Member Info for Penguins

As ocelot referred to market cap.

When the SP was around 0.0504p (August 2023) there were around 22.4 billion shares so the mcap was over £11mm, the last conversion was ar 0.0175p (January 2024) with just under 30 billion shares in issue so the mcap was just over £5mm.

Now with another raise, Pinarova failure, first GM fiasco, EBT 'purchase', and the subsequent GM rigged vote the mcap is a bit over £2mm.

The extra shares issued has meant that the mcap percentage drop isn't as brutal as the SP drop - but the SP is what pi buy and sell at.

'It is in the interests of RiverFort/YA that UKOG succeeds in getting its market cap up.'

Of course it's absolute nonsense. They certainly tried really hard with the 4 conversions for £1,34mm RNS'd so far. First was at 0.0504p (not much less than the price after consolidation) before the end of August last year, then 0.025p, then 0.022p and finally on 23 January at 0.0175p when they soaked up the re aider of shares UKOG could issue - which must have triggered the need for the GM.

In fact to guarantee getting a good return the MO appears to be sell so the price drops and then declare the vwap at the lowered SP. Impossible according to the agreement but someone is selling large volumes of shares prior to the declared vwap - and if they really got all the shares when the vwap appears to relate to they would have lost money.

Then there's uncertainty whether UKOG took the 2 additional 'committed' tranches of £500,000, no reason to not to take the first tranche due in November, and perhaps the raise in January of £750,000 was so both parties could agreed the second £500,000 wasn't taken - or maybe UKOG forced their hand by the raise.

So the £0.66mm could easily be £1.16mm or more than 50% of UKOG's mcap - and whilst the agreement restricts conversion to 20% of the previous calendar month's volume does anyone believe, like the forward selling restriction, there aren't ways to get around the 'rules'. Maybe there's a belatedly RNS'd conversion to come? The upside would be those shares will almost certainly have bee sold by the time they're RNS'd.

'Those who have wanted to sell have had ages in which to do it.'

Unfortunately ocelot won't have the benefit of my ode to Adrian....the CLN holders have indeed had a long time to sell, sadly they still have up to a third left to sell - the first two thirds saw the first conversion at 0.0504p and the last in January at 0.0175p.

With the help of failure at Pinarova, announcing the desire to issue 50% more shares and the shenanigans of the GMs the SP dropped another two thirds in about 6 weeks before the consolidation.

As for this BS - 'their negativity no longer serves any purpose'

Erm - ocelot is still avoiding looking at the SP chart. Claiming posters who predict failure and explain why are 'negative' is complete rubbish when they are right. Just accepting UKOG's opinion and seeing time after time it being proved wrong is a denial of reality.

There's going to be along wait for another well to be drilled, and unless UKOG can get a farminee difficulty paying for it.

Silence at PPP (for the HH farm in) and no mention of interest in Loxley - though UKOG happy to announce 'interest' in the Portland Port gas storage project - and anything in Turkey likely worse that the targets already drilled and maybe needing more seismic.

Have you forgotten the at least £0.66mm in outstanding loan notes?

UKOG don’t seem to worry too much about promptly RNSing conversions – it took 2 months from the first conversion priced at 0.0504p (a vwap only possible in very late July and August) and the RNS about it on 3 November.

So the lack of an announcement doesn’t mean a conversion hasn’t happened. Regardless of whether UKOG need money or not more shares could be on the way and it won’t even be ‘new’money anyway – it was given to UKOG in June last year and almost certainly spent.

It’s a strange coincidence that the conversions seem to be at an advantageous price to large sells that have dragged the price down, luckily the loan note holders aren’t allowed to forward sell so it couldn’t possibly be them.

So another week until even an announcement that the Supreme Court verdict will be handed down – and the Loxley High Court decision in UKOG’s favour early January only caused a tiny ripple of excitement, maybe 'investors' have realised that nothing would happen drill wise for maybe a year, if ever - and to celebrate the next day UKOG RNS’d another conversion.

At least ocelot has a ‘new’ friend and a few nonsense posts to read now. The two fanboys of UKOG agreeing what a great company UKOG has always been.

The reason UKOG's SP is so low is because they keep printing more and more shares to generate cash for projects that fail, giving them to lenders of last resort who deliberately act to depress the SP. It certainly isn't because a few posters here are able to predict that failure and are prepared to explain why - in contrast to UKOG's claims and explanations that don't add up

You're only here because you hoped the Supreme Court decision would be handed down before the reconvened GM - not because you think that further drilling will be successful - even if it is it won't be until late this year at the earliest - but in the hope that the Supreme Court decision will enable a pump and dump and you can sell the shares you recently bought - genuine investor, nah just a wannabe trader.

Only because they didn't have the votes on 16 February for the resolutions to pass and had to instruct the Employee Benefit Trust to buy with money they lent and got straight back at above market price, 3 billion shares that they could vote in favour of the resolutions yesterday.

So what are you suggesting - the Chancellor leaked to UKOG a plan to bung them a couple of million to stop a post consolidation drop? According to A D V F N UKOG is down 15% as they are using yesterday's closing price x 10 to match the consolidation.

Sadly Trish if there was any stability in the SP that 'rise' should have been 900% - 0.0065p to 0.065p, not 823%.

In the real world it has dropped 7% from 0.065p (closing price last night x 10) to 0.06p.

It took about 9 months for UKOG to 'decimate' the SP from 0.06p (wasn't there a poster who proclaimed that was the 'floor') in mid May last year.

It's a good start to do the same.......perhaps why they dropped the nominal price so much.

Cashflow is the net amount not the gross pre expenses amount UKOG receive for the oil.

Cashflow from Horse Hill is not over $100,000 a month. I'm sure that ocelot will explain.

HH-1 makes a profit - where have I ever said otherwise, it just isn't enough even for a company with a mcap less than £2mm - production is also generally declining with increased water cut.

A well specifically drilled for Portland producing the same volumes of oil as HH-1 would probably not be drilled because you don't drill wells just to cover their costs - they need to have a good rate of return on the investment, and a risked NPV calculation for another well might be barely positive - a more likely reason for inaction - technical risk, not the risk of the legal challenges being upheld which is extremely low.

And still peddling 'receipts' of £100,000 - forgetting that there's significant costs in workovers, water disposal and all the other OPEX costs

..and still making stuff up about me - you have absolutely no idea who I am, as proved every time you make something up about me.

But G williams - really - better run to admin with your latest bizarre theory.

The funny thing is you really do ramp the same rubbish on here - can't wait for your 'Finch' ramp - it's about the only positive thing coming up, and every body expects the Supreme Court to decide in SCC's favour - but it won't suddenly make Horse Hill any better, and with seismic to shoot let's hope the seismic doesn't destroy the structure (remember Basur-4 disappering after the second phase of seismic in Turkey) although it will probably delay further drilling to late 2024 at earliest.

But my view, based on UKOG''s actions not words, is that the extended testing on both Kimmeridge and Portland, plus years of Portland production, has defined a reservoir model that indicates any well drilled runs the risk of being uncommercial - hence no drilling since HH-2z at HH, and the need for the distraction of the rubbish (promoted as transformational) Turkey farm in as knowledge, via the OGA released figures, of water ingress at HH-1 was about to be added to the already admitted abandonment of HH-2z as a producer due to substantial water production.

Forcing the EBT to buy 3 bllion shares had multiple positives for UKOG

Just about got the votes at the AGM - though if the withheld votes were counted as 'not for' the resolution they would have lost.

Owed £300,000 by the EBT

Added 150,000,000 shares to the authority to issue shares, now 1,627,000,000 which if they could sell for 0.065p would gross just over £1,000,000. Possibly all, or at least about 66%, needed if the CLN holders decide to convert before the AGM - I'm expecting sooner rather than later.

Gwynwin,

it took a little over 4 years for UKOG to turn £1000 into £10 - ie from a SP of 1p to a SP of 0.01p. Last saw a penny in early December 2019 - when 'investors' were getting (justifiably) nervous about the time it was taking for UKOG to reveal the results of initial testing of HH-2z.

So a bit pessimistic to say short term.

I guess the other one is pboo.

Shows that ocelot's reading list is a who's who of Adrian's accounts, Adrian's 'mates' (except when he disagrees with them) and the pump brigade when they arrive.

Must be so overjoyed to know that the company's prospects are so fantastic vs what has happened. For ocelot it's always day one of UKOG's revival because from today there's the chance that HH, Turkey and Loxley aren't as bad as the wells already drilled have demonstrated.

In proper oil companies the results of previous drilling would be taken as a good indication of what might happen with the next well - as ably demonstrated by all the Basur wells before Basur-3 as demonstrated by HH-2z where presumably UKOG were well aware of the fracturing a d water issue before it was drilled as they had an injector planned, and for the future Loxley-1 with Alfold close by.

But UKOG preferred in Turkey to use the Kurdish fields as an analogy and did 't mention the fracturing in the Portland before HH-2z except once in 2016 - and fracturing a edium to carry water to production wells.

Ibug,

There were 2 buys that totalled 2 trading fees less than £5000 on 21 February, which actually averaged about 0.00745p per share. Whoever bought them, and there were no names beside the buys so no one knows anything apart from the value, now has 66,867,287 shares they might be able to sell today for 0.0061p each or a total of £4078 less trading fees.

So if that was cornishman there's about 1000 reasons to desperately post on here insulting anyone he doesn't agree with.

I like everyone else have assumed the EBT shares will sway the vote in the Bob's favour. What happens if it doesn't - another postponement while UKOG put forward resolutions that help current 'genuine holders' rather than the plunging then spiking regime traders like resulting from massively over promising and then massively underdelivering.

Maybe get a CPR done on HH so those genuine holders can understand the issues and what is really likely !and that would help holders of PPP to understand if the farm in is really worth it) Maybe even get another CPR done on Loxley without interference from UKOG (and correct the glaring errors and look at the Alfold well logs).

Stop spending ever ore difficult cash on the Portland Port project - they're going to have to reduce their equity eventually in UKEn - do it now.

....and stop fantasising about Turkey and pay the penalty we were told was ten of thousands and exit Resan - a licence they shouldn't have claimed was potentially transformational or that fields in Kurdistan were analogous to Basur with the poorly performing E Sadak field, next door in the same reservoir.

But they won't they'll keep promising unicorns and finding donkeys.

You posted:-

'Lets see what the judges say! Not what is said on here.'

I haven't seen anyone posting anything other than they expect SCC to win and Finch to lose......so not sure what is said here about the case other than it's without merit. But if everyone expects UKOG to win and thinks HH is rubbish then if there is a pump may be minimal, not a doubling, and sold into mercilessly by the CLN holders until the traders give up and the SP drops.

Certainly risky buying before a meeting where a serial issuer of billions of shares will be given authority to issue nearly 50% more shares - probably not because the shareholders want it but because the UKOG board instructed the EBT to buy 3 billion shares from UKOG with money UKOG leant them so they could buy them from UKOG (at a premium to the market price) so they could vote in favour of the GM resolutions.

Then there's the 75,000,000 share sales. 200,000,000 today, not huge in cash terms, but regular and sometimes below the bid, that may mean the CLN holders are in the market driving the SP down once more - though UKOG supposedly has no authority to hand out shares (maybe the EBT is lending them?) - if not them someone is.

Will UKOG's first action after the GM be announcing that a load of shares have been issued because of a conversion?

Oh - and happy birthday - maybe UKOG will give you a positive present for a change for a change.

Ocelot,

Not sure what UKOG classes as losses. My calculation would be everything raised, value of shares given instead of cash for equity (pi stump up instead of placees or CLN holders), any income vs what UKOG have now in tangible assets or cash.

Not su

But even having spent £90mm for £30mm of intangible assets and about £4mm of oil & Gas properties and plant etc is not a good return.

Why £90mm - because the intangible assets value (ca £30mm) is based on cash spent on projects that still, in the opinion of the BoD, are ongoing and either a project is successful and the value becomes tangible, or it's dead and ends up in in losses - and I've added that to Ocelot's losses of £60mm.

So for £90mm they've drilled two cheap wells (Basur -3 and Pinarova) and 3 expensive wells (HH-1, HH-2/ 2z and BB-1/1z), and 2 phases of seismic in Turkey.

Ocelot,

Oil companies live and die by their booked reserves of which UKOG have 100,000bbls from Horndean and 3,000bbls from Avington (March 2023 - 2022 annual report), which they don't operate, but that operator regularly CPR's all their assets, because they are prepared to have them audited by external technical experts, and the results are published.

UKOG has a CPR for their assets including HH dating from mid 2018 with no operated reserves, they also have a CPR for Loxley which also has no reserves.

The net assets you describe are mostly 'intangible' - essentially what they've spent not converting the remaining 'assets' contingent undrilled resources into reserves.

Oil and gas properties total £1.762mm (of which HH comprises a technically unaudited and unpublished £0.8mm) – I make that 0.0054p per share. In addition to that they will have some cash which they have taken already got but not issued shares for (£0.66mm to £1.66mm) and there is property plant and equipment of £1.563mm.

As for accumulated losses judging by previous write offs the only thing preventing £32mm of the cash raised being counted as losses is the time waiting for it to be moved from intangible assets (cash spent) to losses. I also suspect that shares given in exchange for equity in licences for millions in cash that may not be registered as cash spent.

Adrian,

First of all DL approaching land owners in the HHDL operated licence might not be advisable, it’s usually done by the field crew and until they have been contracted they won’t finalise details of where geophones need to be laid and where the vibroseis lines need to be placed which will depend on equipment available and parameters decided on which landowners need to approached and what roads they will use won’t be fully understood.

I've always said Finch will lose sot are you going on about. But the SP doubling when there's going to be billions of CLN shares waiting to be sold into any rise is unlikely - and it won't be next week according to the Supreme Court web site, and what price will the loan notes be converted at – it wouldn’t surprise me if new shares are miraculously converted at the equivalent of the vwap last week - if the SP doesn’t crater next week.

And do stop making up things about what I’m supposed to be / think, you don’t even remember the BS you post.

You posted:- ‘UKOG eventually got planning permission from Surrey County Council after the swampies put up trumped up allegations that Horsehill had caused earth quakes in Surrey in the past loool’

Then you posted:- And swampies objecting to planning by scaremongering at the SCC planning meeting in SEPTEMBER 2019 about EarthQuakes. FACT Penguins. Unlike your fiction.'

So now it was at the planning meeting when it got passed – that sort of eventually – later that day?

PS why don't you stick to X where you're left alone to lie into the void.

I did,

and the answer is unlike you she believes (or like you says she believed) the BS UKOG used to RNS about the amount of oil they were going to produce from HH

What was it, over 3,500 bopd from 6 horizontal well - and some posters here thought they were being conservative and they would immediately submit a revised upward planning application.

We know how well the horizontal bit went in the Portland, and as far as the Kimmeridge is concerned they didn't dual complete HH-1, deepen HH-2 to get more information or sidetrack HH-1 despite planning to do so before they got a report by RPS in June 2019 they've only ever mentioned as a note to the contingent resources table - ànd then 21 months later - maybe that had something to do with the inaction.

....and farming out 49% of all future wells doesn't show much faith in the outcome of more drilling, preferring to spend any cash raised on obviously rubbish wells in Turkey and the Portland Port money pit.

Just looking at the production from HH-1 illustrates that in all likelihood the economics of drilling another well don't stack up. Halving production from a pretty low level of a claimed over 3O0 bopd in a few months and declining from there rapidly probably means a risked NPV for a new well is negative, let alone making a decent return on the money spent - a far more likely real reason for not drilling and handing the risk to someone else of a supposed appraisal / production well.

Finch as you yourself have suggested in tweets is a useful idiot, allowing SS to draw an unwarranted salary whilst doing nothing at hH and chasing rainbows and unicorns in Turkey that should not have been embarked on with proper due diligence - the risks of failure in Turkey were far greater than any risk of Finch winning and the same appears to be true for HH, BB and Loxley.

But 'deramping'. Perhaps you should consider why the SP is so low. Explain exactly what in the past has been as successful as UKOG has claimed it would be. Suggesting, and explaining why, the plans and claims are pie in the sky isn't deramping when they fail - it's being realistic.

If you really believed the claims by UKOG perhaps you can explain your boasts about selling on P&Ds and not holding for results?

Hi Adrian,

Still peddling the revenue of £100,000 a month, forgetting they are having to dispose of lots of water which doesn't come cheap plus all other OPEX at HH. Maybe 25% left - maybe SS salary.

So how much spent on the Turkey fiasco, how much spent on all those consultants for Portland - all the other salaries, Raised £2mm last June, maybe 2 x £500,000 in November and February, and the £750,000 in January which seems to be destined to the Portland project in the hope of getting some sort of government help, maybe awarded next year.

and of course if they did take the 2 x £500,000 then they still owe £1.66 in loan notes which at the current SP means there's still not enough authorisation for share issue

Cash generation.....Turkey?

The only positive about Turkey is it is meant to be cheap to drill dry wells. As for HH - having paid £12mm for 35%, plus about £3mm for 10% equity through HHDL (at £300,000 per percent), they want to farm nearly 43% equity out in the proposed farm in for a £2.3mm uplift to PPP. HHDL may remain operator but PPP, if the farm in is fully executed, will have the greatest equity - doesn't show a great deal of faith in further drilling.

But 'short term' in Turkey they probably need to shoot more seismic to find the mythical deeper accumulation and at HH there's 3D to acquire first.