Member Info for Penguins

Stakebuilding - there's plenty of shares in very slippery hands if anyone had wanted to stake build. Huge late reported, pretending to be buys, trades are a feature of UKOG when holders are dumping. Don't imagine this time it's any different with SS helping out a bit with these bits of paper waving in front of a willing audience of rampers.

What UKOG need is cash, they do still appear to have authority to place about 600 million shares and Shore at last count had about three quarters of a billion shares left of the over a billion they started with most likely from the 3,333,333,333 placing in July.

The question is what's the next RNS, placing, TR1 from Shore?

The Portland Port salt caverns are a long way off being started, and for H2 won't be needed for a long time in S England, the NE and NW will be the areas where initially H2 will be used and produced - hence UKOG hedging their bets with the unspecified and less advanced plan in Yorkshire. Suspect SGN's plan won't be to do anything beyond conceptual planning for a pipeline link to Portland Port before there's full planning and financing for the storage facility. Whether by then UKOG will own much of UKEn is a metter of debate.

Like SGN only a chosen excerpt from the LOS, and read that carefully - as always with a UKOG RNS.

'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'

So from this I take it that the planned but unspecified by UKOG Yorkshire site is in geographic and pipeline proximity to their Teeside planned green hydrogen planf - but fail to seee how Portland Port can be considered in geographic proximity to the Solent Cluster.

UKOG have avoided specifying where the Yorkshire location is - but they have been clear it won't be ready to apply in this years allocation round.

TH2,

Proximity to the Solent Cluster about 80 miles away?

There is no pipeline and SGN hasn't made any committment to build it - I'm sure UKOG might have mentioned that rather than these LOS with nothing more than encouraging words. How is UKOG going to last until Q4 2025?

Gold investor,

You posted 'Placing was some weeks ago ./. They need no cash to run teh company for month. And funding arrive shortly'

The placing got them only in the region of £150;000, which covers about a month's expenditure. Where will the funding come from?

Even the RNS says the application will be over the coming months, and no cash will be handed out by the government until contracts are signed, ex0ected to be Q4 2025.

On past form there will be plenty of dilution even if the application is accepted, which is as the company states not guaranteed.

Profit jock,

It would help if you kept the units the same.

In thousandths of a penny the placing was 15

The current price 58 and the spike around 120

In pennies that's respectively 0.015p, 0.058p and 0.12p

So currently about 4 times the placing half the spike.

Hope this helps........

TH2,

The lies and garbage all yours.

Loxley isn't farmed out, UKOG don't have the cash to drill it and any proper investigation of the CPR reveals how likely that a well at Loxley would prove a failure - the adjacent, supposedly successful, discovery well (Alfold) was P&A'd 'dry' and the 'discovery' well Godley Bridge -1 only managed to flow a bit of sour gas that was appraised by a failed well and sidetrack, however that licence was recently relinquished, Star presumably giving up on anyone farming in and proving up their supposed 9BCF of recoverable resources.

Apart from TH2 who lurks in the shadows, ocelot, and the spiked (a welcome to all those new, though posssibly unwilling lth) I wonder how many of the many apparently H2 storage enthusiasts will still be here in a weeks, months, years time? I'll hazard a guess few, less, none.

TH2,

I'm afraid that a company that sequentially finds dead dogs and tries to breathe life into them by publishing only the most positive possible outcome when the evidence is against that outcome means your posting over the years has been siding with the mugger not those that have predicted the failure - not because they want failure - it's just the most likely and realistic outcome.

If those wanting a better life for themselves are selling this share in droves while repeating claims the company has made that they obviously don't believe in - then who is spreading the mistruths?

Making money out of trying to mug others has nothing to do with helping British Industry - it's more like three card trick gangs conning tourists.

Here's a list of UKOG plans that have happened and been as successful as claimed::-

Here's a list of those that have happened but not as successful as claimed:-

Horse Hill-1Portland, now producing about 40bopd oil and about the same volume of water

Here's a list of those that have happened and failed:-

Broadford Bridge -1, Broadford Bridge -1z, Horse Hill - 2z, Basur-3, Pinarova-1

Here's a list of planned activity that has never happened or expected for at least a year:-

Horse Hill Kimmeridge

Markwells Wood - new well

Baxters Copse - new well

IOW - 3 wells 2 onshore, 1 offshore

Basur-4

HH-2z - conversion to water injector

HH 3D and HH-3 - PPP farm out

Loxley farm out to anyone

This is why when UKOG has a plan it's difficult to believe it will happen.it's certainly hilarious seeing posters repeating UKOG plans and claims about the Portland Port gas storage project as if there's certainty of success. The devil is in the detail or research, With Portland Port it's that 2 LOS are nice to have but what's required to apply in the Hydrogen Storage first allocation round is an associated pipeline application - a nicely worded lettter from SGN is not an associated transportation application.

Of the BoD only Sanderson has bought shares since HH-1 was drilled and that was to avoid being voted out - £1,000 a month for a year (salary just below then in excess of £300,000 since 2015) those shares worth currentlÿ less than £1,000 (listed as 12+ million shares but not adjusted for the 10 to,1 consolidation)

Thought I'd ha ve a browse through today's lies with very little in the way of substance.

Lies:-

‘Some trolls saying there's no pipeline.....here's the actual facts....hydrogen UK pipeline operator backing.’ – There is no pipeline.

‘Rns is due at 11am’ at 10:42 – just made up

‘It's all happening at ukog a major British hydrogen company wishes to join ukog and become of of the biggest and fastest organisation in the world for hydrogen power’ – just made up

‘Gb energy collab with our salt caverns is a done deal’ – just made up

‘....Invest in UKOG for the BIG announcements this new government is keen to make quickly’ – just made up

‘the £billion government backed and financed projects about to be signed!!!!!’ – Signing, if UKOG got through all the stages, is planned to be Q4 2025 - about to be signed?

Lack of substance:-

‘the recent most impressive rise and volume have really shaken up the market in UKOG and the market's image and perception of UKOG.’ – quite the opposite it's just traders trading.

‘UKOG is a huge takeover target form here.‘ – Someone could have got 3,333,333,333 shares in the recent placing for £500,000 – about 40% of UKOG

‘Exactly why an almost 10% stake has been taken in the company’ – they ‘took’ a 13% stake then started selling

‘Are you kidding Milliband has £11billion to hand out and he is in a net zero hurry. He needs Hydrogen storage asap!’ – except there is no substantial H2 production in the UK, certainly not in South UK.

‘Was .03 a start of the year’ but as that was before the 10 to 1 consolidation that’s equivalent to 0.3p today

They aint got any money. Lol! They just did a placing two weeks ago!’ – to mostly pay off the CLN, just about £150,000 left over

‘There is no placing coming soon as the company has used virtually all their share allocation’ – only about 605,000,000 shares still available from the authority - another 7.5% of the company

Too much nonsense to list, though it's been a while since 'big boys' have been mentioned...........

TH2,

the SGN H2Connect pipeline is just a diagrammatic line on a map to a storage facility that may never exist, SGN do not have firm plans for it - something that UKOG would need to make a qualifying application in the first Hydrogen Storage Allocation Round.

Any suggestion that the Labour government would.d interfere with the process is bonkers. The already underway plan is to back 2 associated storage and transportation applications - a LOS is not an application - nor have SGN suggested they might apply.

There are more mature H2 storage and transportation projects in progress in the NW and NE of the UK that are far more likely to be allowed to proceed into this allocation round - with the first two projects going forward to full negotiation in Q1 2025, with contracts signed Q4 2025.

So even if UKOG were to proceed and enter the negotiation phase there's no government cash for over a year.

Openheimer,

you forget that there has been a 10 to 1 consolidation of shares - that means prior to the consolidation in early March a price of 0.0125p is equivalent to a 0.125p SP today - that price was reached earlier this year.

The 0.125p you quote is equivalent to 1.25p - I've noticed a lot of difficulty some posters have with the decimal point when quoting this shares price.

There is a process under way for companies to apply for an allocation in the first H2 Storage Round. But to apply a company not only needs to have a plan progressed sufficiently but also an associated and progressed plan for hydrogen transport. This is from the government document:-

‘Our ambition for the first allocation round for hydrogen transport and storage infrastructure is to support up to two hydrogen storage projects, at scale and associated regional pipeline infrastructure. These should be in operation or construction by 2030.'

Although UKOG is pushing the LOS from SGN what SGN need to do to help UKOG qualify to apply in the first Hydrogen Storage round is for SGN to apply for a Hydrogen Transport in tandem with the Portland Port project. At the moment the connection to Portland (H2 Connect) is still just a notional diagrammatic line on a map:-

From SGN website dated March 2024:-

‘Our ambition for the first allocation round for hydrogen transport and storage infrastructure is to support up to two hydrogen storage projects, at scale and associated regional pipeline infrastructure. These should be in operation or construction by 2030.’

Ridiculous to think the Labour Government would hand out cash without due process after everything that happened with the previous administration. There are well advanced plans for pipelines and storage in the NE and NW probably from companies that can actually afford to progress beyond desk studies, which essentially is all UKOG has done.

Just a few unpleasant party guests hanging around after the booze dried up - but almost everyone else has left and blaming the DJ because the music stopped but they carrying on shouting the lyrics of songs they heard when the party was in full swing - maybe they're hoping a latecomer will turn up with a crate of beer that will liven things up for a short while - unfortunately at a UKOG party it usually turns out to be non-alcoholic beer and the party dies a death.

Need to hope the next RNS is good news, not another TR1 showing Shore is carrying on dumping (not accumulating as some claimed) or that UKOG has placed the remains of the authority given at the AGM - only about 600 million shares and on previous form dumped on the spike already - sorry - completely justified rise based on the fantasy that the government will anytime soon be handing out cash to companies unable to fund their own ego trips.

Zag,

No only about £150,000 of the £500,000 raise was left for UKOG.

Here's the figures

£500,000 cash raised.

Less fees (6%) -£30,000

Amount of principal loan remaining -£210,000

Amount of 4.5% premium on each drawdown added (4.5% of £1,790,000) - £80,550

10% repayment fee on outstanding balance (£290,550 x 10%) -£29,055

Total to deduct from £500,000 = (30,000+210,000+80,550+29,055) = £349,605

So only £150,395 left or just under 6 months SS salary, those LOS need to be a bit more than encouragement from the sidelines

Gordon Bennett,

You forgot the 10 to 1 consolidation. At the beginning of the year the SP, prior to consolidation was about 0.027p - That's equivalent to 0.275p now.

TH2,

Maybe have a read of these other fantasy 'reports' and consider the vast gulf between them and the reality.

https://www.ukogplc.com/ul/executive-summary-report---xodus.pdf

https://www.ukogplc.com/ul/barton-willmore-executive-summary-021015-final.pdf

https://www.ukogplc.com/ul/US%20EIA%20Technically%20Recoverable%20Shale%20Oil%20and%20Shale%20Gas%20Resources%20UK%20Sept%202015.pdf

https://www.ukogplc.com/ul/L-400167-S00-REPT-001-Exec%20Summary%20Arreton%20FINAL.pdf

https://www.ukogplc.com/ul/Kimmeridge%20Limestone%20Oil%20-%20The%20UK%20opportunity%20-%20Final%20Approved%20-%2015%20April%202016.pdf

https://www.ukogplc.com/ul/UKOGTurkey140121.pdf

UKOG isn't just a confetti factory.......it's backed up by the BS production line.

Goodnight, hope you're new pals stick around.

GB1 Hope you’re right, but these are my numbers, show me yours?.

They had authority to issue about 791,818,950 shares remaining from the GM authority when they had the AGM which added authority to issue another 3,876,840,000 shares. Total authority after the AGM 4,668,658,950.

They then paid off 3 CLNs - totalling 730,064,434

and then a placing for 3,333,333,333.

That left ahthority to issue just over 605 million shares

Therefore since the AGM they've issued 4,063,397,767 shares which you may notice exceeds the authority given at the AGM of 3,876,840,000 shares.

Although the previous authority is meant to expire at the next AGM / GM there's a get out in the Resolution (at both GM and AGM), which for your convenience I've copied below:-

‘and provided that this power shall expire on the conclusion of the next annual general meeting of the Company (unless renewed, varied or revoked by the Company prior to or on that date) save that the Company may, before such expiry, make offer(s) or agreement(s) which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offers or agreements notwithstanding that the power conferred by this Resolution has expired.’

Gold Investor,

There remains authority to issue just over 605million shares, so they could do a placing.

There would be no government cheque until after (probably long after) signing a contract in Q4 2025 even if they get through the stages. It may be that the main benefit, given that budgets will be tight, will be a tariff surcharge for storing the gas, not an up front payment.

Not deramping, just correcting the impression that posters like yourself are trying to promote that somehow UKOG will be handed cash by the government in the near future.

They may sell equity in UKEn, or one of the other claimed 'assets' - but a placing to limp on and pay the salaries until they can run another GM looks likely. They may have raised £500,000 recently but by the time they paid off the CLN and other costs it's unlikely they saw much more than £150,000.

Looks like the company has got the P&D they were hoping for – feeding the traders the ‘no debt’ and government H2 BS.

Echoes of the misleading Horse Hill gusher / Kimmeridge producing 27% of UK's oil / Basur-Resan like the Kurdistan giant fields, not the 0.5mmbbls lookalike field......this time........

But foretting to mentio that there's no debt because no one would lend money to them having no real assets as collateral. a first round storage allocation application, due in Q3 2024, requires an associated pipeline infrastructure application – not a LOS. There’s also the wait. Even if UKOG’s application is one of the projects accepted in Q3 2024 only two of those accepted will be selected and announced in Q1 2025 to negotiate terms with contract signing in Q4 2025.

Of courese no one sensible is 'investing' in the hope that the Portland Port gas storage project happens......are they?.......just that they can predict the dump.

So how quick will UKOG do their custmary P&D placing away – they need lots of money just to last until the second allocation round and they’re smart - raising before results - so don’t need success.