Member Info for Penguins

Mirasol

That's what believing (or at least repeating) what UKOG hopes will happen vs what is almost certainly going to happen - failure.

Nothing so far, and you can now include the 'flagship' Portland Port hydrogen storage site, has been successfully executed by UKOG despite claims of every venture being of national importance or transformational or at worse highly profitable for UKOG - not one.

According to UKOG they worked 4 years on Portland Port, spent millions, while many here pointed out it was in the wrong place.

In December 2023 UK Gov released the Hydrogen Storage Business Model which clearly favoured the industrial north of England, and soon after that UKOG started mentioning finding 'additional' hydrogen storage sites - though in fact only one replacement has been leased nearby Portland Port with negotiations for one in East Yorkshire presumably ongoing (though recently unmentioned by UKOG, usually a bad sign) since mentioning it last November.

It was a question from Lloyd Hatton - the MP for .........South Dorset which has Weymouth and Isle of Portland at its western extremity and isle of Purbeck at its eastern extremity - niether 'real' islands.

But Starmer's hardly going to say a question from a labour mp Is a load of BS, and it did give him a chance to mention £2.3billion support for hydrogen projects - presumably the confirmation last year of the revenue support committments made in December 2023 to 11 hydrogen projects in HAR1 (none in South Dorset).

Maybe anyone thinking 'potential' for someting means anything should review what UKOG has said about every project that has failed or, in the case of HH, failed to achieve anything like the success UKOG expected. In fact it must be one of UKOG's favourite words - ie meaningless.

Here's the exchange at PMQs:-

MP: 'South Dorset is ready to play its part in making Britain a clean energy superpower, but after 14 years of Conservative failure, there are many untapped opportunities on our doorstep. Green investment opportunities such as Portwind, Morwind and a hydrogen storage hub are all coming down the track, so can the Prime Minister reassure my constituents that the Government will work with the Crown court on these projects, invest in key infrastructure and ensure that South Dorset’s green energy potential is hardwired into our plan for change?'

PM: 'My hon. Friend is absolutely right about making Britain a clean energy superpower. We are committing £2.3 billion to support hydrogen projects, and I recognise the huge potential of South Dorset to become home to a storage hub. We are ensuring that public and private investment work together, which is exactly what the Crown Estate Act 2025 does, unlocking significant investment, boosting offshore wind and kickstarting economic growth.'

There's a more positive mention about investment and offshore wind - something the government appears to favour.

There was this - 'and to enhance our lobbying efforts with our new Labour government' in the use of proceeds section of the Auust 2024 placing RNS. Maybe money well spent?

Ocelot - and UKOG

Perhaps you need to read of the Project Union Web page:-

https://www.nationalgas.com/future-energy/hydrogen/project-union

'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'

Notice the difference between 'connecting' the Industrial clusters of the NE - and 'linking up' to Southampton etc.

The emphasis appears to be on the NE with a whole paragraph about priority for the East Coast cluster with delivery there by 2032, yet UKOG don't appear to have advanced procuring the site in the NE since announcing the ambition in November last year.

Is UKOG's central Dorset, west of Weymouth, farmers field really going to be a supported proposed hydrogen storage site in the first allocation round? - needing a dedicated connection just to reach Southampton - though when will Project Union reach there?

Is the need for large scale storage in the south only in UKOG's opinion - don't believe that it's been a necessity for natural gas with the national transmission system providing countrywide distribution from the offshore fields to the east and west of the UK.

I see LSE has not adjusted SS's shareholding which following the consolidation is now just over 1.2million or about'£140 (from £12,000) - or about 0.0074% of the company. There must be thousands, if not tens of thousands of 'investors' with more skin in this game than SS - and could hardly be worse at running the company.

Don't usually worry about auto corrects or misstyping but as I'm here it should be 'An investee of a broke company.....'

Skwizz,

I think returning to the scene of the crime - didn't some of these appear around the pump last July/August and are either hoping for a repeat performance, or like Umaz hoping for a miracle to recover their losses out of the next batch of 'investors' who are of course, judging by their unwavering belief in, and repetition of, every utterance by UKOG, in it for the long (should be extremely long) run - not.

'infrastructure finance' that went from 'advanced discussions with an energy infrastructure investor' in November last year to 'continues discussions with several energy infrastructure investors' in February - something that ocelot stated 'is a positive development.' Rather than a step back.

An investment of a broke company would expect to see some skin in the game showing strong belief in the company and itsambitions, something that (apart from SS's £1,000 a month for a year to dissuade investors from voting out the board) this board doesn't seem to bother about.

Don't think UKOG can issue any more shares without a GM/AGM - but there's still the shares from the last raise that need a helping hand.....

As fot ocelot - true colours now showing- 'if that is a pump, then let us have more of them.'

Unfortunately, as ocelot well knows the pumps always end in dumps - hence the SP isn't still 11p, or at the SP seen during any other previous spike that meant the last low price was never to be seen again.

There were 40 mentions of storage, 68 of hydrogen and none with those words together in this government paper.

Almost every mention of storage was to do with carbon capture – however there were some mentions, one about plans for the hydrogen transport and storage allocation round and others about the NSTA regulating offshore carbon storage and hydrogen – there was also a reference to the possibility of offshore gas storage licences.

The consultation on this document ends 30th April 2025, will the government release the hydrogen storage and transportation business model consultation until this consultation is finished?

If there's a delay (it was originally expected Q1) UKOG will need to hold a GM or AGM to obtain authorisation to issue more shares (almost guaranteed with the EBT's 10%) as the last raise is unlikely to last very long.

Not sure if it's a rule or UKOG's choice but they seem to restrict their request for authorisation to issue more shares to be equal to those already in issue. At the moment the Employee Benefit Trust hasn't been topped up since August last year when there were 8644353833 shares in issue and 864485685 shares in the EBT (you'll note a little more than 10% the supposed limit).

Now there are 17288707666 shares in issue UKOG could add about 864,000,000 shares into the EBT before the AGM? making over 18 billion shares in issue and request authority to issue 18 billion shares.

that could mean over 36 billion shares in issue before another GM add on another 1.7 billion shares into the EBT so about 38 billion in issue add another 38 billion making 76 billion shares.

It's what they did last year - Following the GM in February the were just over 3 billion shares in issue.

At the AGM in May that had risen (CLN shares) to just over 3.5 billion.

At the GM in August there were 8,644,353,833 shares in issue (the extra was EBT shares) and they requested (and got) authority to issue 8,644,353,833 shares.

They've used that authority up (2 x 8,644,353,833 = 17288707666).

so in a year they more than quadrupled the shares in issue - will they do that again using the EBT to add to the shares in issue?

Just to make tracking the drop in value more difficult (seems posters forget the 11p was equivalent to £1.11 today) will they do another consolidation - at least they don't need to change the nominal value as it's already 3 zeros below a penny 0.0001p)

You would have had to have bought 10 shares at 11p (and held on to them!) - ie paid 110p (£1.10) - to have one share after the consolidation that you could sell for 0.011p - an impressive drop of 99.99%.

Yes, interested like rubbernecking a crash.

I'm sure you're making a point but at 0.011p a share you can buy 90 shares if there was no trade cost.

900 shares (as the 10 to 1 consolidation would have reduced that to 90 shares) at the very peak of the Kimmeridge lies in 2017 would have cost £99.

The scale of value destruction in unbelievable whilst SS continues to draw a salary as if he's the CEO of a successful and profitable company, rather than one that just sells practically worthless shares by the billion at a discount that guarantees the intial buyer also makes a profit off the gullible.

The CLN (£2mm) in June 2023 was for the further testing of Pinarova-1 and further drilling preparations/studies, work on Loxley planning, site preparation and farm-out, HH water injection work-over, preparation for 3D seismic and drill HH-3 and planning and engineering studies for Portland Port.

The raise in January 2024 (£750,000) was an acceleration of specific unbudgeted studies/works at Portland because of the governments announcement of bringing forward the allocation process, and progress UK/Turkey

The raise in July 2024 (£500,000) was primarily to pay off the balance of the previous raise by CLN, and enabling the completion of necessary internal and external technical studies and reports – and to fully prepare and engage with further prospective strategic partners to seek, as a minimum, Letters of Support.

The raise in August 2024 (£1,248,204) was to perform surveys, studies and other works, presumed at Portland as the second Dorset site was yet to be announced . It was also to enable negotiations with ‘identified prospective strategic joint venture partners and conclude a land option agreement for a further hydrogen storage site and seek further LOS.

The raise in November 2024 (£555,537) was primarily to fund the acquisition of the Company's first salt cavern hydrogen storage site in the East Yorkshire salt basin.

This time (£400,431) doing lots of work on the new Dorset site (which has every chance of going the same way as Portland Port) with nothing about progress on the E Yorkshire site.

Notice anything – rubbish’ investments’, most things supposedly on the table illusions.

Apart from a very few items money either wasted pursuing dreams, never happened, or still doing them. The SP the day before the June 2023 CLN was the equivalent of 0.58p (0.058p)

Most ‘Use of Proceeds’ appear to be works of imagination and UKOG raising time after time for the same thing.

Yep – 5th placing since the CLN, lots of cash raised (about £5 mm less costs and CLN repayment), Turkey exited after failed Pinarova test, HH no water injection, seismic or HH-3 – now shut in, Loxley.....?, Portland storage ditched, E Yorkshire...?

Ibug,

They'll have to call an AGM / GM to get authority to issue more shares, the odd number of shares handed over for the last raise, 3,925,797,833, was what remained of the authority from the August GM. Their confetti factory has run out of paper.

Luckily for UKOG continually topping up the Employee Benefit Trust shares, expect another announcement before the meeting, means they have an instant 10% vote for any resolution they care to put forward, and with the transient shareholdership there's little likelihood of mobilising that level of objection to another raise which on past form will be for over 17 billion shares (doubling the shares in issue). Having dropped the nominal value the SP can get near 0.0001p before another consolidation - the current SP has managed (despite a 10x boost) to get close to the previous nominal value (0.01p) in a year.

Given they want to transition out of oil maybe they'll sell their 10% share of Horndean but other than that they appear to have little else of any value - they did pay £1.65mm for surface production equipment at Horse Hill - though after 5 years what would it be worth?

- and whatever happened to Avington (UKOG 5%) - 13th July 2023 - 'Avington Oil Production to Restart'.

TH2,

I take it back my research was on A D V F N that showed the trades as all positive and not from 21 February. I see the LSE tally has reversals and that date. But someone was providing all the shares for the 'bargain hunters'

Something fishy going on.

TH2,

I guess your 'research' doesn't extend much further than UKOG tweets and RNS?

I suppose the nearly one billion shares traded as 'unknown' on Tuesday weren't being forward sold?

Maltloaf,

the storage round was initially expected to open last year but (in my opinion) it was delayed in part because Centrica lobbied for depleted field storage to be included (which helped EPP). There may be other changes - the revised HSBM (Hydrogen Storage Business Model) was expected Q1 this year for comments. Though the 'hydrogen-strategy-update-to-the-market-december-2024.pdf' only mentions 2025. This update reiterated 'up to' two projects would ultimately be supported to be operational or in construction by 2030 - it mentions that the decision process will be guided by the 'hydrogen-transport-and-storage-ts-_networks-pathway.pdf' document which is clear that hydrogen storage and transport should be initially located to support production and demand - which is certainly not southern England.

To quote from the update document:- 'As the interim strategic planner for the build out of hydrogen transport and storage infrastructure, we will continue to work closely with Ofgem and industry to provide early strategic direction. This was previously outlined in the Hydrogen Transport and Storage Networks Pathway published by the Department for Energy Security and Net Zero in December 2023.

https://assets.publishing.service.gov.uk/media/6761915126a2d1ff18253493/hydrogen-strategy-update-to-the-market-december-2024.pdf

.....and to quote from the pathway document:- 'It is important that early T&S infrastructure is located in regions with both suitable geology to develop storage at scale within these timescales and with high potential for hydrogen production and demand to connect to...'

https://assets.publishing.service.gov.uk/media/66685e8ef5e751f1b786dad1/hydrogen-transport-and-storage-ts-_networks-pathway.pdf

The network pathways guidance would downgrade any storage project in southern England in the first allocation round - certainly government support for offshore windfarms (excess power for electrolysis) and carbon capture & storage to support 'blue' hydrogen has so far been concentrated in the north of the UK.

For the early 2030s the decision as to who gets government support, needed to obtain finance, is almost certainly going to be storage near where hydrogen is likely to be being produced (and demand), as there won't be national infrastructure, and how much storage will be required will decide what projects are selected.

The problem for UKEn is that there appear to be no near term plans for significant hydrogen production and demand for hydrogen in southern England where they've already abandoned one project in Dorset and are now embarked on another nearby - and neither located near the Solent where even by 2040 demand is anticipated from be relatively modest.

In E Yorkshire UKOG has been negotiating for a site but has yet to announce completion of those negotiations though barely mentioned it in the latest hydrogen storage RNS.

Whilst the government is supporting offshore wind farms, hydrogen production through CC support and promoting demand in the NE and NW (unlike southern England) there are already advanced plans for hydrogen storage from more credible operators in the NE (SSE & Centrica), with EPP in the NW advancing their plans.

As for restoring BB and HH it looks like Stephen 'Macawber' Sanderson hopes that they can spin the story about applying for support to pump the SP to a level where the significant cash needed could be raised. Otherwise they need a committed offer of finance, which they've been seeking for a year - and will almost certainly be conditional on obtaining government revenue support - ie not only applying for the hydrogen storage allocation round - but being a 'winner'.

Not sure what happens otherwise - back to the other thing UKOG is good at - procrastination.

Jacknose,

Maybe if UKOG was a billion pound business with a history of competently executing projects where they have exhibited complete openness about the probable outcome it would be reasonable to accept what they tweet or RNS about their current obsession.

Many posters claim UKOG have been unlucky predicting transformational success or outcomes of national importance for their ventures when the outcome has been complete failure - yet even posters here have detailed why failure was a much more likely result.

So now it's hydrogen - having mislead over HH, the Kimmeridge in the Weald and Resan Basur. Despite the obvious problem of a storage site remote from any significant planned hydrogen infrastructure, demand or production UKOG persisted with Portland Port (for 4 years apparently) they have now abandoned and instead leased a field requiring a slightly shorter pipeline to the Solent area where more pipelines would be needed to deliver it to demand or production. To suggest an ongoing need for a remote Dorwet site they've come up with a 'plan' for Portland Port to be an import dock for H2 - perhaps forgetting that the Solent could fulfil that function being a major port already.

Leaving a secret site in E Yorkshire still in negotiation(?) where SSE already has gas storage that could be sequntially converted to store H2 as demand rises and where there are already plans for additional dedicated H2 storage.

The original parameters for applications for government support suggested planned storage should be to cope with and be near planned demand and production of H2 in the early 2030's. Would the west of Weymouth site fulfill that brief? and with the quality of competition for support for storage in the NE (including Centrica's Rough Field) even if UKOG do tie up the negotiations for a site there would it even be ready to apply yet alone beat the competition?

Unfortunately every time they increase the shares in issue they add to the Employee Benefit Fund to keep it at 10% so they can always rely on those being voted in favour.

It would be almost impossible with the 'type' of shareholder UKOG has to muster 10% to vote against.

Ocelot,

'UKOG may well have wanted to raise more but its market cap was too low to seek £1m plus.'

No - they ran out of authority.

At the GM in August they got authority to issue 8,644,353,833 shares (the number of shares alread in issue at that time)

Since then, before today, they've issued:-

2,000,000,000 - Placing 5 Aug

496,408,000 - Retail Offer

2,000,000,000 Placing 19 November

222,148,000 Retail Offer

Which added up and subtracting from the authority leaves 3,925,797,833 - or exactly what they placed today:-

'through the issue of 3,925,797,833 Placing Shares'

Must be time to have the AGM to ask for authority to issue another 17 billion shares - might be enough for a raise to pay for all the upcoming restoration costs (at a discount price).

Since the share 'reorganisation' in March 2024 they've issued over 14 billion shares - from 3,253,992,610 in March 2024 to 17,288,707,666 next week.

Then there's this t**d polishing:-

'It could also be that the placees were the ones to approach UKOG and to propose their terms, knowing UKOG would be in need of funding.'

Yep - scam the pi - s I said on Wednesday - 'Raise incoming? 19 Feb 2025 11:43 Flurry of BS tweets, constant repetition of them by the desperate deluded or despicable ramperholics hoping for a rise into the inevitable raise....

Except there wasn't the rise bit.

Does ocelot read the posted links that might just appear to be do with UKOG / H2 - or just hopes no one else does (eg Jacknose)?

'Essential reforms to pave the way for clean power by 2030'

What Ed means by 'clean power' is wind.

These were the main points:-

- relaxing the eligibility criteria on planning consent for fixed-bottom offshore wind, helping to speed up new offshore wind farms coming

- changing how offshore wind budgets are set and published, enabling funding to be invested more efficiently

- increasing the Contracts for Difference contract term beyond the current 15 years, making renewables contracts more cost effective

Going by how they were allocated by A D V F N there were nearly 1.3 billion shares bought and only just over 300 million sold including 'unknowns' - so the participants in the raise are delighted and thank 'investors' for buying shares they're not keen to keep - keep it up - I'm sure SS will help out with some more BS tweets that the rampaholics can repeat here and on X.