Member Info for Penguins

May 2024,

Ocelot peppering this board with old news which, if it's supposedly negative (and factual) doesn't matter because the leopard has definitely changed its spots - though ditching the Portland Port flagship project in the new era after bigging it up looks remarkably like the old leopard's behaviour.

Is ocelot really a believer it would ridiculous after years of seeing and repeating over and over RNS BS - when nothing seems to come out of it except pumps followed by dumps - perhaps the reason why, not the viability or likely succes of the projects.

Maybe by 2040 the Project Union link will have made it to Southampton and SEEL will be able to ship its gas to Dorset (if SGN has spent millions linking it to Southampton), and then ship it back up to the northern industrial heartlands - no doubt NG will be pleased for the extra transport tariffs over just sending it to the SSE / Equinor site, or maybe Rough - or if the Mesh 'Cluster' gets developed storage there.

There was a back up plan, which could ultimately have been worse for pi - from the 2024 ARA:-

'In September 2025, the Group signed a term sheet with Riverfort in respect of a financing facility of up to £1,000,000. The facility, once executed, and should the Company draw down on the facility, is expected to provide additional working capital to support the Group’s ongoing activities and finance projects.'

OldWiseBull07,

They probably realised it was then or never.

They have history of opportunistic raises on rises (often by hyping a mediocre piece of news) that will last them through a lean news period, in this case possibly because the first hydrogen storage allocation round launch won't be until some time in H1 2026.

Worse - there's the possiblity of the revised hydrogen strategy paper, due before the end of the year, making it clear that the west of Weymouth site is in the wrong place ie nowhere near the industrial heartlands targeted for support for the early 2030s.

The only news that should shift the share price shouldn't be talks, discussions, LOS, MOU but signed up funding or a JV with funding - even TH2 realises this 'Partner announcement any time, depending on their trigger to sign the paperwork we're sure they've already penned.' but there's no evidence of anything already penned despite TH2 claiming there's 'evidence talked about in RNS's and interviews' - the only 'evidence' is UKOG BSing for about 30 months in RNS about meetings and discussions about the project with 'potential' investors and partners.

...and more BS from TH2:-

They're sitting in Multi-billion £ projects which will deliver guaranteed income for 50+ years......Which pension fund or other form of institution would not want to be part of that!!!!'

I suspect one that does due diligence and can read the governments papers about hydrogen, unlike apparently ocelot and TH2 - as for the 50+ years of income (only guaranteed if there's anything stored) will likely end up in the hands of those financing it.

Ocelot,

do you read the stuff you link - rarely does it have any relevance, or even positive 'news' for UKOG.

'Over £50 billion of private investment into clean energy has been announced since July 2024.'

But how much for hydrogen projects, and how much for hydrogen projects in the south?

Here's 3 extracts of the 5 mentions of hydrogen in the paper:-

'There are flourishing innovation clusters in Teesside (hydrogen and carbon capture)'

'At this year’s Spending Review, we announced investment in the biggest nuclear building programme in a generation, Britain’s first regional hydrogen network and carbon capture in Teesside, Humberside, Scotland and the North West.'

'Growth sectors like CCUS and hydrogen will be crucial in helping hard to-abate industrial sectors such as cement to decarbonise'

What do you suppose the revised hydrogen strategy paper will have in it - a special paragraph about Dorset.

Not sure that UKOG think so.

After the original government hydrogen storage business model was launched in December 2023 it looks like UKOG started seeking a site in East Yorkshire before the 2023 ARA (02/04/24) when this was mentioned '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.'

Whilst the East Yorkshire site is adjacent to the already planned extension to Aldbrough it will give UKOG something to BS about when the penny drops that Dorset isn't an industrial heartland.

They then dropped Portland Port for a site, first mentioned in August 2024, west of Weymouth with heads of terms for a lease - was the reason that the Portland site was leased and costing money and was in the wrong place.

From the Portland Port RNS on 22/05/2022 'The A2L contains agreed forms of the Lease and Operating Agreements'........... 'will allow UKEn to terminate if the conditions have not been met within 4 years of the effective date.'...........'The aggregate total ground rent payable by UKEn up to the A2L longstop date is approximately £0.9 million.'

Apart from Portland Port being in the wrong place it was also becoming obvious that no decision on revenue support allocation (essential for funding) would be made before the first 4 years was up around May 2026 when in January 2025 UKOG announced they were ditching the Portland site in favour of the west of Weymouth site, and although UKOG didn't mention it they would have to commit to a minimum 5 years lease - and all the indications then (and now) are that the NE and NW will be in the fore for early 2030s hydrogen storage so stuck with years of costs waiting for the second round - or third etc.

There's no change in the management, they still aren't buying shares, and as for calming down - from what - doing practically nothing for most of 2024 and 2025?

There's little change, even down to the claims about funding or partners, just shuffling the words:-

2, 3 & 6 October RNS:- discussions with energy infrastructure and sector specialists'.

30 September 2025, 2024 ARA: 'we plan to continue discussions with potential strategic investors'

19th November 2024 RNS:- ‘the Company continues in advanced discussions with an energy infrastructure investor'

5th August 2024 RNS:- ‘to further negotiations with identified prospective strategic joint venture partners'

10th July 2024 RNS:- ‘to fully prepare and engage with further prospective strategic partners'

2 April 2024 – 2023 ARA:- 'intriguing conversations with major infrastructure players'

1st February 2024 RNS:- ‘in discussion with several significant potential international investors'

31 March 2023 - 2022 ARA:- ‘conversations taking place with government, infrastructure operators and possible strategic investors'

June 2022 Interim: 'the Company has held productive talks with a number of key infrastructure stakeholders and potential strategic partners.'

and what implementation of the project do you think is going to start, and when - most 'soons' turn out to be much later?

It had better be soon for the pumpers as the governement is meant to be releasing the revised hydrogen strategy by year's end with the June £500 million which ' will help deliver clean energy while creating thousands of skilled jobs in industrial regions such as Merseyside, Teesside and the Humber' and the July hydrogen update continued with the theme of 'industrial heartlands' - not rural AONB.

Ocelot,

of course SS has a better idea, but doesn't seem to give any indication as to how advanced talks really are.

UKOG's utterings on the subject of finance/partners swings between discussion, talks, advanced discussions and now talks again - even previously making much of talks with Sumitomo and ExxonMobil in early 2024 which of course you copied here:-

'Portland Port hydrogen storage 14 Jan 2024 12:28

The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project. (RNS of 12/01/24)

UK ENERGY STORAGE LTD: Portland Port hydrogen storage business gets significant boost in the space of a few days after positive discussions with two of world’s giant trading companies, Japanese Sumitomo, and US ExxonMobil. The countdown to lift off begins … (tweet of 05/12/23)'

Can't imagine what number that countdown started at - it's been about 700 days since that tweet.

Even a donkey might have guessed by now that the carrot might just not be coming their way.

As for 'Indeed, very few of the detractors suggest UKOG should be sold at these levels' - indeed, nor do you suggest anyone should buy.....

Ocelot,

'The model is that a partner takes "up to 50% of the project": that would leave a very healthy percentage for UKOG'

Of course it would, just like the model of producing the Kimmeridge, finding oil in Turkey, having six producing wells at Horse Hill - grandiose plans that just aren't realistic - punts on things that based on evidence before UKOG start are very likely to fail.

As for 'talks' - this from the June 2022 interim report 'Since the announcement the Company has held productive talks with a number of key infrastructure stakeholders and potential strategic partners.'

Nathan,

I have heard of data centres, they need loads of electricity don't they, as cheap,as possible, not sure how Ceres electrolytic hydrogen production helps UKOG though (a competing consumer of electricity - what's your plan put the excess electricity from the windfarms off the E, NEand NW coast in trucks and send it to Dorset - or maybe use it in the E, NE or NW of England - which seems to be the governments plan?

Alan,

Of course the opinion of someone that only whinges about other posters,is so important..........any idea about the company you're meant to be posting about?

UKOG really need to get some BS for the rampers out before the revised hydrogen strategy is published (expected before year's end) which will likely put a steke through the (non-industrial) heart (land) of west of Weymouth.

Leaving UKOG up against the big boys in the north east - who probably deal with NG daily as they use the Natural Gas network. As NG say they 'are committed to working together with industry' not just UKOG who might have begged for the MOU that NG could hand to ayone interested in using project Union in the future.

Does anybody believe the UK needs 2 hydrogen storage sites adjacent to each other in the early 2030's.

Just copying and pasting stuff from NG doesn't mean they will be seriously negotiating access to the system with UKOG for a long time - if ever.

Thanks Spud - I usually assume that links on the UKlistedonAIM X feed are nothing to do with UKOG.

and in reality it isn't - you forgot to mention t he subheading:-

'National Gas wants to build network of H2 pipes connecting industrial heartlands'

Nor this paragraph:-

'The first section – Project Union: East Coast – will link Teesside and the Humber region, then expand to Grangemouth, the North West, South Wales and key hubs like the Bacton Gas Terminal and LNG import sites.'

So when's the expansion to Southampton? - the nearest (about 80km) expected destination for Project Union to the 'potntial' west of Weymouth 'industrial hearyland' site

As for the East Yorkshire site there's surely going to be competition in the storage allocation round from SSE / Equinor's advanced plans to expand their Aldbrough site for hydrogen storage - and of course Centrica's Rough conversion.

This from UKOG's interim report:-

'The Company is planning a further hydrogen storage project in East Yorkshire, located nearby to the existing SSE Thermal/Equinor Aldbrough gas storage site.'

That's brave......not sure Steve's going to win that allocation, luckily it isn't his money he's spending on it.

Alan

Better than flogging a dead horse day after day damaging any remaining credibility you might have - and resorting to criticising those that have a better grasp of the likely outcomes at UKOG

Maybe you should give it a rest.

Ocelot,

They also 'declared" a holding under 10% in the major holdings on October 27. Surprised ocelot hasn't done the pick a period that gives the result I want, then use that to claim in a year the rise would bs 245% iirc - Ignoring that anyone buying because of the NG MOU hype was being played and are probably the poor souls still ramping UKOG.

Ocelot,

How much of the £4.5 million is destined for wages and reinstating HorseHill - planning application, replacing equipment removed and BS RNS? (though the RNS's are money well spent as about the only thing that produce income for UKOG) - of that £4.5 million approaching £500,000 probably went straight away in fees - great for whoever got those to help the placings on their way?

Is £2 million a fair valuation of a company that has little hope of securing a first hydrogen storage round allocation - and when the second round occurs (2027 earliest?) the whole hydrogen production / power storage landscape has every chance of changing with even now technologies being researched and tried which when compared to the expensive creation of salt caverns needing long term utilisation to recover costs could make caverns obsolete.

Why do you think that Horse Hill has returned to the 'news' - in a news famine on hydrogen a helping hand from some initial rates, and plans for workovers, more wells and injection all 'anticipated' to improve production - just like in 2019 & 2020 where the result was nothing of the sort.

In Australia after every betting ad on TV there's a government warning about gambling along the lines of - ' what could you be doing with this money instead.

Maybe after a UKOG RNS or one of the happy clappy rampers the same should happen.

Yet from SHD day after day of news soon or mysterious buying:-

Someone was mopping up all them buys yesterday loading up.

News must be about to arrive.

Massive upside when news drops

Sit tight.

GLA

The only bit that's historically likely is you need luck, and it more often than not doesn't turn up.

But 'someone mopping up shares' - really - it's pi hoping the odds are getting better as the price drops - even 25 million shares are only just over 5 grand -yes 'cheap as chips' for a reason.

There's someone desperately dumping as many as possible - why else the price drops on a 'buys' imbalance of trades?

They keep fishing for more buyers - then fish some more - 'someone' obviously doesn't think 'good' news is on its way.

Ocelot,

'these are not projects that need to be fully funded from the word go.'

They will have to have committed funding for the project proposed by early 2030's in their hydrogen storage first round application.

You're trying to make it sound easy - it won't be - and that doesn't even consider that the site west of Weymouth is almost certainly in the wrong place for the first round - I didn't transcript it but SS said something along the lines that west of Weymouth could be 'critical' for Project Union when they extend it south (to Southampton) from the first phase in the north east. I suspect any site could be nearer the truth if it is critical - but if it looks like large volume storage is needed in the south by the second round competition may emerge with deeper pockets, otherwise there are depleted fields that are closer to Project Union that could be used. UKOG also needs SGN to commit to building the west of Weymouth to Southampton link.

As for NG and UKOG's East Yorkshire site near Aldborough - SSE & Equinor already have plans for extending the Aldbrough site for hydrogen storage - so which competent and experienced operator is likely to be selected - Centrica or SSE?

Ocelot,

Just a minute - how come 'talking with' has become 'negotiating - this is a transcript of that bit of the interview:-

'…we’ve been talking with a couple of international ones European and a Japanese the model is very much an oil and gas farm out where they come in and they take up to a 50% interest in the venture and they provide a very big name and maybe some of the funding……'

They've been talking, negotiating etc since March 2023 and differentiated between the two - no one's taken them up on this fabulous offer of a non-exclusive salt formation (anyone could lease another site for just that cost) where UKOG has a heads of terms for a lease in Dorset and possible still negotiating a lease in E Yorkshire and some desk studies and no experience - and it seems UKOG doesn't expect to be carried - ANGS experience should warn anyone off a penny share borrowing cash - all the revenue ends up with the lender.

SHD,

Too many posters living in the past - don't you mean too many realists

New strategy. New direction. - old team Still SS 'I'll be in the Caribbean' in charge, and and same let him do what he wants board

Massive market. Right place right time - wrong place wrong time - Dorset not near production, demand - E Yorks competent competition for allocation

Ii’s loading up - no it isn't whatever 'it' is

Peel hunt 10%. - no they're not - Major shareholders 27 October -PMPRINC PEEL HUNT PARTNERSHIP LIMITED 3,306,766,765 9.95% - and it isn't an 'investment' it can only be as part of their MM activities

Fully funded £4.5m cash. Government funding to follow - UKOG waste cash like it's free money (for them it is) no government funding offered for storage - allocation of cap and floor revenue support for 2 selected companies

National Gas Mou. - nothing they wouldn't do for any company that might want to connect to their system

2 x JV’s in negotiations. News drops this goes vertical fast - been trying to find someone to pay for it since March 2023 - and can't find this 2 JV partners negotiations statement in ARA, interim or RNS - a sure sign it's an exaggeration - this from 6 Oct RNS - 'to further discussions with energy infrastructure and sector specialists with the object of securing a key strategic joint venture partner' - 'discussions'......Of course they'll keep talking about JV possibles, investment possibles - they don't even have to think up how to mention it - just change a few words from the last time

Massive upside. Sit tight. Don’t let them have yours cheap - suggests you missed out and are underwater, but want to sell asap.

and Laura

'Global politics means energy self sufficiency even more important for UK' - maybe but UKOG is a tiny company with an atrocious record, no significant cash where their hydrogen 'assets' of 2 sites for storage don't appear to be actually leased.

SHD,

Peel Hunt were below 10% a few days later - see UKOG's web page of 'major holders on 27th October.

PMPRINC PEEL HUNT PARTNERSHIP LIMITED 3,306,766,765 9.95%.

As for ocelots cringing 'It took the company 1 day from the Chairman's statement to announce the MOU with National Gas.'

As if they didn't know it was coming - or probably alreadyin existance - just a nudge to ramp the **** out of it.

The MOU is meaningless - even the NG statement says in effect they have to work with anyone:- 'At National Gas, we are committed to working together with industry, government, regulators....'

...and Project Union ends at Southampton - someone's going to have to stump up further millions to put a dedicated pipeline (probably 2, one in one out) to west of Weymouth - about 80km

and whilst they mention 2032 for the east coast hydrogen cluster pipeline (which already has strong contenders for hydrogen storage revenue support) there's no mention of timing for the southern link to Southampton.

New strategy new direction - yep, just like the Kimmeridge at Broadford Bridge then spining plates in Turkey - to distract from the previous failure - Turkey was announced before the OGA published the monthly production figures showing rapid decline and water production from HH-1 (whilst UKOG kept silentabout it - and has never mentioned production levels of water, and only mentioned daily oil production during the first month) - but just after admitting HH-2z wasn't destined for production.

As for ocelots cringing 'It took the company 1 day from the Chairman's statement to announce the MOU with National Gas.'

As if they didn't know it was coming - or more likely alreadyin existence - just something to hype the **** out of ready for the 3 placings that some posters were expecting TR1s from 'investors' only for them to be from spreadex and a market maker.

as for 'How long will it take the company to announce progress with some of its many other initiatives?'

Well most of their initiatives have been 'planned' before and nothing so far, and if restarting HH was such a good idea why wait 16 months to mention it?

and they've been conversing, discussing and negotiating with all sorts since March 2023 to get someone to help pay for it (sorry pay all of it) - so far nothing.

When will ocelot realise that UKOG annual reports are hopes qualified with weasel words like 'planned', 'potential', 'persue' rather than things that will happen - which seems to be ocelots belief - certainly it's obvious why some posters would prefer UKOG's record to be ignored, as many have in the past when any new project is mentioned, only to find the same team delivers the same outcome.

Ocelot

They can do all that and still not be a winner of an allocation, and that may be obvious very soon assuming the government gets its revised hydrogen strategy paper out this year as promised.

Seem to remember years when they were preparing to drill Loxley, drill 2 wells on the IOW, HH water Injector, BB again and submitted planning permission based on 6 wells producing a total of 3,500 bopd per day from HH - yet none of these things happened.

anda lot of them 1, 3, 4 and 6 have been in previous year's 'plans', and 5 should have been planned for this year if it's such a good idea rather than a fallback when the hydrogen storage plans come to nought.

Can't wait for UKOG RNS about HH-1 when it restarts at a higher rate and then silence (or worse BS vague RNS about plans to improve production that never happen) while we have to wait for NSTA production number publication 3 months delayed to realise production has dropped dramatically and there's a rapid rise in water influx.