Wouldn't it be interesting to see the spud without a raise now as well?
As they say never count your chickens!
It would certainly see some of you traders left scrambling & out in the cold especially if it was much later.
Maybe there are those who can't remember what happened with the UKOG shareprice after funds were raised for the Horse Hill EWT but the shareprice after touching 1p went to 2.94p.
We recently saw 88e go from 0.0024 to 0.0470p so what will happen with the UKOG Turkey drill
Will the 3 or 5 shareholders doing the interviews be elected or self appointed?
Who gives them the authority to appoint new company officers?
A vote to remove a director is different to having the authority to interview new ones.
Great to see someone posting some good old common sense not just this half baked pie in the sky baloney.
From what I remember Rodders Jones was not a oilman, an accountant, a CEO,
a Chairman, or non executive director.
What experience does he say he can bring to the table?
Let's not jump out of the frying pan into the fryer just yet!
The situation with UKOG has always been everyone shouting with great expectations & inpatients but they have usually got there when the regulations have allowed.
Whoever made the comment about this action being detrimental to shareholders intetests is absolutely correct imo.
It has not only the potential to be majorly disruptive to the company in the middle of this first Turkish well appraisal, it's negative influence may also create much more dillution to be necessary impacting everyone's investment.
I urge genuine shareholders to give this serious concideration weighing up not only the timing of this action but also the lack of directors alternatives that have been put on the table which as far as I know mentions no alternatives or the experience that any potential replacement directors may have not only in running a company but a highly prospective oil & gas company with the knowledge and experience that UKOG already has on it's board of directors.
It is quite clear that not everything has worked out as everyone hoped but we also have to ask ourselves as shareholders if we understood the risks we were taking?
As far as Rodders himself who unfortunately can not post on LSE due to having a lifetime ban I ask:
1. While if I remember correctly you very publicly purchased shares in UKOG with a value well over £100,000 posting the buy statements on Twitter, do you still own these shares or some of them, more of them or none of them?
2. Are you currently a UKOG shareholder if not is this just a action based on bitterness which has the potential to undermine many shareholders investments.
While I understand that it will not have a major impact on Cyndi with his £10 investment but for you it could if you still owned those shares that I don't think that you mention in the front page of you website all aimed self destruction if you still hold them!
I urge all shareholders to consider the impact & delays this would cause & support the company in this growth opertunity which is now almost drill ready with a likely spike in the share price as the current operations progress.
Gl all genuine UKOG investor's it is great to know that there will soon be a RNS every month confirming the directors share purchase for that month. I don't know of any other AIM company who have directors who have given that commitment to purchase between 5 & 10% of salary to buy share in there own company every month for at least 12 months.
With the way things are going any possible placing looks to be at a share price far North of the current share price with current & future news flow expected.
It looks as if all those who are waiting for a lower price will have missed the train!
While there are many nay sayers I have to say that I am a little surprised that you will be selling up so close to a drill with how you have portrayed such a positive vibe about the Turkish project prospects.
We have herd for many months from the derampers & swampy how desperate UKOG are & will raise funds.
To date none of this has happened, with the last funds raised being the initial £2.2 million for the Turkey project & the continuing oil production helping to fund the company & develop growth. While these projects seem to take time to establish & gain production licences each licence & drill potentially adds to the core strength with it's reserves / contingent reserves.
As many are aware UKOG has completed this current stage of the development at Horse Hill & are awaiting the environmental permit for the additional 4 in fill wells & the water injector well which is aimed to increase oil production initially in the Portland wells.
While many would have liked to have seen a immediate investment by the directors this may not have been possible due to government regulations through a closed period immediately prior to the interim results.
For me it is encouraging to see all the directors commit to a share purchase from salary of 5-10% per month.
While many may knock this this is not a one off purchase but a commitment to purchase shares in the company every month for the next 12 months & the company will RNS the market every month with the number of shares purchased by each director at the time.
While UKOG is still a relatively small company & has only a few employees it would be encouraging to see the company also offer without commitment a share save scheme with tax benefits for any employee taking part. This can be seen further on the link below.
While I may have been preoccupied recently & suffered a immediate family bereavement on Friday following a short illness I have endeavored to follow events as possible.
I have accepted that the directors who have the role & responsibility to govern lead & direct the company to the company & it's shareholder benefit.
I believe that the continued share purchases by the directors will over time help reinstall some belief in the market that the directors decisions are becoming more aligned with shareholders especially when they feel the ups & downs of there decisions effecting everyone's lives including there's & any employee who may decide to purchase shares though a discounted tax reducing purchase scheme directly though there wages. I started working for a company called intercontinental hotels who ran a share purchase scheme in 1986 & employees could buy shares directly from there wages every month.
As I remember the price was approximately £2.90 per share & today even in just past a covid peak the share price is just shy of £50.00 per share. Who would have thought it then?
I wish all genuine shar
That doesn't appear to be so if you listen to the UKOG AGM video posted on there UKOG Twitter page only about 650 million votes were cast out of almost 13 billion shares.
It sounds like a lot of non interested shareholders, funds or long term holders letting the board get on with it.
Maybe you would have more support bring a motion to a general meeting specifically restricting directors renumeration & banning any bonus payments until UKOG are in profit & paying dividends to shareholders.
Especially after SS has repeatedly stated HH could be producing 2000 BOPD by the end of 2019.
On the bright side maybe we will see a Sharp shareprice uptick once funds are raised like when HH was fully funded prior to the EWT.
Maybe SS CEO tenure will be up for renewal at next year's AGM & it will not require a special motion only enough votes.
Time will tell.
Whatever anyone may think it looks as if Rodders efforts to remove SS are doomed to failure!
If he currently needs 10% of shareholder votes to implement the process which would be almost 1.3 billion shares how many share votes will he need after the funds are raised for the Turkey project, the water injection equipment for HH & any other commitment works?
I think the directors must be laughing there socks off at shareholders as there were only about 650 million votes cast for the AGM as per UKOG Twitter video vote.
The key question is come next May will shareholders be laughing at the four directors having not got the shareprice high enough to benifit from there options & will they all lapse?
The key question is can they start pulling rabbits out of there hats?
Any comments Mr Chairman or Mr acting Chairman?
Maybe people should consider your advise in context?
Are you the same Jiffybag who switched holding shares from UKOG to Hurricane when Hurricane had a market cap of £1.2 billion which is now below that of UKOG's market cap.
My understanding is that the two Executive directors have a one year notice period & the two Non Executive directors both have 3 month notice periods but my understanding is that shareholders could not be refused copies of any directors contracts of employment on request as all directors are ultimately answerable to their shareholder's who employ them as they employ the employees & hold them to account within company policies.
All of these things need to be taken into careful consideration by shareholders without taking notice of share profit as he has always had a grievances against UKOG & SS.
While many may diss SS & the board of directors & I personally believe that things have taken longer than expected & cost more than planned due to the complexities of the UK regulation.
On the plus side the plans for HH were originally for 2 wells which following the EWT with 1 commercial declaration of the Portland & 2 commercially viable declarations for the Kimmeridge UKOG scoped & gained planning permission for 6 wells & water injection.
Obviously this has taken longer than the original plans which were originally for 2 wells which already had permissions granted.
The EWT of the Portland also stated that early stage water injection would improve oil recoverability up to 45%.
Subject to the granting of the Environmental permit that water injection will take place relatively early in the process.
Should the Kimmeridge also need a void filling to maintain pressure it may now become available as well as sufficient wells to allow it to become commercial.
I appreciate the sentiment of many shareholders of the lack of communication by UKOG & it's board of directors including the Chairman's comments in the annual report that he monitors the UKOG chatboards as feedback for the board.
Unfortunately the board seem to not interacting or replying to shareholders directly or at the AGM's where the directors will only address what they deem specific AGM points & consult shareholders if there is enough dissent to the companies policies which now seems to be part of a revolution!
The key question is that with the amount of current dissent is it to late to start listening or has the confidence been irretrievably lost.
Two key points are ahead for me:
1. The results & achievements of of the initial drill in Turkey as well as the share price as the plans unfold.
2. While the permissions for HH 3, 4, 5, 6 was granted for 25 years was the initial 5 years for development & the remaining 20 years for production from September 2019 of the extra 4 wells?
Adequate communication seems to be lacking unless there is a ulterior motive?
If SS has received his bonus follow the EWT based on false information which has also been supplied to the OGA & the justification for the extra 4 wells scooping & grant of planning permission with shareholders have had to fut the bill there would likely be a case for gross negligence b
What you will note from the Hurricane motion is that that some alternative directors have been nominated for approval & would also need to be available & acceptable to the meeting if the motion was carried.
If this was not done & the motion carried the company would have no leadership or direction.
The UKOG finance director & Chairman have been recently reappointed at this latest AGM with shareholder votes.
If I remember correctly all 4 directors have share based option payments scheduled for 2022 year & in 2024.