Member Info for ZYX098

The recent placing paid off the CLN with around £150k left over.

That's only enough to keep the lights on for a few more weeks, as UKOG are loosing money with a cash burn of at least £150k pcm.

The cash burn will have gone up as the production from HH has taken a sudden drop, plus they'll need to spend more working with SCC to address the issues raised by the absurd SC ruling.

So UKOG will need to call an EGM soon (14 days notice required) to get permission to issue enough confetti to keep the lights on and cover their liabilities (ongoing cash burn and £1.1 Million for BB P&A).

Call it deramping if you want, but those are the facts.

What PPP did or didn't do is irrelevant to UKOG, as the HH-3 agreement expired over a month ago and in any case hadn't been approved by the partners.

Your figures are nonsense.

UKOOG is loosing money, with a cash burn of c. £150k pcm.

That cash burn will have gone up since their last financial report, as the last three months available figures on HH production have shown a sudden sharp drop to 24 BOPD - with, as normal, no comment from UKOG.

The last placing cleared the CLN with c. £150k left over.

That's not enough to keep the lights on for more than a few weeks.

UKOG have substantial outstanding liabilities that they don't have the cash to cover - not the least of which is the £1.1 Million for the P&A and site restoration of BB, plus outstanding cash calls from AME.

UKOG currently don't have shareholder permission to issue enough shares to cover their liabilities and ongoing cash burn, so they will need to call an EGM (14 days notice required) in the next couple of weeks to be able to issue more confetti.

Even if (and it's a huge if - because they won't) HM Govt decides to award UKOG a licence for a potential Portland H2 development, that cash won't be made available until H2 2025.

Let's make the presumption that UKOG need to keep the lights on until 1st July 2025, have to commit the £1.1 Million for BB before then (they had six months from the refusal to appeal), the cash call from AME is minimal and that HH somehow gets back up to it's previous BOPD rate, so the cash burn is still only £150k pcm.

That means they'll need to issue shares to cover nine months cash burn and £1.1 Million for BB, so around £2.5 Million.

Even at the current inflated share price, that's still half the market cap of the Company.

That's why it's not a strong buy in the long term.

YeeYee.

It doesn't - the syntax is completely different.

Very poor attempt at trying to discredit another poster.

On the other hand, why are you using a new ID?

Got banned under your previous one(s)?

Look at how long the realists have been here - and then look at the number of rampers who have new ID's, or are using dormant accounts which suddenly post more in a few days than in the previous couple of years.

Ian12 / newgrange / scmdcyp

Just ignore Erewhole.

He's the reincarnation of a previously banned poster on this board, whose modus operandii was simply to insult and bait other posters. He thrives on the attention, so just ignore him and he'll wither away - or overstep the line with the insults and get thrown off by Admin - again.

Ian12; perhaps you should be asking why there are several rampers on here who have new accounts - also set up in the last few days.

You do know that we can see your posting history, right?

So anyone can see that you weren't predicting 0.08 this morning.

But you were predicting - amongst others - "over 0.1 after lunch", "close at 0.078" and "we can test 0125 / 0.14 today".

All wrong.

You might have some credibility if you stuck to one prediction and explained why you thought it would get to that price.

Why is it 'desperate'?

If you had any reasoned arguments against what I posted, then I'd be happy to debate.

You are correct about one thing.

We do live in a World of free speech, so I am perfectly entitled to explain why the facts do not justify UKOG's current share price rise.

But just resorting to cheap insults is typical of the ramptastic crew, who cannot justify their ramping posts.

BTW, I actually run Drilling Rigs for a living......

"Knocking the share price"?

Is anything I have posted wrong?

Or do you just hate it when the facts don't back up your assertions?

Do you have any logical reasoning as to your claims of three different price targets within a few minutes? Or are you just posting multiple times in the hope that one of your predictions will be correct?

Interesting that your post got 4 upvotes within a couple of minutes - do you have multiple ID's?

And just for the record, I don't have a short and nor am I paid - that's just the usual lazy retort of someone who doesn't like facts being posted....

And now - less than 10 mins later - he's started a thread entitled "0.12 - 0.14"!!!

Laughable.

JWOZ,

It would need a miracle equivalent to walking on water.

That’s been marketed for over 2 years with no takers, after the disastrous CPR showed no 2P reserves, manipulation of the contour lines by UKOG to get the structure closed, a forced assumption of future gas prices by UKOG and “mis-interpretation” of the Alford E-Logs to show gas was present.

In addition, the licensee on the next block (which UKOG’s mapping shows the Loxley prospect extending into) has just relinquished the licence, so they obviously don’t think much of the prospect.

So not going to happen.

See?

SCMDCYP's posts are typical of what I was saying in the 'Fundamentals' thread I started.

No reasoning behind his post - just a vaccous ramping statement that "we'll see this at 0.10 in the morning" - over a 40% rise over the closing price.

In his case, even more transparent by - just a few minutes earlier - starting a thread called “0.125 to 0.135”!!

UKOG is losing money, with a monthly cash burn of over £150k.

The last three months production figures from HH show a sudden sharp drop in daily production, so that cash burn will have only increased since UKOG published their last accounts.

The recent placing went mostly to pay off the outstanding CLN amount.

What's left will only keep the lights on for another couple of months - they'll need another placing, for which they'll have to call an EGM to get approval.

Because even if the Govt does decide to back the Portland project, (and the UKOG RNS’s of the 29th May and 27th June clearly state that there can be no certainty they will receive Govt support) the funding won’t be made available until long after UKOG have run out of cash.

UKOG still have substantial uncovered liabilities - HH-2 Water injection conversion, £1.1 Million for BB P&A and site restoration, outstanding Turkey Operations costs, Avington restart, plus what they owe Alba & Doriemus .

Despite what some posters say, the Portland salt caverns don't exist yet. They will take at least five years (and £1 Billion) to construct after they get all the relevant permissions, even in the very unlikely event that UKOG get any award of Govt cash (see link below as to why UKOG won't get any).

https://medium.com/@h2_happenings/does-ukogs-portland-hydrogen-storage-scheme-make-sense-d317f305bb67

What about the much-touted LOS's from SGN & Sumitomo?

Does either LOS form the basis of any binding agreement with UKOG? No.

Does either LOS provide any sort of contractual commitment to UKOG? No.

Does either LOS provide any sort of guaranteed financial support to UKOG? No.

The reality is that the LOS’s aren’t worth the paper they were written on.

An LOS written by anyone posting on this board would be just as ‘valuable’.

What about PPP?

The provisional farm-in agreement with PPP expired over a month ago and hasn’t been renewed. In any case, the partners had refused to sign off on it.

Besides, HH-3 cannot be drilled until the concerns raised by the absurd SC ruling are addressed with SCC.

View all the posts with words to the effect of "this will fly tomorrow", "can't get quote to buy", "re-rate is imminent", "buys showing as sells" or claiming that gaps need to be filled in charts with a sceptical eye - see if they include any actual reasoning in their post, or if it's just a generic ramping statement.

Look how many of those posters are also ramping other shares.

Also, look how many of them have few posts in total to their ID - indicating they are serial P&D people who have been banned from LSE before and are back under a new ID.

If you can make money by day trading, then good luck to you.

But don't expect the pressure on UKOG's share price to be anything other than downwards for at least the next year.

Cross?

No, I was laughing at you.

Because you are the poster child for exactly what a member of the ramptastic crew is.

And I see that you still haven't responded to any of my points.

Because you can't....

No, you don't - you haven't looked t my posting History.

You haven't done any research on UKOG either - that is clear.

But instead of making more cheap insults, why don't you actually respond to any of the points I've made?

Because right now, you are just proving what I said in my original post is correct;

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Also, look at their responses to those who have the temerity to point out the holes in their stories.

Do they respond with facts, logic and reasoned argument?

Or do they resort to cheap name calling and accuse them of being “derampers”?

Ah, a cheap insult with no actual response to any of the points I raised.

How typical.

You know nothing about me Quant.

But if you'd bothered to do any research on my posts, (although clearly you haven't done any on research UKOG) you'd know I actually run Drilling Rigs for a living, and have done for many years.

And my forecasts have been way more accurate than the ramptastic crew - many of whom have already run for the hills, leaving the unwary with shares bought on this P&D...

And this morning reducing further to 9.13%.

FFS.

Actually read the TR-1's.

This mornings was them selling down from 12.81% to 9.13%.

The only thing that has changed since I posted this last night is the TR-1 from Shore Capital this morning, showing they are rapidly dumping the share - which the ramptastic crew are trying to portray as good news??!!.

The spam-a-lot posters from the ramptastic crew never answered any of the points I raised below, choosing instead to make multiple posts so this disappeared off the front page.

Because they don't want the unwary to know that they are full of it.

And now they have run for the hills, taking their ill gotten gains with them.

It's the same every time.

The fundamentals of the Company have not changed.

They are loosing money.

They do not have enough left over from the recent placing to keep the lights on for more than a couple of months and will need another placing.

HH is following the decline curve typical of a Portland sandstone producer.

The chance of UKOG being awarded any Govt cash for the Portland Hydrogen project is essentially zero.

Even if they did, it would not come in time to prevent UKOG having to make another placing.

Oh, for clarity - the ramptastic crew are posting as if the salt caverns in the Portland already exist.

They don't.

It would cost at least £1 Billion to construct the facility and take at least 5 years to do AFTER all the permissions had been obtained.

UKOG have no experience of doing this - as evidenced by the presentation on their website which contains fundamental mistakes.

If you have made a profit on this P&D, then well done - but get out now while you still can.

Don't fall for the narrative (not backed up by any facts...) this share is going places in the long term, because it's not.

Delisting before the end of this year is the most likely result.

Ah, TH2 pulling the night shift for the ramptastic crew.

You know you've been a green box to me for many, many Moons, as you've never posted anything worth reading to this board.

But going by your past form, I'm sure it contained at least one cheap insult and nothing else worth reading.

Oh, for the record, I'm not the only one who thinks the Portland Project is a non-starter - in case anyone missed the link when it was posted earlier;

https://medium.com/@h2_happenings/does-ukogs-portland-hydrogen-storage-scheme-make-sense-d317f305bb67

CCUS?

One poster repetitively posted about the need for CCUS.

Correct, the UKCS does need CCUS and the oil industry has the capability to provide the needed expertise and infrastructure.

But what does this have to do with UKOG?

Absolutely nothing.

So no.

Portland Hydrogen?

The same poster (by coincidence who was also prominent in the last P&D before he suddenly vanished….) in particular has repeatedly spammed the board about this as if it’s a dead certainty that UKOG will get Govt funding.

That outcome is unlikely in the extreme.

Why would the Govt consider an application from a minnow that has a spectacular track record of failure, has no expertise in the planning, construction, running and maintenance of salt cavern systems, has no funding and for a project that’s in the wrong place (no pipeline, no H2 supply or end users close by)?

BTW, even before any income is possible, UKOG still need to find at least £1 Billion to fund the planning and construction of the caverns and associated systems – which will take at least five years to complete after all the permissions have been obtained.

But, I hear you say, they have LOS’s from Sumitomo and SGN!

So what?

Does either LOS form the basis of any binding agreement with UKOG? No.

Does either LOS provide any sort of contractual commitment to UKOG? No.

Does either LOS provide any sort of guaranteed financial support to UKOG? No.

The reality is that the LOS’s aren’t worth the paper they were written on.

An LOS written by anyone posting on this board would be just as ‘valuable’.

Even if the Govt does decide to back the Portland project, (and the UKOG RNS’s of the 29th May and 27th June clearly state that there can be no certainty they will receive Govt support) the funding won’t be made available until long after UKOG have run out of cash.

So why the run up in share price?

Simple.

If it looks like a P&D, smells like a P&D and acts like a P&D, then it’s a P&D.

Consider the number of posters who have suddenly appeared from nowhere and posted multiple times in the last few days.

Several of them only have a few posts to their current ID, but claim to have invested substantial amounts.

Also, look at their responses to those who have the temerity to point out the holes in their stories.

Do they respond with facts, logic and reasoned argument?

Or do they resort to cheap name calling and accuse them of being “derampers”?

“Derampers” that have an exceptionally good track record when it comes to forecasting what will happen to UKOG, compared to the Ramptastic crew – most of whom will suddenly disappear until the next P&D…