Member Info for ZYX098

TH 2 shamelessly posting complete nonsense again.

UKOG are trying to get the Accounts for FY ending 30th September 2024 approved.

Nothing of value after this date can be booked, so if there had been some "huge value deal" to be included, it would already have been RNS'd and UKOG would not have had to issue more confetti at a 42% discount.

UKOG haven't got ahead of the game.

They are so far behind, they haven't even reached the ground yet.

Picking an obviously unsuitable place in Dorset to start with clearly didn't help.

In fact, the replacement site isn't much better, as slide 10 on their presentation clearly shows;

www.ukogplc.com/ul/UKEn%20Overview%20Web%20V4%20050724.pdf

They helpfully included the GR log, which shows that far from being a 500m layer of clean salt, it's actually riddled with layers of Dolomites, Limestones and Claystones - none of which are conducive to leaching out caverns.

The HAR 2 (which UKOG didn't even meet the criteria required to be able to submit a proposal) announcement of the projects being considered clearly points to HM Govt focussing on the NE - which makes sense, as it's where the majority of the industry that could use H2 is based and offshore wind capacity that could be used for H2 generation actually is.

It also happens to be the area where salt cavity storage caverns already exist and HM Govt are in discussions with Centrica to convert the Rough Field to H2 storage.

So why would HM Govt consider a project with a £1 Billion price tag to leach out new caverns, in Geology which is questionable, in an area with minimal H2 demand, no wind capacity to generate H2, and which is being promoted by a Company that has such a track record of failure, they've seen their share price drop by 99.9999% from the high?

In fact, why would HM Govt consider salt cavity storage in that area at all, when there are many depleted or near depleted oil fields spread throughout the South, that can be converted to H2 storage much more cost-effectively and without the environmental headache of disposing of millions of Bbls of brine from the leaching process?

If only there were a giant oil field in Dorset that were approaching the end of it's productive life in the next decade.....

BTW, the QUOD report hung a lot on the demand for H2 for use in sustainable aviation fuels - but Airbus have just announced that H2 for SAF is at least a decade away..

Awwww, how cute - TH 2 showing that the Realists are still deep under his skin, even when we are hardly posting.

And faux concern along with unsubtle digs and a plea to filter and/or report us.

But be honest TH 2, you don't have any green boxes in your feed, as we know that you read all our posts.

And the reason you plead with others to filter the Realists is so that they cannot see when we point out the giant holes and outright fabrications that proliferate in your posts - because we use those pesky things called facts, logic and experience.

BTW Nom, you missed off a couple of digits - the share price is 99.9999% down from it's peak.

I'm quite frankly amazed that none of the Ramptastic crew have been on here claiming that it's sheer genius on the part of SS to suspend UKOG shares - because he knew what Trump was going to do and therefore avoided the bloodbath that is ongoing.

Of course, that's not what the RNS says, but still...

Vernonya,

Why do you keep posting complete nonsense scare stories about Hydrogen?

"I have read somewhere" = BS that you made up.

Hydrogen fuel celled vehicles (Cars, Buses & Lorries) have safely been used on the roads in the UK for many years.

Try reading this:

https://www.world-energy.org/article/3409.html

Or this:

https://www.metrobus.co.uk/hydrogen

Or this:

https://news.st-andrews.ac.uk/archive/scottish-hydrogen-train-project-on-track-to-deliver-climate-targets/

Or this:

https://www.rac.co.uk/drive/car-reviews/toyota/mirai/mirai/

Or this:

https://www.hvs.co.uk/newsroom/hvs-unveils-uks-first-zero-emission-hydrogen-electric-hgv-with-class-leading-370-mile-range

And for completeness;

https://www.daf.co.uk/en-gb/trucks/alternative-fuels-and-drivelines/hydrogen

Try doing some basic research at least once before posting, instead of spewing out random alarmist crud that you make up.

Ilovesushi,

I estimate that HH will take around £2.5 Million to P&A the two Wells and restore the site back to the original condition.

There shouldn't be any remedial action required as the whole site was lined with an impermeable membrane prior to construction commencing.

As far as I am aware, the six water table monitoring Wells (drilled for monitoring the water table for re-completion of HH-2 as a water injector - which never happened) haven't shown any contamination.

Don't forget that there is also the BB Well to be P&A'd and the site restored - which I estimate will be around £1.3 Million.

Never mind the costs of the exit from Türkiye - which have yet to be communicated to us poor shareholders.

As for your second question, UKOG have a long track record of not informing Shareholders whenever 'bad' news happens, employing silence or deflection tactics.

After all, we only found out that the Kimmeridge at HH & BB is uneconomical (despite apparently extremely good test results at HH) when a sentence to that effect was buried deep in their submission to SCC for Loxley.

Similarly, we have never been told why HH-1 wasn't dual completed as originally announced, why HH-2 was never converted into a water injector as previously announced, or when HH was officially shut in and what the plans are (if any ) for the restoration of HH Production.

BTW, in case you are wondering how I came up with those cost estimates for HH & BB, I actually run Drilling Rigs for a living and have done so for, well, over three decades...

Your multiple fantasy ramps managed to prevent the share price falling any further than 11.3% today.

It's clear from the contents of your posts that Knowledge has been chasing you - but you have always been faster.

Still, enjoy the reality of UKOG delisting when it hits you.

You see, that's the problem with the ramptastic crew keeping their collective heads buried deep in the sand - it hurts all the more when you refuse to see it coming.

I unfiltered TH2, just to see if he's changed.

And he hasn't.

The usual combination of misinformation and outright lies.

A single, passing mention of Dorset in Parliament (in answer to a leading question by an MP from Dorset) doesn't mean the Govt are being 'very clear and open' about supporting UKOG and they've certainly said nothing about supporting the project with the Crown Wealth Fund.

BTW, the "Crown Wealth Fund" TH2 keeps mentioning doesn't exist...

Presumably he means the "National Wealth Fund", but that shows just how poor his "research" is.

And just to be crystal clear, there are no "grants" for H2 storage. HM Govt has been very clear that these projects would be funded by a support price for sales from the facility. There is NO intention to provide funding upfront.

In any case, they would never go near a Company who has seen their BoD manage a decline in share price of 99.9999% and been a serial failure on every project they have been involved in.

When it comes to renewable energy and H2 projects in particular, the Govt are very clearly prioritising the North, as that's where the demand and potential for supply is.

It's also where already existing salt caverns for gas storage are, caverns that can easily be converted to H2 storage.

UKOG's "Northern Yorkshire Project" was only ever mentioned in passing and has disappeared altogether in recent RNS's - presumably because they were unable to lease a field somewhere.

If anyone had any doubts about where the Govt's attention is geographically, Mad Ed meeting with Centrica last week about the Rough Field should make it crystal clear;

https://www.energyvoice.com/all-news/568823/miliband-talks-with-centrica-to-extend-rough/

Back into the land of the green boxes you go, TH2.

I filtered TH2 long ago, as he posts were complete nonsense.

If he'd bought as many shares as he was claiming and when he claimed to buy them, then even before I filtered him he'd have been 90% down and should have generated a TR-1 .

One of the Google filters allows you to limit the results to recent articles.

I'm willing to bet that that target price was in an article over a decade ago.

BTW, use DuckDuckGo for the same search, limit it to within the past month and you get, well, nothing........

Ocelot,

And the reason that you are repeating yourself is because you aren't actually addressing the question:

Why delay the suspension until the 1st April, when they can ask for a suspension at any time?

They don't have to wait until they aren't in compliance with an AIM Rule to ask for a suspension.

The Ramptastic crew like to bring up the maximum share price ever achieved of 11p as a target for what is possible in future.

At it's peak share price, £1,000 would have bought you 9,091 shares.

The 10:1 consolidation reduced that to 909 shares.

Those 909 shares are now worth 9.1p

So Sanderson has turned that £1,000 into £0.091.

Yes, he has overseen a drop in share price of 99.9999%

UKOG's only remaining source of income (Horndean) generates so little revenue that it covers only c. 7% of their monthly cash burn.

UKOG has outstanding liabilities of at least £3.8 Million - 50% more than their market cap.

No member of the BoD has ever taken part in any placing.

No member of the BoD has ever volunteered to take shares in lieu of cash.

Given that track record and the current financial status of the Company, posts that claim the Company is about to be bought for £100's of Millions because of the value of a lease on a field (grass, not Oil or Gas) somewhere in Dorset are pure, unadulterated fantasy.

Ocelot,

You are arguing in circles.

Again - they can ask for the shares to be suspended at any time, so they didn't have to wait until the 1st April.

By announcing what they did when they did, they knew beforehand that the result would be a precipitous drop in share price - which would also come under the heading "information of a price sensitive nature".

So by your own logic, they should have suspended the shares immediately.

Ocelot,

"They have to inform the market when they are in possession of information of a price-sensitive nature."

Correct.

Yet UKOG have conspicuously failed to do that on many previous occasions, so why now?

And in any case that still doesn't explain the delay in suspension - they can ask for the shares to be suspended at any time.

Ocelot,

I didn't mention Mad Ed, so not sure what that has to do with my post.

Up until now, the BoD has been able to persuade the Accountants & Auditors that they could cover their ongoing losses with a rights issue.

So what has changed since last year?

A) Their only major producing asset is shut in (and why haven't they RNS'd anything about that, or the plans - if any - to get production re-instated?).

B) They have at least £3.8 Million in Decommissioning liabilities for HH and BB.

C) They have outstanding liabilities (as yet unspecified) for their withdrawal from Türkiye.

D) The last confetti issue was at a 42% discount to the share price.

So they have - quite rightly - concluded that UKOG cannot remain a going concern just by issuing more confetti.

Ocelot,

No, even if they were sure, they don't have to say anything to the market until they are actually in breach of the rules - which would be at 07:00hrs on the 1st April.

If they were sure, they should have suspended the shares immediately - not given notice.

What about those buyers that bought just before the RNS and were immediately sitting on a 23% decline? Your logic in that claim doesn't hold.

Also by your logic, they should have posted RNS's when they knew that water breakthrough was happening at HH, that Basur-3 was a failure, that they'd given up the IOW license, that they weren't going to do the recompletion of HH-2 as a water injector, that they weren't going to re-complete HH-1 as a dual producer etc etc etc

Wow.

Just....Wow.

Talk about delusional.

Even by your normal standards Adrian, that claim takes it up to a whole new level.

"No major selling on Friday", yet the share price dropped 22.3%...

As for Madit's claim that a bid has already been tabled - absolute nonsense.

If a bid had been tabled, then an RNS announcement saying that a bid had been received would required to be issued by LSE Regulations.

That the RNS mentioned only the failure to get the accounts out in time and the substantial drop in share price afterwards gives a big clue as to what is really going to happen - delisting as they can't get the Accountants to state that UKOG are a going concern - because they aren't.

As for claiming that a lease on an unspecified field somewhere in Dorset makes UKOG worth £2 Billion - that is being almost as deluded as Adrian. No major would touch UKOG with a barge pole.

If any Majors were interested in putting together a salt cavern project in Dorset, they'd have already raised their heads above the parapet.

Instead of which the silence has been deafening - except for Exxon's announcement that they were not going ahead with their H2 project in Fawley.

Because - as every one who isn't utterly deluded can see - any H2 storage project in Dorset is in the wrong place, the Geology isn't conducive to leaching out salt caverns, there is no source of H2 to fill the caverns with and it certainly won't attract Govt funding - because as has been explained many, many times, H2 Storage projects will be funded through a guaranteed price floor on sales.

Besides, even if your fantastical claims about H2 in Dorset were true, what would a Major do?

Pay £2 Billion to buy out a Company that's only asset is that it has allegedly has signed a lease for a Farmers field?

Or spend a few thousand £'s negotiating a lease with the Farmer for the field next door?

Tough choice......

Ocelot,

But then the RNS should have been issued and the shares suspended at 07:00hrs on the 1st April.

All issuing an RNS ahead of time has done is allowed a precipitous drop in the share price and the Ramptastic crew to come up with even more wild theories than usual...

IIRC, "going concern" was also raised as a potential worry in the last annual report?

I think the new Auditors have looked under the stones that the previous lot wouldn't and found that;

A) P&A and site restoration costs for BB were grossly under-estimated.

B) P&A and site restoration costs for HH were grossly underestimated.

C) Their 10% share in the P&A and site restoration of Horndean was grossly under-estimated.

D) Residual costs of their exit from Türkiye have not been accounted for (final P&A of Pin-1, site restoration of Pin-1, data analysis of the cores, seismic & also Pin-1 E-Log results, penalty costs of not drilling commitment Wells, overhead costs owed to AME).

E) The small income from Horndean doesn't come close to covering the costs of keeping the lights on, never mind their outstanding liabilities.

So the Auditors have presented that to the BoD, who are like deer in the headlights, having finally been found out for the charlatans that they are.

Madit;

"Buying is relentless ATM"?????

That's a whole new level of delusion.

If buying is so relentless, why is the share price down 23.99%?

Ilovesuhi,

They are liable for the costs of P&A'ing the Wells and then site restoration to essentially the same as it was before they ever turned up.

The amounts they had previously set aside in the annual reports were no where near enough and it could be that the Auditors have called them out on it.

I estimate it would be around £1.3 Million for BB and £2.5 Million for HH.

There are also the residual costs of their exit from Türkiye to be accounted for, and their liability for their 10% share of the eventual decommissioning of Horndean.

Ian12 - very good question, but I doubt we'll ever know the real reason.

And here we go......