Member Info for Penguins

If the previous auditors had an issue then they are obliged to make the company inform their shareholders - however presumably UKOG fired them before the adit began.

The suspicion is (though probably not by ocelot who believes every action by UKOG is for the benefit of shareholders) that the change of auditors was deliberate to delay publishing not only the accounts but the Annual Report - both of which would be dire reading.

But why?

Although anyone reading this board would be aware (apart from those that choose to filter any realistic commentary) that serious expenditure is required to reinstate the BB site and HH (if UKOG don't submit a new application), that Loxley isn't the large gas field UKOG claim, and Dorset isn't in the vanguard of hydrogen production or demand, those that only read UKOG's PR wouldn't.

Perhaps UKOG needed more time to sell the oil assets to fund the costs - though only Horndean appears to be in production - or UKOG are hoping that they can secure a vague commitment of funding for hydrogen storage though going from advanced discussions with an investor to discussions with several doesn't appear positive (even if ocelot likes it).

Maybe today the accounts and report will be published and the auditors are happy UKOG will be able to restart the confetti factory as they can practically guarantee that authority to double the shares in issue will be granted once they convene a GM because of the Employee Benefit Trust 10% shareholding.

TH2,

You posted:-

'I expect they'll do the south first as a case study and proof of concept, as they always do, and then move to Yorkshire and the north.....UKOG Is positioned for both!!!!!!!!!!'

and claim to do research?

Have you checked where the government has backed significant hydrogen, and hydrogen related projects in HAR1 - not one is near the south coast - and any paper about hydrogen points to the desirability of supporting projects near likely near term (2030) demand. You'll have surely noticed that a lot of the hydrogen BS that UKOG mentions is related to demand in 2040 - but even then the site west of Weymouth site wouldn't be near significant demand.

Not really significant, if they fail to drill the Loxley well by 30/06/2025 (if!!!! as they haven't submitted a planning application etc - no chance) they will have to relinquish some of the licence (50%?) - UKOG chooses which bits and there's plenty that's not worth having as even the supposed good bit with a multi BCF field hasn't been farmed out in what must be about 4 years now - perhaps unlike ocelot TH2 etc any possible farminee has technical expertise and can see that there's an extremely high risk of failure - the CPR has a significant error in the correlation of the Portland between Alfold and Godley Bridge and a dodgy structural closure to the east.

Unless they are planning to tanker the gas out UKOG saying it would be a feedstock to hydrogen production is like me claiming my exported electricity goes somewhere specific.

TH2,

One day you'll realise that the only storage currently of interest to the government is carbon capture and storage.

Wind, tidal even solar and hydrogen production and demand.

I guess they've worked out it will be a while before there's enough hydrogen needing large scale storage - and by then maybe cheaper alternatives to store electricity will be available.

Ocelot

Maybe people should have a look through these reports before assessing how realistic UKOG's ambitions are this time, all available on the reports and presentations page:-

Competent Person's Report for Portland6 Sandstone Discovery located in PEDL 234

20/2/23

Pinarova-1 potential shallow oil accumulation slides

11/01/202

UKOG Corporate Presentation

12/7/2022

Basur Seismic update presentation

30/6/2022

Corporate Presentation July 2021

4 July 2021

UPDATED: Turkey/Basur-Resan presentation

20/01/21

Why UKOG’s Basur-Resan licence is an “irresistible opportunity”

15/01/2021

UKOG’s application for 3 new Turkish licences presentation

10/12/2020

Isle of Wight community engagement brochure

18/12/2019

UKOG Competent Person's Report 2018

6/6/2018

Corporate Presentation May 2017

25/05/2017

Corporate Presentation March 2017

6/3/2017

Xodus Report on Horse Hill Upper Portland Sandstone STOIIP and Recoverable Volumes Review Feb 2017

07/02/2017

Corporate Presentation February 2017

07/02/2017

Shale World UK Presentation

20/05/2016

Master Investor 2016 Presentation

25/04/2016

EY Report: Kimmeridge Limestone Oil

18/04/2016

XODUS Executive Summary: Onshore Isle of Wight

28/01/2016

NUTECH OIP Executive Summary

21/10/2015

TH2 thinks writing unjustified BS is an example of good research - certainly explains the constant claims of buying into falls in the SP.

As for 'knows Jack' and it was 'on the move up' yep - before some relevant news arrived - though UKOG were probably well aware the accounts wouldn't be ready in time even when they posted SS presenting on X but left it as long as possible before announcing it to the market. It looks suspiciously like it was to give the holders of any remaining shares from the last raise an opportunity to dump their shares while the rampers (also keen to get rid of their 'golden tickets') on here, X and other platforms were proclaiming how fantastic UKOG's plans were and it wasn't a pump and dump - but as so often happens (always?) UKOG followed the (supposedly) good news with bad - although the SP was already dropping.

Not sure if it's possible for UKOG to hold a GM to get authority to issue more shares whilst suspended - but they've used up their previous authority and will soon be running on fumes unless they take a scythe to the wages bill or sell their 10% share of Horndean - currently the only cash generating, and thus likely sellable, asset they have.

Dorset site, not licence (unfortunarely)

TH2,

You really don't understand.

UKOG don't have exclusivity - if anyone else was interested in storing hydrogen in Dorset they could rent a field nearby, and probably afford to create a better application faster for the allocation round. UKOG can only have spent maybe a hundred thousand on the new Dorset licence and you think someone will pay UKOG three quarters of a billion for the company.

Unbelievable the rubbish some posters will put here in the hope someone will fall for it.

Knows jack

'on the cusp of getting the green light for the hydrogen storage projects'

Far worse trying to deceive others by suggesting that a "green light' for any hydrogen Storage project project is happening any time soon. The government hasn't even restarted the allocation round (expected Q1 2025) will be followed by a period of business engagement before applications will be invited. The best projects - probably 2 - will be selected from those applying and will be invited to negotiate their contracts for revenue support. Signing not likely before 2026.

UKOG is definitely not on the cusp of getting a green light for any hydrogen Storage project.

Maybe an extra day for the 'professional investors' to get rid of any shares left from the last placing - after all the company is fine until it fails to file accounts.

No surprise the new auditors are having problems getting their heads around a business model that relies on gamblers buying in on ever lower lows hoping for the company to make claims about the outcomes of their ventures that are ridiculously optimistic after they've slaughtered the SP to raise the price

eg:-Jacknose:- 'Seriously tho I wouldn't be surprised if he put out a market setaling RNS before cop on Monday

Here's hoping anyway.

Have a good weekend all'

Ocelot missed these quotes from the drill or drop article:-

“We are working with them [UKOG] to understand progress towards clearance of the site and understand and agree what a date may be.”

and.....

“Formal action will only be taken where it is considered expedient to do so and the assessment of expediency will remain ongoing alongside the continued monitoring and engagement.”

ànd ibug's excerpts certainly sound like UKOG is closing the site down.

Funny that ocelot chose possibly the only quote that sounds almost positive.

Also funny how there's big trades when there's been a raise - with any luck they may have dumped them by the next raise.

With the Annual Report due before 1 April (though they missed that last year) no doubt ocelot will be pleased when the company writes off HH, BB and Turkey - and maybe a bit of honesty about Loxley. Will they write off the work on PortlNd Port? Clearing out all the dross that used to be the transformational projects

I guess it's better than most linked articles that illustrate that the South Dorset site is in the wrong place and the wrong time.

Except it's about providing compressors for conversion of existing salt caverns to hydrogen storage - something that's likely to be competing with UKOG should they manage to secure a site in E Yorkshire.

Ocelot unfortunately doesn't understand that going from 'discussion with a significant international trading house' in January 2024, to 'further negotiations with identified prospective strategic joint venture partners' in August 2024, to 'advanced discussions with an energy infrastructure investor' in November 2024, to 'discussions with several energy infrastructure investors' in February 2025 isn't a great sequence- and there are certainly a few other mentions of progressing talks with investors or partners.

Like a broken record jumping back and forth - discussions, further negotiations, advanced discussions and finally back to discussions - and a variety of who they are discussing it with - partners, international infrastructure investors or international trading house.

How gullible must a poster be to be strung along and repeating every UKOG fantasy from the Gatwick Gusher, then the Broadford Bridge drill of national importance, back to Horse Hill for a horizontal drill never put into production (or injection), then a few years of the Turkish transformational project (with distractions of Loxley and a non farm in by PPP who got themselves suspended) including hanging around for over 6 months to test the obviously failed Pinarova test then more months of Portland Port hydrogen storage site being bigged up only to be dropped for another equally badly placed site a few miles inland - is that just a placeholder to keep the likes of ocelot engaged until they get a site in E Yorkshire - though will it be too late to enter into the First Hydrogen Storage Allocation Round - and even if it was able to enter the race there would be other more credible bids in the NE from SSE/Equinor at Aldbrough and Centrica's Rough storage.

Ocelot unfortunately doesn't understand that going from 'discussion with a significant international trading house' in January, to 'further negotiations with identified prospective strategic joint venture partners' in August, to 'advanced discussions with an energy infrastructure investor' in November, to 'discussions with several energy infrastructure investors' in February isn't a great sequence- and there are certainly a few other mentions of progressing talks with investors or partners.

Like a broken record jumping back and forward - discussions, further negotiations, advanced discussions and finally back to discussions - and a variety of who they are discussing it with.

Madeitup,

Just because you post 'positively' with the intention of getting people to buy UKOG shares to recover your 'investment' doesn't mean that anyone posting what you consider to be negatively is trying to stop anyone buying.

Perhaps it's because they like being right?

You even point that out with the statement that anyone investing in 2019 will have lost the lot.

But only if they believed the positive posters and held on for the various up coming BS successes that the rampers like promoting that never happen.

Every one knows it's possible to make money if you're lucky with your timing and selling on the infrequent spikes, though there's every change of losing while waiting and UKOG do (yet another) heavily discounted raise or worse a CLN - the problem is believing the positive posters for guidance about the likelihood of any of UKOG's ventures being successful and holding long term.

As for hydrogen storage - almost every linked article shows, if you bothered to read them, that the South Dorset site is in the wrong place at the wrong time - too far, too early, and promoted by a company that needs someone else to pay for it up front with no prospect of payback until it's operational, and then over maybe 20 years.

It was odd timing contracting APEX - February 2019 - a year after Broadford Bridge testing finished.

Odd because the testing, despite some of the positive RNS, yielded only a small volume of oil from the many tests of the KL layers (iirc only a few barrels) - the test report is in the public domain and it's pretty dire - essentially the most comprehensive testing of the Kimmeridge in the Weald that possibly demonstrated that whilst HH did flow it may have been because it was in a structural closure,.

Not many months later UKOG hired RPS to do a report on the Kimmeridge at HH published in June 2019 that was concealed by UKOG until the annual report in 2021 where instead of the licence wide billions of OIP they quoted resources of about 1.5mmbbls - perhaps that also indicated that the test levels of production were unsustainable - maybe why later in 2019 plans for HH-2 - the vertical well - included drilling into the Kimmeridge and logging it comprehensively wasn't done (without comment from UKOG) - and any other plans for the Kimmeridge, sidetrack from HH-1 and dual completion with the Portland, were never executed along with any further activity to do with the Kimmeridge at Broadford Bridge - the site currently waiting for UKOG to abandon the well and be restored - also without comment or explanation.

So some of the £500,000 to write the Kimmeridge off? or was it just some red meat to the 'believers' and rampers (who surely don't believe the UKOG BS they repeat) to convince or help them out here and on twitter, that the Kimmeridge was still a realistic huge resource - certainly for years there were posters holding on for the Kimmeridge to come good.

APEX were also advising on best methods to produce the Portland as well - again after the initial testing and UKOG's declaration of commerciality - maybe that also highlighted that the supposed production forecasts were fantasy - pity third party reports (except those deemed favourable - and even those possibly only extracts of the positive bits) aren't published to see what they said vs what UKOG were RNSing - certainly the BB testing report shows UKOG were treading a fine line in some of the RNS released during that testing.

Bigfoot,

maybe 2030 - no only joking more like 2032.

There is no governmennt funding until there's revenue if they follow the previous Hydrogen Storage Business Model (HSBM) released December 2023.

However there will be plenty of opportunities for UKOG to spoof the market with BS reports, announcement by the government of the HSBM being re-issued, then loads of 'meetings' with government - then hopefully be allowed to apply in the Hydrogen Storage Allocation First Round if they pass the basic tests (committed funding being in place being one in the December 2023 HSBM) - though disappointment could be that early.

Then there will be the assessment of bids against certain criteria - the December 2023 HSBM included being near hydrogen production and demand in the early 2030s - not sure that will be a 'pass' for UKOG.

Finally the 'winners' will be announced - the December 2023 HSBM the top two would be selected who would then negotiate their contract and level of government guaranteed tariffs. Signing was expected Q1 2026 but already the revised HSBM looks delayed with expectations it would be Q1 2025, though there's still a couple of weeks before Q2.

Problem is posters like madeitup, nosejack and ocelot our resident proof of fool me once etc........would prefer no one knew what the 'allocation' was in the Hydrogen Storage Allocation First Round.

Harrun,

There's no negotiations with government. Government hasn't even issued the revised Hydrogen Storage Business Model which will restart the process with the applications for revenue support submitted some time after (Q3 2025?).

Those applications will be reviewed and then (if the previous plan is followed) two applicants will then enter negotiations to determine the level of revenue support - ie a guarantee of revenue to effectively recover the costs of building the facility over a period of years.

It's up to the companies involved to obtain committed funding before submitting their bids for revenue support.

UKOG has gone from advanced discussions with one investor back to more recently talking to several........doesn't sound like the advanced discussions came to anything.

It isn't quite as unbelievable as the EY Weald Kimmeridge report which had 27% of UK Oil demand supplied from the Kimmeridge - but there's a lack of the when (or even if) in reality storage at scale will be required in South Dorset - and being solely about UKOG's plan ignores other storage possibilities like depleted fields - or even rival salt cavern storage - though unlike the NE and NW the suitability of the salt in Dorset for cavern creation is yet to be tested, rather than modelled.

There is also the immediate problem with the government's first hydrogen storage allocation round looming that is targeting need in the early 2030s as this report doesn't seem to identify an urgent need unlike the nearer term plans for production and demand in the NE and NW of England being backed already by government, with storage plans likely from more credible companies.

Madeitup,

one of 3 deemed feasible by the government, potential is a stage below feasibility. The activities of gamblers hoping for a spike are hardly an indication of the likelihood of UKOG eventually getting support in the first hydrogen storage allocation round.

There's two very feasible hydrogen storage proposals in the NE - Centrica's Rough Field - field storage was included in the allowable applications following Centrica's lobbying and possibly delayed the round - and the planned expansion of SSE / Equinor's Aldbrough site which already has salt cavern storage for natural gas (which could be converted for early storage).

In the NW there's EPP which appears to be further along with the MESH project, which includes storage, connected to the Hynet hydrogen hub - there's also existing salt cavern storage in the NW for natural gas which could also be converted/expanded for early hydrogen storage.

The question for UKOG (and its investors) is 'is there a need for significant hydrogen storage in the south of the UK in the early 2030's'.

The support for significant hydrogen projects already announced has not been in the south of England. Whilst the Portwind windfarm project appears to have been resurrected there's already many offshore windfarms currently in operation and planned in the Irish and North Seas to provide power for green hydrogen production, and there's planned carbon capture and storage associated with blue hydrogen producrtion - available to support the expected demand in the north.