Member Info for Penguins

You posted:-

'Decent-size orders are being filled up now'

Unfortunately anyone can check - no orders in the last half hour over 70,000 ie less than £21!

Though there was a sell over 2,000,000

Follow the money exiting - no real news except authority to issue 100% more shares, or will it be another abandoned meeting.

'We understand that this Letter of Support is not a legally binding contract'

So not worth the paper it's printed on.......

Looks similar to all the previous expressions of support, meetings etc UKOG has boasted about over the years.

Look at a map - Bacton to Portland Port is a mighty long way, so no synergy there, and as for E Yorkshire there's already plenty of storage, and more already being planned there by SSE (sorry couldn't resist it).

https://www.ssethermal.com/energy-storage/aldbrough/

Ocelot, when was that, what was the SP 'in new money'?

I imagine it was worth considerably more than 400,000,000 today - but I can't find a 4 billion trades day - the best I found was over 2 billion @ £0.0038 in June 2020, (£7.6million) a 'pump' just before the dump after the June 2020 interims when HH-2z news was dire.

Ocelot, when was that, what was the SP 'in new money'?

I imagi

Does this give the CLN holders a chance to dump shares later today that they must vote in favour of the BoD at the AGM.

Sometimes a UKOG plan works - if only to stitch up traders?

If only their actual plans were successful

Just found the download of the 'original' letter (rather than the previous extracts posted here) and Summit have changed the date from 20 May to 24 May - though can't spot that anything else has changed.

The staged second release of this letter with this time an 'explanatory' RNS, that suggests more support than is inferred by the letter, is cynical - no mention of this bit:-

'We understand that this Letter of Support is not a legally binding contract' - that translates as nothing in this letter commits Summit to anything'

So any coincidence the letter's been around since 20 May but RNS'd on the day of the AGM where UKOG is seeking authority to issue 100% more shares.

Wierd

There are posts on 23 May with extracts and comments about this letter 'sent' by Summit on 24 May.

eg:-

'Penguins

Posts: 5,438

Price: 0.0255 No Opinion

UKOG 23 May 2024 11:07

'24/05/2024: Support from Japanese corporation Sumitomo Click here'

The future is here - or maybe they don't know what day it is at UKOG HQ

Apparently UKOG has another gas storage project:-

'I am writing to express our support for the Dorset and Yorkshire hydrogen storage projects that are being undertaken by UK Energy Storage Ltd. (“UKEn”).'

Perhaps they were hoping for something a little stronger to turn up today for the AGM, but they had to go with this........again.

But I can't see any difference to the previous letter, previously linked as V1 on 23 May:-

'https://www.ukogplc.com/ul/20240520%20LOS%20Portland%20Storage%20Project_Final_V1.pdf'

Which no longer works - at least UKOG could have got Summit to send it again with a more recent date and a committment to actually do something........like help pay rather than 'support'.

Nothing on UKEN's site:-

https://ukenergystorage.co.uk/

Nice P&D though for the CLN holders......

Ocelot,

You forget thar write offs are in the opinion of the BoD, and apart from HH what the fantasy non existent, sorry - intangible - assets are isn't stated.

HH-1 is valued by the BoD, not as is usual in an external Competant Person Report available to all, at £1.4mm (up from £0.8mm last year with no explanation as to why), yet the remainder of HH has, again in a BoD valuation, an 'intangible' asset value of £19.3mm - in the event they drill 4 more wells presumably without giving up 50% equity.

One well £1.4mm, 4 wells £19.3 mm - whilst the actual second production well had to be written off.

What the remainder of about £14mm intangible assets are isn't detailed but presumably waiting for a well, or two, that UKOG can't afford to drill to be written off.

Ocelot,

Apart from being a list of 'motherhood and apple pie' objectives for a hydrogen project, where in practical terms is there any alignment with the Portland project, several hundred miles away, or the mysterious Yorkshire project where there's already salt cavern storage in place in East Yorkshire at Hornsea, owned by SSE.

'Ensure supply from the Bacton Energy Hub can contribute to future hydrogen storage capacities' - anywhere, with anyone

'As far as is practicable, ensure the project schedules are aligned' - yeah right, as far as practicable and if it's not practicable not bother.

'Help promote the benefits of a hydrogen economy and the part the Bacton Hydrogen Project

and the UKEn’s Hydrogen Storage Projects can contribute to this' - of course promote, not 'invest'

'Identify the opportunities that can be realised between the projects to create new low carbon

energy infrastructure in a sustainable fashion' - hundred of miles of pipeline?

'To continue to cooperate with UKEn with a view to SEEL or Sumitomo investing in future hydrogen storage projects' - but not UKEn's current projects.

Ocelot,

A day late and missed that Summit's project is in Norfolk, and UKOG seem to have a secret Yorkshire project to waste yet more cash on.

Seems talk is cheap, and UKOG are prone to exaggeration, this was one of your many posts on 5 December when UKOG tweeted that they were in 'discussions' with Exxonmobil and sumitomo:-

'ocelot

Posted in: UKOG

Posts: 23,833

Price: 0.0245

No Opinion

RE: Bullish Portland tweet at 9.13am 5 Dec 2023 12:26

"The countdown to lift off begins …".

Congratulations, SS!

There is no shortage of naysayers on this board so it is important to recognise the positive achievements, too.'

If only all those 'positive achievements' turned out to be anything other than PR 'puff'.

I ought to know Bacton is in Norfolk!

Not sure why UKOG's as yet secret gas storage project in Yorkshire or the much tweeted about project in Portland, Dorset is of much interest to Summit. A letter expressing support (and stating it is in no way a committment to participate) only costs a stamp I guess.

Of course the support is heavily weighted towards Summit's Bacton project in Yorkshire, support just like that from government in 2022....

Supporters whispering from the terraces - when what UKOG needs is an investment partner.

If the letter (linked on the home page) is the outcome of 'discussions' with 'Sumitomo' - the letter is from Summit - not exactly what's needed.

5 December 2023:- 'The countdown to lift off begins …'

'24/05/2024: Support from Japanese corporation Sumitomo Click here'

The future is here - or maybe they don't know what day it is at UKOG HQ

Apparently UKOG has another gas storage project:-

'I am writing to express our support for the Dorset and Yorkshire hydrogen storage projects that are being undertaken by UK Energy Storage Ltd. (“UKEn”).'

Assuming that the 80m are CLN shares and yesterday I posted ' so probably 80,000,000 shares left - and then there's the next conversion, and the next. etc.' then I make it that so far in May there have been just over 318 million CLN share sales, 90million on 1st and 2nd May, and the recent conversion of over 238 million shares.

Based on this site's daily trade totals in April there were just under 1.2 billion shares traded in April.

The CLN holders are supposedly limited to 20% of the previous month's trades. which would be 240million shares, not 318 million.

I guess unless YA/Riverfort notify UKOG of which sales are theirs then there is no policing of this limit, obviously my tally could be wrong and it's just a coincidence today's sale matched my expected remaining shares, and the 2 x 45 million sales on 1st and 2nd May weren't CLN shares.

Will the SP need to drop tomorrow to shift these 80,000,000 0.0231p shares....though the two 'sells' of 25,000,000 at 0.024p at about the same time are suspicious.

Ninetails,

I wouldn't bother. The biggest liars on this board (and probably all the others) are those that post that anyone they disagree with are swampies, nimbys, etc., then claim how the SP will rise because the upcoming news will be so good whilst selling on the slightest rise before news breaks.

Looks like there will be another couple of weeks of guaranteed no news from the Supreme Court. PPP silent about their workovers so the farm in going nowhere (perhaps news in June they've extended the deadline to complete, again), continued silence about Turkey, Loxley farm out handed to the marketers of last resort, leaving Portland Port tweets reminding punters it'll be great in 2050 if they get an allocation later this year, or maybe the second round - the consultants etc working on that project the benefactors of the recent cash raises. What are the chances they will challenge the BB site retention planning refusal as that will drain a bit more cash, though they have another 4 months to decide to do that.

In fact what are the 'team' at UKOG doing apart from devising ways to confound their investors?

With the jeopardy of the AGM next week the next hurdle - either authority granted to double the number of shares, or another abandoned meeting while they think of another wheeze to get their way without changing course.

Downbutnot out,

'50m late reported trade, thats seller out.'

You wish

The 17 May RNS announced a conversion of 228,215,768 shares.

There were no large after trading hours trades between 2 May and 16 May, a characteristic of conversion shares. Here are the recent after 16:30 trades after :-

16-May 30000000

17-May 48215768

20-May 20000000

21-May 50000000

They total 148,215,768 shares so probably 80,000,000 shares left - and then there's the next conversion, and the next. etc.

UKOG say £370,000 left after this latest conversion, but forget to mention the 4.5% added to the loan for each conversion so in fact that's currently an extra £73,000 so £443,000 left, at the current SP that's about 1.7 billion shares.

Let's hope that YA/Riverfort refused to hand over the 2 committed tranches of £500,000.

'Positive news'

The most positive news would be UKOG halving salaries, the other half in warrants at 1p - ie of no value with a significant SP rise, and UKOG would benefit from their exercise, reducing the size of the board, exiting Turkey (did ocelot forget Turkey) and getting HH-2z converted to an injector - even though not doing this relatively high reward operation suggests there's risks as well.

Get someone to carry the costs for Portland Port and explain beyond arm waving where and when UKOG shareholders benefit.

Whether PPP will be able to execute the farm in to HH is questionable - but with seismic first drilling won't be for a long time, and Loxley being given to Envoi isn't the positive UKOG are making out having been trying for nearly 2 years.

Does the £370,000 include the 4.5% that's added to the loan for every conversion, that will eventually total an extra £90,000 (as long as it isn't compounded) but if you want to be 'picky' it currently stands at about £73,000 so £443,000 remaining, currently 1.6 billion shares at 0.0275p.

As ocelot points out the SP is being controlled by loan note shares being sold to fulfill buys, and the price drops, or refraining from selling and the SP rises. The question is always how many have they got to get rid of - what shares are they selling, ones already RNS'd or shares to be RNS'd - there's plenty of evidence that thay are selling shares yet to be RNS'd .

For example, the sale of 32,796,721 on 29 April, conversion RNS of 2 May:-

'Application has been made for this tranche of Equity Shares, numbering 152,796,721 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 09 May 2024.'

In fact the sale Friday of shares obviously from the loan reduction RNS that morning was unusual - althought they are only entering the market apparently this week

'Market Makers know what is coming....

They want your shares...'

Probably not - didn't you see this morning's RNS - someone's got over 200million they need to get rid of.......and the tree's dead.