Member Info for Penguins

Ocelot,

describe how a joint venture between a penniless O&G company and a company (or even companies) that can afford to pay for nearly a billion pounds to build the infrastructure ends up/.

I've posted for a long time that the likely outcome if H2 storage got off the ground will be that UKOG ends up with a tiny fraction of the project, SS gets a cushy job and no revenue for 5+ years. Even if they fund a share through borrowing look at what happened to ANGS - stitched up to the extent that the financiers got all the profit - and the shareholders a SP that dropped and never recovered - SS has repeatedly demonstrated the last thing he's bothered about is the SP.

Continually making claims about 'talking' to possible investors is becoming a bit ridiculous - if it's cjhanged from one to a few then isn't it more likely the 'one' has ducked out and they've started another begging round.

That was a thread from Wednesday......though many have been predicting it except certain posters who concentrate on copying and pasting UKOG PR.

Now another raise for the same things - the 'new' farmers field in Dorset and the as yet leased (?) farmers field in East Yorkshire (though ominously not much about that).

August 5 - Placing and Retail Offer to fund hydrogen storage - £1,000,000 @ 0.05p

Last raise 19 November - Placing and Retail Offer to fund new H2 storage site - £555,000 @ 0.025p

Now - Successful Funding for South Dorset H2 Storage £400,000 @ 0.0102p

Let alone all the Portland Port raises keeping the light burning brightly at investors expense.

Surely investors capable of stumping up £800,000,000 (or £1.6bn? for both sites UKOG seem intent on developing) could bung UKOG some cash to get a viable project to a point where it might get government support? Perhaps they've spotted the competition in E Yorkshire and the likely time frame (if ever) for significant storage needs in the green and pleasant countryside of Dorset - distant from demand but adjacent to another pie in the sky scheme to import (when?, will anyone sell us it?) H2 and build an offshore windfarm (when?) plus H2 production - more hundreds of millions, if not another near billion pounds.

Don't forget Portland Port was the storage bees knees until it wasn't - how much was wasted on that idea? the planned caverns are a different concept so probably little transferable knowledge hence the DEEP.KBB work.

Nibblepibbly,

think they've proved your point.

Sam12345 Posted in: UKOG

Posts: 6,693 Price: 0.035 No Opinion

RE: HH-1 production July 2024 2 Oct 2024 12:03

Maid/Jung, wish I had more to top up but with an average of 0.05p I'm happy and believe when the hydrogen storage comes off we will all make a lot of money especially from this level. GLA'

&

'Alans55 Posted in: UKOG

Posts: 6,042 Price: 0.041 Buy

RE: Energy Minister Endorsement of UKOG 10 Sep 2024 14:07

Come on UKOG, prove the doubters wrong for once.'

Instead UKOG prove the doubters right again and again........despite almost continuosly issuing (supposedly) 'positive news' that so often proves to be a hope rather than an eventual outcome.

Flurry of BS tweets, constant repetition of them by the desperate deluded or despicable ramperholics hoping for a rise into the inevitable raise that's likely needed before the government gets round to publishing the new timetable for the hydrogen storage allocation round expected Q1 - that may make it obvious that UKOG stand little chance of being selected to go forward to the award negotiation in late 2025 - or possibly even enter the process.

Another one so informed they're 2 daystar late in linking a brochure that mentions UKOG once and thatmention is about storage at Portland Port - cancelled by UKOG in January.

Do these clowns read what they link - quite often they're the opposite of what they think it will be.

More copy and paste BS by ocelot from UKOG. Where's the poster who mocks copy and pasters?

Maybe immingham could use the proposed expansion for hydrogen storage of the already in use for natural gas SSE and Equinor salt cavern site at Aldbrough, in East Yorkshire, or perhaps Rough Field operated by Centrica - companies that don't need to claim they've been progressing talks with international investors for the past year - though most of that was presumably to finance Portland Port? Who would you choose to back if you were Ed?

As for Middle East Hydrogen, stored in Dorset - used where, when - until the national H2 pipeline is in service (and the pipeline from the Solent to east of Weymouth) there's not going to be a lot of demand locally, even The Solent is shown as a relatively modest demand cluster in 2040.

Ocelot,

It's another BS statement by UKOG:

'Delighted to see prominence given to our Dorset hydrogen storage project at launch of Solent Cluster Local Industrial Development Plan (LIDP).'

The 'prominence' given is one mention of UKEn and as Ibug pointed out that mention is about Portland Port, the project that UKOG announced they were ditching at the end of January. But UKOG probably stopped working on it last year in September when they linked the news about Labour's '131 projects' and finally worked out that government was supporting significant hydrogen projects in the NE and NW - and ExxonMobil's CCS project wasn't.

Surely the only reason UKOG are persisting with the west of Weymouth farmer's field is to bridge the gap while they try and nail down the lease on a farmer's field in the NE - though unlike southerm England there's competition for revenue support from companies that already store natural gas in the NE.

Yep,

Nothing from UKOG, nothing happening around Weymouth, competition from Centrica in the NE. Project Union in the Solent area - and everywhere else as it's the planned national infrastructure pipeline which could mean no major storage required in the south, just like now for natural gas.

On the plus side very few traffic jams on the motorways.

Sam,

there's nothing in that article beyond generalisations about salt cavern storage and UKOG's aspirations about a bit of farmland remote from the Solent Cluster that would require £800 million spent to build the storage facility.

Nothing new about UKOG having aspirations that they will never be able to achieve.

As far as plans being on track there's nothing - and as in my previous post the site at Portland Port was further 'on-track' but now discarded. If UKOG complete the deal on the site in the NE will the west of Weymouth site then be discarded - otherwise UKOG would be trying to get revenue support for 2 projects requiring an estimated £1.6billion funding.

As for the Solent Cluster even UKOG's presentation illustrates it as a relatively minor H2 Demand Centre in 2040 (slide 7 in '05/07/24: UK Energy Overview.') - and the proposed 'blue' hydrogen generation (by ExxonMobil) was ditched when they didn't get government support for the carbon capture - with allocations going to the NE and NW.

Sam,

All the nonsense from someone who posts like they bought in recently hoping it's the low before the next P&D.

Progressing?

Last RNS about hydrogen storage was that the Portland Port site they've been working on for four years is not suitable so they got a company to do a notional design for a site a few kilometres away that may also be unsuitable.

Otherwise they are still negotiating a lease for another site in the NE, as last mentioned in the 19 November 2024 RNS - where incidentally there are likely to be at least two competing applications for hydrogen storage revenue support by businesses that are unlikely to have difficulty raising the huge sums required.

Will either of these UKOG sites be advanced sufficiently to even apply in the upcoming revenue support round let alone be selected to go forward to negotiat

Att the heart eh - hope SS doesn't have aspirations to be a surgeon.

On reflection what's worse is that UKOG consider an increase in production, of a field they have a minor percentage interest in worthy of a RNS (and apart from a single month's production a prediction), yet stayed silent about production decline in Horse Hill's monthly, let alone yearly, decline.which over the first 2 years over 80% if their claim of more than 300bopd in March 2020 was true.

The silence about water production at Horse Hill was even more deafening, having never mentioned actual water cut which broke through at 24% in June 2020, and was over 50% before HH-1 was shut in.

ukog, since the start of production, have never given a production forecast for hh in a cpr, rns or annual (or interim) report - perhaps it would have been too revealing about what all the testing showed.

thiugh before production started ukog made all sorts of claims about what was anticipated - something like 3,500bopd from 6 wells.

......and soon after production began in march 2020, following a workover, thay claimed daily production would exceed 300bopd - however based on official monthly figures average production never exceeded 300bopd - and in fact rapidly declined - down to 157bopd in july 2020, plus over 25% water.

yet here ukog are pea****'s about a field they have a 10% share of.production (and costs)

with a 18% water cut in november 2024 there's still a cost of water disposal (it isn't re-injected) for horndean, and workovers etc to pay for. net to ukog will be considerably less than a straight op x oil production figure certain posters consider ukog's share.

anyway, as ukog are 'transitioning' out of o&g it might mean they get an improved price to sell their interest though no mention of reserves which may stay the same - which for ukog's 10% in the last annual report was 110,000bbls (2p) - maybe they'll get a couple of million to pay for all those pesky site restoration costs.

......that this board is for 'investors' to read but some of those that claim to invest post mainly derogatory things about the posters that have consistently been right, or don't want to read their posts at all (or claim not to) - ocelot appears to be a prime example often posting things that have already been posted - sometimes days earlier - let alone seeing predictions on this board months before failure happens - most recently predictions that Portland port would be ditched.

...........just to show I don't just cut'n'paste rampers rubbish here's a post of mine from the day the leasing of the second site in Dorset was RNS'd:-

Penguins Posted in: UKOG

Posts: 5,903 Price: 0.0485

No Opinion

RE: RNS: 2nd Dorset hydrogen storage site 21 Aug 2024 10:46

Why no big rise?

If anything todays RNS appears to suggest UKOG doesn't expect the Portland Port gas storage to make the cut for the HSBM first round allocation - essential to get government cash as soon as more than a year away.

........................................

Now they are apparently pursuing 2 sites, presumably brown or greenfield, with no previous planning and quite probably no adjacent borehole or any previous work to accelerate the development which at Portland Port with a lot of groundwork already in place doesn't look to be ready 2 years on.

As others (and I) have pointed out if Portland Port was a slam dunk why waste effort and cash on another site in Dorset (or Yorkshire) - is it because Portland Port is far from a slam dunk - despite the 3 LOS, that funnily enough could be applied to any site, anywhere.

However the one positive is that H2 storage is an uneconomic business requiring subsidy and guaranteed surcharges - a business model UKOG understands having never made a profit except from selling shares in the 10 years since DL initially took charge.'

.....and hands up - later that day I pointed out Chickerell (west of Weymouth) did have a thick halite section.

'RE: Must be due a turd! 21 Aug 2024 20:34

Taverham,

Not a geologist but know where to look. The thickest Triassic saliferous beds (interbedded halite and mudstones) I could find were in the Chickerell well at 490 metres thick, though there was a lot of mudstone. This is nearer the end of the proposed SGN H2connect as illustrated on SGN’s web site than Portland port!'

Chickerell is to the west of Weymouth - from the latest RNS:-

'the Company's proposed new underground hydrogen storage facility located west of Weymouth in Dorset

Insidious / Jack nose,

Just a matter of time - yep can't disagree that - since 2015 all it has been is a matter of time before one of UKOG's predictions about a project being successful comes wholly true.

What's this 'detailed explosive RNS' going to be though, when has UKOG issued a RNS about a project that isn't misleading as often a little research reveals - and not even frank about where they were wrong when finally exiting a project or admitting failure

So maybe another vague RNS about an international investor that fails to mention that unless UKOG get government support for one of their farmers fields there won't be any investment?

But as the final details of the requirements to apply for government revenue support are yet to be published the next significant RNS is just as likely to be that UKOG is pleased to announce yet another discounted raise, or worse - yet another death spiral loan note massacre - though admittedly more likely misleading RNS first, raise RNS next.

'Our dedicated subsidiary, UK Energy Storage (UKEn), has been working for the past four years on a £1 billion underground hydrogen storage project' - at Portland Port - we've now decided it's in the wrong place.

Funny they described it as 'South Dorset'.

Now it's ridiculous BS hype in overdrive about a rented farmer's field, with no committed funds or pipeline to the distant Solent Cluster that has no significant green hydrogen production planned, no planned government supported blue hydrogen production and no planned government supported wind farms - which is probably why no planned green hydrogen production. Even if they completed a cavern by early 2030s there'd be no significant volume of H2 to store - even if SGN laid the pipeline as there wouldn't be the infrastructure to get it from the north where government is supporting blue H2 production with carbon capture (at great cost).

Although under director's deals Sanderson is listed as having 12,457,310 shares this hasn't been adjusted for the consolidation.

Now 1,245,731 shares the original cost was £12,000 from his 12 months of buying £1,000 worth every month.

They're now worth at £0.0002 £249.15 a loss of £11,750 or 98% - and that's since his last purchase in December 2022 - just over 2 years.

It's unfair only rampers have their old posts reposted so here's one from ibug 1st December 2022 (last day of SS purchases):-

'RE: Portland/hydrogen storage tweet 1 Dec 2022 14:17

Come back in 4 years if Portland is still on. My money is on it's not but money could be made on the back o the mug punters.'

Useless, only took 2 years and a bit...........

and here's one from me from the day before:-

'RE: If they process the Seismic30 Nov 2022 10:10

Ibug,

If the preliminaey results had confirmed the phase 1 'leads' interpretation would we have heard by now? - ells keeps mentioning a spud by Xmas but fails to mention where and how (please no more jokes about roasties)

Perhaps they're scratching around for some sort of lead justified by the oil seep. The amount of attention they gave the oil seep initially seemed suspicious as there's already pretty good evidence that oil generation has taken place in the licence with shows and small amounts tested.

Was 'bigging up' the seep a backup if the leads failed to mature into targets?'

no results of the interpretation of the new seismic over Basur ever shown............and up pops Pinarova..........in a 11 Jan 2023 RNS..............

No wonder the rampers who filter all those they disagree with have no idea what's happening.

First they repeat the RNS, then they repeat the UKOG 'X' posts that repeat the RNS, then they link some random web news repeating what UKOG has RNS'd - and getting it garbled like Chinese whispers - the concept that salt caverns are 'moving' to Dorset is quite something.

Any excuse to continue their roles as UKOG PR Department rather than discussing whether what UKOG propose is likely to succeed.

Project after project where UKOG make claims about how fantastic (as in fantasy) the next project will be, as UKOG realises the last is failing, the 'on this board' PR department rush to report every word of the new plan, never to mention again the failure after failure of the previous projects they had supported by repeating UKOG PR, exaggerating even UKOG's hype, or insulting those pointing out the flaws - many of which UKOG then failed to pursue, now including Portland Port, that never made it off the launch pad to prove how poor they really were.

Assuming they complete the deal on the E Yorkshire farmland expect the West of Weymouth site to suffer the same fate - surely just a placemarker to keep the nightmare going - was the real problem with Portland Port location - the actual plan for the caverns could surely have been revised to this cheaper scheme - the west of Weymouth location is still remote from the Solent Cluster which has no government supported H2 production ( even blue), no major industrial demand (ExxonMobil produce and use their own non-green H2) and along the S coast there's only one windfarn off Brighton - about the same distance to the east of the Solent.

TH2,

UKOG:- one of TW's top tips I'm sure - surprised you're a subscriber to see the full article.

...............then again you could be lying - no change there.3\.

Ocelot,

The only reason they looked for other sites was presumably because they realised that after the Hydrogen Storage Allocation Market Engagement document was released in December 2023, that outlined that supported storage would be near production and industrial demand for H2, Portland Port was a non starter - though why they went and got another Dorset site just up the road is strange as it's still remote from any planned and supported hydrogen production, and major industrial areas - even UKOG's '05/07/24: UK Energy Overview' presentation' (slide 7) shows The Solent area in 2040 with relatively minor demand. Perhaps it was just to keep the story going as they have taken nearly a year so far to secure a site in the NE.

Unfortunately in the NE there is likely to be strong competition for support from Centrica (Rough conversion to H2 storage) and SSE/ Equinor at Aldbrough ('The Aldbrough Hydrogen Storage project plans to store low-carbon hydrogen at a new hydrogen storage site adjacent to the existing Aldbrough Gas Storage facility ...) - so government support - certainly when the final parameters for award aren't published anyway - is anything but assured for UKOG.