Member Info for Penguins

Seems they were just institutions (institutional demand), not institutional Investors.

Vagabond

I don't not believe you it's what UKOG put in the RNS so must be true - I'm pointing out why they take part in placings.

You posted 'This share is driven by institutional investors demand'

I added

'for cheap shares to sell asap at a profit - not to keep through failure, that's for pi.'

Solstace,

As I was well aware, and said so at the time, that the Kimmeridge was not likely to be the fantastic reservoir that UKOG made it out to be - why would I have 'lost my shirt' going in 'big'.

...and if I was going in big in the hope of success why would I have been consistently negative before BB - I'm sure ocelot could confirm this but I'm filtered - and you as you claim to have been here so long.

I got out at 8.6p - I didn't sell all just in case, but sold most of the rest just before Xmas 2017 when someone was running a scam about tankers being hired by UKOG to ship the oil.

I've dabbled very modestly since - but not in the hope of UKOG success (why would you just on their record) - just for the P&Ds which I warn against to salve my conscience.

But if my opinions are accurate (and my record is pretty good) then my motive shouldn't matter anyway.

Vagabond you forgot this bit:-

This share is driven by institutional investors demand for cheap shares to sell asap at a profit - not to keep through failure, that's for pi.

Not that big news - I assume you know where the Celtic Sea is, and where these projects will be located?

Landfall will almost certainly be into the South Wales Industrial Cluster region.

...and despite UKOG's diagrams that include the South Wales demand as if they will be taking and or sending hydrogen (assuming the electrolysis plants are built) from or to South Dorset the South Wales region pipeline (Hyline Cymru) is planned to be connected into Project Unions South Wales 'branch' - and is probably effectively nearer storage in the NE and NW - though there's significant expected demand and production expected in the South Wales region.

Actually it was 'but with no TR1 (yet, though it would be a first after a raise)'

But no I don't expect a TR1 from the placees - and I doubt there's anyone out there who wanted a billion shares who couldn't have participated in the placing - or dealt direct with the placees.

As for ocelot - who has repeated every BS PR RNS without question that has helped generate the volatility based on hollow claims - perhaps the word 'worth' was missed - as UKOG has never produced anything of worth, even HH hasn't recovered what UKOG has spent on it, even ignoring the £12 million they paid for 35% equity in the licence to Tellurian.

Is it DL talking up his share holding, again?

.... having studied share dumping after UKOG s CLNs it isn't obvious what are really buys - large late reported trades at apparently a 'buy' price were able to be reconciled as part of the most recent loan note shares being dumped. They didn't even try to disguise selling all or most of the shares before they were meant to be handed over - and making the last sale an obvious remainder of their holding - though I suspect it was somehow a perfectly legal practice.

With these much larger volumes (15 billion to get rid of) keeping track of how far through dumping the placing shares has got is impossible, and they will be held in multiple hands selling at the same time - but with no TR1 (yet, though it would be a first after a raise) it looks like even these supporters of UKOG (as certain posters claimed) have managed to dump at least most of the shares as anticipated - hope they thanked SS for the BS MOU RNS, maybe they realised that project Union wasn't anywhere near West of Weymouth, and a field in E Yorkshire, even close to Aldbrough and adjacent to the route of Project Union, wasn't going to trump an already planned extension to Aldbrough by SSE and Equinor who really don't need UKOG to join their JV even with their MOU with NG - NG who SSE and Equinor surely got to run project Union close to their existing site

BTW - My default is late reported large trades after a placing (they never seem to happen at any other time) are sells whatever the price, others may have a different opinion.

'According to telegram'

Is that even less reliable than 'a mate down the pub said'.......at least you might know how reliable the source was - could be TH2 making stuff up again.

I'd wait for the TR1 - though for 3% you'd need about a billion shares worth around £250,000 if you could sell them for 0.025p.

'Noted that Sando took out a lease on a field from a cabbage farmer and then laid claim to having secured a future site for hydrogen storage.'

But has UKOG leased it yet? This from 19/11/2024 RNS:-

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

Looking through RNS, ARA or the Interim since then there's no claim the site is leased since then, compare thhat with what UKOG has said about the west of Weymouth sitr.

'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'

So have they 'executed' anything for the E Yorkshire site - though is the west of Weymouth site leased or is it just an agreement to maybe lease it?

From the ‘policy statement on hydrogen infrastructure strategic planning’ Chapter 2:-

‘In its role as interim strategic planner for hydrogen T&S, the government intends to design the allocation rounds for the UK’s first regional hydrogen network to be operational from 2031. Government recently confirmed over £500 million support for hydrogen infrastructure, which will support this ambition.'

And in that June announcement is this:-

‘This major infrastructure boost will help deliver clean energy while creating thousands of skilled jobs in industrial regions such as Merseyside, Teesside and the Humber, as well as in the supply chain.’

So support in the first allocation rounds will be for projects in industrial regions and they cite Merseyside, Teesside and the Humber - which if there was no competition would be OK for UKOG's potential site in East Yorkshire.

You can thank Laura2022 for posting about the SSE / Equinor Aldbrough salt cavity natural gas storage site (at 06:26) in East Yorkshire - pointing out how advanced it was - as if SSE / Equinor need UKOG to join them when they already have advanced plans for expansion for hydrogen storage and an application on the short list for green hydrogen production in the HAR2 allocation round.

God help this country if UKOG are critical to plans.

Found an interesting map by Capital Hydrogen (acollaboration between Cadent, SGN and National Grid Gas Transmission) showing a underground hydrogen storage facility quite a way to the north and east of Weymouth outside the main salt basin.

Presumably a depleted field that someone is promoting, showed a potential pipeline to it - but not a pipeline to a 'potential' west of Weymouth site. Not sure if this link will work - if not Google 'Capital Hydrogen' though the non pdf is a bit odd.

https://www.sgn.co.uk/sites/default/files/media-entities/documents/2022-10/Capital%20Hydrogen%20Executive%20Summary.pdf

Ocelot,

and that's it 'RWE is part of The Solent Cluster looking at options to support the decarbonisation of the region.'

Compare that to what their other projects are about:

Green Hydrogen - here's their list:-

'Pembroke 1 Green Hydrogen

Pembroke 2 Green Hydrogen

Grangemouth Green Hydrogen

Wilton Green Hydrogen

Harwich Green Hydrogen

Didcot Green Hydrogen

Solent Cluster'

Solent Cluster looks a bit lonely at the bottom their with no project.

Alan,

Haven't you realised that the BS PR RNS factory at UKOG hasn't stopped production.

Already they've abandoned their first hydrogen storage site proposal because after working on it for 4 years they found a better site after BSing abiut it for years, and spending cash on it that could have been used to at least test Loxley or at HH water injection or another well to the Portland.

They've historically hyped projects using partial formation -HH, BB and in Turkey - and are stoically ignoring that other more likely to be selected projects exist for early 2030s hydrogen storage supported in the first storage round.

Seems SS is now claiming LOS are LOI

02/08/2024 07:00 RWE Letter of Support for UKEn Hydrogen Storage

27/06/2024 07:00 Dorset Hydrogen Storage: SGN LOS

29/05/2024 07:00 Hydrogen Storage Project update: Sumitomo LOS

Laura,

You've just posted about one of the sites that will be a competitor to UKOG, not a potential partner, in Yorkshire, certainly not a JV partner - as they don't have a JV with anyone it wouldn't be the 'next' one.

SSE / Equinor already have a salt cavity storage site at Aldborough which they is already planned to expand for hydrogen storag. They may or may not get their HAR2 revenue support for electrolytic hydrogen production, but if they do their hydrogen storage expansion will certainly have an edge over a 'potential' field in East Yorkshire a for hydrogen storage allocation in the area.

Found some WiFi on my travels but restricted.

So the day they have to correct their unaudited financials SS finally speaks in a soft interview - just shows what mistakes they can make if no one is watching.

As for SS 'saying' anything the one that comes most to mind was the interview where he said we would all be in the Caribbean (iirc) - unfortunately he was talking about his family not investors (joke) - so why wasn't he able to put this information in the recent interim report released only a few days ago.

Keeping the carrot dangling in a less formal form ('sorry I misspoke') when until the projects are selected for revenue support there isn't a project going forward - an outline plan for the largest hydrogen storage in the UK may go the way of all the previous grandiose plans - did he mention no one has tested creating a cavern in the Dorset salt, anything specific about the Yorkshire site? Teaming up with a large company is obviously a good thing (if it happens)- but they have a habit of stitching up the little guys especially if they're desperate.

But today's comment needs to be added to, and viewed Iin relation to, my 'list' of funding discussions or talks mentioned in RNS, ARA or interims:-

'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.

Haven't listened yet, will update if the actual words are different...and unless he's had something new he hasn't RNS'd the previous support is in LOS (got ages ago nice words but nothing significant committed) not LOI.

Reaction,

As I'm killing time waiting for a flight later today I thought I'd respond to your presumptions about other posters. You'll be pleased to know I'll be incommunicado until Tuesday evening from later today.

'The naysayers seem to only be able to focus on the north due to perceived asset location at this time.'

No the Dorset location isn't just in the wrong part of the country, even if there were significant hydrogen projects planned in the south it's 80km from where (eventually) Project Union will terminate, no major industrial areas nearby and absence of windfarms for electrolysis. So yes all these assets are located in the north - as are most of the supported hydrogen projects to date.

'I think a good share of the £2.3 billion pounds will really help the south of the country to catch up with the north.'

That money has already been allocated in HAR1 to projects mostly in the North.

'The big thing for me is that National Gas see Ukog as part of the forward plan.'

I'm certain they don't. UKOG has yet to confirm their Yorkshire site is leased, and there are much bigger companies already way ahead in planning their facilities in the NE- and are far more important customers already (Centric and SSE) - West of Weymouth is remote from project Union.

'...in the guise of trying to protect us from ourselves. Because some people just don't wish the company well.'

If that remarkis directed at me I'm expressing an opinion, and back up that opinion with researched information that I state. In the past I have been criticised because I have explained, once there's enough information available from UKOG and other sources, that every project so far was not likely to achieve what UKOG claimed - ie naysaying - it just takes a bit of time for it to become the truth (Portland Port has already 'failed') - if that's not wishing the company well then so be it - they shouldn't hype their projects...and my posts are not written in spite - whilst I don't wish for P&Ds I'm more likely to profit that those persuaded by misinformation to hold - everyone is free to ignore my posts as I can others - or choose to respond.

Let's hope the next RNS does move the company forward rather than just some hype latched onto by the pump crew that just temporatily raises the SP - though most posting here don't care about whether the company succeeds or not, if lucky it's just a short term trade, but I do wish they'd stop pretending they did.

Reaction,

As the claimed £2.3 billion has already been allocated in HAR1 - the only hydrogen allocation round to be concluded with costings - none of that money, which had an estimate of £2 billon plus of revenue support for the projects selected, will be going to Dorset, the nearest is a small green hydrogen project based near Plymouth.

If you disagree perhaps show a government announcement that identifies £2.3 billion level of support yet to be allocated.

In June they announced £500 million of funding which specified Merseyside, Teesside and Humber as where that support will be going and HAR2 has a similar bias towards the north of England in the 27 projects short listed. Expected levels of revenue support for HAR2, yet to be allocated, have not been stated.

You appear to be making things up - 'I am certain The Government and National Gas have a plan to get Dorset/the south up to speed. Yes for sure we are need for funding could not be more clear.....'- and that funding to build the storage (£800,000 000) won't come from government, hence UKOG's search since early 2024 for an investor and / or partner. Perhaps a qualifier might also be needed with a statement of certainty - 'I am certain, eventually.....' and eventually is likely to be the 2040s and by then will expensive to construct salt cavern hydrogen storage be the technology used to store energy?

As for a rapidly evolving hydrogen push HAR2 was launched in December 2023 with the short list announced April this year, those selected fro the short list has not been announced yet. The Hydrogen Storage Allocation Round was cancelled in 2024 and won't be relaunched until H1 2026, a hydrogen strategy paper is expected later this year, that may be more forthcoming about what and where hydrogen production, demand and storage is anticipated.

The level playing field will come much later - demand is initially expected from industry concentrated in the north of England and midlands, offshore wind farms expected to supply excess electricity are concentrated off the NE, NW and East Anglian coast and Scotalnd- early 2030's green and blue hydrogen production and the regional grid is already planned in the NE and NW

So Laura - apart from not being in the vanguard, probably not even a distant second, a lot can change between now and 2050.

Laura 2022

East Yorkshire????

That exchange in parliament was in March about South Dorset - a planted question - and in part for the PM to boast about the £2.3 billion already spent on hydrogen projects (none in or near Dorset).

Nothing about UKOG's East Yorkshire potential site.

As for strongly featured - one question and a prepared answer - remembered only on this board and by UKOG.

The rest just UKOG PR - in the vanguard? - hardly with 3 other planned hydrogen storage projects further advanced, all UKOG has is a lease on a site west of Weymouth (almost certainly with break clauses in case it doesn't get the revenue support allocation) with some high level desk studies with no confirmation that the lease in East Yorkshire was secured.

There's unfortunately been a vast chasm between UKOG's hopes and execution of previous projects. This has all the ingredients of previous failures with crazy valuations and expectations, lots of evidence it's in the wrong place (Dorset) or too strong competition (Yorkshire), hype, selected information and lack of detail for a project in gestation for 4 years - though the location changed earlier this year.

Scouring UKOG RNS or tweets for positives to paste is easy because that's all UKOG RNS or tweet - finding anything positive outside of UKOG's RNS or tweets about the Dorset location is more difficult - maybe just the PMQ exchange.

'Obtaining another site in the NW only appeared after the HSBM...'

Should be:-

'Obtaining another site in the NE only appeared after the HSBM.....'

Currently UKOG's focus is applying for a revenue guarantee in the first storage round whether or not they can reasonably expect to get an allocation.

But any agreement they sign will be conditional on getting an allocation whatever they claim.

The process to get an allocation was originally set out in 2024 but the round was halted, restart is expected H1 2026.

So whilst UKOG will, in RNS and X posts, concentrate on LOS, MOU and funding the £800,000,000 per site they won't be mentioning the detail of government announcements about where blue hydrogen production and green hydrogen production has to date been supported (mainly NW & NE for England) and how government will decide which projects (it was and probably will be 2) will get revenue support for storage.

Most government documents to date have been vague about the exact 'where' storage will initially be required except in terms of what else is needed near the location - production and demand - and occasionally they have said industrial centres for demand and availability of excess wind farm electricity for green hydrogen production - they have already support blue hydrogen production through CCS schemes - none in the south of the UK - the Southampton ExxonMobil plan was not supported. There's only one offshore wind farm in place along the south coast at Brighton.

The June announcement about £500,000,000 funding for hydrogen projects (focused on job creation) was more specific and for that cash identified Merseyside, Teesside and Humber - it also mentioned where previous support initiatives had gone - none in the south and none in Dorset.

Much has been made of the NG MOU yet even UKOG's RNS only mentioned the early 2030's relevance of Project Union for the Yorkshire site, and didn't mention when it would reach Southampton, ca 80km from Weymouth.

Obtaining another site in the NW only appeared after the HSBM engagement document was released 12/2023 - was this a warning that Dorset was looking dodgy for the first round - from the 2023 ARA in March 2024 - 'Success in this, or even a subsequent second allocation round'.

UKOG hype and opportunistically raise on 'pumps' and for those that get out before the dump it can be profitable but long term success depends on being in the right place at the right time.

If it's obvious from the hydrogen strategy paper, due before the end of the year, that Dorset will be a non starter it will be disastrous for UKOG. They may big up the Yorkshire site but avoid mentioning Centrica and SSE with advanced projects in the NE, both experienced in gas storage, SSE with salt caverns already there, must already have agreements with NG and better connected to government

A warning sign will be a flow of news about HH and possibly the local hydrogen storage scheme in Dorset in the coming months