Member Info for Sageman

Like most people the bulk of my portfolio is invested in boring tax efficient diversified holdings and like most people I am having a decent year but could have done without Trump restarting the trade war! Like most people I like a few racy stocks that I research. If you had a 10k portfolio and put £200 into UKOG no one would say it was rash. The percentages are the same just that the numbers are different.

GBar, it is only 2% of my portfolio. I typically never hold more than 5% in AIM stocks and limit any single AIM holding to a max of 2%.The fact that it it is at my self imposed max limit reflects how much belief I have in the project itself , hence my dismay and disbelief at the financial mismanagement.

People are indeed entitled to their opinions and I have no issues with SS as a geologist. His financial competency is the issue. I am here because I believe in the project and have circa 18m shares with a B/E at 1.35. Like many here I am trapped due to the dilution this year and the impact on the sp .I am no deramper as I want the SP to rise and hope that it comes good. But any success is being progressively diluted per my egg cup analogy and with no end of the dilution in sight why buy when dilution means you can buy cheaper? People who see dilution with a different set of glasses perhaps need to read some text books on investment ( and I am being kind since they clearly haven't got a clue about money and a fool and his/her money are easily parted so if the text book helps then good).

It is not just the sp that has suffered. It is the market cap. To build a FTSE250 company he needs to build market cap. This year he has managed to reduce market cap. The SP does not lie. It is the opinion of the market as opposed to a few rampers and wishful thinkers here. the last 2 dilutions destroyed all credibility taking us down from over 1.6p to the current sorry state. He has gone too far and must amend his ways and restore trust. He works for the shareholders. His job is to build a FTSE250 company and shareholder value.He could have a FTSE250 company with a 0.2p share price with several billion more shares but I doubt many here would be happy!

Gold, it is cheap when you buy with a loan. It is expensive when you dilute with the impact the value of your total other assets drop by 40%. With dilution it is the relative value of what you are buying to what you already hold and the ability to build value thereafter. If we develop our assets then neighboring land will increase in value on hope value but that would not be to the same extent as the value of commercially viable assets.SS thinks that our money is free money and boasts about being debt free. However, his job is to build shareholder value. He is an abject failure.

I saw a post on here a few days ago about egg cups and it got me thinking about dilution and why it is so destructive.People here are rightly looking forward to the rig and the horizontals. But think of it like this. If you get 3000 bopd and its all your lovely. If you divide it by 6bn it is less attractive. If you dilute it by further you do indeed end up with an egg cup full of oil. With each share issued your value is eroded and thus the sp falls unless the money is used to create value. WE have been diluted for no good reason this year with no end in sight and with no value creation. We now need an RNS saying that the BOD are investing, no further dilution for the forseeable and that the strategy is to extract maximum value from existing assets prior to buying any more land.

Look at where we were in Feb/ March in terms of the Sp. That was the precise moment that the feckwit with the negative iq in finance that runs this company made this company uninvestable. The walking four letter word showed the world that he solely wants to build a big company and does not give a fig about the impact on the shareholders. We need no more dilution and to get the horizontals done. In the meantime why invest when you can buy lower? Also with some many shares in issue in the absence of major production the Sp is correct given our 6bn shares. I could honestly slap him for being such an incompetent idiot when it comes to finance. An urgent RNS confirming no dilution in 2019 is needed plus why he raised the £3.5m with the Sp on its knees. I will literally rip him to pieces at the next agm for the money he has cost us.

Being uninformed is not the same as being unintelligent. I know a number of bright people most of whom are blissfully unaware of the depth of the problem regarding the Irish border. Once it is explained they instantly understand why the backstop has been such an issue.

Bronx, I don’t think that people don’t care. I think that people are actually unaware of the significance of the Good Friday agreement. Thus unless you accept a return to bombing you have to have a deal in a world where too few people want one ! Prior to the 2017 election a no deal was possible but not now due to the parliamentary arithmetic and the DUP insisting that Northern Ireland has the same treatment as the rest of the U.K.. Stalemate.

Bruce if you have no deal then what happens on the Irish Border? It has to stay open per the Good Friday agreement or back to bombs. Southern Ireland would be in the EU and we would not , therefore the border would have to be in the sea (to keep the border open )with Ireland as a whole still in the customs union until it could be solved by technology. BUT if that happened the DUP would stop supporting the government and it would fall. Thus May’s biggest failure was the appalling 2017 election which made the DUP pivotal.

May was never the main problem. She sought compromise when others refused to : remainders, hard Brexiters and the Europeans. Her biggest failure was the April 2017 election which meant that she needed the votes of the DUP. She initially asked for total flexibility but was forced to draw red lines. I believe we now have an impossible task. The numbers in parliament don’t work and with the 2 biggest parties losing big time at the polls neither wants an election so you can’t change the arithmetic. Sadly a change of leader has little chance of success - thus stalemate!

I am always very suspicious when someone targets the youth vote. Why would one deliberately target those members of society with the least experience? Do they think that more experienced people would see straight through their spin? Policies should be fair to all such that young and all will vote for them.

Smite, the rules of the game say that a referendum must be respected, full stop. If the referendum result is not implemented then democracy is broken. When we have a general election I accept the result, I don’t ask for a recount. With the first referendum we had all major parties supporting Remain and dire warnings from the Bank of England yet the people still voted to leave. There were lies from both sides, that is politics.

Bronx you have 35% for hard Brexit. You have the votes for remain ( SNP, greens and libs) then you have votes for Labour and Conservative which are officially ( per their manifesto ) pro Brexit. My take is that there is a clear majority for a Brexit but no appetite for the middle ground. No compromise so those in the middle appeal to no one. We have a massive problem.

Bronx your analysis is flawed. Conservative and Labour manifestos are both pro Brexit. Therefore it is not stalemate. It is a massive vote for Brexit.

Brexit party plus UKIP = 35% for hard Brexit. But then consider that conservative and Labour manifestos both support Brexit. Vote was a massive result for Brexit. Whatever my personal thoughts are the numbers are undeniable.

Warwick, please forgive me but having read your posts you are not an investor at all. You are a gambler. Gamblers generally lose. You place your bet for a month or hoping to get rich quick. Investors do fundamental research and when they buy are happy to take a quick profit but by the same token are happy to hold. You only make or lose money when you buy or sell so actually if you are still holding you have lost no money yet. Investment is about multi asset diversification. As a general rule never hold more than 5% of your portfolio in any one stock and if it is AIM try to restrict to to no more than 10% on Aim with no more than 1-2% in any stock. There are loads of things to invest in all over the world or all different levels of risk. It is depressing to hear someone so worked up.

The issue is that our leader would be as happy with a 600m mcap with 6bn shares at 10p as he would with a 600m mcap with 120bn shares and a 0.5p Sp. He thinks his job is to be a great big company that is debt free. The owners ( that is you and me) want him to build a big company and also increase investor value. Until he learns what investors demand no one will invest here to fund his grand ambitions. The Sp speaks volumes. He has diluted away his credibility and our hard earned cash. Investors here are now people trapped by losses queued up to cash out on a spike desperate to get their money back prior to more dilution. The shame of it is that with sound financial management this could still deliver shareholder value.

I don’t know if this helps but I have had some first hand experience of M&A recently. I know that a FO is different but the due diligence and legals all need to be done. Each case I am dealing with will proceed. Each case is at least 6 months behind schedule and it has nothing to do with the money or the willingness of the parties to conclude the deals.
This knowledge made me increase my holdings here a week or so ago.

Better tone to RNS and good news hence initial uplift. However, too many people here trapped by fall in SP desperate to get out and therefore selling in to any spike however small. This is the damage done by clueless over dilution. I like the fact that they are now concentrating on the drilling. However, we now need results of Horizontals and BOPD over 1000 to do the heavy lifting on the SP. Indeed 6bn shares require very heavy lifting!