Uk Oil & Gas Share Discussion Threads

[bionicdog] 18/6/2021 10:42

Why bother? They don't seem to care about minor details like that.

[cyan] 18/6/2021 10:40

UKOG have eight days to start 'commence drilling'

From last years RNS;

"Forward Plans

The first commitment well, currently planned to appraise and flow test the Basur oil discovery, must commence drilling before 27 June 2021. Drilling and seismic are therefore expected to commence before the end of this year, Covid, weather and Turkish governmental transaction approval permitting."

No sign of any equipment moved, yet.

Surely UKOG has to issue an update RNS very soon if only to reassure they have an extension to the 'MUST' start date.

[bionicdog] 18/6/2021 10:38

Friday twitter ramp?

[hans christian andersen] 18/6/2021 10:32

Date set for appeal hearing over Surrey oil production
BY RUTH HAYHURST ON JUNE 18, 2021 • ( LEAVE A COMMENT )
The Court of Appeal has scheduled a date for a legal challenge about the climate impact of oil production at the Horse Hill well site in Surrey.




Update:

Placing?

Spud? Hot potato topic.

The first commitment well, currently planned to appraise and flow test the Basur oil discovery, must commence drilling before 27th June 2021?

Unaudited accounts 30th June?

DDSPP purchase is expected to occur on Friday July 2nd, 2021?

IOW Planning Committee - 6th July 2021 4.00 pm?

Loxley appeal public inquiry scheduled for 27th July 2021?

Sarah Finch appeal Tuesday 16th November 2021?

[25wbh] 18/6/2021 07:08

Good morning all, Gismo , Rayrac , Hans, Iam , and all my usual friends

[hans christian andersen] 17/6/2021 12:05

cyan
Perhaps the high rollers/ii's don't want to play with the plebs /S
Would you want to give up your 15-20% discount?

[cyan] 17/6/2021 11:42

All very odd HCA.
UKOG have had plenty of time to prepare for the placing; so why has nothing been announced.?

One can only speculate that a rather large , stomach churning discount could be what's been demanded and Sanderson is in a quandary ; or worse; confidence has been lost that they could easily shift an enormous new issue of shares and no-one wants the paper.

So long as UKOG remain silent confidence will erode. They need to clarify their financial position pretty quick.

[kemche] 17/6/2021 10:33

Negma are a very good II I have heard!

[bionicdog] 17/6/2021 10:18

Stevie has shown a remarkable ability to keep drawing his wages.

[cyan] 17/6/2021 09:51

On 12th May UKOG tweeted;

"TURKEY LATEST UPDATE: These images show the remarkable progress being made at Basur-3, with the final concreting of well pad & conductor and the finished concrete pad."

Their last tweet was on 24th May

"GENERAL MEETING: Just a reminder to all shareholders that we have published a Notice of a virtual GM to be held on June 7. "



Absolute silence ever since. A remarkable lack of progress. Does not bode well.

[25wbh] 17/6/2021 07:42

Good morning all , Gismo ,Rayrac ,Hans , Iam, and all my usual friends

[cyan] 16/6/2021 14:29

Death spiral did UKOG no favours in the past.

As states

"Why Create Death Spiral Debt?
This type of bond is sometimes issued by a company that desperately needs cash. A company that seeks death spiral financing probably has no other way to raise money to survive."

As UKOG have already declared they are in urgent need of working capital; it suggests their very ' going concern' status is at risk.

Lets see what happens with the placing; Sanderson has a terrible hand and UKOG could be taken to the cleaners.

I don't see 0.25p as the price though.

[hans christian andersen] 16/6/2021 14:18

Death spiral doesn't count as a placing does it?

[cyan] 16/6/2021 14:01

It was very reckless to start a well development without all the finance sorted first.

What a muddle Sanderson has gotten the company in.

Everyone knows the desperation for cash and Sanderson has no leverage. He HAS to get the cash on almost any terms.

[bionicdog] 16/6/2021 11:49

Let's not forget 12M has "inside information" of a placing at 0.25p. Where is 12M?

[cyan] 16/6/2021 11:41

The volume is very poor.

One does wonder if getting a placing away is proving a bit trickier than previously thought.

Might be a huge discount is being demanded?

Just how much appetite is there left for UKOG paper.?

UKOG's drilling ambitions will require far more than just 4 billion shares issued, imo.

[hans christian andersen] 16/6/2021 10:48

cyan
I'm still not convinced UKOG won't do a placing without us but then again support for Rodders group would probably go through the roof if he did.


"the director's commitment is envisaged to be in the range of 5-10% of net salary, dependent upon individual circumstance."

Very open to interpretation imo as to the true meaning.

Net would possibly include subtraction for pension, WPS, tax, NHI? (do you still have NHI?) etc. My last UK paycheck was in the 80's so not up to date on UK matters.

[cyan] 16/6/2021 10:24

At the AGM the two directors up for re-election ; (Howard & Morzaria) got circa 567 m each.

With the rebels holding 863 m plus, the directors HOWARD & MORZARIA must be worried that , if put to a vote, they are likely to struggle to retain their seats.

[cyan] 16/6/2021 09:51

I was beginning to think that the rebel cause had come to a complete halt.
However; todays up date is interesting reading;

Shareholder support as of 9am 16th June 2021

118 shareholders supporting the cause

863,159,545 shares, representing 6.53% of UKOG shares

----------------------------------------------------

No placing news yet and no news either on the extra blocks in Turkey that UKOG wanted.

They had competition for them so I am wondering how the Turkish decision makers view UKOG's financial issues?

I would be less inclined to issue a licence to a company so obviously financially stretched that it's struggling with its very first well.

[25wbh] 16/6/2021 07:16

Good morning all , Gismo , Rayrac , Hans , Iam , and all my usual friends

[iammrweald] 15/6/2021 09:22

I'm waiting for the white flag,For Sale sign to go up on the weald.supwr stevie must know his time is up and he'll be doing a rinse & repeat in Turkey where it's a bit easier to turn a blind eye....or lose it...morning all normals

[25wbh] 15/6/2021 09:16

thank for your opiniun Hans

[hans christian andersen] 15/6/2021 08:26

25
Think they need to come clean to get any credence. It could still be in the Kimmeridge. They just need to know how to get it out and I don't think SS is the person to do it.
They haven't exactly been honest about any of the fields imo. Every time SS pumps something up there is a ton of evidence telling me he is wrong from other sources. Take Turkey. They have drilled 11 wells in the Resan/Basur licence area and yet we only get notification of the one (1961 Basur-1) that has an extrapolated 2000 bopd "flow" rate and they don't even mention the 50% water cut.

[25wbh] 15/6/2021 08:10

Pity about HH Hans with oil at a 2year high