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What a good day yesterday for UKOG. The RNS showed that they are still very much in the game, and restored a huge amount of investor confidence. I have been critical of Steven Sandersons approach to his shareholders, but, if it is part of a strategy to ultimately provide shareholder value, then I will concede. The fund raise issue still remains, but we could get news for that today. It’s clear that it isn’t needed for the Horse Hill program, which leaves possibly only two reasons. Future projects or acquisitions in 2019 or of course settlement of the YA facility. Both would be extremely positive. If the placing price is .9 I expect a drop (hoping for) and then onwards and upwards. Then again there may be no placing at all. Like others on here I topped up at 1.06 before the placing so now in a far better position than I was, and feeling quite relaxed. If this company is to grow and ultimately enter FTSE 250/350 it will need funds along the way, but hopefully with an increased income from HH, the short term pain of any fund raise will be reduced. And of course, there are still other routes which may or may not be considered ie Farm outs, jvs or takeovers. Who knows. Good luck to all LTH’s and I think the journey from here on will be a more pleasant one than it has been over the last 6 months. And definitely a more profitable one.
Today was the reason people keep buying this. Up over 100% at one stage. Now factor in EWT start up, tankers going in and out of HH, successful flow rates over 3 zones, production license applied for. The list goes on. Potential multi bagger all over again.
to the articulate and researched professional de rampers who have thrown in the towel today admitting defeat and gone away. They will be back soon. However it appears we are left with the mentally challenged, short of a picnick, bunch, who if nothing else are good for a laugh. There will be many ups and downs with UKOG, and there may be a placing. If there is it will be for the right reasons as we know the drilling program for 2018 is fully funded. Then again there may not be a placing, so those waiting on the sidelines could miss out. Personally I’ve kept a little cash aside just incase it does drop. A massive hurdle overcome today, and from now on, I suspect we will be trending upwards. Slowly slowly.
the RNS before posting and making yourselves look foolish. Fully funded. So if there is a placing, it will be for a beneficial reason. Near continuous testing and appraisal program. Planning application to be submitted summer 2018 for production license..
Good post, and probably very true. I’m hoping that the loan would be to discharge the YA facility. If not, then the plus side is that only 3.75m to go. As you say, it is impossible to predict an sp while they’re still in the game. Once they are gone, we’ll see a noticeable lift. The other positive is that hopefully this style of funding will never be used again.
Since this SP hit 11p, there has been an organised short all the way down to 1p which is where we are now. It’s not just here, but common practice on a lot of shares with the right credentials. Originally 3p was the target as admitted by Winithrith. They saw more legs in it down to a penny, and now again trying for .5p. WShak admitted it on Twitter last night saying that it was almost time to say goodbye to UKOG. When the news came out regarding a possible placing, you could see the re emergence of the same old de rampers on this B.B. almost overnight. Just about everything so far seems to have played into their hands. The problems with B.B.,along with the poor handling of communications by the bod. We are already seeing prolific de rampers suddenly turning pro ukog, which means they hit their short and are now looking to pump the life out of it. At this stage no one knows what the Fund Raise is for. It could be a huge positive, explaining the silence while negotiations take place. Granted, it could also be for working capital, although it seems highly unlikely. The RNS on 6th November alluded to the forthcoming EWT, and the re designed HHDL web page also mentions that the EWT at HH was about to start. Were those statements deliberate lies? No. Did something catastrophic happen between 6th June and the fund raise rumour on the 11th. Doubtful. Nothing has really changed on the Weald play. The oil is still there, and one way or another it will come out. We just don’t know at the moment when, how or who by (JV’s, Farm in’s) I’m a long term holder here, comfortably loaded, and now just sitting waiting ready to pile in if there is a placing for the right reasons, and at the right price.
If I actually wrote down on this B.B. how I really felt about our BOD and in particular, Sanderson, I would make a fool of myself. I can�t comment too much on the drill at B.B. because I�m not technically equipped to do so, and at the end of the day, not every drill is successful. Far from it. What I can comment on is the handling of the whole process from the ridiculous RNS regarding seeing, smelling, touching oil, to oil pouring videos, to complete silence and refusal to communicate with the people who pay the mans wages. There are no doubt worse BODs, but this one has to be near the bottom. It has ruined a lot of people�s investment plans with the way the whole play has been presented. Honesty from the start, and we wouldn�t be in this position. It�s played entirely into the hands of the low life�s who inhabit these boards for their own gains. Not making anymore calls on this until I know what the financial situation is with company. No doubt it will be TW or BMD who let us know first. The whole thing has been a joke so far and will need some clever strategy on Sandersons part to turn it around and Instill some confidence. Is he capable of it, that�s the question?
Oilman You do realize your posting history is available for everyone to look at. In May you posted you were new to the trading game, and asking what a price monitoring extension was! We have enough problems on here as it is at the moment. Seriously!!!
Topgun333 I follow BMD and saw the tweet. He is most probably right, but he did not at any stage mention a �bailout placing�. He only said �placing� which as far as we know at this stage could be for anything. Even a buyout of one of the other partners in HHDL Please report accurately.
Thing to consider, is, that if there is an imminent placing, then, what it will not be for at this stage, is production at HH in 2019. Sanderson has already stated that funds will need to be raised if we go to production, so that would no doubt be yet another placing, drawdown or YA style facility. Even if HH flows well, the proceeds from oil will not be sufficient. I�m resigned to this placing now, but I�m really hoping it will surprise us with something we haven�t considered. Commencement of drilling at Areton maybe. Clutching at straws. Sanderson categorically stated that B.B., HH, and Holmwood were all funded through to next year. We need answers.