Member Info for Penguins

GB Energy is focused on wind and solar - this is what 'clean energy means to the government.

They won't be buying shares in a business involved in hydrogen storage, not even a good one.

Perhaps since the last time he (really) bought UKOG shares, rather than the claimed relentless buying all the way from 11p, the dial up has stopped working?

Ocelot,

Do you mean while the market believed what SS was saying rather than what was likely to happen he should have raised as much as possible?

As he has done now?

The mistake SS made was paying £12 million to Tellurian for 35% of the HH licence when they already had a Kimmeridge report that appeared to be negative.

They also paid millions to other equity holders before that.

Ocelot,

Focus on two hydrogen sites one in the wrong place, one not even leased where the competition is waaaay ahead.

Those 'institutions' aren't stupid, they've sold already - every raise there you are hoping they'll hold.

MOU with NGT who are obliged to 'work with' anyone that has potential to connect to their grid - but the nearest Project Union gets to west of Weymouth is Southampton.

...and the same management that spent 4 years on Portland Port hydrogen storage before dumping it - oh - and has failed in three transformational projects - HH, BB, Turkey - plus a few that never got started.

Ocelot,

when have placing shares been anything but fleecing the gullible?

Maybe they've sold them already.........just like every other UKOG placing when you've waited for the TR1 on admission day...

Jacknose,

9% discount to Friday's price according to UKOG - who knows whether you'll be right later today though

Spud - it has never happened before, they've miraculously got rid of enough before they are admitted to market. But if someone wanted to take -over UKOG they could have collared 15 billion shares or about 45% of UKOG.

NASA1,

Future value at this stage is just hot air - and every project will be making similar claims but far better placed for already planned and supported hydrogen production - and further advanced - Mesh is already designated as a project of national significance and Centrica's Rough conversion and SSE and Equinor's Aldborough extension for hydrogen storage are already joined up to the UK gas grid - and no doubt already deal with National Gas.

NASAI

UKOG abandoned the 4 years of diligent work on hydrogen storage - at Portland Port (though they have never detailed why) - it is not about the new site which only emerged this year, a different site with a different concept.

UKOG meeting with government (where they appear to have discovered they need a transport application along side) does not mean they are lined up for an allocation of revenue support, that competitive process has not started.

(From the 12/23 HSBM) It is very important therefore for storage projects to have a corresponding project providing pipeline transport: for storage projects in Great Britain this means an associated transport project seeking HTBM support)

....and despite the endless repeats about Project Union for Dorset that ends at Southampton requiring about 80km of dedicated pipeline towest of Weymouth.

'talks already underway with a major Dorset based industrial hydrogen buyer' - but that's to do with the initial discussions about 'local scale' storage, not the Weymouth site - is this some kind of interim project carrot when west of Weymouth fails to get revenue support?

As for UKOG claims about the Industrial Strategy paper and UKEn this was the nearest I could find in it:-

'Our efforts will build on our clusters of deep expertise in areas such as the East Midlands, Wales, South East, and the South West of England to deliver benefits across the UK.'

That's a big leap to 'Govt’s Industrial Strategy paper recognises UKOG's Dorset Hydrogen (i.e. UKEn’s South Dorset hydrogen storage) as key part of the SW’s industrial future as part of the DCESC'.

So many, over the years, have quoted UKOG's PR hype only to find it was just that - hype - from Gatwick Gusher to 'transformational' Turkey, Xodus and EY Kimmeridge reports to flagship Portland Port hydrogen storage.

Ninetails,

They have no shame and it's partly why they think the Company's history is irrelevant - because it's made those that hang around ramping on repeat (and repeating UKOG PR) look pretty stupid.

It does usually take a while but eventually every project turns to dust after the rampers have regurgitated UKOG's unrealistic hopes and accused anyone with the temerity to point out the flaws of 'deramping', 'trolling', 'shorting' etc. whilst UKOG moves on to the next transformational project having disappeared millions on the last - even their 'flagship' hydrogen storage site at Portland Port of 4 years 'diligently working' has been superceded by a marginally less remorte site somewhere west of Weymouth - obviously not diligent enough -'diligently working' quote from UKOG web site home page.

Note anyone that made 50 grand under lenigas didn't make it by holding for the long term success of any project.

Do you think that NGT would be allowed not to enable a connection to the project Union pipeline if they requested it.

It's more or less what NGT say in the MOU RNS:-

'At National Gas, we are committed to working together with industry, government, regulators to develop the core hydrogen network that will facilitate Britain's place as a world-leader in hydrogen production and storage.'

.......DL ramping his book - how surprising, maybe he's worried the price is dropping despite the massive ramping continuing on Friday - though without any more news all the copying and pasting of what's becoming stale UKOG PR is not likely to do much.

Guess UKOG will fire up the tweet (or X) machine on repeat.

UKOG will only get a government backed revenue guarantee in late 2026 or 2027 if they get a project selected in the first hydrogen storage allocation round.

Even in the MOU RNS there's an important difference in wording between the statements about Yorkshire and Dorset clearly illustrating the uncertainty that there will be any 'collaboration' between NGT and UKOG for that project in the firstallocation round:-

'Project Union's first phase, scheduled for operation by 2032, aims to connect the East Coast hydrogen cluster (Teesside to Humberside) with an envisaged routing to connect with UKEn's East Yorkshire hydrogen storage project.

National Gas and UKEn both recognise that UKEn's planned South Dorset storage would be critical to facilitate Project Union's connection to the south of England. The South Dorset project being, to date, the sole planned national scale hydrogen storage node in southern England.'

No mention of the critical 2032 connection date for the first round - and as one of your links shows Project Union terminates in Southampton. They will require a dedicated pipeline operating in early 2032 to fulfil the joined up transportation and storage element of an application, but will it have project Union to join up to the need for joint applications were indicated in the 2023 HSBM:-

'Our ambition for the first allocation round for hydrogen transport and storage infrastructure is to support up to two hydrogen storage projects, at scale and associated regional pipeline infrastructure.

..and NTG's comment in the MOU RNS seems to be mostly a general statement of what they would do with any company:-

"At National Gas, we are committed to working together with industry, government, regulators to develop the core hydrogen network that will facilitate Britain's place as a world-leader in hydrogen production and storage. This important industry partnership with UKOG is recognition of this potential and marks our joint commitment to delivery."

He's even got the word 'potential' in - UKOG's favourite weasel word.

UKOG has also been searching for someone to fund their storage ambitions since at least Jan 2024, and has twice claim advanced talks with one only to return to several:-

'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

Bit repetitive - and often claimed as part of a reason for placings.

Your list of ✅️ exposes how far behind three other hydrogrn gas storage projects UKOG ie MESH in the NW, Rough conversion (they lobbied and got depleted field storage added as an acceptable application) and the SSE extension to Aldborough storage both in the NE equally plumbed in (Rough and Aldborough more so) to NGT..

The support given by government in HAR1 was mainly in the North of England.

The west of Weymouth location needs a 80km dedicated pipeline to connect to Southampton where Project Union ends.

There's also the problem that the HSBM document made it clear that the early awards for storage would be those near hydrogen production and demand - none planned or supported close to Weymouth and for green hydrogen production lose to windfarms.

The only connection this has to UKOG's history is their repeatedly hyping projects with obvious problems already documented, and then they failed because of those problems - for the west of Weymouth and Yorkshire site the problems are already obvious - either competition for Yorkshire and for Weymouth not hitting the brief - and if there's only 2 projects getting revenue support it's likely 2 out of the listed 3 will get it.

X 7,

Think they're just cashing in on the frenzy......be rude not to. SS probably can't believe his luck - paydays guaranteed for quite a while regardless of getting whether they get a revenue guarantee from the government.

Probably can t believe the gamblers are still buying after the pumpers cashed in 2 days ago and moved on.....

Ocelot

'What is impressive is that they raised £3m overnight.'

What's impressive is that SS has passed off a meaningless MOU - NGT are already committed to produce project Union in the North, and are no doubt compelled to accept a connections to it.

In the South Project Union is (eventually? - note that 2032 isn't mentioned for the Weymouth site) already planned to go to Southampton - and it's down to UKOG to get SGN to connect their site a ca80km pipeline.

'It doesn't get much bigger than the National Gas Transmission PLC ("National Gas"), the nation's principal gas pipeline operator, transporting gas to power stations, industries and 24 million homes. Period.'

Unfortunatele NTG are only going as far as Southampton with the Union pipeline. SGN are needed to connect up UKOG's site in South Dorset quite a long way to the west of Southampton.

TH2,

UKOG specialise in grandiose plans.

First the Gatwick Gusher - producing thousands of barrels of oil a day, in a year production dropped from a claimed over 300bopd to around 100bopd and just before shutting the well in less than 30bopd. Plans for multiple wells, to the Portland and Kimmeridge with a Xodus report about repeating the development across the Weald with an EY Report based on what UKOG told EY - that had the Kimmeridge in the Weald producing 27% of UK oil requirement, would be worth billions, loads of jobs, tax, etc. Sounds familiar? The BB-1z well, over months of testing, struggled to produce a few barrels of oil to surface from multiple Kimmeridge intervals.

Then there was Loxley supposedly the largest undeveloped gas field onshore, no takers for the farm out, probably because the CPR was flawed.

Then 'potentially' transformational Turkey that returned predictably 2 dry wells, and now exited.

...and yes I did point out that these (and many other hyped plans) were all risky, and why - not deramping but a cold hard assessment of the project - and certainly not whether or not a pump and dump could happen on hyped information that UKOG has chosen to release.

The same goes for this venture of a site in Yorkshire that will be up against competitive bids from Centrica and SSE - with an early 2030's expectation of hydrogen production (with multiple windfarms already in place), demand from nearby industrial areas with project Union pipelines planned.

In the south there's little heavy industry, one windfarm off Brighton and the UKOG site needs a ca 80km dedicated pipeline to Southampton to reach the project Union planned pipeline, not by NGT but a SGN

Maybe Dorset CC supports a £28 billion Hydrogen Cluster but they won't be funding it - and in the unlikely event that somehow UKOG gets a funding committment for the £800,000,000 they need, and somehow gets chosen for revenue support in the first round how much of the project would UKOG own - and judging by other projects managed by AIM tiddlers the cash ends up in the financiers pockets anyway, not the shareholders.

Something I wrote early (00:06) Wednesday morning based on every previous rise based essentially on nothing when there's a cash raise:-

'No doubt the rampers will try and help out the first few loan note share dumps claiming, as they always do, that the large end of day trades are buys.....but the 'house' always wins'

Of course that was assuming the credit facility was announced as a CLN. Maybe the terms of the credit facility are now in place with a RNS Thursday or Friday, though Monday after a few ramping days is quite possible.

UKOG hasn't helped this pump for no reason......

As for the hype about the Dorset site. All UKOG have is a lease on a site and then got an generalised outline plan for leaching caverns in a salt interval not previously leached, having spent 4 years working on a plan for hydrogen storage at Portland Port.

The First Hydrogen Storage Allocation Round is yet to be restarted - the government is planning to issue a new hydrogen strategy this year and this will probably identify (again) that the aim is to have by the early 2030s hydrogen storage near demand and production making it very unlikely that S Dorset would be selected for revenue support in the first round, and any investor expected to put up committed funding would be aware of this.

As for the need for gas storage In the south - natural gas has managed very well without.......

The government has delayed the hydrogen storage round for over a year - the launch paper (HSBM market engagement) was issued in December 2023 - whenever they talk about 'clean energy' it's about electricity, not hydrogen. It doesn't take much research to realise there's other technologies being tested to store energy that will be cheaper than drilling and leaching out salt caverns to store hydrogen that's been produced by electrolysis and needs a huge investment in pipelines to move it around the country - and will still require investment in the grid for electricity.

With 3 other hydrogen storage projects much further advanced in the North of England (where UKOG have never confirmed actually having a site under contract) where so far the government has focused support for hydrogen and windfarms (assuming the allocation round does finally happen) it's likely 2 of these will get support, and the Dorset cluster will miss out until significant hydrogen demand and production happens in the south- or it's so delayed other, cheaper, energy storage methods make hydrogen storage unnecessary