Member Info for Penguins

Ocelot,

'resolutions at shareholder meetings are passed by favourable votes of, say, 85-90%.'

But if you removed the EBT votes it would be much closer.

Expect an award before the next vote to make it back to 10% of shares in issue - with an extra 15billion shares that will be another 1.5 billion shares (and then 150,000,000 etc.).

.....and judging by the continuing bail out most 'investors' are well aware that the chances of UKOG securing support for either of their sites is remote. Most aren't really investors - just jumping on and then off the bandwagon. Ocelot's claim after every P&D that it clears out the short term for long term holders who believe in UKOG (it is an act of faith rather than logic) is just false hope more likely it's swapped one lot of trapped gamblers for another.

In fact the support mechanism, cap and floor, means that profits will be capped - being obliged to make up a shortfall in revenue is compensated by government getting cash back if prices rise and profits exceed a cap.

As the contract will be negotiated after 'winning' the support process profitability can't possibly be known.

TH2 have you researched, or even just lookedmat the Quod presentation.

GVA is specific to a project - it can't be applied to a completely different project, but the main thing is that GVA is an estimate of the value of goods and services produced in a region or sector not a measure of profit of the site. In fact t

You know the shows over when they're hoping the disillusioned will bail to invest elsewhere.

But ocelot lives in a world where investors flock to UKOG because it's got such great projects and they want to hold for ever, or some mythical price in the future - and for a day or two has loads of new friends spouting the same nonsense......only to see these posters so focussed on how great the MOU is, or the financials look fantastic, it's 'new UKOG', will go to 1p, cheap at the price, etc. - only to find after a week or two that only a few stragglers and old timers are left holding the fort, repeating UKOG PR and admonishing anyone who dares to post anything that points out the uncertainty in what UKOG hope will happen.

Roll up, roll up, roll up......

have I got deal for you.

A financial forecast predicated on UKOG getting someone to pay £800,000,000 (maybe twice) to build storage facilities that are, so far, defined by some desk studies on a site that appears to have an option to lease it ('heads of terms for a lease'), or another that doesn't seem to have got that far - is that 'just in case' UKOG don't need to lease them for some reason - surely only if they find a better site?

The site in Dorset would be in an area with a salt interval but no previous salt cavern leaching, some 80km away from one of the later links of Project Union to Southampton, with no currently government supported hydrogen production or likely demand nearby.

The site in East Yorkshire though well placed for Project Union, with transmission for supported production and demand already planned, is in competition with the SSE / Equinor Aldbrough gas storage site expansion for hydrogen a site that has salt caverns already in existence for NG - so early storage could be effected by conversion depending on progress of the new facilities - and not forgetting Rough conversion to hydrogen storage.

But hey look at these fantastic (fantasy?) figures........luckily most have probably forgotten the UK commissioned EY Weald Kimmeridge Report (based on production forecasts etc. provided by UKOG) before the Kimmeridge was properly tested, that claimed the Kimmeridge would provide 27% of UK oil demand and billions in revenue.

Surely this time?

One question, do these figures take account that the revenue support is planned to be price floor and profit cap, the government taking excess profits?

Vagabond,

1. Ridiculous, there won't be a committed route agreement or anything else committed unless '2' happens for UKOG in late 2026 - in the meantime NGT will work with (collaborate) anyone who might need a connection to Project Union

2. Almost certainly won't happen for UKOG but those securing revenue support won't be known until late 2026. Possible UKOG won't meet application requirements.

3. UKOG planning applications are more performative than anything else, HH six wells 3,500 bopd, Loxley, IOW.

4. Same as '1'

5. Project Union timelines appear to be north east first, southern (link to Southampton) appears much later. Support for storage is destined to be revenue support, for transmission it appears to be the same though there has been mention of subsidies (iirc).

Ocelot,

Of course when the SP drops it does take some a while to realise that holding means selling at bigger loss in the future than selling now. Of course occasionally UKOG manages a follow up bit of hype but if its too soon after the first the market is likely to not take the bait.

Ocelot,

'What's in the pipeline is pretty clear from recent RNSs but he can't announce anything until there is something definite to announce.'

What has been pretty clear from recent RNS? UKOG has been claiming talks and discussions with investors etc. - the only announcement that would move these projects forward - for nearly 2 years and has never got beyond advanced discussions / negotiations / talks:-

'discussion with a significant international trading house' in January 2024

'negotiations with identified prospective strategic joint venture partners' in August 2024

'advanced discussions with an energy infrastructure investor' in November 2024

'continues discussions with several energy infrastructure investors' February 2025

'continue negotiations with identified prospective strategic joint venture partners' August 2025

'to further discussions with energy infrastructure and sector specialists with the object of securing a key strategic joint venture' October 2025

'Been talking to a couple of big players, one European, one Japanese.' October 2025 interview @ 09:07 - from ocelot's transcipt.

In the light of all the previous statements the latest doesn't appear to be any nearer getting a deal than any of the past quotes despite all the enthusiasm based on the latest ones about discussions / talks - the main excitement appeared to be because they were identified as European and Japanese allowing speculation who they might be.

'So Sanderson has presided over ‘just’ the £100m losses'

Well done!

As apparently it is no reflection on his businness acumen, nor accuracy of the claims made about the projects that have lost that money.

Roll up, roll - up invest cash in the latest transformational project, worry not the company is in safe hands.

One thing I've noticed over the years is that when they realise the last project is starting to look dodgy they find something else to distract.

HH failing - Turkey

Turkey failing - Hydrogen Storage at Portland Port

Hydrogen Storage at Portland Port abandoning - West of Weymouth & East Yorkshire

West of Weymouth & East Yorkshire - ????

Ocelot's noticed that in the latest financial report HH has re-emerged, having been practically unmentioned this year.

Although initial rates should briefly improve production rates will probably quickly return to the levels prior to shutting in which were 28bopd and 32bwpd in September 2024.

If things start looking dodgy with the hydrogen projects expect talk of workovers, injection, further drilling, maybe even the Kimmeridge....

Not as Bullish as you might hope those 2 relatively largish trades at 0.0261 look like sells.....

Mirasol,

'If this is such a great share why haven't any of the BoD bought a share in over 3 years?'

Perhaps because they don't want to lose money because all the fantastic projects you read about in the RNS aren't anything like what they claim. SS was effectively forced to buy £1000 worth of shares a month for a year as part of a PR effort to keep his job - the other board members didn't though the scheme was open to them.

Over the year he bought about 12.5 million shares costing £12,000. Following the consolidation he has about 1.25 million shares (the tally under Directors Deals is pre consolidation) worth £312, a demonstration of wealth destruction over 3 years courtesy of UKOG plc a 97.4% drop. First purchase in December 2021 was at 0.1015p, his last in November 2022 was at 0.063p (equivalents after consolidation 1.015p and 0.63p).

First problem is west of Weymouth is about 80km away from the Solent cluster, where UKOG want to put their storage.

Second problem is the government has so far mainly supported hydrogen projects elsewhere - including those areas near the salt basins in the NE and NW where there are hydrogen storage projects much further advanced than either of UKOG's 'potential' sites.

Free Money,

welcome back.

Unfortunately your link doesn't work but I've just listened to it on UKOGlistedonAIM and read the transcript.

He is referring to the Crown Estates Act - which enables the Crown Estate a greater flexibility for investment - which is likely to go to offshore wind projects as mentioned by the PM 'boosting offshore wind'. Not the national Wealth Fund. But as I posted 'There's no Crown Wealth Funding - even if it was called that (it's National Wealth Fund).

Funny how over the years those 'twisted facts' turn out to be true though.....just takes a bit of time. Perhaps you should have a look at your posting history, how many of those predictions straight out of UKOG PR came true?

TH2,

You've been buying for years whilst claiming the SP will always be going up so surely never sell?

Where's the TR1 though I suppose with the consolidation and UKOG increasing the shares in issue by 1000% - 3 billion to 33 billion since then it's hard to keep up.

'Shls3834 Posted in: UKOG

Posts: 752 Price: 0.0095 No Opinion

RE: CEO replacement needed before it's too late 19 Feb 2024 08:26

100% agree'

But now the same CEO's going to take the SP to a penny?

Having announced the failure of Pinarova in early February 2024, consolidation was then requested and approved, HH was shut down (and until now UKOG appeared to do nothing to restart), abandoned Portland Port for what looks like an option on a site west of Weymouth, relinquished the Loxley / BB licence, exited 'transformational' Turkey after two failed wells, failed to get accounts out for nearly 6 months and then initiated a 'pump' hyping a MOU with NG to place initially10 billion shares at 0.03p (then 5 billion more when more vultures joined the selling frenzy - sorry - institutions and HNWI) which as predicted ended up dropping the SP below the placing price - can you imagine SS's joy on 1st October knowing full well he was able to announce placing 10 billion shares the next day and practically guaranteeing his salary for another year - now apparently working for 'new' UKOG despite the hydrogen storage story being spun since May 2022.

......and that list is just since early 2024, not one truly successful project since and including the Gatwick Gusher hype rover 10 years ago, and at every new project since then the cry has been 'this time success, forget the past'.

Leopard spots..........comes to mind.

........and then DL emerges from the swamp ramping his book....maybe hoping to flog a few US wells (the graveyard of UK AIM companies) now SS is cashed up.

Shls3834,

‘National Gas, who plan to develop hydrogen Project Union pipeline to connect UKEn’s salt cavern storage in Dorset and Yorkshire’

Don’t fall for cunningly worded RNS.

Where does it say NG will develop the Project Union pipeline to connect UKEn’s salt cavern storage in Dorset - it's going as far as Southampton - as it always was before the MOU.

UKOG need a dedicated pipeline of about 80km from west of Weymouth where UKOG's planned site is, as for Yorkshire UKOG probably chose a location near Aldbrough because it will be near the pipeline which was probably planned to be near the SSE / Equinor planned extension for hydrogen storage at its Aldbrough site.

Suggest you look at a Project Union map - here's NG's description of where it's going:-

'Project Union will convert existing natural gas pipeline infrastructure and build new pipelines, where needed, to transport 100% hydrogen, connecting the industrial clusters at Teesside, Humberside and Grangemouth as well as linking up Southampton, the North West and South Wales. It will also connect to strategic hydrogen production sites, including St Fergus, storage sites and Bacton, connecting UK hydrogen to European networks.

yesmerve

'UKOG social media team working overtime this weekend. Could we be seeing a 7am RNS Monday morning.'

Probably not - if there was a positive RNS it wouldn't be needed.

Vagabond,

Of course you don't like posters explaining why they disagree with 'anyone who feels positive about a share they are invested in' - you should just be allowed to post any old rubbish to drag in others so you can sell.

Keep repeating the same BS – rebuttal will be the same.

SS should have loads of money - maybe more than £3 million before tax over 10 years from UKOG - if he won't even invest in UKOG he's too chicken to found and fund a private company.

TH2,

Desperate.

There's no partnership with NG, or anybody.

There's no Crown Wealth Funding - even if it was called that (it's National Wealth Fund)

The applicant has to find committed funding for the development, the support from government is by an allocation of a revenue guarantee. There will probably be only two selected out of the applicants with the round being launched i H1 2026. There will be a deadline for applications probably in H2 2026 and the successful two announced in early 2027. HAR2 was launched in December 2023 - the short list was announced in April this year - those selected announced earlt 2026 - 2 years later. There will almost certainly be fewer applicants for storage which is why the final decision could be only a year after the launch, so no national wealth funding and those winning the allocation announced in maybe 15 to 18 months time - although it's possible that UKOG won't meet the entry requirements and that would be known much earlier.

UKOG has expertise at making the most inconsequential news sound important - amplified by those preying on the unresearched (eg TH2) often with outright lies added to UKOG's hype.

The market (at least the serious bit) will be well aware of UKOG's inadequacies and past performance vs claims. This venture relies on investors having faith that UKOG could deliver a project costing £800,000,000 in Dorset, in salt caverns in a regionally untested salt formation requiring a dedicated link to Southampton to connect to their non-partner National Gas's Project Union - or in East Yorkshire be selected against strong competition from SSE / Equinor's extension to the Aldbrough natural gas salt cavern storage or Centrica's Rough hydrogen storage plans - Centrica got depleted field conversion added to the previous kind of storage peritted to apply before that round was abandoned.

I can't think of one UKOG project where TH2, amplifying UKOG hype, has been right - and the same goes for share price predictions.

Vagabond,

'So who is buying shares on the cheap? Noswej,bubble bag or penguin?'

Cheap?

Considering thier 'assets' seem to be an option on a site in Dorset and hoping for a site in E Yorkshire and a barely profitable oil field they need to re apply for planning permission for, have just issued 15 billion shares taking the total to over 33 billion and the ability on another P&D to issue another 3 billion I'm not sure they're cheap.

Historically UKOG have failed to nurture rises with solid good news - if anything bad news comes next and those buying get locked in to a collapsing SP.

If the government releases their updated hydrogen strategy and set in stone that support for hydrogen projects for the early 2030s will be consolidated around the production supported in HAR1 and those shortlisted in HAR2 South Dorset is a non starter for the first hydrogen storage round and the E Yorkshire site won't stand a chance against the Aldbrough site it is near with SSE and Equinor's financial and technical 'clout'. Why risk a untested company, and in Dorset in an untested salt deposit.

This is what UKOG said about the Dorset site:-

'UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that, via its wholly owned subsidiary UK Energy Storage ("UKEn"), it has executed a heads of terms covering the 60-year lease of land and subsurface mineral rights for a second underground salt-cavern hydrogen storage facility in south Dorset'

"'Heads of terms" are preliminary documents that outline the main points of a commercial agreement...' Doesn't sound like they've signed it up.

and Yorkshire:-

'The Company has a unique window of opportunity to acquire long term purchase and leasehold rights to the property....'

Not even as far as Dorset, though given how unlikely either site is to be awarded a first round allocation it seems a sensible move to avoid signing up either and having to pay for a lease they might never use - unlike Portland Port, though maybe they've passed the ongoing cost for that.

So no, I'm not buying at the moment and can't see an upcoming truly positive event - of course there's always a chance of a fabricated pump on something inconsequential.

Ocelot

Wow - you probably haven't looked at the share chart for about 10 years. If you had you might have noticed that is usually goes down with the odd unjustified rise based on 'investors' pumping a UKOG RNS that's little more than hyping some half truth or something inconsequential made out to be some fantastic deal - eg the NG MOU.

NG would 'collaborate' with any company potentially needing a connection which would require - in the case of either of UKOG's sites - to connect a pipe laid by a third party from UKOG's 'potential' hydrogen storage site to Project Union.

Collaboration meaning:-

'the action of working with someone to produce something.' in this case a connection.

I had 3 windows open comparing and somehow missed ii in JUne at the top.....!!

But Barclays does disappear.

Interesting point - as the shares were suspended between 30 June and 11 August there ought to be no difference - though the addition of shares to the EBT (the MUFG Trustees shares) was made on 7 August which would have changed the percentages but not the number of shares - and if someone moves from one nominee to another chasing cheaper fees would those movements be up to a billion?

Also ii is listed in 2023 as over 3 billion, not above 3% in June then 1.3 billion in August????

Barclays also disappeared in June???

It gives the impression the nominee comp[anies have no idea how many shares they are