Member Info for wizard125

Penguins

The whole point of corporate governance is that not just one person makes all the decisions for the company & all directors have responsibility.

Penguins

Read the UKOG corporate governance document.

https://www.ukogplc.com/page.php?pID=66

Penguins

So where is the independence of all the directors with responsibility for the board of directors resting with the Chairman?

Penguins

So what are you saying.

Which one is correct or do you think there is confusion between Arreton / Goshill & the whole of the IOW & the whole of the IOW?

Have you heard of or been to a UKOG investor roadshow?

Penguins

As I have pointed out it seems finance, resource & communication is the responsibility of Kiran the executive finance director but delivered by Steven Sanderson.

While everyone says SS has not bought any shares reported director shareholdings state the executive finance director Kiran has held shares since 2015.

Directors Deals for Uk Oil & Gas (UKOG)
Announced Traded Action Notifier Price Currency Amount Holding
23-Oct-15 23-Oct-15 Notification of Holding
Kiran Morzaria 0.00 0 4,508,178

Ninetails

My letter to Alan Howard also stated that improved communication through RNS's would save a lot of time & cost of directors answering emails or not as the case appears to be.

UKOG state as part of there corporate governance that they hold roadshows throughout the year to engage in communication with shareholders for feedback.

Has anyone on this site ever seen notice of one or attended one?

Penguins

From memory you told me that the presentation figures for the IOW was not in a RNS & was only posted on the UKOG website so could not be relied.

Funnily enough you said the same about the SS interviews.

What do you really believe is true?

Ninetails

While I am not defending SS, maybe questions of a resource, value & financial nature should be addressed to the executive finance director Kiran Morzaia at UKOG not Steven Sanderson who is the Chief Executive officer, Kiran also seems to be listed at companies house as the company secretary, who are generally responsible for all company communication & advising on corporate governance, although the communication seems to be done via his front man Steven Sanderson.

Penguins

A update on the IOW resources from the final results issued 30 March 2020.

Any more queries you have on resources email UKOG!

Isle of Wight Arreton oil discovery, Godshill prospect and Arreton East prospect, PEDL331 (UKOG 95%)





PEDL331 on the Isle of Wight contains the lion's share of UKOG's discovered audited recoverable conventional oil resources (UKOG net P50 Contingent Resources of 14.9 MMbbl). UKOG signed leases for well sites at Godshill (formerly Arreton South) and Arreton in January 2019 and August 2019 respectively. Post period in December 2019, a stakeholder exhibition was held for both sites. The Arreton planning application was submitted in March 2020. The Godshill planning application submission will follow.



Our forward plan is to first drill, core and test an Arreton-3 pilot well which effectively twins the prior Arreton-2 oil discovery, made by British Gas in the 1970s. If oil flows are encouraging, we will then drill and EWT a horizontal sidetrack, Arreton-3z, within one of the three vertically adjacent Jurassic reservoirs, most likely the Portland, which is a natural-fracture enhanced sandy limestone of better porosity than Horse Hill. Both vertical pilot wells will also core and test the underlying Kimmeridge section.



Should Arreton-3 results prove encouraging we plan to move directly to drill, core and test a vertical pilot hole in the geological look alike Godshill exploration prospect, which contains around 50 MMbbl of oil in place (OIP) within the Portland plus significant further upside in the Kimmeridge and Inferior oolite sections. As per Arreton-3, if the initial results are encouraging, we plan a horizontal sidetrack and EWT.



UKOG's subsurface team have also identified a further large undrilled anticlinal structure, the Arreton East Prospect, another look-alike to the Arreton discovery and lying further to the east along the same geological trend. Initial mapping shows this feature to be many times larger than both the Arreton oil discovery and Godshill prospect combined.



OGA granted a two-year extension of PEDL331 to 20 July 2023.

nomlungu

I will post if I receive a reply if you miss it post & look for a reply when I am posting.

As I put in my previous post 'may be in breach' as replies may have to be to substantive issues I am sure in a conducive mannor.

I also concidered the administration cost of applying the relies & the benifits of quality detailed RNS to keep the cost to a minimum.

If it is not taken up I will look at other ways to have the situation improved but hopefully that will not be necessary.

Penguins

As I have stated before if you have a issue you should write a letter of complaint to UKOG.

I appreciate your comments previously about not receiving a reply but as I have pointed out in a previous post maybe yesterday or the day before UKOG may be in breach of there own corporate governance policy statement.

I have written a email to the UKOG chairman Allen Howard & the board of directors asking him to address this situation under his stated responsibilities under the policy.

I further requested that the policy be updated to provide individual email addresses of the executive & non executive directors so that they can be contacted directly in line with there roles and responsibilities in a confidential & data secure way. Not just though a general info email address which I believe should be common practice.
I further requested a point of contact for who could be contacted if you we not happy with the outcome of your complaint & the details of the regulator of the corporate governance to be published so you could take your complaint outside of the company should you wish to provide transparency.

Please find below the link below to the company policy page.

https://www.ukogplc.com/page.php?pID=66

The text below is from the interim accounts RNS.

The Brent crude price on 13 February 2020 was $56.34 when the UKOG share price was 0.63p.

Had oil prices remained at their healthy pre-Covid levels, this would have been a different story, as with our current low $13/bbl operating costs, the Company would have been able to consolidate a heathy cash position, plus debt funding would be a reality. I trust you understand that, at present, we do not live in such a world. We hope and plan for a better Brent price in the not too distant future.



I believe that it is also a sign of confidence in the underlying strength of the company, together with the resultant liquidity of our stock, that has enabled us to raise significant funds during such troubled times. This liquidity is a valuable tool, but rest assured that we will only use this route when it is the best or only way to implement our strategy to grow the value of the company.

Mirasol

I do agree but the interview was a downgrade on the upper recoverable resource to a 30% recovery & the planning permission of September 2019 permits water injection.

What we don't know is what oil price the NPV was calculated on & if or when UKOG can achieve it's oil & cash flow targets which it seems to be struggling with at the moment.

Oil prices set to continue it's growth.

https://oilprice.com/Energy/Oil-Prices/The-Next-5-Days-Could-See-A-Buying-Spree-In-Oil-Futures.html

Penguins

Anything that I post & is based on a estimate or forecast not only mine.

Although you like to espouse much knowledge & critism of other it counts for nothing as you know nothing & seem to forget that this is a chat board where people can share thoughts & ideas.

Something you seem not to understand.

You are entitled to your opinion & I don't have to share it.

Some will some won't but unfortunately IMO. you only seen to have copy & paste nothing in between!

ocelot

The oil in Turkey has increased in value as well with the Arab medium grade oil at $46 on 14th October to currently:

Arab Medium 54.95 +0.12 +0.22%(18 Hours Delay)

Ninetails

What companies that are not covid19 related are making profits at the moment.

With the situation the world is in & what UKOG have to achieve going forwards I am glad we are approaching February 2021 than in February 2020 when the Brent crude price was about $15 per barrel.

You are right that they do need to get the oil flowing again at HH & we do need a update.

Come on Mr Sanderson we need the predicted oil & Cash flows to make a success & provide future growth.

Ozzy52

The glass is still more than half full here for me. I know not everything has not gone to plan & this year especially has been a tough year but the interesting thing in this difficult year has been the restraint & prudence that has meant that despite all the scaremongering recently about placings they have not happened & when they did they raised at higher than current prices.

I won't be selling any shares & at some point in time to come I will be able to look back at this time & thing I am glad of the benefit of buying what I did at that time.

Sometimes the toughest times provide the greatest benefits. Something else I have learnt over the years which provides the security that underpins the current situation.

There are plenty of companies in a worse situation than UKOG at the moment many not surviving.

Brent Crude 56.26 +1.88 +3.46%