Member Info for Penguins

'So much useful stuff to unpack in the speeches today'

or to put it another way absolutely nothing regarding hydrogen storage - otherwise TH2 would have posted it....

........and not even a mention by Kier in his speech of hydrogen. The nearest he got was mentioning the carbon capture projects that have been selected for government support in the NE and NW that will enable blue H2 production - he mentioned the three companies involved Equinor, ENI and BP - companies that are credible and successful.

More likely that the first round revenue support targeting H2 storage required in the early 2030s would go to storage in those areas.

Those ignoring that reality may be disappointed - just like the outcome of every previous failed wheeze thought up by UKOG. As nibbly points out holding for success as the ramp team pretends they're doing, has not so far been the route to riches despite those repeating UKOGs hype then suggesting the positive claims are the next RNS away.

As usual TH2 is making things up - there is no hydrogen investment announcement....

Even if there was it would probably in the NE or NW of England - just like all the recent ones - except for ExxonMobil cancelling their non tier 1 or 2 carbon capture pipeline for the Solent Cluster. Even Starmer just mentioned the companies planning it in the NE and NW.

Odd isn't it.

If UKOG RNS'd that they had a bridge to sell, in London, they'd still shout 'swampie' and filter anyone who pointed out the flaws in the RNS.

Currently UKOG have a new site under option in Dorset and last time they mentioned what was happening trying to secure a site in Yorkshire, the company hasnt identified where either of these sites are. They already have the Portland Port site which has a break clause after 4 years - if it isn't suitable.

They've also stated that they hope to apply in the first storage allocation round for 'at least one' of the Dorset sites - but strangely didn't state if it was one it would be Portland Port - there's suspicion that the second Dorset site is an alternative rather than a second site, possibly because a shorter pipeline would be needed.

TH2,

Only problem is it isn't storage of H2,.

'Great Britain currently has 2.8 GW of LDES across 4 existing pumped storage hydro schemes in Scotland and Wales, which already play a significant role in powering the country.

Other technologies include liquid air energy storage, compressed air energy storage and flow batteries, which are currently in development and would benefit from investor support.'

But TH2 presumably hopes that nobody researches what the announcement was about, or was it interesting to UKOG investors that there were competing energy storage methods?

Ocelot

It's the same old BS.

This was about a report produced by EY based wholly on information provided by UKOG about the Kimmeridge after 4 short initial tests in 2016:-

'This Report confirms UKOG's view that the development of Kimmeridge Limestone oil in the Weald Basin can make a very significant contribution to the economy, employment and energy security of the UK'

About entry into Turkey in July 2020:-

'potentially transformational recoverable oil reserves'.....

'The low cost of drilling compared to the UK also means that, in the success case, we plan to have a near continuous drilling programme, hopefully commencing this year, Covid and weather permitting. We expect this programme will provide a regular stream of newsflow.'

Complete fantasy backed up by suggestions the licence was likely to be like the large finds in Kurdistan, and quoting an initial flow rate from E Sadak that was massively unrepresentative of production, and an half hour flow rate of the Basur-1 test abandoned because of water influx.

Meddling with the Loxley CPR which had a mistake in the interpretation of the Alfold well, improbable closure to the East in UKOG mapping, an unlikely flow rate forecast for a single well development and UKOG insisting on RPS including a valuation that resulted in a 50% higher NPV based on an unlikely gas price forecast. No wonder they farmed out the farm out to Envoie in a last hope in getting Loxley drilled.

Then there was the misleading reporting of testing in 2017 of Broadford Bridge. Even after test after test failed to produce significant amounts of oil, if any.

Whilst UKOG might hope that eventually there would be a positive outcome of their projects they have repeatedly indulged in an unacceptable level of misleading reporting which, if honestly communicated, would better indicate that hoped for outcomes were less likely than they appeared to be.

Now a 'strategy' to 'lead' based on an unnamed site in Yorkshire, a site in Dorset at Portland port requiring a dedicated pipeline of ca 80km, as yet uncommitted, to the Solent Cluster, which is not in 'track 1 or 2' as TH2 claimed, although they also have a site under option elsewhere in Dorset - is that a 'backup' in case Portland Port is not the golden opportunity they've promoted so far?

Ed's statement:-

'this was not in either track 1 or track 2—it was part of the Solent cluster'

Ocelot,

Sigh.

Suspect it was more of a verdict on the chances of the Kimmeridge being a viable target. But ocelot won't have read the BB-1/1z testing report so won't know how dire the Kimmeridge testing was.

As for geothermal UKOG had already written off its viability in a RNS.

'Although the envisaged geothermal scheme is entirely peripheral to the Company's core petroleum and hydrogen storage activities and is of no current materiality, the Company will further consider its position and has six months in which to lodge an appeal should it so decide.'

Tricky,

you don't sound like you're worried - of course not.

You're confusing posters who know to sell on spikes with those that claim they're still buying / trying to convince others to buy on spikes. Explaining why projects aren't likely to succeed - for instance the difference between what UKOG have progressed at Portland Port on the south coast and what the government is favouring - projects in the NE and NW of England.

Not only is the decision about which H2 storage projects might proceed to being awarded revenue support likely to be made based on the expected availabilty of excess power from offshore wind, and industries likely to benefit from H2 availability, but also a political angle to favour the north of England.

I've yet to see, apart from the level of hope that those owning UKOG shares have that somehow the impracticabilities of Portland port will be ignored, and also the missing local wind farms and heavy industry to use it, a reason why this south coast location would be chosen.

A few LOS from those that might have a vested interested (SGN, Solent Cluster), or no likelihood of using it anytime in the foreseeable future (Summit) are not going to sway a decision.

Madeitup,

Context ànd accuracy is important unless all you want to discuss is make things up.

This is the paragraph you're misquoting:-

'UKEn's hydrogen storage project in Dorset can, therefore, be a key enabler for the decarbonisation of The Solent Cluster and southern UK, providing strategic inter-day to seasonal storage capacity, security of supply and pipeline stability for the proposed SGN H2 Connect pipeline network, also a key part of The Solent Cluster."'

So the storage project a key enabler', the SGN H2 Connect, which is much more than the branch to Portland Port, is 'a key part of The Solent Cluster'

....and you didn't make it clear that SS (hardly an impartial commentator) reckoned UKEn was a key member, this from his comment at the end of the RNS:-

'We look forward to continued collaboration with The Solent Cluster of which we are now a key member."

Madeitup,

Maybe understand what renewable energy is and how it isn't something that either UKOG or the Solent Cluster.... are involved in:-

'Examples of renewable energy sources include wind power, solar power, bioenergy (organic matter burned as a fuel) and hydroelectric, including tidal energy'

Maybe 'hold on to your cash' would be more appropriate.

Madeitup,

If it wasn't for the 64 mini trades there would only be 3 trades - and those mini trades are starting to be split between sells and buys rather than almost all buys - is the interest waning while UKOG maintain silent running.

Total trade volume just under 9 million = less than £4k or an average of less than £40 per trade.

More like a slow walk to nowhere at the moment.

Maybe Ed can make an announcement about something 'H2' happening in the NE or NW to liven things up?

Sorry he already did, last week......

Ibug,

They must have extended the Basur Resan licence until June next year because they were continuing operations at Pinarova to confirm it was a dud.

But they've still got 3 obligation wells to drill before then or pay a penalty - like any other expenditure (except salaries) I suspect they'll delay until the last minute to surrender that licence.

TH2

Probably not, though it could be an announcement about the first H2 storage round which will favour awarding an allocation for revenue support to salt cavern storage near production and industrial use - ie in the NE or NW of England.

The carbon capture announcement last week was associated with the production of 'blue' hydrogen in the NE and NW of England, and of course there was the ExxonMobil announcement that they were abandoning their carbon capture project. HAR-1 has already awarded contracts for H2 production:-

'First Hydrogen Allocation Round: 125MW of production capacity were offered contracts from the first allocation round (HAR1) in December 2023, with over £400m of private capital investment being committed by the projects upfront between 2024-2026, and over 700 direct jobs created.'

The contracts awarded were 2 each in Scotland, NE & NW England and Wales, with one each in the East Midlands (north of Newark-on-Trent), South East (Northfleet) and South West (Plymouth) - but none, surprisingly for such an H2 'hub', in the Solent Cluster.

Madeitup,

it doesn't take any posters to spread fear, that's UKOG's job - which it has excelled at over the years - have a look at the long term SP chart. But there are some posters who like to post some facts about UKOG in contrast to posters who's main aim appears to be trolling other posters, predicting fantasy SPs at an unspecified time in the future or just making stuff up.

I do like the oft repeated BS that if there's posters being 'negative' it must be because something good is coming - it never has happened - it's happened just as those 'negative' posters said.......failure.

As for an RNS tomorrow - if there is one remember the number of times you've been wrong predicting it (and almost everything else).

'Hydrogen storage and UKOG's proposal in the Southern Cluster and Yorkshire is going to play a key part of the energy landscape.'

It isn't going to be part of the first H2 storage round though - Portland because it isn't anywhere near production or use of H2 - Yorkshire because they haven't got a site, and if they get one it has taken 2 years for Portland to not be ready for the round.

......and in case you missed it, as you claim to have(?):-

The government mentions hydrogen - but usually in the context firstly of producing it in the NE and NW of England, in the context of carbon capture intended to make 'blue' H2 greener, in the context of the major industrial centres in the NE and NW of England, and in the context of the offshore windfarms already there and being planned offshore the NE and NW of the UK for electrolysis.

The one bit of 'news' associated with H2 in far south of England is that (as ibug pointed out) ExxonMobil abandoning plans for a carbon capture pipelinee - presumably because it wasn't included in the recent announcement of £21.7bn for the carbon capture projects - you guessed it - in the NE and NW of England.

Even UKOG got the message(which some posters here valiantly ignore in the cause of getting others drawn in) and soon after the 'Hydrogen Storage Business Model: market engagement on the first allocation round' document which was published in December 2023 embarked on obtaining 2 new sites, one in Yorkshire and one in Dorset. They've secured a site in Dorset, presumably preferable to Portland Port, but appear to still be trying to get one on Yorkshire 'and are pursuing a further opportunity in Yorkshire.' - from UKOG's home page, today.

I prefer to be able to respond to BS - obviously certain posters can't respond to facts and use the 'filter' excuse to plough on with their posts about things the government are doing which is almost always nothing about supporting H2 storage.

The government mentions hydrogen - but usually in the context firstly of producing it in the NE and NW of England, in the context of carbon capture intended to make 'blue' H2 greener, in the context of the major industrial centres in the NE and NW of England, and in the context of the offshore windfarms already there and being planned offshore the NE and NW of the UK for electrolysis.

The one bit of 'news' associated with H2 in far south of England is that (as ibug pointed out) ExxonMobil abandoning plans for a carbon capture pipelinee - presumably because it wasn't included in the recent announcement of £21.7bn for the carbon capture projects - you guessed it - in the NE and NW of England.

Even UKOG got the message(which some posters here valiantly ignore in the cause of getting others drawn in) and soon after the 'Hydrogen Storage Business Model: market engagement on the first allocation round' document which was published in December 2023 embarked on obtaining 2 new sites, one in Yorkshire and one in Dorset. They've secured a site in Dorset, presumably preferable to Portland Port, but appear to still be trying to get one on Yorkshire 'and are pursuing a further opportunity in Yorkshire.'

Madeitup,

More fantasy about HH - whoosh - is that the sound of water overwhelming oil production.

No sane company (I'll exclude PPP who have convinced 'investors' that extracting lithium from waste water is a proved economic success) would want to drill a well where the likely outcome would either be convert to an injector or fail to make a reasonable rate of return.

As for a 'review' of Turkey - I suspect that's delay as long as possible announcing the exit plan - 'sold off' - that, against a massive list, is probably the most deluded thing you've posted.

There were 5 obligation wells to be drilled - with 2 down, no encouragement of any play working and time running out there's a penalty clause for not drilling all 5 - UKOG reckoned £50,000 - but as their oil estimates are wildly optimistic perhaps that is too.

The Godley Bridge gas 'discovery' (5 kms away) which apparently is now called Loxley is so good that despite initiating the farm out years ago, beating a planning challenge in court early this year, handing it over to Envoie (when presumably all the most likely farminees have said no) still no takers - perhaps the potential farminees have spotted the significant error in the interpretation of Alfold, and the dodgy mapping that has resulted in?

.....and BTW the licence where the discovery well was drilled has recently been relinquished - minor tweaks

in the poorly controlled mapping could easily isolate Loxley from the discovery well 5 km to the west.

....and that 10% working interest in Horndean - which had a brief revival after a workover - That's 10% of 96bopd in July with a 44% water cut - mind you HH was 33bopd with 40bwpd (55% water cut).

There's good reason they've gone unnoticed in the SP department, they've been proved to be rubbish rather than UKOG's claims of riches - and you forgot to mention Broadford Bridge (which is in the Loxley licence) - pressure will be on for UKOG to abandon the well and reinstate the site since the site retention was refused 6 months or so ago and UKOG failed to appeal.

No wonder every tweet is linking to something about H2 even when the linked tweet doesn't mention storage or southern England - or more often doesn't mention either.

TH2,

Industrial heartlands vs the Solent Cluster 'talking shop' - and a ca 80km pipeline needing to be laid to even reach there?

Never mind ExxonMobil abandoning their proposed carbon capture scheme for the Solent Cluster vs £21.7bn for carbon capture and other projects in the NW and NE.

Wonder where early H2 storage might actually be needed?

Ocelot,

'This announcement will also help turbocharge the low carbon hydrogen sector by paving the way for the UK’s first large-scale hydrogen production plant, decarbonising vital industrial sectors'

................predictably the UK's first large-scale hydrogen production plant isn't in The Solent or anywhere near southern England:-

'The first phase of what will be the UK’s largest blue hydrogen production plant, located in Cheshire, north-west England......'

and still they think this is positive news.....when the enthusiasm is all for the NE and NW of England where 2 of the biggest industrial clusters are, while ExxoMobil cancels their Solent Cluster carbon capture project.

UKOG need some real good news, not just nonsense P&D fodder.

Madeitup,

'nearly 1.7b traded so far with some huge buys recorded already'' and there is nothing going on ??'

I think you mean one huge-ish trade of about £40,000.

Strange that there's so many 'unknown' large trades - that certain posters always claim are 'buys'

The 'something going on' is what you moan about if the SP goes down - manipulation, a pretty obvious P&D based on something that, if anything, is negative for UKOG - the government supporting carbon capture and other projects in Merseyside and Teesside to the tune of nearly 22bn - and not supporting the now abandoned ExxonMobil carbon capture planned for the Solent Cluster.

................and the article from yesterday about ExxonMobil's planned Solent Cluster CC scheme being abandoned - perhaps preempting today's government announcement which was only about the NW and NE.

https://www.bbc.co.uk/news/articles/c4glw4dyw8no

Looks like the government turned down their scheme in favour of the Teeside and merseyside schemes - not exctly encouraging for early storage an approx 80 km pipeline away from the Solent area.

'A spokesperson from the Department for Energy Security & Net Zero (DESNZ) said it was reversing a "legacy of indecision" on Carbon Capture, Utilization, and Storage.

They explained that instead, it would be funding commitment towards groundbreaking technology.

“While this is ultimately a commercial decision, industry should feel confident in the progress we’re making today at Hynet and the ECC as a sign of how far the UK is committed to this and the future for carbon capture in this country,” the spokesperson added.'

Unfortunately the decisiveness included not backing the Solent cc plans, so much for linking Ed on every UKOG tweet.

Obviously where the 22bn is being targeted has nothing to do with making sure that the red wall stays red and leave the south to the libdems................

Guess ocelot must hope no one reads the srticle - and filters those that do read it and point out what it says.

'Up to £21.7bn will subsidise three projects on Teesside and Merseyside to support the development of the clusters, including the infrastructure to transport and store carbon.

It will also support two transport and storage networks carrying captured carbon to deep geological storage in Liverpool Bay and the North Sea.

and posters somehow imagine that Portland port will be slected as a site for revenue support.

It was following the more recent storage and transport government documents that UKOG started mentioning obtaining a site in Yorkshire (still not identified) and an additional site in Dorset that from their claims would require a shorter pipeline to connect to regional infrastructure in the Solent area,

It looks like, from the recent RNS, that UKOG is shifting attention away from Portland Port - the RNS when they announced progress on securing the new site in Dorset only mentioned the application for revenue support would be for one of the sites in Dorset - and 'aims to' not exactly encouraging.

'The Company also aims to apply for government Revenue Support for at least one Dorset site'