Member Info for ZYX098

Do UKOG have £4.5 Million in the bank?

No, as that was before costs of the raises (which would be at least 10%) and before paying off the debts they'd racked up in the last 2 years.

UKOG's current income? Zero.

Why are people ignoring that UKOG got rid of their original auditors, took on new auditors, got rid of them and went back to the original auditors?

It sounds like the original auditors wouldn’t sign off as a going concern unless they sold some assets, UKOG told them to bog off and got new auditors – who also wouldn’t sign UKOG off as a going concern, so they went back to the original auditors and sold (or are trying to sell) Horndean for £400k.

Will HH restart production? No.

If HH was as profitable as UKOG imply, after the idiotic SC decision they'd have been beating down the doors at SCC.

But at their 25th June 2025 meeting, SCC Planning Committee stated they hadn’t heard anything from UKOG about potentially restarting HH production. If such an application is received, it would be subject to a public consultation – so more delays..

Remember UKOG didn’t do the HH-2 conversion to a water well injector. The cost was estimated at £250k, but clearly the NPV was negative which is why they didn’t do it.

As most of the surface production equipment has been removed, it would have to be moved back in, hooked up, commissioned and certified – which will certainly cost more than £250k.

Was HH hugely profitable? No.

The production rate was falling steadily and the water cut rising to over 50% (water which they never publicly admitted was being produced) to the extent that it was barely breaking even when they had to shut it in.

UKOG have been served notice by WSCC to P&A BB by Feb 2026.

The CeraPhi project for BB was last mentioned over 2 yrs ago and the project was long ago removed from the CeraPhi website. UKOG are trying to offload the P&A liability of BB onto CeraPhi, but CP aren’t that stupid.

Upcoming liabilities? At least £1 Million to P&A BB-1 and around £2.5 Million for HH, not the paltry amount carried on their books.

Their own presentation shows that Dorset is in the wrong place and the salt isn’t clean – which is presumably why nobody has done it in that area before.

Is an unsigned lease on a farmers field in Dorset really worth £200 Million claimed?

No. It’s worth nothing. If any of the “big boys” really were interested, they’d just sign a lease for the field next door.

Cannot say this enough, the only Govt cash available is revenue support during production.

So UKOG would have to construct the facility, find an H2 supply to fill it (paying for the H2) and only then would they actually get any revenue.

The MOU is worthless.

UKOG are 80 Miles from the Solent.

Now, if only there were some depleted oil fields in the Solent area that could be used to store H2, instead of building a pipeline to an area that doesn’t have any demand, product

Hi Mirasol,

Hydrogen Tankers have been on our roads for years - that's just China finally designing (or stealing the design from someone else) it's own truck.

Rolf1001,

Resorting to deflection and cheap insults is not a good look.

It just shows that your original argument was weak and you cannot defend it.

However, the real reason you are so annoyed is that you claimed that there were 3,300 UG Students at Oxford in 2024.

But then you read the link that I provided and realised that you had been found out, as Oxford Universities OWN FIGURES show that there were 12,375 UG Students attending in Dec 2024. You were a whopping 375% out....

The link you provided was where I got the data for my original post, and being an Engineer (the reason why I chose to go to Imperial, rather than take up the OxBridge offers I had), I'm quite capable of analysing the data.

However, you need to analyse the data from your own link before posting, as for various courses you claimed "That number is the same in 2025 as it was in 1965.", yet the table shows that claim is not correct!

CO2 is fundamentally correct in what he is saying.

For decades, 2 "E"'s at A Level wouldn't have got you into any University.

After Tony Blair, you could - remember the explosion in numbers of degrees like "Media Studies"?

The absurdity of Blairs desire to get 50% of Students going to University was clear right from the start. When he made that announcement, 50% of students weren't even getting the equivalent of 5 'O' Levels - which used to be a requirement before going on to do 'A' Levels.

You obviously aren't dealing with recent Graduates either.

Many are excellent, but a surprising number are presenting themselves at interviews who clearly lack the basics in Maths.

Rolf 1001

Just going to leave this here;

https://www.ox.ac.uk/about/facts-and-figures/student-numbers

BTW, I went to Imperial.....

Rolf1001,

Are you sure about that?

A quick search of Oxford Unis own records indicates that Student numbers were around 8,000 in the mid 1960's, rising to c. 22,000 in 2017 and c. 26,000 this year.

Those numbers would indicate it's easier to get in.

We’ve been presuming that Navitas will make a formal announcement, very closely followed (or simultaneously) by an RNS from RKH.

But given the importance to the Falkland Islands, I think from a legal perspective (w.r.t. potentially influencing the election results) the FIG would be put in a very awkward position if the FID announcement is made during the election period.

The FIG would also want to be in a position to respond to the flurry of press & public interest that would undoubtedly follow such an announcement – something the Caretakers in place during the Election Period would find very hard to do.

Indeed, the FIG may have requested that the FID announcement be made in the FI themselves and have a little “Dog & Pony” Show for the Press of signing a formal agreement. (So look for signs of Sr. Navitas people & Sam heading South and flying into MPA on the Saturday flight from Punta Arenas….)

The FIG Elections are on the 11th Dec.

I can’t find the exact date (someone with better skills at searching should be able to – cough cough Mogger…..), but I would imagine that the new MLAs will be sworn in on the 12th Dec.

I think it reasonable to presume that enough MLAs will be re-elected (along with the existing FIG Civil Service personnel) that the FIG would be in a position to respond to press enquires very quickly after the new MLAs are sworn in.

So that would point to a date on or after the 15th Dec.

With respect to Navitas, although Hanukkah starts on the 15th Dec, the TASE Calendar doesn’t show it being closed during the holiday at all.

So I’m thinking that Navitas wouldn’t be constrained by the Hanukkah Holiday in that respect.

Perhaps one of our Israeli posters could comment on the importance of Hanukkah in terms of people taking time off work and Media coverage of News/Financial affairs?

Note that while the Markets respect Public Holidays, the Oilfield doesn’t!

With respect to RKH, Sam has been clear that FID would be before the end of this year.

I imagine that would, in reality, mean by the 19th December, as any announcement in the week of Xmas and between Xmas and NY would likely get lost in the holiday noise and RKH would want as much noise (i.e. to generate potential share buying interest) as possible with the announcement.

So, my 0.0001p thought is FID will be announced w/c 15th December.

Hope so!

Don't underestimate how remarkable that achievement by Beacon is.

It's the first time anywhere offshore (and I think onshore too) that a 20,000psi production system has been brought online.

To do it and have the whole system up and running without any major problems is extraordinary.

To give that some context, it means that the surface pressure is at least 15,000psi - it must be more than this, otherwise a 15k system would be used.

15k psi is the pressure generated at the bottom of a fresh water column about 10.5km (or 6.56 miles) high!

They also had an MOU to distribute the gas production from Loxely - another project that didn't happen.

If you don't understand that this is all about keeping the BOD and particularly Sanderson getting paid for a few more months, then I'm sorry for you.

UKOG don't even have the cash available to be able to restart production at HH, never mind the £1 Billion it would take to get a salt cavity storage facility in Dorset constructed.

A facility which their own presentation shows is in a geologically unsuitable area and in the wrong area for H2 supply and demand.

And no, there is no Govt funding for construction. HM Govt have clearly stated that H2 storage will be financed by a price support mechanism during sales.

This is nothing more than an orchestrated P&D - look at the number of posters who have suddenly appeared with ID's that were started yesterday or this morning.

Penguins,

Facts don't matter at the moment.

Like that even their own presentation on Portland shows that the area is geologically unsuitable for salt caverns - and likely why nobody has already drilled any there to start with.

Or that Govt funding for H2 storage comes in the form of revenue support during production - there is no funding available beforehand.

So UKOG will have to find £1 Billion to build the facility.

They'll then find someone to sell them the H2 to fill it and then find someone to sell it to - both of which will be problematical as it's in the wrong place - again helpfully shown in their own presentation.

Other facts like loosing £38 Million, writing down all the assets to nothing, massive dilution coming in, regurgitating the fantasy that CeraPhi will take over BB (last mentioned, what, 3 years ago?) and selling everything they could to get the auditors to sign off as a 'going concern' are apparently irrelevant.

I'll bet it came as a surprise to SCC that UKOG are in discussion with them about the restart at HH. SCC have heard nothing from UKOG since the suspension of production and UKOG have cleared the site of most of the surface equipment.

It's clearly an orchestrated P&D - look at the number of posts from poster ID's that were started yesterday or even this morning.

They are simply flooding the board so that factual posts just get drowned out in the noise.

Sheer desperation comparing UKOG to EPP.

About as valid as comparing UKOG with BP.

https://res.cloudinary.com/investorhub/raw/upload/v1750432609/leaf-prod/310/documents/EnergyPathways_Investor_Presentation_June25_behmzn.pdf

Not only is the EPP project in the correct place Geographically and Geologically, it will be years quicker to monetize and is not reliant on the single technology of salt cavity storage.

Even the leaching of the salt caverns will be a cakewalk compared to UKOG, as the Wells can be drilled vertically, there is no shortage of water to use in the leaching process and the resultant brine can simply be pumped over the side.

UKOG have a lease on a field in Dorset, which is in the wrong place geographically (no supply or demand) and in the wrong place Geologically (as their own Presentations helpfully show).

They essentially have no income, cash reserves must be practically zero, and they have the liabilities of the P&A and site restoration of BB & HH coming up - the cost of which is going to be close to £4 Million - which is cash they just don't have.

Surprised it's not Orange or similar, just purely to make it more visible in bad weather.

Fun fact, the Company I was working for in the 1980's realised that it wasn't a good idea for offshore workers to be wearing dark green or blue coveralls, as it would be difficult to see anyone in the water.

So they commissioned a study into the most visible colour coveralls that a person should wear.

The study concluded that the most visible colour for coveralls was "shocking pink".

The authors were actually quite sensible and concluded that although this was ideal colour, they anticipated that there would be considerable resistance in the workforce to wearing this.

We agreed on fluorescent orange instead....

As Mogger has pointed out in a different thread, just because FIG go into purdah at the end of October, it doesn't automatically mean that we have to wait for them to reform in the New Year to get FID.

There are many pieces to the jigsaw that need to be completed before FID can be announced, of which the FIG is one part.

As long as they have signed off on all the required permits / approvals by purdah, then they shouldn't delay it.

The other pieces need to fall into place as well, which, for example, might be finalising the ESG metrics with the banks.

While I'm hopeful of FID before the end of October, I'm not going to curl up into the fetal position if it doesn't.

In the meantime, I feel that this is apt.

https://www.youtube.com/watch?v=nq9xvA8LnJw&list=RDnq9xvA8LnJw&start_radio=1

Hi nikb,

Interesting posts - thanks.

I agree that essentially trying to frame everything as right vs. left isn't correct and - especially these days - just leads to hyper-partisanship.

Going a little sideways, there's a program on Netflix called "The Social Dilemma". It was made back in 2020, but it's still very relevant in terms of showing how Social Media puts you into an echo chamber with similarly minded other people, such that you don't see other opinions.

Anyway, I feel that following the way of the US in the 1980's wasn't necessarily a bad thing.

However, the US Political system really began to loose it's way in the mid-1990's around the time of Newt Gingrich and his "100 words" list, which essentially took all civility out of politics.

Since then, the way to advance to the higher echelons of the Democratic and especially the Republic parties is to take on positions that are to the extreme right or left on any subject.

The result is that there are really no "center" politicians of either party left in the House or the Senate, to the detriment of the US and - it can be argued especially now - the West in general.

Would I advocate the UK following the US model now? Absolutely not. I've spent more than enough time over there (especially in Houston, for obvious reasons!) to see that underneath the surface gloss, life can be very difficult and that an astonishingly large number of people are a relatively minor illness or accident away from complete financial ruin.

Unfortunately our "pseudo-intellectual elites" of the establishment have had their heads buried up each others backsides for so long that they don't see what has been happening, or even understand what the general public is worried about.

The reality is that we never really recovered from the 2008 crash and the medicine needed (balance the books!!!!) has been delayed for so long that drastic surgery will now be required.

In the meantime, I've spent more than enough time working Overseas to appreciate that - despite the constant 'doom and gloom' in the media - we are actually very fortunate to have the standard of living and services in the UK that we have now.

Hi Biscuit,

It's really just repeating what BOR said in the recent half year results - there's no new information in it.

Careful Mirasol!

Such talk will give the self appointed Sheriff of the BOR board an aneurysm!

NN - if you want to take a punt on BOR, then now would be the time, not after SL FID.

I expect the BOR share price to take a sympathetic bump up on SL FID, but after that it's an all or nothing bet.

I think NIKB is spot on with his thoughts on the future of O&G. There is no credible forecast out to around 2040, which shows anything other than Oil consumption straying at current levels or perhaps a 3% decline at most.

Even the IEA have recently admitted that substantial investment in new O&G resources is needed to meet that demand.

Unfortunately BOR are in the position that they have a potentially world class asset, but just cannot do anything with it as they have no cash.

If BOR do manage to get a farminee, then great - although it will result in a huge reduction in their % of the block. I'd be surprised if they manage to retain as much as 20%. This is because they'd need to be 100% carried on any work program to prove up the reserves before they could go to the banks to get financing for any development. Posts on the BOR board asserting that they'd retain 30% and get full carry through to 1st oil are just complete #hopium.

BOR are very close to running out of time to get someone in, as the license runs out at the end of 2026.

It then depends on what the FIG do. Will they allow an extension to the license so BOR have more time?

Or will they take the view that BOR have had enough time (3 years) to find a farm-in partner and will then give the license to a Company/Group that has the financial strength to actually commit to a 4- 6 Well Exploration and appraisal program?

I have no idea what the FIG are going to do in that respect.

It's just as well that the FIG run the same licensing system as the UK, where licenses are awarded on technical competence and proposed work programs. In many other areas, the amount of signature bonus (i.e. how much are you going to bribe the Authorities to give you the license....) dictates the award.

It would be brutal to BOR and their shareholders if the license was given to someone else, but the FIG have a duty to their people to try and maximise income from whatever revenue stream they can.

Unfortunately it is telling that RKH are carrying their SFB license on their books at zero value, and that BOR's fund raising earlier this year was only enough to keep the lights on until the end of 2026.

Hi LTT,

Irrespective of the additional work load to meet first oil, they'll need 24/7 capability anyway.

Even if, during drilling, they only have 1 - 2 supply vessels planned a week, weather windows (especially wind for crane operations) might mean that the only time they can load / unload the vessel is at night.

Equally, if they have an issue offshore, they might urgently need a piece of kit and waiting for daylight to load a vessel could cost several hours rig time. When it costs in the order of $40k per hour, that soon mounts up!

Hi Nikb,

It was Cameron that effectively banned fracing by mandating restrictions w.r.t. seismic activity that were effectively impossible to meet. May just put the final nail in the coffin.

It's absurd that with the Bowland Shale we are potentially sitting on some of the largest shale gas reserves in Europe, and we haven't been able to do enough work to even show that it can be produced economically.

Personally, I think it's utterly hypocritical of us (and Europe) to effectively ban fracing for shale gas, while being quite happy to import it from the US.

In the US, Shale Gas (and Oil) effectively rescued the Texas economy from being bankrupt.

US Gas prices were typically $12/mmcf and rising before the shale boom - now they are $3/mmscf.

Gas is now so cheap that chemical plants have been relocating back to the US for much of the last decade.

Also, there were two LNG plants being built on the Gulf coast to import LNG into the US. They have now been reconfigured for LNG export and at least one more LNG terminal for export has been built too.

In the meantime, over 50 seismic events that would shut down the oil industry have been induced in Cornwall by fracing in Granite - but that's O.K. because it's for Geothermal.

Yeah, Labour inherited an economy that was in very poor shape. The cut in NI was particularly dumb.

But at least there were some green shoots of revival beginning to show - until Labour stamped all over them by talking down the economy in the run up to the budget and then pilling on the misery with the NI increases.

Rachel from Customer Complaints is doing her best to kick the can down the road, as she's using 10 & 30 yr Govt Bonds which will tie us to higher interest rate payments long after she's gone. She's not using the much cheaper, shorter term bond (2 & 5yr) because they would come to maturity too soon - she'd still be on the hook.

Whoever forms the Govt in 2029 is likely to be deeper in the mire than we are now - especially if the proposed employment rights bill actually goes ahead. Says it all that Labour have refused to ask the OBR to model it's effects on the economy.

Yup.

Something Exxon have been exceptionally good at for very many years is keeping their International programs at basically very similar levels, no matter what the oil price is doing.

They don't "slash and burn" when the oil price drops and equally don't ramp up too much when the oil price recovers again.

Another thing they are very good at (at least Internationally) is hanging onto their people. I don't recall ever meeting someone that "used to work for Exxon".

At their conference, the Lib Dems claimed that the "Windfall profits tax" wasn't hurting the North Sea.

Yet the facts say otherwise;

https://www.pressandjournal.co.uk/fp/business/local/6858504/north-sea-windfall-tax-revenue-collapse/

Since the imposition of the "Windfall Profits Tax", UKCS oil production has fallen by c. 30% and Gas production by c. 25%, with zero signs that the falls will be stopped (never mind reversed) by new fields coming on line - especially if the Govt will not bring in legislation to overturn the moronic ruling by the Supreme Court.

That fall in production will have to be made up by imports, which are more expensive (transport costs), come from Countries with lower HSE standards (with the exception of Norway) and the transportation results in increased CO2 emissions.

Because of the way the EPL is applied, Harbour Energy (largest producer on the UKCS) paid 108% tax last year! They've cut their workforce by 25% and are looking to expand Overseas.

EnQuest have just announced that they lost $43.1 Million in the last 6 months, having paid $104.1 Million w.r.t the EPL. They are expanding their operations in Vietnam, not here.

Apache are closing their UKCS Operations down almost a decade earlier than planned - which includes the iconic Forties Field.

Total are starting the Decom process of their Gryphon FPSO several years earlier than planned - which has had the direct effect of forcing a couple of other Operators to also shut down their fields which used the FPSO as a hub.

So what exactly are the LibDems looking at?

BTW, in the 2010-15 coalition Govt, the Lib Dems held the energy portfolio. They immediately put a halt to the nascent plans of the Labour Govt to build new Nuclear power stations, killing the momentum stone dead.

In 2013, the Energy Minister refused to discuss life of field extension plans for Rough with Centrica, as additional gas storage "wasn't needed". Not only did that stop the redevelopment of Rough, it killed the plans to convert two other depleted gas fields (Ann and Deborah, IIRC).

I'm sure that decision had nothing to do with the £85k a year "consultancy fees" the Energy Minister was getting from a Wind Farm developer, or the £20k a year he was getting from a Law firm that represents Solar Power Companies.

Who was that Secretary of State for Energy and Climate Change?

Sir Ed Davey......

Hi LTT,

Yes - they have to build a new FPSO, whereas we can save on costs by repurposing and refurbing and already existing unit.

Happy,

How would it be possible for Israel to veto the FID?

Nothing of the SL project is within their jurisdiction.

If they attempted to stop an Israeli Company from participating in an Overseas project, surely that would effectively result in any Israeli Company trying to work in another Country with partners being kicked out of the project, as their long term participation could not be guaranteed?