So to be clear that £25,510.20 is approximately 1/12th of the £300,000 that the BoD were granted back in Feb.
Ok, got it?
And as far as your massive dilution claim goes... your opinion is your own. But personally I know your agenda and you are here in stead of BMD and PIJOE and those other UKOG haters. We know your game. Remind me again of the BMD massive pump and dump driven claims about the "major" sniffing out UJO. It's criminal what he's done, claiming inside knowledge.
In case you cannot find it, a copy and paste. Now go do some homework or write 100 lines "I must stop pretending to be a financial mastermind."
From page 49: "Equity comprises the following:
· "Share capital" representing the nominal value of equity shares.
· "Share premium" representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.
· "Share based payment reserve" represents the value of equity benefits provided to employees and directors as part of their remuneration and provided to consultants and advisors hired by the Group from time to time as part of the consideration paid.
· "Retained earnings" represents retained profits and (losses)."
The trolls will use the Coronavirus pandemic lockdown delays to give this stock a proper licking.
It's taken the licking. It's been through £3.1m of £5.5m YA CLN.
It's had to put up with constant Tellurian and YA selling.
It's had to deal with rig delays and water ingress in HH2z.
It's taken all those and is still firmly standing on 2 legs. It's taken the hard punches and may be down on points. But guess what, the hydrocarbons are there in the ground, UKOG are taking them, day in day out. The rope-a-dope is nearly done, and this fighting company are gonna come out swinging very soon.
That GM back in Feb, with the thumbs up given to issue more shares which falls away at time of next AGM. Masterstroke of forward planning. Covid-19 means that the next AGM could be several months away. Passing that resolution at the GM back in Feb gives the BoD flexibility to manage the business SHOULD they need to place. They knew then that Covid-19 was a massive threat. They knew then that they MAY also want to buy out ALBA and/or DOR. They'd have no option to buy out if that resolution wasn't passed.
The part time so-called expert reporter is making some daft claims.
OPEC+ are having the usual generational fallout that blows over in short time.
Price of Oil will climb back to $50+ within a few months, maybe even sooner.
So, I'll back OPEC+ over some part time UKOG hater who will spout any rubbish and lies he can.
1000 bopd @ $50, provides $11,315,000 gross profit when using lift costs of $19 per barrel.
That's £7,784,720 net to UKOG using exchange rate of £1 = $1.25 and 86% to UKOG.
Remind me of UKOG costs specific to HH? Reminding you all that it's costs EXCLUDING lift costs!
I rest my case. OPEC+ wins. Part time so-called expert is a full time loser.
P.S. we all know that pijoe is heavily into UJO. For those of you not up to date on current affairs, West Newton EWT was ceased end of August 2019. A full 7 months later and nothing happening. Put that in your pipe and smoke it Pijoe, jokes on you mate!
Absolutely, UKOG are doing the prudent thing. Get HH1 and HH2z into long term production. Produce CPR, then drill more wells. Portland is the short term cashflow. Hopefully HH3 HH4 will be dual completion into Kim and Portland. Drill them back to back in 2021. Get the cash reserves up first though. "Use some of the resultant cashflow to drill further wells", that's great news, no dilution to fund the drilling. I hope UKOG have learned the lesson, cashflow -> profit -> invest. No more CLN rubbish