Member Info for wizard125

Jiffy If I understand you correctly. I think Ukog would only need 1\2 of Tellurians share of 35% to have overall control by holding more than 50% of the licence at approx £3 million and £500,000 to become the operator.

Jiffy I did not realize D Leningrad's resigned as a director of HHDL in 2015. I thought he had a place at the table from Dormious.

Jiffy If this was not the case UKOG would not be the biggest partner in the consortium with SS as Chairman as I understand it they hold approx 32% of the licence and 49.9% of the consortium.

Cigarette packet calculation 33.3% is approx 1\3 of of the the overall share and makes for an easier calculation of Tarrillians share. Solo bought 5% or the remaining approx 66.6% of the remaining 65% for approx £130,000 so add 1\3 to get the approx overall value. 35% approx value £5,800,000 ÷35 =£167,000 ×100 =£16,700 total value to inside parties. This does not necessary represent the true market value.

Jiffy As I understand the do not have to contribute.

PJ As I remember from the discussions at the time of Solo purchase insiders usually get first option and the prices were said to be about 20% of market value. Do not ask me why but it is the way the consortium works so that would make £50 million market value on the open market.

Jiffy If I have got my sums right approx back of a cigarette packet calculation. solo bought 5% of 65% for £650,000 so 1% = £130,000 +33.3% =£167,000 × 35 =approx. £5,850,000

Jiffy how much would that 35% cost?

Great to see lots of pictures on twitter. But it would be great to see some of HH site or are they not allowed. Thanks Fool on the hill & Pboo.

I don't know but D L's post seems to have been removed from twitter saying he is glad the blue touch paper for the start of HH has been lit but his lips are sealed by the regulator or words to that effect.

Thanks Rosewall I'm glad I did not miss read this. It is good that someone else reads and understands the situation with all the currant negativity. Hopefully some confidence will return with the start of HH and the injunction hearing.

Why do you think imminent funding is needed. If the first tranche of the loan went directly to pay for HH or was ring fenced and the second went to ukog on top of the £1.74million previously held at the end of September 2017. I would imagine some costs of flow test in late 2017 & 2018 came from this but nobody knows is if any costs we picked up by contractors of BB or other sources after the poor show. 2017 costs were considerable but should not be repeated in 2018.

Pijoe Read the report and accounts statement from the end of March after BB was suspended and the funding situation was known but no figures were stated. The company has sufficient funds to stay in business for at least 12 months and contingency plan are there which can reduce expenditure to improve cash flow where needed.

I am not an expert and can only hope for success like everyone else but I try to read between the lines. I don't think HH will need fracking & they have permission for a sidetrack in a well that produced at 3 levels. There was no sidetrack permission or time left at BB. There is at HH. If it does not flow well initially I am not sure if they can side track before the flow test permission is finished.

Jungerns The point is if they are not doing much they are not burning cash and will not need new funding this year unless it is for a mew purpose.

The mov I have also considered & the wording in the accounts is is likely not commercial. It is or it is not commercial? It is almost commercial or will be commercial if the oil price reaches would be more informative and helpful. Ss does not want to let go of BB so knows more than he is letting on. Unfortunately this will not help at the point of needing to raise funds.

junurnes Maybe you should read and understand the report & accounts RSN & consider the implications not all bad but maybe for the best. Then you may not need another RSN only patience.

Billy ill leave you to your delusion. I believe in UKOG not you. As they say you can dress a pig in a suit but you will never stop it grunting!

The accounts that were released at the end of March state that the company can continue in business without further funding for at least 12 months and contingency plans are built in to the cost base to make this last longer. The thing is, is it necessary for UKOG to become a production company next year with HH being put into production and a large potential of growth from the sidetrack & the second well. Funding will be needed to dill the new wells. All looking good going forward.

Billy The one thing is that it does not change the value. 10*1p=10p 1*10p=10p Gl