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Actually it was once well over 30p.
But that was a very different company to today.
It used to fund other company explorations, not take them on itself.
That was back when it started around 2005.
I first heard of it in late Spring 2017 and bought £1000 of shares at 3p and then sold at 10.2p (on the way down from 11.2p).
Been a ludicrous decline and business since.
Penguins,
I am expecting some sort of raise similar to the APEs issued by AMC. Some suggestions from Perplexity [my current go-to AI]:
CRUDE: UKOG's Capital Raising Unconventional Dilution Experiment
GUSHER: UKOG's Groundbreaking Unique Shares Helping Expand Resources
DRILL: UKOG's Daring Radical Investor Liquidity Lifeline
SLICK: UKOG's Strategic Liquidity Injection for Capital Kickstart
DERRICK: UKOG's Daring Equity Raise to Reinvigorate Investment Capital Kitty
The £300k required to pay-off the loan is about 27% of current marcap. They never hold more than 6% of the company between RF/YA to avoid having to issue an RNS, so there at least 5 rounds still to go.
But once to CLN is paid off the share issues will continue as UKOG’s need for cash is far higher than it’s ability to generate cash. Cash burn is £250k pm currently, and there’s the £1m required for BB restoration.
Oh yes and there is zero chance of them getting any government support unless they managed to get Ms Meat Tax Coutinho to change the rules so that you don’t need a pipeline or a customer or the ability to fund the scheme yourself.
Nomlungu,
there have been a few larg(ish) trades over the last four trading days. Not necessarily CLN shares, but previous similar size trades, whether labelled as buys or sells, have preceded a CLN RNS. As of the last RNS there was £0.21 million remaining to be converted of the £2 million gross first cash sum received last June – but there is still the 4.5% of the value of each conversion added to the loan, when the £2 milion is paid off there will still be £90,000 of loan to convert – so £300,000 to go, but no new cash to add to the £952,000 left at the end of march 3 months ago.
That £300,000 would see around 1 billion more shares at 0.03p, but the next conversion is likely to be at a far lower price with recent vwaps likely to be below 0.02p.
As for the £952,000 - if they’re still paying the staff that’s about £500,000 gone (2022/2023 salaries etc £2mm) plus all the consultants working on the Portland gas storage project. There is income from HH and Horndean of about £100,000 after costs. Presumably everything else is on hold, though some costs will keep accruing, and AME may send in bills. There is the possibility of the warrants coming into play though the lowest conversion price so far would mean a buy price of 0.02828p for over 82,508,251 shares adding £16,666 to UKOG’s ‘pot’, so not that significant.
Next conversion likely soon, but how long can UKOG delay the next raise, and at what price, and probably authority to issue less than 2 billion shares?
Is this a classic pump and dump!
Given the news recently regarding hydrogen etc there could just be something else behind the share rise.
Lots of shares like HE1 rocketed over 10x on news.
Maybe UKOG could be the next big surprise .
I hope so for shareholders but I will be watching how it plays out over the next few weeks before making any investment decisions
I have to smile aat this share now (or cry) as a 15% rise does not even register on my balance. Started looking at this share when it was 8p +. It was falling but seemed to have a lot of potential. I actually bought some at 1.4p when most people thought it couldn't possibly go any lower. How wrong we all were. This must be one of the worst performers on AIM yet the people in charge are getting paid a handsome salary. Absolutely disgusting.
"Is it worth the punt at these levels!"
Has the convertible loan been fully repaid with shares that are dumped onto the market?
Https://www.tradingview.com/symbols/LSE-UKOG/technicals/
Without passing judgment I would say if this can rise past the 50DMA I see no reason why it couldn’t mount a 100DMA challenge based on momentum. That would be a double your money scenario!. Is it worth the punt at these levels!
I have a feeling that it will be the BB restoration costs that causes UKOG to go bankrupt as it's a legal £1m liability they can be taken to court for and beyond UKOG's ability to raise funds. Try to raise money for a sexy hydrogen storage dream is one thing, but trying to raise £1m to fill a hole in will be very challenging.
Jamrock,
Are you taking into account the consolidation with your 30p figure?
Otherwise, in terms of actual share price, this has never been over 11p and that was many years ago.
Aquakid
So you genuinely don’t see this as a possible turning point!. I know nothing and purely looking at the huge drop over the years. My guess is it bounces heavily or it folds as you can’t keep diluting
As part of the review of the paperwork following the Supreme Court decision, I wonder if SCC will also look into UKOG's financial viability with respect to their current outgoings and ultimately the cost to P&A HH and restore the site?
UKOG's total production isn't enough to cover their current production costs and Overheads - hence their need to continue issuing more confetti.
You'd think the responsibility to look over their ongoing financial viability would fall under the remit of the DESNZ or NSTA, but it doesn't - it falls under the remit of the Minerals Planning Authority - in this case, SCC themselves.
Basically the DESNZ only look at a Companies financials during the initial appraisal for the award of a licence.
After that, the NTSA look at the costs and funding of a specific work program, but neither looks at the ongoing financial viability of an Operator.
It's not a gap in current legislation as such, but I'm willing to bet that SCC aren't aware of this responsibility. They certainly don't have the technical and financial expertise to evaluate what UKOG may put to them.
Take your profits or losses in most cases!
Yep big news inbound, probably a cash raise of some sort, just keep the story going! Rinse and Repeat…
LOL OP aka Tidsbadly, still trolling on OIL & Gas Companies with your various aliases I see.
This is a share placing in motion ,this share only topped 10 p ,it’s a dog ,IMO ,if you bought at 0.018 p ,take your profit, IMO.
"Its only up 25%. not that much of a pump is it?"
That's how I got so much out of it.
Used to get those almost every day back in 2017/8.
And more.
If it fell 50% you could pretty much rely on it coming back up 20-25%.
So a big fall but, if you'd already sold, also a big gain for just a day's work.
Especially looking at bank savings rates of 0.5% for a year!
Yes, it’s all so obvious, isn’t it? Darwinian processes at work. The smart and unscrupulous taking full advantage of the very dim and gullible. The latter would have lost their money in some way other than gambling on AIM in any case. And at least, when they invest here, they haven’t got a loss until they sell. I think we can all take comfort, or satisfaction, in that.,
Refill before push up again?
Its only up 25%. not that much of a pump is it? constant share issues kept buyers away. maybe that is almost done now.
A few more sheep rounded up ready for the cull. Baaaaaah 🤣
The accounts for UKOG (234) LTD, which owns Broadford Bridge, are now available on the Companies House website. They show that BB's share of "Provisions - decommissioning" is £1,105,295.
That means that UKOG needs to at least double it's shares outstanding just to pay for restoring BB following the councils decision in March.
When you add to that the £250k per month it is currently burning on costs such as SS's salary, a multi-million fund raising is coming.
I think the sp has risen because someone has won £100 on the premium bonds and bought 10% of the company.
That would be nice but I think that is wishful thinking, but you never know, after all this is AIM.