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Sting69 @6:01
Couldnt agree more.
Why anyone spend money on building a house without planning permission in place? then why would UKOG start drilling without the production planning? Especially as the application is in place. A small wait yes but one which mitigates any planning risks.
No Rig means no swampies and nothing sticking up in to the skyline whilst the planning is being considered. During the planning meeting we will be able to say that we have had over 300 tankers and there havent been any disruptions.
Personally I am happy to wait - the Oil isnt going anywhere, or at least not until we have the planning.
Penguin
It cost less than £1.8m to run the Company to run the company in the 6 months to 31 March not £5m and we dont know how much of the £1.8m was one off costs. It also received £1.6m from the sale of test volume.
It did invest a further £3.5m on Exploration and Evaluation assets but these costs arent needed to "run" the company.
Thank you Adrian on Twitter. I am not sure if your pictures encourage people to buy or not but I am certain that they reassure people and influence them to hold especially between RNSs and when the Trolls come on here en mass.
Pboo
"Service" definition = "the action of helping" If you and Adrian, are not helping then what are you doing. I believe that you are but took a different definition of the word.
The tanker count has helped many here, I hope it resumes.
I can see twitter, I am not blocked why would I be? The lack of tanker pics is what I was referring to as a blank screen and yes I know that you dont have to help me and others.
Pboo
I was responding to Free-Money's post and Adrian saying he wasnt counting the Kim tankers. I was trying to point out that this could be perceived as the reason being there werent any. Looking at twitter, yes I can see that there is a lot of noise, but unfortunately a blank screen. When a service is given and then taken away for no explained reason does make people suspicious.
As I did say what Adrian and yourself put up is entirely your prerogative and I thank you for what you have done.
@Adrian - thank you for your kind words to me on twitter.
Free-Money
Unfortunately, FOTH has dragged many in with "Follow Fool News". The tankers rolling out have reassured many and kept them in I am sure. The problem is the last time the Eyes went dark was when BB wasnt flowing and the unreported (on fool news) waste tankers were leaving.
Of course it is Adrian's prerogative, but radio silence will lead people to believe the worst.
DHC
You dont have any knowledge whether Europa, UJO and Doeiemus unless you are an insider.
What us, on the outside, know is that Europa HAD 25m (about 1/2 of yesterdays volume) and UJO HAD 10m (about 1/2 of todays low volume).
If they still have these insignificant amounts left is unkown.
I think that Alba have got their sums wrong re their dilution according to the Agreement:
"If a shareholder does not provide finance as set out above, each other shareholder shall be issued new ordinary shares in the capital of HHDL based on the following formula:
Number of shares = shareholder loan contributed by the shareholder/£6,000."
£261,000/£6000 is 43.5 shares or 4.35%
Until recently UKOG was an oil investment company, and many including the people on this board invested in to it. It became an Oil operating company and is in the process of extracting oil at the same time as having oil investments.
It has invested £300K at an early stage oil play, one which agreed could end up worth nothing but could equally end up being worth 50-100 times what UKOG paid. It is a de-risked investment because SS has the knowledge of HH and the investment has similar geology.
If you want to invest in an oil company which is producing try BP, if you want an Oil company that doesnt have to raise finance to grow then get off AIM.
As long as the raising of finance is for the growth of the Company then I am happy.
I think the money raised is for more HH and that is why it was raised now.
If a good CPR is released then the cost of HH will go up in a higher proportion than UKOG share price so it would cost more UKOG shares later than it would today. Also a cash offer is better than a cash and share offer for the seller.
https://www.ogauthority.co.uk/licensing-consents/licensing-rounds/ the RNS and the accounts state that we are looking at offshore as well as onshore.
OGA need to see capital behind a company to issue licenses.
Penguins
As a LTH (some may say ramper) I dont disagree with your £63m valuation of Portland (although it could be on the slight high side). Your £63m covers the current SP more or less. Portland has always been said to be a bonus.
The potential of the other assets is massive it is currently like a bookmakers initial offering guaranteeing money back if your bet loses. So a 40-1 shot with plenty of opportunities to cash out along the way with a money back guarantee imo.
Cyan2
You havent quoted this bit for some reason "The prospect of free cash flow and associated proven and probable reserves from Horse Hill in the next financial year, places the Company in a strong position to deliver its ambitious 2020 drilling plans and the associated growth."
They couldnt have ruled out the need to issue more shares, the auditor wouldnt have allowed it.