Member Info for Penguins

David Lenigas is just another no nothing ramper - but at least from past experience he realises that Steve can b*lls it up - 'if he gets this right'.

Here's a DL tweet about Pinarova - first though here's a poster (trollhunter2) claiming he was on the inside so would know more than a poster (sound familiar):-

'24 Apr 2023 09:21

Lennigas tweeted 'Look at all the Jucy oil'

I think being on the inside he probably knows a little more that 'Ibug' the anti oil keyboard warrior :-))))'

DL didn't - there was hardly any oil - possibly only the oil in the bottle UKOG later showed as if came from a different layer......

Here's the tweet:-

'David Lenigas@DavidLenigas

Apr 24, 2023

Look at that juicy #oil in the tank at @UKOGlistedonAIM

#UKOG Turkey well - swabbing operations over the weekend.'

Could you explain what a 'Goverment finance letter of intent' is in relation to what you posted - there certainly isn't any mention of one in your post - nor one in the allocation process. Looks like you just made it up.

There is no direct government funding being offered to the companies that gain a contract in first allocation round in the Market Engagement document:-

'For the first allocation round, we propose devex [development expenditure] is included as an allowable cost in the HSBM contract. This would allow project developers to recover devex as part of the revenue floor.'

Funding is possibly available for innovative storage technologies, salt cavern storage is not innovative :-

'In addition, we are conscious of the possible need for innovation funding to support geological hydrogen storage technologies that do not yet have a TRL of 7, for example. We will continue to work across government to make this kind of support available to projects that need it.

Government will also continue to work on making innovation funding available to other hydrogen storage technologies, including those which are not currently eligible for HSBM support.'

The allocation round is essentially providing a guaranteed 'revenue floor' when the facility is in use:-

'The minded to position set out the high-level design of the HSBM, where we proposed a revenue ‘floor’ to mitigate demand risk for storage providers, an incentive to maximise sales to users and a mechanism to give the subsidy provider a potential share of the upside.'

The 3 LOS are from companies that are at best cheering from the sidelines because they can't commit to using, funding or building a pipeline to a facility that doesn't exist and they are no doubt aware that funding is a primary issue for UKOG and a necessity to enter the allocation round. UKOG's best bet is a JV partner but unlike inveigling 'investors' with a load of BS a JV partner will be examining the proposal's economics carefully - and frankly may be spooked by the announcement of a second, possibly better, site that would either double the cost, or more likely require a choice to be made as developing both would severely skew the location of UK H2 storage.

Adrian,

if you read the LOS the subtext is don't call us again we'll, call you if you can commit to building some salt cavity storage in Yorkshire (Summit & RWE) or Dorset - SGN. They will be well aware of the elegibility requirements and difficulty UKOG will have fulfilling them - and no doubt have a much better inroad in to government than UKOG - a £20 billion company has a much bigger slush fund than UKOG - though I'm sure everyone is very polite about Steve's $1mm ranise.

SGN are in the driving seat and might wait and see if the better positioned new site comes good in the next or subsequent rounds - if UKOG go to the wall maybe someone who could actually afford it might come along - a tactic the 'big boys' used against promoting 'farm out' AIM oil companies - have a look if there's anything worth having, wait..

Perhaps I am negative about UKOG, but even for the large companies it's a gamble, with a lot of assumptions about demand and supply. UKOG just adds another layer of gamble in the long term - but despite nothing in particular that's going to guarantee UKOG making the cut to be elegible for the HSBM allocation first round has yet happened the SP has shifted remarkably on soft news.

For Portland port to be elegible UKOG need 2 things essentially out of their control - demonstrate there's funding for it or a JV partner that can provide the funding ('applicants must provide evidence of the ability to attract private investment and secure funding'), and SGN specifically applying in the HTBM round for an associated pipeline - and that won't be happening unless UKOG have the funding.

Is the second Dorset site 'FKN good going', it seems more of a competing site - and wonder, unless UKOG have come across a problem with Portland port, why they've done it - still don't see the government wanting 2 large fairly remote sites from anything much s in S England when Cheshire and Yorkshire have the ability to provide (and already have) salt cavern storage near industry and planned H2 production.

There's also posts about government funding - reading the Market Engagement document t isn't clear cut that salt cavern storage would qualify - there is a proposal for recovery of development expenditure (devex)- 'we propose devex is included as an allowable cost in the HSBM contract. This would allow project developers to recover devex as part of the revenue floor' (ie when there's revenue) but cash up front seems to be limited to new technologies for storage - which salt caverns wouldn't seem to qualify for.

Already the timetable has slipped - probably because of the change of administration - with the full application guidance meant to be published Q2 2024. Maybe some of the more difficult requirements for UKOG will change with that, maybe it will be tougher.

Can't wait for the capitalisation of what's wrong with what I say, rather than why it's wrong.

Maiditup,Anyone would think you don't care if UKOG are elegible to be considered for the first H2 Storage allocation round even though you're assuming UKOG will not only be elegible to enter the process but go through to be one of the two successful applicants selected to negotiate the contract through 2025.

This from the 'Hydrogen Storage Business Model: Market Engagement on the First Allocation Round.

'Purpose of assessment

Our ambition for the first allocation round, as set out in the Networks Pathway document, is to allocate support for up to two storage projects at scale, with associated pipeline infrastructure.

These projects should be in construction or operation by 2030. It is very important therefore for storage projects to have a corresponding project providing pipeline transport: for storage projects in Great Britain this means an associated transport project seeking HTBM support, for offshore storage projects and storage projects in Northern Ireland it means having credible plans in place for an appropriate transport provider.

We have taken steps to align the HSBM and HTBM allocation processes with a view to meeting this ambition. The proposed HSBM eligibility criteria include a requirement that storage projects should identify and work with a transport partner, whilst the proposed HTBM eligibility criteria include a requirement that projects provide a credible plan for interfacing with large-scale hydrogen storage facilities.

We propose a final stage of the assessment process as a failsafe mechanism to ensure alignment between transport and storage projects coming through the respective allocation processes, and with our overarching transport and storage strategic objectives. To do this, assessors would combine the progressed projects for transport and storage to create a ‘cohort’.

You say 'UKOG will not need to worry about pipeline connection at this stage in the process LOL!!' having claimed 'yes we already know that we need pipeline application LOL!!' - Even you say UKOG need a pipeline application for their application - worrying about there being one doesn't come into it - LOL!!!!!

You seem a lot rattled - capitalisation eh - always proves a point........but thanks for repeating the list of things that could frustrate UKOGs ambitions to succeed in the first round or even get RWE as a JV partner (which is the by far the best joke in your previous post)

But this is the best:- 'potless if you are posting on here LOL!!' - speak for yourself.....

Maiditup,

amazing that 'belief' only almost trumps imo as BS proof something will happen.

I prefer facts - read the HSBM Market Engagement document and read about what is required just to be elegible to enter the allocation round, especially what is 'very important', and the timetable.

Here's a hint - an associated transport (pipeline) application is required, and the two projects that are successful signing in Q4 2025 - not likely any government anything (exception?) especially cash until contracts are signed.

I do hope the placing shares from any subsequent raises before then are done with by Q4 2025 only authority for another 6 billion left from the GM's requested over 8 bbillio. That assumes SGN apply in the HTBM allocation round and paired with the UKOG application is one of the two selected. Only spanner in the works could be competing bids from the NE, NW or Scotland - maybe the Labour government might just want to level up?

It also coccurred to me that if UKOG can find a better site than Portland port in the theckest part of the saliferous beds in Dorset (I know UKOG took 2 years but they've given the game away now) so could any old £20 billion company if they were interested in setting up gas storage in Dorset.

Good question.

Before and now raise after raise supposedly for work to progress the projects, often just repeating what was meant to have been done with the cash from the previous raise while tantalising 'investors with tales of riches'

Probably the fastest rise in UKOG shares in issue. Since consolidation in March when there were just over 3.25 billion - on 27 August there will be over 11 billion.

If anything the H2 storage has echoes of the HH claims, Kimmeridge claims and Turkey claims – instead of concentrating on getting one thing right moving on to some other ‘green grass’ seemingly outside their expertise – certainly based on the claims made vs the outcomes - now it's H2 storage which bizarrely would exceed the claims made about the Kimmeridge with UKOG looking to get government suppert for 3 sites capable of storing 30 to 60% of UK 2050 H2 requirement (Kimmeridge in the Weald up to 27% of UK oil) - strangely 20 to 40% of H2 storage on the South coast when most use is envisioned as industrial.

I'm not angry, don't 'hate UKOG, and despite the fantasies certain posters harbour I've done alright by not believing what UKOG claim - and I'll continue to analyse and post my opinions.

Stockcheque,

On the surface the new site in Dorset looks like good news - in a better place for H2 Connect, thicker saliferous beds and a suggestion better caverns could be created.

But there are several questions the company needs to answer, the main one being are they seriously suggesting the government would support 2 sites near each other and by te south coast of the UK capablre of holding 20 to 40% of the required storage?

If this new site makes better economic sense why continue with Portland port - any incoming JV partner won't care what UKOG has spent on Portland port and a JV partner is going to be a necessity - and not only is this site near the pipeline - it is no doubt further inland meaning a shorter(if not much) pipeline.

The downside to abandoning Portland port is that the new site won't be ready for the first Storage allocation round - but it seems likely that without an associatedtransportation (pipeline) application nor will Portland port.

Adrian,

the placings in the last 2 months totalled 5,333,333,333 shares - of which 3,333,333,333 were at 0.015p. The 2 billion placed before the GM aren't meant to hit the market until 27 August but how many of the 3,333,333,333 0.015p shares are still out there, I suppose the 80 million was the last of them? Assuming they aren't these relatively large share sales aregoing through aided by the MMs at gradually reduced prices, so these little bounces with restricted buys until the target price is reached are probably to facilitate the next placees sale.

BTW the H2 Connect to Portland will have to be a completelynew pipeline if it needs to be in place by 2030.....and the local gas supply won't be carrying 20 to 40% of peak demand to the rest of the UK - in fact - they're proposing re purposing the national transmission network which SGN don't happen to own - and isn't near Portland port anyway.

'You're not a trader, are you?'

In all the years during numerous P&Ds I've never seen ocelot ask that of the many new BFF posters that appear during a P&D that report SP minute by minute, just the odd post supporting any rubbish they post......especially if it's Adrian in a new guise.

W

Maiditup,

I can tell the difference between a letter shown in full and extracts from a letter - to start with quotation marks show it's extracts:- 'Mr Jeremy Smith, RWE UK's Head of Hydrogen Business Development commented in the LOS: "We see.......'

and as you point it out the word projects doesn't just suggest - it indicates that they are referring to more than just the Portland port project.

Perhaps you should have a word with fantastical putting words into Jeremy Smiths mouth - 'imo is saying' - the poster making up what they want the RNS to say is fantastical.

As for RNS and the share chart - this isn't the few days or even momths following an RNS - it's what happens when the results start coming in - what other indication is there as to the accuracy of UKOG RNS statements about projects being transformational or claims that there's billions of barrels of recoverable oil in the Weald, or oil flowing when it was a barrel of oil over a long period of testing?

The rest of your rant is a load of made up nonsense about other posters who you don't have any knowledge of - and you accuse me of making stuff up. But you seem to think if you keep making predictions about the SP the odd one you get right makes you an expert..... tomorrow up or down eh......

What a load of rubbish - 'Mr Jeremy Smith, RWE UK's Head of Hydrogen Business Development commented in the LOS and imo is saying RWE want to use the Portland Port hydrogen storage caves to store their hydrogen and goes on to give reasons why.' To start with it's 'potentially' use UKOG's hydrogen storage somewhere - presumably because none of them exist, and may never exist.

But it's in black and white, not imo 'We see the operation of UKEn's hydrogen storage projects as being potentially beneficial to RWE for the following reasons.'

hydrogen storage projects....nowhere do RWE refer to Portland port - nowhere do RWE refer to a Solent Cluster hydrogen production plant (just UKOG) - if they meant only Portland port it wouldn't be 'projects' and surely they would have specifically mentioned it.

Even UKOG list Teeside as being in geographic proximity to the location of one of the sites 'RWE's planned green hydrogen plants within the Solent Cluster, Didcot and Teesside, are both in geographic and planned pipeline proximity to UKEn's storage projects' - Portland port is hardly in geographic proximity to the Solent Cluster, and definitely not Teesside

You just make stuff up - and somehow think if you put imo it acts as some sort of proof - when over the years your 'mo' has been spectacularly wrong.

Predicting failure previously is not the same as somehow making the projects fail, nor even wanting them to fail. As for Portland port has UKOG with the 2 alternative sites they have identified realised there's a issue with the Portland port site being ready to apply for the first round of H2 Storage allocation, or perhaps it's even more fundamental as niether of the other two will be ready for the first round either. Is the second Dorset site going to replace Portland port?

We'll see.

Thanks for posting what UKOG RNS'd of the RWE LOS - nowhere do they say they plan Hydrogen Production in the Solent Cluster.

RWE also use the dreaded weasel word that UKOG like to use in their claims about the projects in RNS that have gone on to fail - 'potentially'.

Also the reference to 'projects' suggests that these benefits are not specific to Portland port but also the Yorkshire storage site UKOG has mentioned. It's a pity that UKOG has chosen to RNS extracts from the LOS rather than the full letter.

Anybody noticed that positive posters who go beyond just claiming the SP will rise either criticise other posters for not being positive enough, or quote without question what UKOG RNS (or both) - to understand whether repeating what UKOG RNS is likely to be right I'd look at the share chart over the years.

You're right that RWE's projects in Pembroke, Grangemouth, south Teesside, Harwich and Didcot are all in early stages - but the point of my post was that unlike all the other locations mentioned on RWE's website page about hydrogen productionthere was no mention at all of a planned hydrogen plant in their statement about the Solent Cluster - which seems to contradict what UKOG stated in the RNS about the RWE LOS:-

'RWE's planned green hydrogen plants within the Solent Cluster, Didcot and Teesside'

Which sounds better in relation to Portland port H2 storage than "RWE's planned green hydrogen plants within Didcot and Teesside."

Your suggestion that RWE would make a great JV partner to UKOG misses the reality that UKOG would be a poor JV partner choice for RWE.

Ocelot - not sure that JV partners provide funding to another partner - in a JV each partner funds their share of costs. It might reduce UKOG's outgoings, but they now have 3 H2 storage projects they want to advance - all to a level acceptable to enter the government funding process - and committments remaining in their O&G projects.

'You are suggesting that RWE hand out LOS to anyone who asks for one are you ?' - I don't know, but if they are anything like the UKOG LOS they are aren't committed to doing anything escept advising UKOG on details of the design - seems very like their statment about the Solent Cluster.

'And you are suggesting RWE comment on the Dorset Cluster and hydrogen just for fun are you?' No just pointing out that RWE don't mention building a hydrogen plant in their review of the Solent cluster whereas in every other area they do.

'Companies the size of RWE do not need to waste their time like that. ' - But they're not, they're just offering advice to the Solent Cluster, they're building H2 plants elsewhere.

'They are serious business people' - I'm sure they are and in all the other areas this is what they're doing:-

'Pembroke Green Hydrogen is being developed on the RWE Pembrokeshire site with an initial 110MW green hydrogen production project

The Pembroke Green Hydrogen 2 project is a 200MW electrolytic hydrogen production plant

RWE is developing a green hydrogen plant in Grangemouth, Scotland

Wilton Green Hydrogen is a electrolytic hydrogen production plant being developed in south Teesside

RWE has signed a memorandum of understanding with Haltermann Carless to develop a green hydrogen plant in Harwich

RWE is pleased to have been awarded UK Government funding for initial investigative Front End Engineering Design (FEED) studies for an electrolyser plant to produce green hydrogen at RWE’s Didcot site, Oxfordshire. ’

Whereas:-

‘RWE joined The Solent Cluster to provide support..........’

Notice the difference? Compared to all the other areas what RWE say about The Solent Cluster is just waffle.

As for 'Not some poster hiding behind a key board on a chat forum' - at least I'm not a banned poster who keeps opening accounts here.

Fantastical,

Perhaps you could point out where in RWE's description of their involvement in the Solent Cluster they are doing anything apart from 'talking' to the other members of what looks like a 'talking shop'.

But there was something about your last post that reminded me of 'someone', then this amongst plenty of other posts in your history (this one on the SYN board):-

'25 Jul 2024 14:09

I wouldnt want to be out of this right now loool! Last one back in pays more !'

..... made me wonder.......a poster that's only been registered for a month with 255 posts (50 of those removed) of those left mainly on UKOG, SYN and PPP. Strangely soon after an account (BBC?) was removed and it looks like you were desperate to ramp on LSE as well as X.

But I'll leave the market to decide, the vast majority of those buying and selling UKOG shares don't read this board.

Fantastical,

You may not agree that it's waffle but nowhere do RWE mention a planned hydrogen plant in the Solent Cluster in their explanation of what they are doing in the various places they have activity in the UK, all the other areas they detail at what stege their hydrogen plant is. As UKOG claimed that Portland Port could store the gas produced from RWEs hydrogen plant in the Solent Cluster it is a strange omission.

Fantastical,

'H2 View understands that these sites will complement RWE’s planned hydrogen plants in the Solent Cluster, Didcot and Teesside. The German energy firm could use the Dorset site to store hydrogen produced at its UK plants.'

I just looked at RWE's Hydrogen page

https://uk.rwe.com/innovation/hydrogen/

and every other area mentioned had a planned H2 production plant of some sort - only the Solent cluster had no mention of a 'planned hydrogen plant[s] in the Solent Cluster', just a lot of waffle - as you seem to like extensive copy and paste here's their description in full:-

WE joined The Solent Cluster to provide support via its expertise and presence as a leading global player in the development of low carbon energy. The development of green hydrogen electrolytic assets is an upcoming field and RWE understands that it is vital to work with local stakeholders to provide the right technical and economic solutions for their specific needs from the start.

It believes The Solent Cluster will be fundamental in raising the profile of the decarbonisation agenda in the region, which in turn is key to enabling the area to attract skills and investment in a competitive space. RWE sees the development of these decarbonised industrial clusters as a vital part of the development of the hydrogen economy.

Galvanising the development of a decarbonised economy in the area, The Solent Cluster will represent the regional potential at a governmental level, connecting stakeholders and supporting the connection of the area to national decarbonisation infrastructure.

The Solent Cluster provides RWE with the opportunity to better understand the barriers and opportunities concerning the development of a decarbonisation cluster in the region. This will enable it to provide bespoke solutions and support to local stakeholders to maximise the value for all parties involved in the development.'

Not much different from the LOS they provided to UKOG - waffle.

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! The saliferous beds were generally thicker in a band a few kilometres wide along the coast to the east – though not as far as Bournemouth – the pipeline route goes inland to the north of Poole and Bournemouth.

Is the plan to have 20 to 40% of H2 2050 storage in the industrial heartland of Dorset in 2 facilities or is it more likely the government will support, in the first instance, 2030 storage near the industrial heartland in the north of England where there are already planned H2 production plants with heavy industry likely to use it - not needing a H2 pipeline from the south coast of England?

I guess those excited by the proposals hope no one realises this so they can sell their shares (sorry keep until the next P&D) – though it looks like the ‘market’ wasn’t that impressed.

Not sure the addition of 2 billion shares on 27 August (thought there was going to be a ‘breakout' today - sorry tomorrow as surprisingly it takes 24 hours for the market to assess such good news - according to someone) is a bonus though – except it could add 25% to the mcap without any benefit to SH.

Looking into it - but not sure thickest part is near the pipeline as illustrated by SGN.