Member Info for Stocktaker01

Doing that wellhead?

https://www.google.co.uk/amp/s/metro.co.uk/2019/08/09/cornwall-earthquake-strikes-helston-falmouth-leaving-residents-shook-10543456/amp/

A few of the front runners have by the looks. More will follow. 2.5 million block buys.

Easy- SS needs keep the choke on till the deal is signed! lol

The terms here sound pretty good for UKOG-

The conversion price is the lower of either a share price of 130% of the Company's average VWAP prior to the Loan drawdown ('Fixed Conversion Price'), or 90% of the Company's lowest VWAP during the five days prior to the conversion date. The Loan is convertible by the Investors in tranches of not less than £150,000, with a limit of £3 million per quarter, unless otherwise agreed by the Company.

So the loan companies have to wait till the share Price is over 40% higher than the price from the time of drawdown to be quids in? else the option to go for the 90% VWAP during 5 days prior to conversion would be the more advantageous (lower) and can only convert £3m per quarter - seems reasonable to me.

Yes for whatever reason it's clear that SS strategy has been to maximse UKOGs ownership (and now have total control) of the HH asset. I can about stomach the extra dilution for this. Now please drill the side-tracks and take this to production!

todays news will be looked at as a master stroke in years to come. second day of red but with greater buy than sell volume stinks but mark my word this is a good day for UKOG and its holders

Agree. though also we gotto admit its not great for LTH, SS strategy has been clear I I am relieved that the 3.5m placing has been spent on this rather than some other prospective play. this is probably one thing I could stomach further dilution for and with successful EWT of the side-tracks I'm more confident than I was of this seeing 3-4p range than I was. Now for that rig!GLA.

That being the case, withdrawal of the bond offer does not strike me as a desperate measure, rather the action of someone how thinks there's a better deal to be had down the line. Just IMO

If they were truly struggling for investors surely they would not retract the bonds rather keep plugging away/ accept the 13% terms offered. Clearly they saw 13% as taking the proverbial and have opted to revisit as stated. Potentially as some other have stated, more attractive funding options have arisen.. UK Gov? One things sure SXX are far from finished as some as the doom mongers would have believe today!

agree. 13.5% looking like a pinch now!

over-reaction. Surely not selling off the bonds if the market conditions are not favourable is the correct thing to do? the bonds will be sold sure enough

too late. damage done in short term. may as well hold put. probably get the bond away next week.

I've always thought that elec car were a white elephant myself , can't believe the governments are forcing car manufacturers down this road. I though hybrids would be the thing of the short term future but seems its going all out electric. Like you say until we are generating electricity (world over) predominantly form renewables not green at all. then there's the waste lithium time bomb!

Quite right RB. We also have a technical explanation for what went wrong at BB so its far from a lost cause.

Wouldn't say there was anything "amazing" but it was positive all the same. Fact is the market is waiting the rig/ drilling operations to get underway. Then the herd will come as they always do. I don't think there was necessarily much UKOG could have done to get the rig quicker. Rathlin probably already had it on order and Centrica used there size/prowess to make sure it went to caythorpe next. Frustrating for us all but hey ho we're next in line and those side-track will be drilled and flowed. This time next year Rodney.

absolutely. the vast majority are awaiting the inevitable rise when rig arrives and the increase thereafter as drilling/ testing gets underway. by the time it becomes evident that the 700bopd from the Portland side-track was no bull we'll be around 4-5p range. IMO

T82 agree with a lot of that however I think if the strategy is to wait for SCC to pull their fk1n finger out we will be here a very long time. SS needs to get on with the side-track drills he has planning for. Doing this cleanly and safely and increasing tanker movements etc. will all go along way to securing the further planning applications. Yes in an ideal world UKOG could crack on and drill all the production wells at HH in one visit but I think the "we've already extracted 250k barrels over 30 months without incident" / "its just another couple of wells/ few tankers a day" approach will work better

Might as well get used to the fact we're going nowhere till the rig arrives. Site activity suggests that will be soon. No knowing why the rig wasn't procured on time (Q2). Perhaps SS didn't act quick enough, perhaps we were always in a queue behind West. N. et al. Perhaps there was some incentive to allow the duties up in Humberside take place first. who knows. What we do know is that UKOG has shown massive upside from where we are now on previous drills and that these drill are comparatively de-risked/ fully funded/ and should see UKOGs oil production increase 5 - 10 fold.

Silly pi’s selling cause of the plan to have 199 tonne storage “just in case” lol

It’s possible it was ordered on the basis of the original drill schedule.

I was not aware the crane had left site. I as many did assumed the crane was for the rig. But yes I still see the gas separator has an exciting development and can see this moving northwards.