Member Info for Penguins

Government funding soon?

Final decision / ,contract signing Q4 2025.

Long time for a company burning through 2 mill a year on salaries.

No debt just because no one is mad enough to lend them anything except in a CLN.

Functioning companies operate on debt not dilution and spend it wisely.

Ocelot,

would have thought you would want to show your vast lnowledge of UKOG with the positives that the company almost certainly has little cash, no previous record of getting cash except by issuing more and more shares (without the consolidation the company would have 80 billion shares), little and diminishing income from oil sales - and that mostly spent on water disposal - and for a company with a mcap the've recntly managed to get over a million, thanks to doubling the number of shares in issue, high outgoings which in the main are for salaries.

UKOG could sell its assets to continue funding te Portland port project but then ot will have burnt its bridges should the application fail - and the Portland Port project without an associated application to build a pipeline (not just a LOS) to connect it at the same time doesn't appear to clear the minimum requirements to even pass into the first stage of the allocation round. Even if the project were to advance through all the stages contracts are not anticipated to be signed until Q4 2025.

I wonder what the next 'spoofing' RNS will be - resurrecting the PPP farm in, or will there be another tweet about Loxley - no question that there will be lots of tweets about the Portland Port project. Meanwhile the previous transformational projects of Turkey and BB haven't been mentioned though both may need cash soon.

Ocelot,

Is any company debt free that can raise cash through debt? Not being able to to go to lenders and 'borrow' cash they have to pay back with cash is not a sign of a successful company.

UKOG has to continually issue shares to obtain cash which it then fails to use wisely.

Meanwhile in the fantasy world of a share trading at less than 0.02p 'Currently the top volume stock on the market.' appears to be something that ocelot sees as positive, one of the few things that ocelot can occasionally 'boast' about a company that has doubled the number of it's shares since consolidation.

Alans,

All you need to do is wait, and eventually naysaying becomes what's in UKOG RNS

Predicting the atrocious outcomes vs the positive claims made by UKOG about its projects and plans has not been naysaying. Perhaps you could point to a project that has lived up to UKOG's and posters positivity? Even the Horse Hill wells never achieved lproduction at the levels anticipated, and everything else has been a total failure - and the SP chart the final arbiter of the ultimate level of success.

Desperately copying the bosses misleading tweets without question. Never questioning how a carbon capture scheme in the Solent, which only has benefit for Exxon has any impact on the remote Portland Port gas storage project.

Some more thoughts i(sorry) - the unidentified Yorkshire gas storage project which started being mentioned by UKOG after the allocation round rules of engagement were published suggests that it dawned on UKOG (or SGN wouldn't come up with the goods?) that the Portland Port project lacks the necessary associated pipeline infrastructure to get over the first hurdle. As the pipeline would appear to only cater for the Portland Port facilitywould SGN expect UKEn to help with funding which UKOG wouldn't be able to provide.

But, as deltaVegatheta points out, plans for H2 pipelines in the Humber area are advanced - are UKOG trying to partner with an already established gas storage project, or a greenfield site that does (or could) have the required associated pipeline?

But it doesn't look like it's going to be ready for the first round either (from this year's Annual Report) :- 'UKEn has also identified further hydrogen storage sites, one in Dorset and one in East Yorkshire which we are also intending to pursue and secure Revenue Support for in future allocation rounds.'

Ocelot is being disingenuous in suggesting that no specific work is required prior to the launch of the allocation round. If that was so why is UKOG spending so much money in preparation for the allocation application when all they need to do in ocelot's world is provide a letter of support to SGN?

Made the mistake of not reading the 11Jan Pinarova Testing RNS - it was predicting the start of testing following completion of preparatory works, not the actual start of testing - perhaps worse in that it wasn't strictly necessary , though in fact it didn't help the SP - maybe they hoped it would soften the blow of the raise RNS?

Having worked on the project for two years it does seem late in the day to only get a LOS from a company capable of providing one of the necessary ingredients for a successful application - when what's required is an associated regionalmpipeline application. Whilst the governments paper was only published on 14 December 2023 the company has been boasting all along about its engagement with the government up to ministerial level, and apparently helped frame the document. The RNS issued about the LOS certainly doesn't suggest SGN are beyond notional planning for H2 Connect in Southern England, possibly waiting to see if the Portland Port project has a likelihood of proceeding before committing to the expense of more detailed planning required for an application for an allocation in the first, or subsequent, round.

It's also a little odd that it wasn't until mid January they mentioned, as a reason for requiring more cash, that the deadline for applications detailed in the mid December document meant an accelerated timeline despite the regular repetitive Hydrogen tweets between these two dates. Cynically they issued the start of Pinarova testing RNS the day before the RNS announcing the £300,000 cash raise for the Portland Port application work.

Yet another tweet about the Hydrogen Storage project trying to align UKOG with government statements.

Positive? More like the desperate thrashing around tweeting almost daily (19 in July) by a company that may not even qualify to be one of the companies going forward in the Gas Storage Allocation first round, let alone one of the two selected to negotiate the contract, 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.’

Not sure a LOS from SGN qualifies as associated regional pipeline infrastructure.

They’ve been secretive about the Northern England salt cavern storage project (presuming it is) – what stage is that at?

This suggests that a more ‘mature’ project would be more likely to get support though:- ‘requiring an acceleration of hydrogen storage delivery’

As for PPP and HH-3. The deal is described as Revenue (‘Revenue Deal Signed and 50/50 Lithium and Gas J.V’)and there’s no mention of any payment to PPP – just future royalties and covering any outstanding debt. The JV deal also doesn’t appear to provide anything except future earnings. The farm in looks dead – the agreement has lapsed, it wasn’t mentioned in PPP’s RNS, and the structure of the deal looks like PPP were running out of cash that would be needed to farm in, essentially handing over the Nobel assets for a future 12.5% royalty.

Adrian,

There was no trade for 15,000,000 at 8:55 am yesterday - there was one at 11 :54:30 showing as a buy......at 0.01467p

Which fits better with your first post this time round on UKOG:-

'RE: From UKOG's website posted on 05/07 18 Jul 2024 13:07

I have bought 15,000,000 of these puppies at under the placing price with some of my profits from PPP earlier.'

You were busy up until then posting on PPP - though strangely none before yesterday morning during the rise on Wednesday - if anything talking the PPP price down.

As for placings, they make money then dump the rest though their sells often look like buys because the volume involved allows a smaller margin

Looks like Harrun is desperately leafing through the 'Ramping for Beginners' book published many years ago.

It'll be DWTBOOTOTW next - my, how well that's worked over the years......

Ocelot clutching at straws.

Having realised that the II buying in the market with no previous TR1s was unlikely a different tack

Has any previous participant in a placing shown any sign of holding - more like getting round the forward selling restriction into rises and then dumping the shares at cost or less once the cats out of the bag.

Presumably the other 2 billion plus shares are sold or are in holdings of less than 3% - less than around 250,000,000.

As I posted yesterday let's see if there's a steady stream of TR1s either as their holding drops or, less likely, as they accumulate.....

Adrian,

You pointed out:- 'The last time this share really took off is when a French investment company took a stake'.......maybe, but it didn't end well, though plenty made moey, but not thanks to any success - just UKOG making deceptive claims about how testing was progressing and SCDM (who got a load of UKOG shares from UKOG's purchase of the BB licence) helping the pump by buying. SCDM sold out well before UKOG stopped RNSing their supposedly good news - perhaps they were better placed to understand what was happening as their subsidiary (Celtique) and Magellan sold the licence (and thus the BB site) to UKOG.

This time a load of overblown statements about a project that doesn't appear to match the required criteria to progress beyond the application process to in Q3 with only pieces of paper (LOS) rather than an 'associated regional pipeline infrastructure' application.

Nobody knows why Shore Capital has these shares TR1'd today - were Shore Capital participants in the placing last week where UKOG issued 3,333,333,333 shares? Let's see if there are subsequent TR1s as the dump them into any rise - or further purchases.....

BBC (surely GBN),

The production levels PPP 'expected' from the Texas wells they were promoting were never achieved - so on that basis PPP was to be avoided.

Seems someone on X didn’t think much of PPP either following the Supreme Court decision on HH:-

‘The Fool on The Hill@davethedrill1

Jun 22

Replying to

@Share_Talk@DavidLenigas and @VinanzBTC

PPP feked then Dave @DavidLenigas’

Ho hum......

But principally my comments on PPP were more to do with their ability to farm in to HH with the Texas wells underperforming. Not sure that situation has changed with 12.5% royalty instead of what they would have got prior to this deal.

BBC,

interesting that you think HH features in PPP's future, it wasn't mentioned in yesterday's RNS and the farm in agreement lapsed at the end of June (although it could easiliy be reinstated), and as far as I could see this wasn't a cash purchase, just future 12.5% royalty on production so no cash input to execute any farm in, in fact judging from the wording the Texas venture has been a money pit with Globalvision covering PPP's debts .

Of course with the improved SP PPP may see the opportunity to fundraise (a DL speciality if he's still actively directing), but they also need to pay back the 60 million shares (iirc) they borrowed to sell on in previous raises. not sure if they have authority to issue shares though.

Interesting development on the shares - though getting hold of 1 billion shares might not be that difficult with the recent placing which entailed over 3 billion shares being issued - maybe a bit of excitement tomorrow from DL followers who've made a bit in PPP tempted to have a go on UKOG without doing the research on UKOG's O&G 'assets' or on the timetable for applications for an allocation in the first Hydrogen Storage Allocation Round, UKOG may produce a super positives presentation (perhaps the only thing UKOG has done successfully - selling the plan rather than doing it) .....but the first hurdle is being selected to go forward, with the successful of those being informed Q1 2025, and contacts agreed through 2025, signing in Q4 - over a year away.

The position is that later this year UKOG might fulfill the conditions to submit an application for an allocation in the Hydrogen Storage first round.

Up to 2 projects will be selected and it's probable there needs to also be a pipeline project a tally proposed, not a LOS:- 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.

The decision won't be made, assuming the new government continue with the allocation and schedule, until next year, first those shortlisted in Q1 2025, and contracts for those selected in Q4 2025. Long time to wait.

As UKOG hasn't mentioned it it's very unlikely UKOG has met anyone ministers in the new Labour government.

Insidious,

'Early Days’

Nothing UKOG is doing is in early days – even the Portland Port project was first RNS’d in May 2022.

Perhaps you could illuminate us as to what you're expecting, and the the timeline that you're working on rather than making childish comments about another poster.

Some posters explain why they have a negative view, and are often right, where's your reasoning, though your previous predictions have been somewhat awry:-

26 Feb 2024 13:12 Could always average down at this price... (which was 0.00675p, equivalent to 0.0675p today)

19 Feb 2024 22:53 Consolidation will hopefully stabilise the SP then with Horse Hill online we can start to attract the institutional investors. (SP 0.0095p = 0.095p today)

1 Feb 2024 20:20 Bubblepoint - Give it time and SS will deliver... (SP 0.01825p = 0.1825p today)

13 Oct 2023 14:08 By Xmas this will be 0.070....you could double your money but only if you move quick.... (SP was 0.0305p = 0.305p today; was 10% down by Xmas day).

UKOG offers many opportunities to average down – but whilst the price may be low it’s not necessarily cheap, catching that knife as it falls can often be miss, not so often hit.

Taverham,

I suspect your post is tongue in cheek, but SS's shareholding is quite a lesson.

He paid £12,000 for 12,457,310 shares - so an average of about 0.1p per share.

But the number of shares listed on LSE has hasn't been adjusted for the consolidation - now that's only 1,245,731 shares.

They are worth assuming a sale at 0.015p £186.86 - more than a 98% drop from an aready low SP

At the time it was a gesture to stop being voted out, but all he's lost is a fraction of a month's pay, but since the Directors Puchase scheme was RNS'd he's had about £1,000,000 in pay - not a bad trade for him.

But he also waited 6 months before buying the first of the monthy purchases of £1,000 and the price had nearly halved so SS missed out on losing even more - maybe he knew something...........none of the other directors participated - a true show of faith.......

Harrun,

Given UKOG's 'burn' rate, which just for salaries is about £2mm a year, and the net cash to UKOG from the £500,000 recently raised mainly to pay back cash handed over in June 2023 was £150,000 means UKOG will very quickly need more cash to contine.

There are other possibilities - selling off something such as Horndean or Horse Hill - or as ocelot has suggested equity in UKEn - even stopping paying SS over £25,000 a month would help a bit.

A farm in would probably raise the SP but wouldn't generate any cash unless they could negotiate a payment for back costs as well as a full carry (as anything less would entail being obliged to cough up funds at some point) which seems unlikely.

At the moment UKOG appear to be determined to limp on doing nothing except portland Port work so they can apply for a government allocation award for that project, successful companies will be informed in Q1 2025 but until they have authority to issue more shares a raise would be limited to maybe a hundred million shares or so which wouldn't cover the fees, but a GM to obtain authority to issue more shares would be a walkover now UKOG has realised that ensuring the EBT has a 10% shareholding in UKOG guarantees success with UKOG's shareholder base.

Ilovesushi,

The company will be able to 'sell' more shares to the Employee Benefit Trust (at the nominal value) so they have 10% of any future vote in their favour. In previous AGM / GM vote before they did this the level of voting was below 10%. If they hadn't had those to vote in favour at the recent AGM they would have failed to get authority in those resolutions requiring a higher pass mark.

With holders that are predominantly traders that don't care about the company, just opportunities to make a fast buck, they are unlikely to bother to vote in AGM / GM meetings.