Member Info for workover

Delays and rig issues happen ! It frustrates me also but it’s very common! I’ve seen it with a number of companies this year! Part of the O&G business ! Has nothing to do with being listed on AIM or main market ! What do you mean “if they strike black stuff” ???? You do realise that these are development wells for a field in production! They are NOT explo wells ! There’s nothing to strike ! It’s a case of drilling the well and bringing it online ! Simple as that ! I think is is undervalued and have purchased more today ! As a long term hold with a yield of 6% + it is not too shabby !

Dick Please refer to special Resolution #5 from this year’s AGM! The company wanted to raise money by issuing up to 20% of the current issued share capital. A few of the big holders told the board that they didn’t like it so the company withdrew it from AGM this year. The company stated that it will seek approval for that resolution next year and will discuss with share holders. You don’t raise cash by issuing new shares and diluting current holders by 20% if you don’t have to ! Hence my post stating that we will need a share raise next year! Some text from the RNS below:- “the Company has elected to withdraw Special Resolution 5 which sought authorisation for the Directors to be able to allot equity securities for cash free of pre-emption rights up to an aggregate nominal amount representing approximately 20 per cent. of the Company's issued share capital. This withdrawal follows indications from a small number of the Company's significant shareholders that they are not supportive of this particular resolution.” “The Company currently has sufficient funding for the upcoming work programme and its working capital requirements, such that the Board does not consider it necessary to propose a revised resolution this year. The Board will seek to consult with shareholders in advance of proposing a similar resolution, the Annual General Meeting to be held in 2019.” Cheers

Fair dealer You’re right I don’t know the detailed history of posters on this board. In fact although I’ve had an account here for years I hardly used to log on and mainly used iii before they decided to completely ruin it by changing the layout and BB structure. People will always do their own research regardless of what you, I, he , she or anyone else says. If they don’t, then they shouldn’t be investing at all and deserve to lose! But what generally annoys me about some BBs is the following :- “You don’t own any shares , so why are you posting ?” People who have sold shares ex shareholders deserve the right to have an opinion and post ... that’s just freedom of speech! “If you don’t like the company then sell and move on”I.e no negative aspects to be mentioned here please !! Or “£xxxx by Xmas” or other irrelevant meaningless valueless phrases.... Hence my response to the original post

To be fair fairdealer, he is allowed to ask a question is he not (without being asked to sell/ liquidate and move on ) ... that sort of response stifles debate and discussion! FWIW I think cash won’t be a big issue if they don’t drill this year ! Cash is only an issue next year as the company has stated in recent RNS

Can’t believe that people over there are actually discussing the potential of tying in a crude oil well directly to the fuel filter on a Boeing 777! Crude oil is NOT kerosene! A 3 phase separator in the field will NOT allow distillation of crude oil! Sometimes the punters in aim oil companies need to stop bickering and taking sarcastic digs at each other and do more research!

Thanks big lad that post tells us quite a lot! Cheers

OMG! What a SCAM this UKOG company is !!!! I can’t believe they have the audacity to issue salaries of £1 million to a director and then boast about decreasing it to 600k! Truley shocking ! This sort of stuff makes me so angry !!!! I believe small aim companies should issue directors with small cash payouts and a lot of share incentives to align their interests with normal shareholders! AIM is absolutely rigged! That’s why there are so many broke punters ! Complete joke!!!

Why is everyone discussing UKOG ? I know that just like UKOG we have OJ in the name but that’s where the similarities end! They are an illiquid company with an over inflated share price and valueless assets while we are well run company , cash in the bank and an equity share in one of the biggest UKCS discoveries of 2017!

Poortiming I said salaries are excessive! But I’m not forcing that down anyone’s throat ! What do you think? £650k ish / year/ man seem reasonable to you ? Hopefully your timing wasn’t too poor here ?

Totally agree fair dealer ! Couldn’t have said it better myself ! Or is it better now to just have a second referendum and let the people decide ?

Poor timing I personally think that the boards sallaries are very excessive for a small oily ! I’m a reasonable person and I am willing to discuss and accept other people’s opinions and points of view ! Do you have anything to chime in about the topic or do you just want to redicule my opinion??

Urraca now that’s just a silly scenario that’s just not going to happen ! Out of interest, what’s your thoughts on brexit?

Come on Gray Bird ! I know they will have to raise cash early next year as stated by our Cheif Exec a few weeks ago but I just can not see a world where we are sitting at the share price you mentioned below! It would take one heck of a disaster for things to go that wrong ! I think if we get a decent pump in the share price to say around £3-£3,5 then they should consider raising some more cash to support the share price ! Ideally I’d prefer around £5 plus ! But at least it would remove the uncertainty!

Gray bird What do you mean “could cost JOG more than what’s at stake”? Can you please clarify ? Because that’s another concern that I have ! Costs !!!! If we drill in December or January and it drags on due to downtime associate with weather ! It’ll cost us more! The BOD have already told us they plan to do a fund raise next year ! See AGM Withdrawal of resolution RNS! I just hope we don’t have to raise cash anytime before drilling V

Gray Bird I suppose you have a valid point ... but if they did delay the drill until Q3 next year , I wouldn’t want to be a board member at that AGM!!! I’ll be going next year (business trip or no business trip)! I’d also like to see them award themselves another 200% pay rise and half a million pound worth of shares to dilute us into another dimension!! They will be getting the wrath of Workover from LSE I tell ya ! You mentioned BREXIT do you really think it’s going to have a big effect on oilies??? Interested to know !

Ferroty I’m insulted that you think I have an agenda even though I’ve done my best to answer all the questions you put forward and your half assed rebuttals ... all I can do is discuss and put my point across... I hope this does turn out to be another mega share and I’ll be able to buy another investment property... I just want to discuss the risks and not be blinkered and blindly follow the herd !

Gray Bird Yea I know North Sea weather can be a little extreme at times! Believe me I’ve had the misfortune of experiencing it first hand! But Wow ! You think it’ll be Q3 2019? Almost 1 year form now ? That seems a little extreme, I just hope the rig contract allows for all this !

Gray Bird Mate don’t give it another thought ! Some people play the man when they don’t have a well constructed , logical, coherent argument to put forward! Let’s just keep discussing the company and not pay any attention to the snide jabs and the personal insults ! Just playground bully boy tactics! Rise above it ! Anyway, based on your experience when do you realistically think we’ll see the drill bit turning? Surely in December we must factor in some significant WOW delays ?

Ferroty Just because the EOG guys it, does not make it right ! I can give you multiple AIM oilies that give a remuneration that is significantly less than the jersey boys !!! Remember that’s just the cash ! Shares were about a cool half a million for some of them ! Now if we are happy about that , then great! But I’m just throwing the question out there! This is a very topical debate with all the remunerations that have been voted out at AGMs in recent years !

I was planning to go in person but the business trip came last minute which meant I couldn’t then ask for forms to vote through my broker! The mechanism in place for remuneration is something called the “remuneration committee” ! It’s headed by a guy called Frank Moxon! Who is a non exec director who attended a few meetings last year and thought it would be appropriate to give himself a ....... wait for it .............. 207% pay rise over 2016 salary!!!!!! Don’t forget I’m speaking about salaries ! Some of these guys were also given options of 180,000 shares !!!! Let that sink in ! If we reach the holy grail ! How many shares will these guys be able to excerise ? I’m not saying that getting a £150,000 salary and getting shares at the time worth around £500,000 is excessive ! I’m just putting the point out for discussion ! After all this is meant to be a discussion forum!