21

Had to jump on the phone to the guy on the trading floor to place my buys this morning.'

Closing price 6 October - 0.0312p

In some ways it was an easy bet when UKOG was being evasive during BB, then HH, then Turkey, selling snake oil - but a similar strategy to the pumpers in some ways (with analysis rather than ramping) - but the hydrogen story doesn't have the same vibe - whilst the NG MOU caused what turned out to be an obviously unwarranted spike (and gave me an opportunity to sell, at a loss I might add, all my ISA holding) the WWU MOU failed - possibly because of the fear of another discounted raise with dilution - though UKOG had no authority remaining to issue more shares.

What next - possibly a raise on hype based on launching the storage round - if that falters possibly enact the CLN UKOG had arranged before the NG MOU hype helped them raise instead, and consolidate so there's scope to drop the SP.

From the 2025 Interim Report:- ' and secured key commercial terms with a finance provider for a credit facility that it envisages will be finalised shortly'

Interesting - did Servatec gave them the cash immediately, and if they did where is it in the cash flow accounts? or as the sale didn't complete until December can they report it then as it was also a debt until then - accountancy is a black art.

or maybe it's what companies do to protect their costs if the deal fell through?

It also appears that although the carrying value in the 2025 ARA was mentioned as £1.5 million on reading further it had been impaired in 2024 to £600,000.

....and perhaps I should point out that when UKOG stated projects were transformational (and 'of national importance etc.) they carefully qualified it - potentially, expected etc - which of course the ramping crew didn't seem to understand.

AntC - Horndean was sold for £400,000 soon after that RNS, cash wasn't received post the ARA - carrying value previously was £1.5 million.

..and it was 2014 when the shell plc became UKOG under new management - DL and his cronies.

as Mimbrit pointed out SS became a director in 2015 following the astonishing discovery of billions of barrels of producible oil in the Kimmeridge (in a well targeting a Portland structure and a risky Triassic test) which the BGS had released a report on in May 2014, but the BGS report pointed out that, apart from the KLs, the oil might not be producible. Apparently SS was uncomfortable in a presentation when DL dismissed the BGS report - but then......

UKOG got an American company in that made comparisons to a US shale basin that wasn't, in reality comparable, and came up with ridiculous expectations - which in an EY report (based on what UKOG told them) predicted up to 27% of UK's oil consumption could be met by production from the Kimmeridge.

Seems UKOG started out refusing the evidence available about that, and every project since.

..and this isn't hindsight, every projects risks since were known, and probably better known to UKOG, while UKOG were claiming they were transformational.

TH2,

I can't identify any significant assets, even any kit left at HH or in the office appears to be near zero value

It looks like the auditors have finally realised that HH has zero value - in a 'normal' oil company a CPR based on current understanding would be required to assess asset value - UKOG instead preferred to let the board decide the value based on predictions of production they weren't prepared to release to the shareholders.

There are no other assets, most previous potentially high impact projects (BB, Loxley, Turkey) discarded.

As for cash, maybe - there were the four raises which after costs probably only meant £4.5 million arriving in UKOG's accounts of the £5 million raised, plus the £400,000 from selling their only income stream at a massive discount to their carrying value of £1.5 million.

Admittedly since then they've probably done very little as they surely realise that neither proposed storage site was likely to be selected for an allocation of revenue support - leaving salaries and costs related to the Horse Hill revised planning application.

Perhaps they're saving up cash until HH has resumed, with the associated hyped flow rates to get a raise away to keep the lights on.

TH2,

WWU may be 'exploring' ways to link to UKOG's unfunded, possibly unleased, site in South Dorset - meanwhile they expect Project Union to connect to their planned Hyline Cymru pipeline and thus connect them to storage, almost certainly in the North of England. From WWU's Hylinem Public Report:-

'Other scenarios are likely to depend on Project Union to access large-scale storage.'

....which means it's very unlikely to happen if previous UKOG expectations are anything to go by.

Unfortunately what's missing from UKOG's rose tinted RNS about their storage project in the south is when it might be needed. WWU (West Wales Utilities) plans for hydrogen are laid out in their hyline public report.

https://www.wwutilities.co.uk/media/5323/wwu-hyline-public-report.pdf

It's clear that their near term plans are to complete work on connectivity in the west of South Wales, planning to complete Hyline Cymru connecting Milford Haven to Port Talbot by 2032 (P26).

Project Union is planned to connect to Hyline Cymru (P8 map) and on page 21 beneath a diagram of storage requirements in various scenarios there's this:- 'For most scenarios, there is a change in storage requirements from 2040 due to an increase in demand' and 'Industrial scenarios S2,S3 and S4 could be managed from a supply based on continuous production. Other scenarios are likely to depend on Project Union to access large-scale storage.'

So large scale storage could be needed after 2040 in South Wales, and Project Union should have reached South Wales connecting to storage in the north - will WWU want to fund a connection to South Dorset which would require extending Hyline Cymru a long way east and then to the south coast - and not needed until 2040.

Oops nudged the Post Message rather than pasted the last bit

'As everyone surely knows by now that what TH2 considers UKOG's facts are often qualified with some sort of indication it isn't a fact - as in 'All facts and available for anyone to read on this site''

Just in case you're wondering why this thread is titled as it is.

It was because I didn't want to reply to a thread with a title that was clearly a lie:-

'RNS 25th March - UKEN £2.3 billion revenues annually!! Today 10:20'

It has since been deleted but due to the miracle of copy and paste here is the start and the conflicting statements:-

TrollHunter2

Member since Apr 2016

Posts: 2,543

Price: 0.0105

No Opinion

RNS 25th March - UKEN £2.3 billion revenues annually!! Today 10:20

Mathew Hindle, WWU Head of Net Zero & Sustainability, commented:

"Across Wales and the South West, green gasses will be essential to decarbonise industry and other energy users. Our Hyline projects ..........

• For UKOG specifically: While they won't pocket that entire £2.3bn (which includes supply chain and wider industry gains), it indicates the massive scale of cash flowing through the project.

• Asset Value: Even as a minority owner or operator, a project generating that much economic value would likely be worth hundreds of millions in management fees, dividends, and equity value.

Funny that TH2 has changed the title to reflect what has been estimated on UKOG's behalf - but quite clearly in the post it's not just the project and then UKEn will be a minority

As everyone surely knows by now that what TH2 considers UKOG's facts are often qualified with some sort of indication it isn't a fact - as in '

....after claimiing it will be - annually - just read TH2's post.

Nor will it be any time soon, if ever, there just aren't the significant hydrogen projects in the south and south west 'in the pipeline' to need large scale storage. By the time that South Wales becomes a significant hydrogen cluster with production and demand South Wales will be connected to storage in the North - why would WWU fund a dedicated link to South Dorset Storage?

This from WWU's Hyline public report:-

'Industrial scenarios S2,S3 and S4 could be managed from a supply based on continuous production. Other scenarios are likely to depend on Project Union to access large-scale storage.'

and

'For most scenarios, there is a change in storage requirements from 2040 due to an increase in demand'

Seems that large scale storage won't be needed for South Wales until after 2040, and that assumes the government's forecasts of production and demand !which increasingly appear highly optomistic) are right.

Mimbrit good spot, I assumed the RAR would be the latest.

It looks like they delight in being inconsistent with the nominees names - probably to obscure the ebb and flow of shares - I was puzzled because Puma Nominees appear to be a dormant company, but they are a subsidiary of Shore Capital so you're right that's (probably) where their shareholding in December went.

Of course the latest holding when a listed company disappears aren't necessarily zero, only less than 3%. Maybe Peel Hunt managed to dump more than 2 billion shares between December and end March (at a loss?), though previously these share holding lists have appeared to be a bit erratic and large holdings disappear then reappear. Maybe they can choose whether they reveal their holding as they were holding as a market maker.

isthisawinner,

UKOG probably haven't leased either the north or the south site yet, let alone buy - they made a big deal of leasing the Portland Port site and so far UKOG's not mentioned they've signed a lease for either site. Is that because they have little hope that they will be able to secure an allocation of government revenue support, essential to get financial backing, and those UKOG are approaching for cash will make an assessment whether that's likely to happen or not - and so far no takers despite over two years of claims about talks, discussions with investors.

Is it because Peel Hunt are into holding shares as a market maker. Maybe they want to keep the price steady rather than see it collapse. A pump from this level enabling them to dump the shares would be better than one at half the price. If they got some in the early October raises they were 0.03p - though maybe they picked more up when someone dumped some at a small loss (as the SP had already dropped below 0.03p by 23rd October) which took them over the notification threshold, 10% = 3 billion plus.

TH2,

have you not noticed that UKOG has, despite your constantly claiming that every project UKOG embarks on will be a massive success with ridiculous SP predictions, always failed to deliver - the now infrequent pumps that you enjoy based on hope that UKOG'S hyped 'expectations' are achievable rather than the regular experience that they never are.

So who do you believe, a 'very sad' poster that may be negative and explains why UKOG's expectations are unlikely and is consistently right (but sometimes not negative enough) or a poster that refuses to defend their posts by claiming to filter posts that point out their hype and fabrications.

Here's a thought about the current situation.

UKOG realised that a southern site would not be needed any time soon so they ditched the site on Portland which was leased with high costs for another proposed site but only negotiated heads of terms of a lease to save costs.

Realising only sites in the north would be needed with hydrogen production, demand and transport supported by government there UKOG looked at the Project Union map and identified a field where it would be near the planned connection to the SSE/Equinor Aldbrough site so they could claim it was located close to the infrastructure and a proven ability to form caverns. Got NG to agree a MOU that promised no more from NG's side than they would provide anyway (a connection to a pipeline already planned) and some stuff in the RNS about both companies as if UKOG was some sort of equal to NG - UKOG isn't.

Even then NG must have been in advanced talks with SSE/Equinor and Centrica developing the Humber Hydrogen partnership which strangely doesn't include UKOG with their wannabe (possibly not leased) hydrogen storage potential site near Aldbrough - SSE/Equinor's already operating cavern storage.

The government doesn't appear to be in a hurry to launch the hydrogen transport and storage round and it is feasible that's because the matter is effectively already settled with NG proceeding with the first phase of Project Union connecting production to demand and to the Aldbrough extension for hydrogen - as envisaged by Humber Hydrogen:-

'We’re linking production at Easington and Saltend to storage at Aldbrough..........'

&

'To achieve this, the network, through projects Humber Hydrogen Pipeline (HHP) and Aldbrough Hydrogen Storage, will submit proposals under the UK Government’s Hydrogen Transport and Storage Business Model processes to determine where the first hydrogen network is built. This will establish the future of hydrogen in Great Britain.'

TH2,

I'll help

'with an envisaged routing to connect with UKEn's East Yorkshire hydrogen storage project.'

That should be 'with an envisaged routing connecting to Aldbrough Hydrogen Storage which is near where we'd like to put a site'

Remember the site was chosen because Project Union is planned to connect to SSE/Equinor's Aldbrough Hydrogen Storage - presumably UKOG expect the allocation of revenue support to go to Humber Hydrogen that is promoting Rough, operated by Centrica, as the expansion site.

TH2,

UKOG's NG 'memorandum of Understanding' is not a partnership.

UKOG hasn't published it in full but likely no more than they would be obliged to do, such as allow a connection to the grid. The prime purpose of the MOU appeared to be to help UKOG raise millions based on nothing but hope that it was leading to what in fact NG are doing with others - partnering in Humber Hydrogen with SSE/Equinor and Centrica.

From Humber Hydrogen's web site:-

'How Humber Hydrogen will deliver

Integrated delivery, phased for pace

We’re linking production at Easington and Saltend to storage at Aldbrough..........'

and

'Hydrogen storage, with build-out potential

Anchor: Aldbrough Hydrogen Storage

Expansion: Rough Hydrogen Storage'

Aldbrough Hydrogen storage is an extension to the existing natural gas cavern storage site operated by SSE/Equinor

Rough operated by Centrica

Grim reading for anyone expecting the government to keep to the hydrogen targets they have set.

Worse still with so much uncertainty over the timing of large scale hydrogen production and demand, with cancellations of projects, the transport element seems to be stalled with only the East Coast hydrogen network currently funded. Storage is barely mentioned but unsurprisingly (as the report is based on previous reports) the criteria for the HTBM first round awards should:

•focus on regional infrastructure, for example, supporting an industrial cluster

•have a commercial operation date between 2028 and 2032, althoughdelays may impact this target

•connect multiple producers and consumers

•have a planned connection to one storage site

The problem for UKOG is either too many competing storage options in the NE where the transport element is proceeding and production and demand appears to be happening even if reduced, when there's likely only two allocations of revenue support nationally with probably only one selected in the NE - or no compact cluster with production and demand expected any time soon in the South near West of Weymouth. UKOG's concept of a Southern Cluster includes both London and South Wales not a local area with production and demand.

...and by the way 'With UKOG's storage solution being the biggest in the area' - a concept of a plan, on a site in all probability they have yet to lease, have yet to produce anything other than an arm waving plan, have yet to find someone to pay for it, have yet to have established a transport partner rather than a collaborator already partnering with the site operator UKOG appear to think they can compete with in the first round - and time is running out - SSE/Equinor have started the planning process.

...and why support a small company when there are capable, experienced billion pound companies ready and willing to build at there own risk as long as there is a revenue guarantee sorted.

.....and this out and out misrepresentation - 'And Don't forget UKOG is also the only solution for the southern cluster...the biggest need in the country.' That's according to UKOG for their 'southern cluster' in 2040 which includes London and South Wales and probably some very uncertain assumptions.

Whilst it's probable that the salt would be suitable for leeched caverns it has yet to be tried in the southern salt deposit - surely before anyone is going to commit to deliver (and pay for) a multi cavern site a test of suitability is needed - which almost certainly precludes any chance of the west of Weymouth site meeting a early 2030's operational date.

TH2,

you've missed the news - NG are in a partnership with SSE, Equinor and Centrica and will be submitting a joint bid for SSE/Equinor's Aldbrough cavern storage site in the hydrogen storage and transport allocation round when it's finally announced. Is the DENZ not hurrying because they already have a slam dunk well prepared (even 'infrastructure-ready') site.

From Humber Hydrogen's home page:-

'National Gas, Equinor, Centrica, and SSE Thermal are bringing proven delivery experience across the full hydrogen value chain, and a shared commitment to the Humber’s role as Britain’s hydrogen heartland.

To achieve this, the network, through projects Humber Hydrogen Pipeline (HHP) and Aldbrough Hydrogen Storage, will submit proposals under the UK Government’s Hydrogen Transport and Storage Business Model processes to determine where the first hydrogen network is built. This will establish the future of hydrogen in Great Britain.'

TH2,

surely a load of BS:-

Whilst it isn't a lottery (who apart from isitawinner said that anyway) it definitely is winners take all - and despite forecasts of multiple storage sites needed in the 2050's unless the government has decided to change since the last update only 2 hydrogen storage sites will be selected for revenue support. I may be wrong (I occasionally expect a better outcome than happens having been criticised for deramping) but when it comes to the first hydrogen storage and transport round an application from Humber Hydrogen a partnership consisting of National Grid (delivering Project Union and committed in the partnership to connect Aldbrough), SSE and Equinor (with the fully functioning Aldbrough site for natural gas cavern storage and in the first stages of planning for an extension for hydrogen), and Centrica (wanting to convert rough to hydrogen storage)is going to be far superior to an application from UKOG/UKEN (should they pass the entry conditions) with some reports and studies for a site that seems as yet not leased and depending entirely on a third party funding the construction (and everything else) with an MOU with National Gas to collaborate on connecting their potential site - which by the way doesn't sound much like an 'infrastructure-ready option', though strangely Aldbrough does. If they want 2 in the NE then Centrica seems much more likely having got depleted field storage added to the acceptable bids, though a storage site in the NW - Cheshire - might be selected as the second site with cavern storage already proved and operating there, or maybe EPP proposed depleted field storage, though that may not be ready for the early 2030s.

As for the 'southern cluster' which is more a UKOG concept than reality with no significant hydrogen production supported, a single wind farm off Brighton to supply electricity locally and no significant demand - even ExxonMobil appears to have an agreement with a local hydrogen supplier (Fawley Green Hydrogen) that's well placed for the electric grid for electrolysis, being on a former electricity generation site.

Hence no one else except the UKOG chancers are interested in providing hydrogen storage in the south having picked up a failed plan for natural gas cavern storage (failed because the government wouldn't back it) and then jumped on the hydrogen bandwagon. Would have had to commit to a long term lease (about now) for the Portland site so switched to a 'better' site west of Weymouth that seems to be held under heads of terms rather than going to the expense of a lease.

When/if hydrogen use and thus storage is required in the future in the south (remembering Project Union will connect London and South Wales to the northern storage sites) then with no exclusive right to access the salt layer any other company could lease a site over the salt layer and make an application.

Unfortunately it looks like 'AI' which I assume your post is is based on UKOG PR.

Why would NG back an application from UKEn? The MOU was no more than NG would offer to any company approaching them for a connection - but NG are in a partnership with established (and able to attract investment if needed) storage operators in Humber Hydrogen.

From Humber Hydrogen's home page:-

'To achieve this, the network, through projects Humber Hydrogen Pipeline (HHP) and Aldbrough Hydrogen Storage, will submit proposals under the UK Government’s Hydrogen Transport and Storage Business Model processes to determine where the first hydrogen network is built. This will establish the future of hydrogen in Great Britain.'

Not sure what this is based on:- ;This direct alignment with the UK’s regulated energy system makes UKEn an attractive, infrastructure-ready option for the Department for Energy Security and Net Zero (DESNZ).' but it's pure BS.

It isn't a lottery but the only way UKEn would be selected is if applications were drawn from a hat and not based on the criteria.