Member Info for Penguins

Ocelot

You'll surely be aware that that's similar to what they put in the RNS last year when they warned suspension would happen:-

'Trading will, therefore, be temporarily suspended from 7:30 am on 1st April 2025 until such time as the ARA is published, which will be as soon as possible.'

Took six months and before they published the delayed accounts (ASAP = 6 months) they organised awarding the EBT more shares to get to 10% of shares in issue to guarantee approval at a GM the issuing 100% more shares.

When the hyped recent MOU failed to lift the SP were assurances that raising more cash would not be difficult, the only source of funds to keep the company running, questioned?

Antc,

What matters is who owns the shares and has significant control - not necessarily the directors.

For Uk Energy Storage the one share is UKOG's

For UKEN Holdings the one share is held by Stephen Paul Sanderson.

Incorporated in 2023 it does look at best odd, a company set up by SS as a 'holding' company for what. It almost looks suspicious that SS is a director of a plc that has a subsidiary called UKEn that UKOG is spending all its cash on despite appearing to plan for 2 storage sites where one has such strong competition it's certain to fail to get any revenue support and the other is remote from any significant hydrogen production or demand likely in the early 2030s - at best may be a candidate for the 2040s assuming no other energy storage method supercedes the electrolysis - hydrogen- storage route for excess energy storage or, like natural gas, the grid is quite capable of shifting hydrogen to the south of England from the E, NE and NW where hydrogen production and storage will exist by then.

Rusty,

Maybe you should do some research about the MOU.

This from the 21 November 2025 raise RNS:-

'This new work will be complementary to the collaboration with National Gas (see RNS 1st October 2025), which initially focusses on UKEn's Yorkshire storage opportunity.'

So the MOU was supposedly 'initially' for the E Yorkshire proposed potential site in the NE near the SSE/Equinor Aldbrough natural gas storage site where SSE/Equinor are progressing planning for an extension for hydrogen storage. There's also the possibility of initially converting some of the existing caverns to store hydrogen.

More recently this was press released:-

'National Gas, Centrica, Equinor and SSE Thermal – the flexible generation subsidiary of SSE – have teamed up in a bid to create Britain’s first hydrogen network in the Humber region. Together as Humber Hydrogen, they will participate in a competitive process to determine where the UK’s first integrated hydrogen transport and storage network will be based.'

So if that isn't a failure in the MOU it certainly isn't success.

Ocelot,

Old news, about a site which UKOG had 'heads of agreement ' for but has since not confirmed they've leased it - presumably not wanting to commit to costs for a site that could end up never being used.

The problem UKOG has is that if a serious player wanted to be involved in cavern storage in the south UKOG doesn't have any exclusivity to the salt layer so a competant competitor could just lease a nearby site and ignore UKOG.

But more serious is that the focus for the government, certainly for the early 2030's, is industrial use near where there are wind farms with hydrogen production. The government is already supporting these elements in the North East and West where the first phase of Project Union is going ahead - and it's far more likely South Wales will be connected to the industrial heartlands of England before the South West.

Finally the market has realised that a MOU isn't worth the paper it's written on.

Maybe they saw that NG isn't partnering UKOG but reL companies likeSSE, Equinor and Centrica in Humber Hydrogen.

National Gas is joining Centrica, Equinor and SSE Thermal in a bid to develop Britain’s first ‘hydrogen heartland’ in the Humber. Together as Humber Hydrogen, they are leading the development of key hydrogen infrastructure and will participate in a competitive process to determine where the UK’s first integrated hydrogen transport and storage network will be based.

'Humber Hydrogen is a network that includes the Humber Hydrogen Pipeline and Aldbrough Hydrogen Storage, which will submit proposals under the Government’s Hydrogen Transport and Storage Business Model processes. This is a competitive process that will determine where the UK’s first integrated hydrogen network is built. The funding decision, expected to be worth around £500 million, would establish the infrastructure that will underpin large-scale hydrogen deployment in the UK.'

Which makes this from the NG MOU RNS last October look a bit hopeful:-

'National Gas recognises the criticality of connecting Project Union's pipelines to large scale hydrogen storage, such as UKEn's, to buffer supply and demand and thereby enable effective pipeline operations.

With the South Wales area planned to be linked to the northern hydrogen network the chances of a dedicated pipeline to south Dorset for storage looks about as certain as NG 'partnering' UKOG.

Project Union's first phase, scheduled for operation by 2032, aims to connect the East Coast hydrogen cluster (Teesside to Humberside) with an envisaged routing to connect with UKEn's East Yorkshire hydrogen storage project.'

Anyone else remember the dodgy MOU last year promising collaboraton with NG who are now partnering SSE / Equinor in the NE?

Probably those caught on that spike now bigging up this one so they can sell.

Here’s a summary of the articles ocelot’s presumably hoping are relevant/positive for UKOG - needless to say at best they're not all negative.

The government consultation exercise seems to want to align the Clean Power 2030 plan, which was originally released in 2024, with a push for AI datacentres - this from the first few paragraphs:-

'......intensified by the global race to secure AI capacity. At the same time, the growing UK data centre market offers a major opportunity to attract investment, drive innovation, and create new jobs.

Government cannot allow vital demand projects representing billions in investment to be stuck behind non-viable or less-developed projects in the connections queue.'

No datacentres appear to be being planned near Weymouth - the nearest appear to be around London - most are in the midlands and further north so not relevant and possibly negative that funding for power connections infrastructure will be concentrated elsewhere.

‘Four energy firms launch hydrogen transport bid

British energy firms National Gas, Centrica, Equinor and SSE Thermal have launched a coordinated bid to develop Britain’s first regional hydrogen transport and storage network in the Humber.’

Not relevant and definitely negative for UKOG’s ‘site’ in East Yorkshire as Equinor/SSE are the operators of the Aldbrough cavern storage site - UKOG's supposed potential site is near Aldbrough.

‘Trafigura subsidiary MorGen Energy has approved final investment decision for a 20MW green hydrogen production facility in Milford Haven, Wales.’

Not relevant but at least not negative.

Oops the six month accounts were to 31 March, not September last year - that's when they were issued.

Should be :- 'Surely an RNS explaining what's changed would be in order - they did issue an RNS when they revised the six month accounts to 31 March last year.'

Alan,

apart from BS about Horse Hill that surely even the most dedicated ramper would be embarrassed to hype the best chance of any rise, now that it's clear that NG are partnering Centrica and SSE/Equinor in the NE (so much for the MOU being for the East Yorkshire site), is UKOG getting a vague suggestion in a MOU with SGN about a pipeline from west of Weymouth to Southampton if UKOG were to get private funding and thus could demonstrate the possibility, subject to government providing an allocation of revenue support for large scale hydrogen storage in the depths of the countryside in the early 2030's.

Must be getting close to the point where if plans were not in place it couldn't be built - and as Project Union appears to have no urgency to connect to the south of England they'd have little or nothing to store or transport.

Given how committed NG appear to be following their MOU with UKOG perhaps 'investors' will realise these bits of paper aren't worth the paper they're printed on let alone a rise in SP.

It's because they failed to submit their Confirmation Statement - maybe because they can't find out who owns more than 5% of the company after Peel Hunt dropped below 10% in December and don't want anyone to know they're still trying to dump shares?

But why were the 2024 accounts amended that were issued in September 2025 six months late, the reason for the suspension? '03 Feb 2026 Amended group of companies' accounts made up to 30 September 2024'.

Surely an RNS explaining what's changed would be in order - they did issue an RNS when they revised the six month accounts to September last year.

Cyan,

Because the majority of holders are traders hoping for the next spike there's little chance of mustering opposition to the Company's plans which are basically 'keep paying the board to pretend that the current project is viable' when UKOG keep topping up the EBT to 10%.

Whilst the EBT is currently only at about 5% following the raises last year before any GM/AGM that will be topped up to 10% - they're not going to make the mistake they made in 2024 when they had to 'adjourn' the GM and then topped up the EBT.

16 Feb - General Meeting Adjournment RNS

22 Feb - Employee Benefit Trust Share Subscription RNS

23 Feb - Notice of General Meeting Resumption RNS

Bigfoot,

UKOG's business model, rather than generating profits, is to hype risky projects as if the stretch outcome is the likely result - and then issue shares at a considerable discount which causes the share price to drop back - the trick is to exit before the herd / the raise RNS and not believe those claiming success is guaranteed. Whilst the up cycle can be rapid the down cycle is often drawn out so choosing the moment to buy in the hope of hitting a spike will more likely hit a period of gentle decline - or worse another raise - but many will claim news soon.

Examples are every project so far except the large scale hydrogen storage dream which has yet to fail though already Portland Port has been canned, but both East Yorkshire and South Dorset already look doomed to failure.

South Dorset because nearby production and demand needing a storage buffer won't exist in the timeframe being considered in the allocation process.

East Yorkshire because NG (remember the collaboration MOU with NG which sparked a rise followed inevitably with not just one raise but three which initially focussed 'on UKEn's Yorkshire storage opportunity') is partnering in Humber Hydrogen with the two significant contenders for government storage support in the NE - Centrica who want to convert Rough to store hydrogen, and SSE / Equinor who are in the process of applying for planning permission to expand their natural gas cavern storage site for hydrogen storage - near to where UKOG appear to be trying to lease a site.

Anyone claiming that UKOG is well positioned in the current situation needs to consider the likelihood of UKOG even being allowed to apply for an allocation of government revenue support as conditions, such as having the finance guaranteed, need to be met, and to benefit from the current oil price gouging realise that UKOG has yet to submit the required planning application to resume Horse Hill production so any restart is likely at least six months away - and even when (if) production resumes it was halted when HH-1 was producing around 30bopd with 30+bwpd.

From a link on X:-

'National Gas, Centrica, Equinor and SSE Thermal – the flexible generation subsidiary of SSE – have teamed up in a bid to create Britain’s first hydrogen network in the Humber region. Together as Humber Hydrogen, they will participate in a competitive process to determine where the UK’s first integrated hydrogen transport and storage network will be based.'

and although that article is behind a membership wall this link is to National Grid's site web page about Humber Hydrogen:-

https://www.nationalgas.com/media/news/national-gas-joins-bid-create-britains-first-hydrogen-network-humber

'Humber Hydrogen is a network that includes the Humber Hydrogen Pipeline and Aldbrough Hydrogen Storage, which will submit proposals under the Government’s Hydrogen Transport and Storage Business Model processes. This is a competitive process that will determine where the UK’s first integrated hydrogen network is built. The funding decision, expected to be worth around £500 million, would establish the infrastructure that will underpin large-scale hydrogen deployment in the UK.'

Ian Radley, Chief Commercial Officer at National Gas said:

"We believe the Humber is the obvious choice to be the home of Britain’s first hydrogen network. Nowhere else in Britain can match what it offers in industrial demand, infrastructure, supply chains, geological storage and skilled people who can unlock Britain’s clean power potential. Together with our partners we’re bringing our expertise in transporting, manufacturing and storing hydrogen to keep the industrial heart of Northeast England beating.”

'Partners'

Does UKEn realistically think their potential, probably still not leased, site near Aldbrough stands any chance in getting support - and as for west of Weymouth - where's the 'industrial demand, infrastructure, supply chains' and as for 'geological storage' SSE / Equinor already have natural gas storage in caverns at Aldbrough and are already progressing planning for hydrogen storage.

Oh dear,

Does ocelot read what's linked?

The top three regions and nations which respondents

showed a clear preference towards were:

1. Scotland

2. North East England

3. North West England

No mention of southern England - which is why UKOG are pretending they have a potential site in the North East adjacent to the Aldbrough cavern storage site operated by SSE / Equinor - but apart from being competent, experienced operators of a cavern storage site are already advancing planning permission for an extension to store hydrogen.

Ilovesushi,

UKOG hasn't any authority remaining to issue shares, the odd number in mid November used the remaining authority from the September GM - though they appear to be able to create shares for the EBT (about 1.8 billion to max out the 10% they're allowed taking shares in issue to about 38 billion}, which they will no doubt do before any AGM or GM to ensure they get authority to do whatever they want. eg:-

1) consolidation for the second time

2) issue up to the equivalent (depending on 1) of about 38 billion shares - which without consolidation would could ultimately mean about 76 billion shares in issue once they fire up the confetti factory.

....that would enable the EBT to have another 3.8 billion shares, and so on......

Ocelot, you may not want to mention where the awards for Offshore Wind CFDs were located because none were on the south coast, either offshore Wales, Scotland or off the East coast of England.

https://assets.publishing.service.gov.uk/media/6966861de8c04eb2919f773a/contracts-for-difference-allocation-round-7-results-.pdf

You also seem concerned about the wasted energy - National Grid Electricity Transmission is helping address that with £18bn of RIIO3-T3 investment going to the North East and East Anglia with £13bn going to the rest of the UK - £31bn to enable better distribution across the country for the envisioned volume of renewable energy.

https://www.riiot3.nationalgrid.com/document/30069/download

We're still waiting for the Updated Hydrogen Strategy to be published by UKGov but investment and government support for the early 2030s renewables infrastructure has been targeted in the North and East of England, Scotland and Wales.

With SSE / Equinor already advancing planning for extending their Aldbrough cavern storage hydrogen storage in the North East UKOG's Aldbrough potential site appears doomed, and with no demonstrable need for significant hydrogen storage on the south coast in the early 2030's UKOG's west of Weymouth potential hydrogen storage site also appears doomed.

Ocelot,

Note where the upgrades are needed - and they're not Dorset or the south coast. This quote from 'Electric Insights':-

'Earlier this year, National Grid announced the Great Grid Upgrade: 17 projects that form the largest overhaul since the creation of our modern ‘supergrid’ in the 1960s. New offshore interconnectors and targeted upgrades to onshore networks, pylons and substations will strengthen the links between Scotland, England and the North Sea to move clean power from where it is generated to where it is needed. At a cost of £19bn, this expansion represents two-thirds of National Grid’s planned investments to 2030.'

https://reports.electricinsights.co.uk/?p=2561

Although on this page there's 22 projects.

https://www.nationalgrid.com/the-great-grid-upgrade/where-its-happening

Ocelot,

Wow!

'But if their eventual impact is to deprres prices, then that is all to the good of buyers.'

Well that nice Mr Sanderson is very good at depressing the SP for buyers - unfortunately isn't his job to protect the SP for those already owning their piece of the company? If he did his job successfully it wouldn't matter when you bought as the price should generally go up - not rise and then fall a lot more on a regular basis.

The SP chart illustrates this very well, though the consolidation flatters the current SP.

Bigfoot,

'When this moves it moves big.'

It sure does, both ways.

The last big move followed the November placing, and before that it was the drop from the 200% rise - partly because it was based on a MOU that was pretty meaningless in the context of UKOG's sites, and they capitalised (literally) on the rise by a series of raises to supposedly fund their hydrogen ambitions but the only thing that's happened since they've bothered to RNS is they've P&A'd BB-1/1z - spending the cash on a failure.

Lakabos,

Google Earth shows most equipment had been removed from the Broadford Bridge site as of 30/6/2025 but a container remained presumably over the well head, and because they still had to P&A the well the protective base across the site, which unless the landowner wants it to remain and is allowed to keep it, will also have to be removed. The planning permission allowed a period (years?) following site equipment clearance for full reinstatement to take place iirc.

Laughingly the site has a marker for 'Broadford Bridge Oil Field' placed by UKOG? In the projection Google Earth uses the well head is near Latitude 50°59'5.36"N Longitude 0°26'53.40"W.

As for trading UKOG I've always made it clear that whilst the projects have been and still are poor and have little chance of significant success (and unlike many explained why) UKOG is an occasional target for the P&D herd. When these occur based usually on a hyped, either misleading or effectively meaningless, RNS there is money to be made - some seem to confuse a short term SP rise as a confirmation those ramping believe the project will be successful - whilst those working the pump will predictably disappear as fast as they can post boooom wherever they operate, this leaves the odd straggler who believed that maybe 'this time' and held through the spike and watch as the SP gradually declines hoping that good 'news' arrives before the next bad....