Member Info for Penguins

Ocelot,

you're describing the mechanism offered in the H2 storage allocation round - revenue guarantees.

If you were government would you choose to support in the NE:-

A - a multi billion pound company that has huge experience of gas facilities including storage, and has a plan to convert to H2 storage an already existing asset

B - a company with pactically zero assets, funds itself by issuing endless shares has no experience of operating gas facilities that has leased a field near a proposed pipeline in an opportunistic move having realised the site they were preparing to offer in the round has little chance of being selected for revenue support.

Not a difficult question is it?

Made it up

Someone is dumping.....

Large trades only appear when there's placing shares to be got rid of.

That's four trades totalling over 500,000,000 shares or nearly 5% of the current shares in issue (placing shares added next week allegedly) or just under 4% of the enlarged shares in issue. Anyone expecting a TR1 - no me neither.

You of all posters who every now and then moans about the cards being stacked against pi because of the dark arts in play now joining in the deception.

'Centrica thus a likely big investor into UKOG Salt Cavern projects at some point.'

Laughable.

I suspect Centrica doesn't need a field that UKOG's leased when they have a depleted gas field used for storage already and enough cash to do their own thing.

I can remember the brief period when a few AIM oilcos were able to make their founders millionaires by working up prospects and selling them on to established explorers to drill - they quickly cottoned on to the fact that waiting for the AIM company to go bust was a much cheaper option and the 'promoters' route to riches no longer worked. But at least their prospect was protected by a licence - explain what protection UKOG has against someone, including Centrica, leasing (or even buying) the field next door? UKOG hasn't any experience of 'doing' all they have is paperwork and a slew of consultants with a manager with some experience of salt cavity work. Hardly a team to manage a billion pound project.

Ibug,

Of course the large trades were sells, they always are (though disguised by late reporting and other shenanigans with the spread) and only happen when there's placing shares to be dumped - though every time they happen ocelot (and other desperate ramperrs) suggests that (at last) someone is building a stake, missing the obvious that if someone was stakebuilding they could hoover up shares from the placees, or be the placee.

As for the latest link from Centrica- who wanted the government to change the 'rules' so depleted field storage could apply in the first H2 storage allocation round (which it was excluded from) - and according to EPP RNS it's happened. If Centrica apply, and having gone to the trouble of lobbying government surely they will, they will be in direct competition to the farmland UKOG have leased in the NE.

If Centrica is advising hedging bets on cavern storage it's more likely they are considering that option as well - as ZYX pointed out the forerunner of Centrica, British Gas developed and then operated through successive companies salt cavern storage at Atwick/Hornsea. It's now run by SSE who will, no doubt, also be converting to H2 storage over time - possibly the cheapest option of all for the sort of volumes likely needed in the near term to early 2030s.

Ocelot's trying very hard but obviously didn't read the National Energy System Operator's (NESO) 'Clean Power 2030' report that was mentioned and linked on 5 November by Ocelot and TH2 - or they've chosen not to mention what the grid operator has given as advice to Government.

The report had 70 references to storage - but only mentioned hydrogen storage once dismissing it thus:- 'However, large-scale hydrogen storage appears unlikely before 2030 and relative costs for hydrogen and gas with CCS are uncertain.'

Battery / batteries were mentioned 28 times - presumably seen as the near term option - with hydro and liquid air for longer term storage.

https://www.neso.energy/document/346651/download

On the subject of solar panels we've has ours for almost exactly a year. Self consumption has saved about £880 (3500 at ave of 25p) and Export made about £240 (nearly 1600Kwh on octopus fixed rate 15p). Costing about £10,000 for due south facing panels rated at ca 5Kwh and a 6.5Kwh battery (prices have definitely dropped since summer '23 when we signed up for install) we're doing better than my expected 10 years payback (no allowance for lost interest!) and the last month has been poor. If batteries drop enough another battery is a must (or next second car is electric that can charge & discharge) as export is restricted to 3.2Kwh (which wasn't made clear - luckily the panels were cheap), but at current (haha) rate hope to get even in another 8 years - if 'leccy prices rise - sooner!

Ocelot,

funny how these 'large' (ish) trades appear when there's just been a raise and someone has shares they want to dump (just the 2 billion) for more than they paid - a low margin but quick turnaround, and they probably managed some pre-RNS sells - all helped by MMs.

As for H2 there's no significant production of H2 - and it will be a long time until there is from electrolysis - government is supporting effectively tests. So in answer to ' what purpose is currently served by the energy generated by wind farms during the night' - that's why government and the grid are looking to increase battery, hydro and air (whatever that is) now in tandem with increased solar and wind - by the time H2 storage in caverns is an (expensive?) option there will be other oprions for storing power.

Ocelot has a problem promoting beloved ANGS Saltfleetby as a depleted field storage option - which would be a competitor in future rounds to UKOG's salt cavern storage in East Yorkshire if they miss out in applying in the first round.

Looks like UKOG realised that only a site in the NE or NW would stand a chance in the first storage round - but have they left it too late to sort out an acceptable application. Assuming Centrica, who already have experience of depleted field storage offshore Yorkshire, apply would that, regardless, be a stronger option for NE storage? Centrica operate the Easington Gas Terminal and are somewhat better off financially than UKOG....

As for investment there wouldn't be any significant outlay prior to the allocation round, and continued funding would be conditional on success, first on being allowed to participate, and then being selected for revenue support - UKOG would have a short term opportunity to raise cash - and the traders will be endlessly claiming UKOG are a certainty to get revenue support - but they aren't.

Madeitup,

it was a pump and dump at the end of July / beginning of August and the SP has dropped more than 75% since those peaks.

Maybe there will be another, but for the time being there's 2 billion shares out there waiting to be dumped into any rise.

As for 'ahead of the herd' you've probably not heard that Centrica wanted depleted fields included in the H2 storage round (in a published letter) - and it was probably Centrica that got that changed not EPP - see below.

UKOG are not leasing storage sites, they're leasing farmland and an unused part of a port (which despite having lapsed planning permission they're still doing tests etc on nearly 2 years later) with the aim to apply for planning etc. to create caverns and any associated surface equipment. Given that the government isn't planning to sign contracts for the revenue support until 2026 it's going to be a long wait for UKOG to do anything with these sites - and they need to meet some minimum requirements just to apply including committed private finance, let alone be selected.

Not sure there will be a shortage of land for anyone with a bit more cash to flash than UKOG.

Has any other company made so many claims of transformational success, raised so much cash and failed so often.

'Wood assessing hydrogen storage needs for North Sea ...

Offshore Magazine

26 Jun 2024 — Centrica Energy Storage has awarded Wood a FEED contract for repurposing the Rough gas field in the southern UK North Sea for future hydrogen storage.'

Madeitup,

they've leased a few acres of farmland in Dorset and East Yorkshire and a disused port - almost certainly with break clauses when nothing happens (Portland port definitely does).

No planning, no money to do anything but keep the lights on and buy some data from someone else in Yorkshire that hopefully knows how to.

Not the largest portfolio of underground storage in the UK - pure fantasy - that's the same hype as 27% of UK oil demand coming from the Kimmeridge in the Weald based on two short tests - or Resan Basur being similar to the Kurdistan fields, ignoring that the 'lokalike' field wasn't.

Ocelot,

who laps up every morsel thrown at him (and his ilk) is either a trader that always posts as if every long term claim by UKOG will come to pass but sells on the spikes - or has lost a huge amount of money believing the BS - and I'm not sure which is true, although surely ocelot's noticed that there's a massive difference between UKOG predictions and every project's outcome. Even a cursory review of what the government is currently rushing to support, and where it is, indicates that the Portland Port site, where UKOG has already spent millions, is dead (and probably the other Dorset site) - the swap to bigging up the East Yorkshire site a sure sign that the NE and NW will have priority.

The next problem for UKOG (after buying some data to move the plans forward) is that even before the final rules for the H2 allocation round are released EPP seems to know that depleted fields will be allowed to apply - which they weren't previously - and there are plenty of those off the North East Coast - and almost certainly significantly cheaper to develop (and quicker?) and thus requiring less revenue support - what is a government strapped for cash going to choose?

As for funding UKOG have claimed a variety of hoped for deals from 'a significant international trading house' (January) to 'We’ve moved closer to securing significant international funding' (September) , to the Wealth Fund being mentioned and now an infrastructure Investor - another problem is any significant funding will be conditional on getting that revenue support - and presumably taking the lions share of the project.

Finally, 3 weeks after EPP RNS'd that the first H2 storage allocation round was delayed, UKOG mentions it, although as the finalised conditions were meant to be released in Q2 2024 it's been obvious (and surely known to a company with such claimed government connections) for some time.

As expected now it's all about East Yorkshire - leasing a field there has more chance of gaining government support than Portland Port or the other new site in Dorset (wherever that may be).

But if the energy infrastructure investor is so close to signing up - which would provide the necessary funding - why go to the market with the begging bowl for it - is it just to keep the light on?

Still no mention plans regarding HH suspension, funding BB well abandonment and site restoration - or Turkey where there are penalty clauses for not drilling all 5 obligation wells by June 2025?

Could the plan be to float / sell UKEn - leaving UKOG the (other) transformational projects - unfortunately not transformational in the way punters hoped, on the back of UKOG' claims they repeated.

Madeitup,

But the government is concentrating on the production of clean energy at the moment - wind, solar, hydro and tidal if the recent '131 projects' are anything to go by, and every recent statement. A few blue hydrogen production projects (but not ExxonMobil's at the Solent refinery), supported by carbon capture, and a few relatively small electrolysis projects - and the aim of these appears to be near power stations to replace natural gas.

If anything the recent NESO report quoted here a few days ago by the usual suspect that presumably hopes no one reads the report highlights how far down the list hydrogen storage for electricity is in the view of the grid operators, concentrating on storage by battery, hydro and even Iiquid air - hydrogen storage warranting one mention - ‘However, large-scale hydrogen storage appears unlikely before 2030 and relative costs for hydrogen and gas with CCS are uncertain.' - something that seems to be ignored - the cost vs other technologies - natural gas storage for use being irreplaceable, but hydrogen isn't a unique solution to storing electricity.

Rachel Reeves Mansion House speech as published had no mention of hydrogen, and one of clean energy - the government's shortcut for referring to solar, wind, hydro and tidal.

The delay in the Hydrogen Storage round, whilst all the other support allocation rounds have gone ahead since Labour won the GE, is surely an indication of the priorities the government has for achieving their early 2030's carbon reductions - and where they are supporting it.

As for your list of companies I suspect, going back through a lot of the 'positive' posters history, you would find many of those being promoted through P&Ds claiming how great the future was going to be........sound familiar?

If, and it is a big 'if', they did continue to do all the studiestests and reports they keep raisng cash for at Portland port, plus embarking on meaningful work on the new site, plus cash calls for work on the Turkish licence then they might be near the risk threshold for cash in hand.

But it's much more likely they've stopped all work on Portland port (except the BS machine) as the first allocation round is delayed untl next year and Portland port is unlikely to qualify to apply, and if it was allowed in to apply unless there are significant changes to the assessment process (need to be near production and industrial demand in the early 2030's) fail at that hurdle. As for Turkey silence tells more than BS.

One thing's for sure - they won't cut salaries even though that's probably the largest outgoing.

and better not mention plugging and abandoning BB-1z and restoring the site plus the extra planning work at HH - though they've still not mentioned production being suspended...

Madeitup,

just a few errors in your post

1) the allocation round is committing cash in the future that I suspect they hope won't be needed as it's guaranteeing the tariffs for storage will recover the development expenditure- the infrastructure cash is for infrastructure not white elephants. Companies applying in tha allocation round are expected to demonstrate they have committed, private, funding.

2) there is only likely to be one major producer of H2 in the Solent cluster - ExxonMobil so it won't be the nirvana of green H2, and I suspect it would be produced for ExxonMobil to use - and with the abandonment of the pipeline for carbon capture and storage even that looks less likely.

3) despite UKOG pestering government for years (and despite being a member) it looks like they forgot to promote the ExxonMobil CCS in the Solent Cluster plans - and they either didn't know the allocation round was delayed, or preferred to keep silent about it for obvious reasons. Even the round criteria seem to have been altered in favour of competitive bids from depleted fields.......

4) as for the tweet 'We’ve moved closer to securing significant international funding' - you forgot this tweet - which incidentally is complete BS (as I posted previously 'The national wealth fund isn't classed as 'private investment' - it's there to seed investment, not fund projects in the wrong place.')

'UK ENERGY STORAGE LTD: Chancellor Rachel Reeves confirmed in yesterday’s Budget "plans to capitalise the National Wealth Fund to invest in the industries of the future from gigafactories to ports to green hydrogen.” Our salt caverns in Dorset and East Yorkshire fit the bill.'

So why bother with the wealth fund if 'significant international funding' for the project was 'soon' in early September ......or was it just BS for the rampers......silence from UKOG isn't a good sign.

Pity there's only one offshore windfarm along the south coast of the UK to generate unwanted electricity, and that's offshore Brighton.

The planned Portwind windfarm currently has a 2033 date for first power but that timeline wouldn't qualify for the recent, or near term, CFD rounds for government support.

For the first storage allocation round will the government support Portland Port or storage near windfarms already in existance or further ahead in terms of planning - eg EPP?

Ocelot highlighting EPP is starting g to look a bit like cross ramping a likely winner in the 2025 storage allocation round selection process - though the fact it's initially developing a gas field (sorry - producing feedstock for H2 production requiring carbon capture) seems to have been missed by investors blinded by the tales of H2 storage.

Looks like the usual culprits (TH2 and ocelot) haven’t read what they’ve linked - or hope no one else does - the report is about electricity infrastructure 'clean power' not hydrogen except in electricity generation

In the 83 pages of the report there were 70 references to storage, and these were apart from 2 mentions in the same sentence about the following:-

Battery storage

Bioenergy with Carbon Capture and Storage

Carbon Capture and Storage

Direct Air Carbon Capture and Storag

Pumped Hydro Energy Storage

Liquid Air Energy Storage

Long Duration Energy Storage - which was mentioned in regard to Hydro and Liquid Air storage

The two one mentions of Hydrogen storage was on page 29.

‘ However, large-scale hydrogen storage appears unlikely before 2030 and relative costs for hydrogen and gas with CCS are uncertain.'

Otherwise hydrogen was only mentioned in terms of production and use to generate power and the need for infrastructure to get it to the power stations.

Made it up,

I wouldn't draw too much attention to BP as there's no way they'd be interested in Portland Port or any site in Dorset, and would only be a competitor to UKOG's site in the unlikely event they chose to embark on developing an H2 storage site in E Yorkshire. I also suspect if they were to go into the H2 production side now it would be in the NE and NW where the demand is likely to be.

....is this your 'weave' of fantasy and lies.

Don't hate fossil fuels - but when has UKOG found any in truly commercial quantities - UKOG has hyped 3 projects - HH, BB and Resan-Basur that were never going to be the transformational ventures UKOG claimed - and the evidence was always there, but for some reason UKOG preferred to RNS insignificant amounts of oil as flowing oil (BB), short term flow initial flow tests that aren't representative (HH), and claiming similarity to huge fields producing loads rather than publishing production rates for the adjacent 'lookalike' field (Turkey) - but they did givquote non-SPE compliant reserves for E Sadak - the lookalike field.

Pointing these things out is not being 'green' it's being honest.

What are they hiding now - new sites because Portland Port doesn't fit the first storage round requirements; hoping for Wealth Fund cash because private funding is looking dodgy; happy to shut HH down because it's getting nearer being uncommercial - water cut in July 54.8% from NSTA figures because UKOG have never quote daily HH flow rates since the first month of production?

Haven't you noticed that UKOG is now a green company - and yet those damn greens are still pointing out how rubbish what UKOG are planning is - and the lies in posts here about government funding, and almost everything else.

But who apart from you has been banned (permanently), who returns like the harbinger of doom to lie about other posters, rather than having a few posts removed - more often because they've posted on a thread where you're making stuff up?

Some have moved on and still post elsewhere, some get too embarassed (not you) about their predictions and close their accounts (ells several times).

Most bans and removed posts seem to result from mad SS haters being reported by ocelot.......

Didn't you realise it was Saturday and posters have better things to do than respond all day to crazy posts from someone whose posts will be gone soon enough.

However to put the record straight - you call it deramping, it isn't.

Have a look at the share chart some time and maybe, just maybe, it might dawn on you that some of those so called derampers were able to see through the UKOG BS that you and others sucked up and repeated as gospel rather than what UKOG hoped, against the odds, would happen.

....and you're right I certainly don't agree with what you post here and on X - even when you're deramping UKOG because you even get that wrong - but the reason you get reported is because you got a permanent ban for abusing other posters, got warned, carried on doing it, got warned, then went into one on the Angus board and got yourself a permanent ban.......always someone else's fault isn't it.........and then keep coming back just to abuse other posters and write tripe

Let's hope that your latest buy in isn't just in time for the next raise.....

Windy,

You're 'expecting funding news around the same time as the Horsehill RNS. Monday? Tuesday? maybe..'

Why, 'Monday? Tuesday? maybe.' - expect and maybe are contradictory, which is it?

The Horse Hill RNS should have been early this week explaining what is happening at HH - the only tangible asset operated by UKOG now suspended - detailing what their long term plans are - retrospective planning permission? something realistic about production? something about the seismic and drilling required before June 2025? HH-2z conversion? Or will it be site restoration? - though I expect, like BB, UKOG will delay doing anything as long as possible.

UKOG should also RNS, like EPP did a week ago, that the storage round is severely delayed until next year with contracts signed 2026 - or maybe they're not as informed about what the governement is planning as EPP?

But with the BS ramping and UK tweeting, about hydrogen and funding by government now, a placing, taking advantage of the renewed interest, looks more likely than a funding RNS - they've been seeking international funding since January - 'The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project.' - and now UKOG seem to think they'll qualify to get Wealth Fund investment when it's probable they won't even qualify for the first hydrocarbon storage allocation round.

Yesterday's tweet from UKOG about the Budget :- "plans to capitalise the National Wealth Fund to invest in the industries of the future from gigafactories to ports to green hydrogen.” Our salt caverns in Dorset and East Yorkshire fit the bill'

But UKOG tweeted in September:- 'We’ve moved closer to securing significant international funding'

They need to make their mind up, though the government specifies that applicants for revenue support for hydrogen storage should secure private funding.

If they are going after National Wealth Fund funding perhaps thay should say so.....but is Portland Port really a green hydrogen project - so far the government has provided funding for green hydrogen production - with at scale projects in areas close to likely industrial demand.

Just another tweet where the word hydrogen was mentioned and UKOG trying to suggest it has relevance.

and of course all those salt caverns that don't exist in East Yorkshire and Dorset in one site they've identified in Dorset, another site in Dorset they're keeping secret, and a site in East Yorkshire at last mention they're still trying to get.

Clarence,

You 'expect a RNS in the next 10 working days from Monday on funding (not a placing).'

Why, 'expect' not hope for?

There ought to have been a RNS this week explaining what is happening at HH - the only tangible asset operated by UKOG now suspended - detailing what their long term plans now are - retrospective planning permission? something realistic about production? something about the seismic and drilling required before June 2025? HH-2z conversion? Or will it be site restoration? - though I expect, like BB, UKOG will delay doing anything as long as possible.

UKOG should also RNS, like EPP did a week ago, that the storage round is severely delayed until next year with contracts signed 2026 - or maybe they're not as informed about what the governement is planning as EPP?

But with the BS ramping about hydrogen and funding a placing taking advantage of the renewed interest looks more likely - they've been seeking international funding since January - 'The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project.'