Member Info for Penguins

The LOS are nothing more than promotions of the company concerned with a little bit of praise for UKOG to stop them badgering them for a LOS.

Read them and point out anything that they have committed to doing anything that would imply doing anything themselves - apart from RWE passing a glance over their plans if UKOG actually start doing anything.

....committments aren't worth the paper they're printed on, if there are any committed actions.

'The Company will also seek further Letters of Support for its Revenue Support application similar to those recently furnished by major energy and UK hydrogen infrastructure players RWE, Sumitomo and SGN.'

These letters aren't just sent to UKOG, they ask for them - which is exactly why the committ

Hi Adrian, keep posting and wasting your time......

If there hadn't been a 10 to 1 consolidation thay would be asking for another 86 billion shares.

Since last November they have already gone from the equivalent of 2.1billion shares to over 8.6 billion shares, assuming the EBT get their shares. Hoping to issue another 4 billion shares to raise £2 million and asking for authority to issue a total of another 8,644,350,000 shares.

By the GM the EBT will hold 864,485,685 shaes - which is odd as according to UKOG the total shares in issue will be 8,644,353,833 (the EBT has marginally over the maximum allowed 10% of the shares, 10.0006%) - and as these shares will vote in favour of the resolutions (plus possibly any overhang from the last placing) it's unlikely that even the resolution with a 75% paasmark will fail as without a single pi vote in favour nearly 300,000,000 shares need to be voted against for the special resolution to be rejected.

Trump would be proud of the effort that UKOG has gone to to ensure they win the GM votes.

UKOG specialises in RNS weasel words, not quite definitely saying something will happen. The £300,000 in January was for 'The Placing's proceeds will help us to put our material Portland, Dorset salt cavern hydrogen storage project forward for an allocation award in the government's first hydrogen storage allocation round,'

Apparently it didn't help much.

Then the remaining funds from the July placing:-

'The remaining funds will be used directly to further the Company's material hydrogen storage projects by enabling the completion of necessary internal and external technical studies and reports'

Maybe it wouldn't enable the 'completion'.

Previous raises just before something that might faill have appeared to be to provide enough cash to keep the lights on until the UKOG can think of the next 'wheeze'.

Though it looks like the application was nowhere near advanced enough despite all the tweets as there seem to be some pretty important studies, works and reports still missing despite the cash picked up by UKOG from the last two raises being allocated to it:-

'Specifically, it will permit the Company to initiate essential new studies, including but not limited to environmental surveys, engineering studies and other works necessary to submit applications......'

But those posting that UKOG were going to raise soon because just the salaries and other company running costs would take the lions share of the previous raises were accused of deramping or trolling.

The flurry of supposedly positive RNS (debt free because who would lend them cash, LOS from RWE) and storm of tweets was predictably followed by this raise.

About 4,5 million left of 10million bought at 0.0138p since the consolidation.

6.5 million sold for between 0.085p and 0.0.11p - I also foolishly boughtt 1.5 million more for 0.083p

My opinion of UKOG's projects has no bearing on the trading opportunities.

You will of course claim I'm lying - but maybe if you read back through my posts I acknowledge P&Ds are where to make money and I rarely mention the SP and don't inrtend to,advise buying or selling - I just won't change my view just to make a bit more cash. Maybe poking a ramper makes them work harder?

Anyway got a busy day / weekend now so don't expect any more heart to hearts.

BTW,

The examples from the past are relevant, how a company has presented its projects in the past when they are iffy may indicate what they are doing now - and the reasons I give now aren't 'from the past' they are current to the application for allocation in the first H2 storage round, and reading what is in RNS rather than extrapolating to suit what I'd like to see, maybe the past makes me suspicious of the motives of those posters who appear to want others to buy so they can sell. - trying to rubbish posters they disagree with is a starting point of their position.

'Penguins, do you wish UKOG to be successful going forward ignoring the past. A simple yes or no without back peddling?'

Funny how certain posters can't cope with giving reasons for opinions - it's as if they can't back up their views and prefer to just state something without justification.

To your question, yes, I just don't see it happening for reasons I've stated.

What's your problem with a caveat to a position?

Yep,

Terrible that those clowns who believe every word UKOG say and keep repeating them despite having done it so many times only to discover it was complete BS are all out today.

BV,

Successful, yes. But UKOG has a history of misleading RNS. It sometimes takes years to find out how misleading but eventually the facts emerge.

During BB testing there were positive RNS issued that did not properly reflect what was happening only revealed in detail ( though the ultimate failure suggested something fishy was going on) when the testing report was released by the BGS.

The same is almost certainly true of the HH testing, though that report doesn't appear to be released - the unusually sharp production decline probably indicated during extended testing, and the Kimmeridge not being put into production after an unreleased report by RPS in 2019.

Looking at the government document about the first H2 storage allocation round there's actually no mention of LOS except needing one from the owner of the leased site. What's required are a lot of financial stuff (that UKOGmight have more problems with) and significantly an associated transportation application.

Now it may be that the process will be lenient and not expect everything to be in place, and maybe they've been told LOS will do - but that's not what the 'rules' as written are.

In the past UKOG has ignored in RNS the very problems that eventually lead to failure.

You may call it trolling but pointing out those problems before they happen is not deramping.

Ocelot,

Despite your capitalisation it's a massive leap to claim that RWE are doing anything more than making sure that UKOG don't screw up the design and delivery of the facility for the use of RWE and other potential users.

Nowhere is there any suggestion of RWE being anything other than a potential third party user of the facility. Claiming that RWE in this letter has implied they would be a strategic investor is yet again misleading. These LOS look to be written at the request of UKOG, polite and non-commital - purely stating that if the Portland Port facility was built,to their standards there was the potential that they might use it - as they might use any other facility.

Every now and then certain posters exaggerate the claims made by UKOG, going far beyond what UKOG claims, which is often far beyond a reasonable analysis of likely outcomes - hence why so far nothing UKOG has done has been as good as UKOG hoped,,and far worse than the claims made by posters like ocelot.

Claiming these LOS suggest these companies are lined up as 'POTENTIAL STRATEGIC INVESTORS' is one such extrapolation.

Oktane,

You posted:-

'Penguins sounding a little desperate, what if all those years deramping here end up for naught as the company is not just a success, but a big success?'

what an odd thing to say. Just think of poor old ocelot, TH2 and various other old lags who've been claiming every project embarked on by UKOG will be successful.

But I haven't been 'deramping' just pointing out the likely outcomes, often more hopeful of some sort of success than the actual outcomes - but if you consider it deramping I've been very successful until a week ago.

No guarantee the Portland port venture will be successful and my opinion is they won't qualify to apply in the first H2 storage allocation round and why. Maybe they'll pull a SGN application for a pipeline out of the hat and fulfil a lot of other application conditions they may have difficulty with.

I also think cash is a problem and there will have to either be further dilution of they'll sell something, including equity in UKEn - those claiming the government will bail UKOG out don't explain how or when or why.

TH2,

Did you not read the RNS as that quote is - though there are some journalistic liberties taken with it - the quote from the LOS in the RNS..

H2 view also made a claim about signing an agreement with RWE that they appear to have made up there's no suggestion of any signed agreement between RWE and UKOG.

Sloppy, and misleading, journalism.

Ocelot,

Quoting a made up story that doesn't reflect what the quote from RWE says in the RNS is misleading.

If anything the wording suggests that RWE will tell UKOG what's needed - seems a bit late as making the storage site usable by industry must be a basic necessity of the facility and should be in the plan from day one.

'Where do they get their powers from'

I guess telling it how they see it - which isn't deramping vs the mindless price predicting and unjustified BS about government funding 'soon' when there's no apparatus to subsidise a company that's not actually started doing anything much beyond desk studies that seems to mainly involving upgrading the previous planning application and badgerng companies to write motherhood and appla pie LOS.

Stoking the pump eh.

wonder why?

A letter by RWE that could be written about almost any storage anywhere if 80 miles is geographically in the proximity of the Solent Cluster........all they've committed to do is make sure UKOG build it right for storage by industry - which one would really hope is a given for a company building (checks notes) a gas storage facility - if anything an insult.

But SS is no Churchill, more like Chamberlain when it comes to letters.

TH2

'UKOG would not be pushing this so strong if they didn't'

You are hilarious - the company that gave the world the HH 'Gusher' - averaging under 30bopd + similar amount of water in May tis year.

The Kimmeridge in the Weald supplying 27% of UK oil - and BB was the start of it - anded up being the end of it.

Transformational licence in Turkey similar to tKurdish giant fields - not even as good as the 0.5mmbbls field it was a lookalike of.

Now brings you the UKs largest storage facility for gas with 3 bits of p[aper with not one solid committment - though they've only published selected excerpts from two of them - and based on the selected information during previous UKOG 'pumps' those excerpts are as good as it gets.

Of coourse UKOG wouldn't be pushing it 'so strong' .......hahahahahaha........

It's against the rules to post current prices though posters do, I was just making a general observation about the trades.

Predictions - I almost never make predictions on UKOG SP - anyone that does eventually looks a fool. Just observtions about posts, the company and what it says, and very occasionally about the curent SP.

I use ADVFN for prices and ii to trade.

Been trading UKOG for too many years soetimes successfully, sometimes not but understanding what UKOG tells helps.

This has echoes of the 2017 BB Kimmeridge rise where UKOG's opinions and claims that were decidedly excessively positive were taken as fact and success guaranteed. This was repeated with the HH testing and HH-2z well, followed by the Turkey adventure and even to a lesser extent the Pinarova testing.

are the LOS enough - not according to the government documentation which expects storage applications to have an associated transportation infrastructure application - not sure kind words about Portland Port do that - also timing is everything - Labour might want to splash on cash for the Northern storage and pipeline applications - keep the red wall happy....

Personally I don't see even in the most positive sceario any government cash coming UKOG's way soon (nor have any posters saying that suggested how that could happen) or even for a long time - so it's either more dilution or selling the so called assets - of which onlyHH or 10% of Horndean are likely to raise any cash - or selling a portion of UKEn.

Look at the buys vs sells as the SP approaches 0.1p

Most buys are below a million shares, most of the sells are over a million - if that's the pattern then the low level traders (few thousand £)are bowing out en mass vs the micro punters who pay full price ask anyway.

Also the bigger sells are getting way below the quoted spread - so even harder to short term trade the volatility.