Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Skwizz,
It's the only good thing that SS has ever done.
Trouble is, it was for his benefit, not UKOG's.
For a miniscule cost, he managed to stop the growing movement to get him thrown out, thus enabling him to ride the gravy train for several more years.
Been doing some reading.
It appears that if the holders of 5% of shares agree, they can submit a Resolution which must - by Law - be discussed and voted on at an AGM.
Is this correct?
Obviously too late for the upcoming GM, but - if my interpretation is correct - it only takes 5% of shareholders to call an EGM?
Cyan,
It's a different process in the US.
Having said that and cogitated on it further, off the top of my head I don't remember a case in the Onshore UK where the Operator of a producing field has delisted or gone into administration, so I think we are in largely uncharted territory.
The Regulatory Authorities will take a keen interest in this and - if I recall correctly - have the option of declaring UKOG unfit as an Operator of HH, and then trying to persuade someone else to take it over. The liability for the P&A of BB will be wrapped up in this package too, so the overall value would be peanuts.
Delisting would - in my personal view - be preferable, as it would mean that SS and his cohorts would then be personally liable for the costs of ongoing operations and the P&A of BB - which I think the Reg. Authorities will push to be done sooner rather than later now.
If they go into Administration, any new Operator can't be just anyone. It has to be a Company that already has approval to operate onshore the UK - which limits the options to the usual suspects.
A new Operator would see Loxley as a liability and would not want to take it over as a package. The disastrous CPR would be used as evidence to get out of the remaining work commitments.
Presuming the well test is successful, why on Earth would any 88E money head to UKOG?
Exactly.
Just more mindless ramping.
At least you have abandoned the farcical 2p/5p posts that you used to spam this board with.
No, if UKOG go under then the Loxley licence will default back to the Govt., not any Administrator.
Anyone interested - and there has been a distinct lack of interest so far, despite the 'pre-planned farm out' - would have to go through the whole licence application process again from scratch.
Did the meeting actually take place and they adjourned it before the votes?
Or was it adjourned before it even started?
The way the RNS is worded makes it seem that questions asked in the meeting raised issues that they couldn't immediately answer.
Always love it when the FOOLish one touts DL as being the best thing since sliced bread, despite what he did to UKOG before.
By the looks of things, Alba still aren't keen on having him back and it's certainly all gone quiet on the PPP farm in front, despite the initial promise of shooting the 3D Seismic last year.
Perhaps because PPP don't have the money?
Just following the usual DL hype train on a Company and suddenly it all goes quite when he runs for the hills, having mugged PI's off yet again.
After all, it's not like he has history of doing that.
Oh, wait, he does....
From his Wiki entry;
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Corporate Governance Related Criticisms
He has been accused of frequently "promoting a company, pushing up the (price of its) shares, then raising cash by placing new shares — and (thus) diluting the holdings of the early investors",[15] described as "a familiar tale with most companies he promotes".[16] His defence has been that "You can’t build a business on bottle tops.".[17] Furthermore, he has argued that it's not accurate to claim that "all his ventures have turned sour".[18] Although finance commentators have noted that most of the "hundreds" of companies he has been involved in, and "stock promoted" for, have failed to generate any successful shareholder returns.[19]
In 2009 he was one of a group of claimants, claiming that he had been libelled when an investment publication in South Africa had described the group of executives of one of Lenigas' ventures as "cynically and greedily indulged in self-enrichment at the expense of, and contrary to the interests of, shareholders."[20] The High Court of Justice of the United Kingdom rejected Lenigas', and the other claimants' libel claim, and found in favour of the publisher.[21]
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At least The FOOLish one hasn't resorted to his "the corrupt Courts got it wrong" defence recently, after it was pointed out it was the UK High Court and DL didn't appeal the verdict.
Now no doubt The FOOLish one will claim that he has the Greenies all worried and angry at his posts.
Nope - but The FOOLish one will certainly get riled up as the day wears on and his blood alcohol level continues to rise.
He'll even claim I'm a plastic oil field worker, even though he knows I run Rigs for a living and has thanked me twice recently - once when I was trying to work out what PBoo's observations really meant and giving a time-line for when the Pin-1 results RNS were due to come out.
Actually, even though I despise him for some of the things he's said about workers in the oil industry (laughing when a man died going over the side of a JU and his "burn baby burn" post in response to a description about the hazards of a fire on a Rig), I do feel some pity for him, as it must be hard to function in the real World when you are that deluded.
NP,
While all your points are valid, remember it was SS that took UKOG into Turkey instead of getting on with HH.
There were several of us on this board at that time that criticised it as being a bad move.
Ocelot correctly points out that the UK planning system is Byzantian at best, but UKOG should be well aware of that and factored it into their time scales accordingly.
So they have nobody but themselves to blame continual failure to meet posted time schedules for, well, anything at all really - even when there were no outstanding Court cases.
Continual deflection - e.g. like trying to compare the Basur area with the giant fields of Kurdistan, even though there is no correlation between the two.
More deflection by saying they'd make HH site a hub for Geothermal and PV energy - which hasn't happened.
More deflection by getting into Portland Gas storage - a project that will not generate any revenue for at least a decade - if ever. And if it ever does, it certainly won't be UKOG at the helm - it's just been a giant waste of what little cash in hand they have.
Also remember that UOG have a nasty habit of hiding bad news for as long as they can, or even not mentioning it at all.
For example they stated that they'd dual complete HH-1 in the Kimm and Portland.
They didn't, with no explanation as to why.
The only production figures released for the Kimm at HH have been the LWT figures, which showed excellent results. "Offshore North Sea flow rates".
It was only when they submitted the planning application for Loxley that a sentence was found deep in the literature that "The Kimmeridge is not commercial at HH or BB." with no explanation as to why.
I'm not sure anyone can remember the last time they did an Investors call?
So yes, PI's should always have their eyes open when investing in an AIM Company, but equally there are certain basic standards that you expect the Company Directors to adhere to and SS has failed in all respects.
That's why I think that the NTSA will not allow the BB License to be extended.
They have to be concerned about the financial viability of UKOG.
I think they'll reject the extension application, so forcing UKOG to P&A the Well and restore the site.
Pen / Ver,
Reading the documents it makes me wonder what would happen if the resolutions failed?
Unlikely, as the Nominee accounts (HL etc) usually give the Chairman their proxy vote unless the individual shareholder directs otherwise.
But if they did fail, wouldn't it leave UKOG in a position where they need to find £500k of shares to 'pay' for the loan and without the capability to issue more shares, would they then have to buy them on the open market?
CynderLad,
Agree with all your points.
My UKOG holding is well down.
Never got into UJO.
Sold out of Angus (at a loss) a couple of years ago.
Irritated I missed out on He1 - had them on my 'to look at list' and never got around to it.
Syn I'm also looking at, but now wary of since the FOOLish one has said he's in and his track record of failure is spectacular...
A couple I'm looking at now are Africa Oil and 88 Energy.
Africa Oil have some very promising acreage offshore South Africa, which is on trend with the big Namibia discoveries - that's in addition to their share of the Total Namibia block.
88 Energy's farm into the onshore Namibia acreage also intriguing.
Very large acreage with promising evidence of good sized structures on gravity surveys, combined with some indications that there might be hydrocarbons in the region.
But they haven't even done 2D Seismic yet, so it would be a "put in what you can happily loose and come back in 5 years" type gamble.
Nice to know I'm not a green box, so I guess that means you must get some useful information out of my posts?
I don't have a problem with anyone making a profit buying and selling shares in any Company - it's why I do it myself, (although I very rarely day trade for various reasons) and I have never hidden the fact that I am well down on my UKOG shares.
I do have a problem with posters who ramp the share with no evidence and who always claim to have bought on a low and sold on a high at a profit, even with a large buy/sell spread, and especially when an unexpected RNS tanks the share price.
An RNS from six months ago is reason for topping up this morning?
How odd.
Why didn't you top up then? Or did you.....
Of course, that the disastrous CPR for Loxley sent any potential farminees running for the hills (which means that UKOG will have to raise c. £6 Million to construct the site and drill the Well) is a mere detail.
That's presuming they don't do the 3D seismic first.
Which they should, but almost certainly won't, as in all probability it will show that their interpretation of the structure is...over-optimistic..... shall we say.
UKOG stated that they would start Loxley site construction in H2 2023, but they haven't even cleared all the planning permission conditions yet.
In any case, my guess is that they will first have to find the c. £1 Million to P&A BB and restore the site.
I think that the NTSA will be concerned about UKOG's financial viability and so won't extend the licence.
Adrian claims he made a profit on UKOG, even though he posted buys at 0.18p, 0.06p, 0.05p, 0.0329p and 0.0327p - and the UKOG share price continued to fall afterwards.
But the penny dropped when he posted " I bought at 0.085 and sold at 0.021. Even a twat like you can work out i made a profit".
So according to Adrian, a 75% loss is a profit.
He's even more FOOLish than I thought, and 'Smart' certainly isn't an adjective that comes to mind to describe him....
My guess is that the NTSA will now be worried about UKOG's financial viability, so will refuse the BB licence extension and order UKOG to P&A the Well and restore the site while there is still cash in the kitty.
Not sure why the SCC Case is taking so long?
But that's a 99.99% probability (and therefore already baked into the share price) that it will be in UKOG's favour - if they find against, the effect on not just UKOG but the entire planning application system would be catastrophic.
Still no word on the conversion of HH-2 into a water injector.
UKOG estimated savings of £250k a year. Not a huge chunk of money, but better than a poke in the eye with a Pin..
Despite the claims of one regular poster, there is no legal reason to have stopped UKOG doing this already.
There might be an issue with Rig availability, with Anglo American doing their work up in Yorkshire.
But even so there's nothing to stop UKOG from having contract in place for a Rig when it comes free at the end of it's work program for AA (one should be free around the end of March) - and announcing that they have done so.
I'm beginning to think that they've looked at the W/O cost vs. the production profile, and have decided that it won't pay out.
Which, TBH , would be a surprise as HH should plod along at a steady decline rate for many years to come, while their water disposal cost will only keep increasing with inflation.
PPP's farm-in to HH must be dead in the water. PPP don't have the money and Alba for one have made it clear that they don't agree with the farm in - either they are not happy with the T's & C's or they don't want DL anywhere near HH.
Or both.
Insidious,
You should read them - then you might actually learn something.
Like, for example, why Pin-1 will not be a game changer.
The problem with burying your head in the sand is that reality really hurts when you don't see it coming...