Member Info for Penguins

Looking for UKEn Storage Limited incorporation documents I was reminded of the curious case of UKEn Holdings - a company 100% owned by our dear leader.

For what purpose did SS form that company.

As for any investment in UKEn surely any investor (international or otherwise) wouldn't commit any substantial funds until UKOG had a guarantee of revenue support (unlikely before early 2026) and would take a large share holding in UKEn. First hurdle might be being allowed to enter the ranking process to decide the 'winners' of that stage) prior to full assessment of bids - if the process remains as outlined in December 2023.

TH2,

You're probably right that the government will be looking to service the 'red wall' with jobs and not upsetting the southerners worrying about salt storage infrastructure devaluing their homes.

In fact if you look at where the majority of support has gone it's to the NW and NE of England - and this RNS is all about abandoning what UKOG has been lauding (until recently forgetting it existed) and spending cash on, as the future of the company - whilst it has been pretty obvious that it wasn't since the announcement in early 2024 they were seeking other sites.

The new site will still be remote from anywhere that significant green H2 will be produced and significantly used, and depends on SGN laying a pipeline from the Solent and there being a national H2 network from there.

Exxon Mobil were planning more blue hydrogen production but abandoned the necessary carbon capture havng failed to secure government backing - whereas schemes in the NE and NW were.

Some posts are claiming that government backing, and even funding was guaranteed when the final parameters for acceptance and assessment of applications have yet to be released, expected Q1 2025 with the round commencing some time later. Those 'winning' are anticipated to be invited to negotiate the revenue support contract later in 2025 and signing in early 2026.

As stated previously the previous support for hydrogen production and wind farm rounds has heavily favoured the industrial NE and NW - there's no reason to suppose an outlier project in the south of England with little potential for material demand in the early 2030's would be considered.

Apologies if this now appears twice - posted earlier but ir never appeared, and it contains interesting information about the proposal - unlike all the ramping nonsense from the usual suspects.

Insidious,

One fantasy scheme will have revenues (in 2032?) higher than the other fantasy project - that even UKOG have belatedly admitted was a fantasy - though I suspect UKOG realised when the December 2023 market engagement document was released Dorset was dead in the water - and early in 2024 started talking about securing other sites.

How long before a new 'study' of the as yet apparently unsecured E Yorkshire site shows it to be even better than the site in Dorset (to start with it's in the NE), but it won't be ready for the first round.

As for the 'new' favourite site there was one well (Chickerell-1) just west of Weymouth that penetrated the salt swell with the Triassic halite at 1156m MD (ie below ground level), however the top varies rapidly away from the well (it's a swell) and it may have a complex internal structure - I suspect it would be a few wells in before they could be sure of the suitability of the general location.

If anyone's interested in what it looks like on seismic it's' pretty obvious on line B92-40 (link below to the line in the UKOGL library - nothing to do with UKOG though) - the top halite is at 720ms (the reflection time scale is at each end of the line) that's about half way between the deepest 'domed' strong horizon and the strong more or less flat horizon beneath the salt swell.

Rampers who filter me won't be able to rejoice that at least that appears to be true.

https://ukogl.org.uk/map/php/seismic.php?type=colour&line=17788&name=B92-40

The seismic line was shot by Brabent in 1992, Chickerell drilled by BP in 1987.

And I've been posting for a long time:-

'Despite UKOG's long term work on Portland Port I suspect even SS has realised it's a non-starter for the first round of storage allocation.'

.....and posters like stockcheque and madeitup think they post useful information.

But evenn another Dorset is the wrong place for this allocation round with the governments focus on the NE and NW for almost all significant government support for hydrogen and wind farms going to projects there due to their forecast for demand.

The only storage project site that's apparently in the right place is in E Yorkshire (again UKOG has given no specifics of location) where Centrica will be lobbying strongly for support for Rough Field storage conversion to hydrogen.

As for paying someone to do a study where almost certainly there are caveats we haven't been made aware of - just go back to the early days of any UKOG project and find a report or RNS that's seemingly equally positve - the only difference this one's going to cost 100's of millions to start with.

Ocelot,

'A great deal of what he said also applies to UKOG.' Though field storage is expected to be much cheaper than salt cavern creation to develop for storage.

For UKOG in the NE it's Centrica's Rough Field storage that's in competition for the allocation.

EPP are in the NW and initially producing natural gas from the field and as far as I'm aware the only likely competition would be from already established natural gas storage caverns - EPP also appear to be further ahead with plans for the project.

Despite UKOG's long term work on Portland Port I suspect even SS has realised it's a non-starter for the first round of storage allocation.

Madeitup,

Researching one stock rather than ramping on ten?

Who would you believe?

But you're right arguing with someone who has knowledge rather than BS

Stockcheque,

despite your desperate attempts to draw parallels with Storag Etzel in Germany and UKOG's thrashing around there's a vast difference between the two companies.

Storag Etzel is one of the largest energy storage companies in Europe (according to them).

Storag Etzel started by storing oil in salt caverns starting operations in 1971 - now has over 50 caverns storing gas + over 20 for oil - so highly experienced and a vastly different enterprise that is also planning to produce H2 as well as store it.

Owned by institutional investors it's a private company that isn't relying on passing round the begging bowl just to keep the lights on, let alone do anything else.

Whereas UKOG has a 'site' (field) in the NE of England where:-

There is already hydrogen storage in 3 salt caverns in the NE.

There is already salt cavern storage of natural gas that could be phased to hydrogen storage and plans for more caverns for H2.

Centrica's Rough field storage facility makes landfall in the NE. Centrica lobbied the government to include field storage in the H2 storage allocation round - according to EPP field storage will be included in the relaunch of the round in Q1 2025 so Centrica are a major competitor for the H2 storage allocation in the NE.

The government is supporting the production of blue H2 through CC and storage in the NE, and there are multiple windfarms to provide power for green H2 production.

Otherwise UKOG has Portland Port (no longer mentioned by name) that they say they've spent 4 years working on, and a 'site' (field) somewhere else in Dorset. There is no government support for any hydrogen (green or blue) production at scale in the south of England, there is one wind farm offshore Brighton.

There are also depleted fields in S England that may in the future provide cheaper storage options / competition for support.

Stockcheque,

not sure how you calculated the percentage rise in a week but the way it should be done it is to take the closing price 7 days ago ie last Friday (0.0205p) and the closing price this Friday (0.0215p) subtract one from the other (0.001p) and divide it by the price last Friday (0.001p/0.0205p = 0.04878) and multiply by 100 (=4.9%).

So in fact less than 5% not 10% - I expect stockcheque will make some 'clever' remark about filtered posters / green boxes having no idea how helpful reading those 'green boxes' could be.

But better not mention how much it's dropped long term.

Here's why the apparently deluded hate seeing their previous predictions posted:-

'StockCheque

Posted in: UKOG

Posts: 6,863

Price: 0.043

Strong Buy

RE: Not easy to buy 23 Aug 2024 14:06

Some placees will sell at a small profit, others will wait for the big news and feed the demand whilst making a lot more profit, others will sell some and keep the rest long term, so quoting how many shares have been placed is pointless when you have no which of the above covers which percentage of the stock.

Ultimately what we do know is that any overhang will clear at some point and the price will then move up quickly. So right now is a good time to load up, whilst it's dirt cheap and before the inevitable rallies on overhang cleared and good news on the Salt Cavern projects.'

and while I'm pointing out delusional posters that either have no idea how UKOG operate (plans not action & placings) or just straight lie (more likely) in the hope of getting out before the next placing / bad news by getting others to 'invest' - here's madeitup:-

'maidit308

Posted in: UKOG

Posts: 10,099

Price: 0.041

No Opinion

RE: Sp 13 Sep 2024 09:29

Morning campers, get ready for the big push north'' this can only go 1 way from these silly levels.. when MM is ready off course..

calm calm calm

GLA keep the faith.'

It has never closed higher than that 'silly Level' since.

You'll also note that it dropped from the 0.043 to 0.041 in the intervening 3 weeks.

Madeitup,

Still making it up.

'SANDO will soon be allowed to turn the tap back on at Horse hill, where there is still 30b barrel still in place according to people familiar...'

People 'familiar' with Horse Hill will be aware that although the estimated oil in place in the whole of PEDL 137 in 2015 (prior to any testing) by Schlumberger was about 10bn barrels, and Nutech a little more, both companies stressed it was quite possible (read possible as probable, maybe certain) that this wouldn't be producible oil.

They will also be aware that the extensive Broadford Bridge Kimmeridge testing produced just a few barrels of oil.

In June 2019 (after initial testing) RPS (an O&G consultancy) produced a report for UKOG which had a P50 recoverable oil at HH from the Kimmeridge of..........1.6mmbbls gross 2C (see Annual Report Contingent Resources table)..........and following that report UKOG to all intents and purposes stopped any new work on the Kimmeridge anywhere, most notably not deepening HH-2 as planned to log it and not progressing work at Broadford Bridge.

'Turning the tap on' is an unfortunate phrase to use as the most likely outcome (after an initial burst of oil production after shut in) is mostly water with low oil production.

No.

Because the's no government backing for production of H2 on the south coast and there won't be a national grid for a long time to get it from the NE or NW where production is supported and planned.

A picture of the stack in Ladram Bay, where there's a holiday park - is it a new hint about where UKOG investors will be able to holiday rather than the Caribbean.......................

Insidious,

Why so bashful about your posting history?

Surely you should be proud of another poster regurgitating your past predictions - oh I forgot, apart from being ridiculous, unjustified and ramps - they're almost always wrong.

Insidious,

Name one time 'no news' has been 'good news' - in reality there has never been 'good news' - just UKOG delaying announcing bad news - only misleading, often apparently positive, announcements about progress leading to occasional pumps followed by dumps as those well aware of the true likely outcome sell before the bad news emerges, even if the company remains silent.

ZYX,

Total expenditure on Turkey could probably at least funded Loxley as they were paying 100% of the first $5mm and thereafter 50% - which covered several years of cash calls from AME and the second tranche of seismic - though AME claimed their partner (ie UKOG) was funding Pinarova 100%.

Right from the start UKOG was claiming it could be like the Kurdish fields, quoted a misleading initial well rate from E Sadak (whilst surely being informed of the production from multiple wells averaging about 250bopd) and quoted the 500bbls of oil recovered from Basur-1 without mentioning that it was before there was water produced and the test abandoned.

Then carelessly drilling a well in the wrong place before acquiring seismic that showed Basur-1 was placed optimally.

The next hype was an oil seep tested kilometres away (Pinarova) repeating the 'oil shows' result of a well already drilled 400metres away updip, and then waited 7 months to test because of poor decision making.

Now 11, months on fro that failed test, they've exited the licence - only known because of government decree unearthed by ibug.

As I posted only on Saturday in response to madeitup:

As for 'but if Sando is keeping quiet'

That's because when there's only bad news they should be RNSing -Turkey exit? BB P&A and site restoration ? HH suspension, water injection not happening, Kimmeridge no good? Portland port a non-starter? no Loxley farminee? radio silence is the norm.

One down (as expected) just a few more to go.

Madeitup,

'another partner in the making perhaps? '

Nonsense.

Centrica are just positioning Rough for the NE H2 storage allocation. They lobbied government to get depleted fields included in the storage allocation process - why would Centrica promote a competing bid that's just a hope and a prayer based on a field that UKOG have rented - probably with a get out clause the moment they fail to get an allocation - or maybe not even be allowed to take part.

As for 'but if Sando is keeping quiet'

That's because when there's only bad news they should be RNSing -Turkey exit? BB P&A and site restoration ? HH suspension, water injection not happening, Kimmeridge no good? Portland port a non-starter? no Loxley farminee? radio silence is the norm.

Insidious,

I get it. You're not proud of your posting history - perhaps if you stopped posting nonsense you wouldn't have posters copying, pasting and ridiculing it.

But at what age do you intend to stop posting childish insults - this isn't a school playground and some posters try to discuss UKOG rather than other posters - and I do realise that I've fallen into that trap but there's little to say about UKOG at the moment with no meaningful (RNS) updates from UKOG for months, firstly about O&G E&P that they spectacularly failed at despite it being theirsupposed expertise, and promises of transformational projects:-

HH shut down

BB-1z waiting to be abandoned and the site reinstated

Turkey waiting for a probable announcement UKOG are exiting / paying a penalty

Loxley no news about farming out despite being marketed by UKOG then Envoie for over 2 years

.....and then the new transformational proposed hydrogen storage sites - Portland Port, second Dorset site, E Yorks site - where the induustry is waiting for new hydrogen storage application rules from government (hopefully Q1 2025) that will enable applications from other storage methods excluded in the December 2023 market engagement - making UKOG's chances of their projects being selected even less likely.

Insidious,

Seriously, faith and belief in UKOG as an investment - and you think others need help.

Perhaps you could point out where having faith in UKOG and believing what UKOG claim will happen has paid off over the past nearly 10 yers - ie holding for success rather than selling on P&Ds before results are RNS'd.

Madeitup,

You made this up:-

'Well if 2025 is said to be the year of government support for energy Storage CO everywhere I say bring it on...'

No support, just a competition that UKOG is likely to lose to get support in the form of a revenue guarantee

......and not likely to be 'everywhere' the government has already backed additional offshore windfarms and CO2 storage plans for 'blue' hydrogen in the NE and NW of England,and where there's expected demand.

Though UKOG has belatedly recently lease a patch of farmland in the NE, and will now be trying to cobble together an application for revenue support, the revised application criteria are expected to include depleted field storage (following lobbying by Centrica) who already store natural gas in Rough - which has landfall in the NE.

Yep,

Anything article linked by the desperate with the word 'hydrogen' in it, no matter that Scotland has little potential onshore for geologic storage (the only bit applicable to UKOG) so the only realistic option is depleted fields offshore or above ground methods that UKOG would surely prefer not mentioned For green hydrogen production Scotland does at least have more reliable hydro electricity generation (whereas for UKOG's Portland Port there's not even significant wind farm generation along the south coast) but Scotland becoming a 'global leader' is much along the lines of UKOG hype.

The whole hydrogen bandwagon looks ser to derail at some point, but posters like stockcheque don't care as long as their opportunity to sell occurs first.

Trish,

It's a punt, and no I didn't misspell that.

Unfortunately the odds, as usual, are stacked against success,for UKOG.

Used to be redrills of failures, this time for the gas / hydrogen storage hype they started with a lapsed planning permission. After 18 months of slow progress on Portland Port they realised that it was in the wrong place when the government started publishing details of where early demand and production of hydrogen was being supported.

By the time they managed to get a better placed site but with no prior planning, or anything, in the NE lobbying by Centrica (who operate Rough storage that has landfall in the NE) had got depleted field storage (and probably existing cavern storage) included in the projects allowed to apply.

Potential isn't a high likelihood prediction, UKOG regularly hope for potential success for their projects.