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By a majority decision of 3 v 2, the Supreme Court has found in favour of Sarah Finch's appeal.
Wtf, I am no fan of UKOG but how can these judges say that oil will inevitably be burned and ignore that it might be refined into say fertiliser , enabling plants to grow and adsorb more co2.
This country is becoming a basket case. We were bankrupt before the ruling and this is just ridiculous. Never mind , as the UK gets closed down 1% of worlds co2 will be removed from the atmosphere , which will surely help as last year was a record for fossil fuel use thanks to China and India. Time to vote Reform!
China and India could significantly reduce emissions by ceasing to manufacture products requested by UK and other companies outside of Asia. Comparing emissions from these countries is not effective when considering that they manufacture 73% of products for global companies outside their own borders, and specifically, 63% of all products are produced on behalf of UK companies. It raises the question of what percentage of carbon emissions the UK would generate if it had to manufacture these products domestically. Regarding carbon emissions per capita, both China and India have much lower figures than the UK and all other major economies, despite being the largest producers of renewable energy. It seems unlikely that any rational person would vote for Reform, leaving only the insane minority that might. Vote Reform only if what we have seen under the Tories as being a Sunday picnic.
UKOG's RNS puts the judgment into perspective in relation to UKOG itself.
More concerning, in today's troubled and potentially dangerous times, are the implications for the UK's energy "independence".
"Judgment
By a three-to-two majority, the Supreme Court allows the appeal and holds that the council’s decision was unlawful because the emissions that will occur when the oil produced is burnt as fuel are within the scope of the EIA required by law.
Lord Leggatt, with whom Lord Kitchin and Lady Rose agree, gives the majority judgment. Lord Sales, with whom Lord Richards agrees, dissents."
Sanderson commented in the UKOG RNS "The Court's rather perplexing retrospective ruling, which is counter to all prior judgements, further underscores why the Company's focus over the past few years has shifted away from oil and gas and firmly towards creating and delivering strategic underground hydrogen storage.."
And where does Sanderson think this leaves Loxley and any farm out prospects?
"the Company's focus over the past few years has shifted away from oil and gas "
Not a word on Loxley ; looks like Sanderson has given up hope.
This company is doomed , imo, to fall into administration as its running on fumes now,. Where will new funding come from?
The Supreme Court has just killed of oil exploration in the UK.
Total madness.
In a year or two under labour rule taxes will be sky high but will it have any effect on the tree huggers who don’t seam to have time to do a proper days work.
Adrian, UKOG has been a dead duck for 5 years, but shareholders were too dim to do anything about it. The CEO should have been fired together with the Chairman. A company that was able to raise so much money should have been able to invest it wisely. Instead they spent the cash on mickey mouse opportunities whilst taking huge salaries, lying to shareholders as they went.
If you can do one thing right now, then stop pumping UKOG, go find a better junior O&G player (e.g. Syn) and stick with solid analysis and only invest in a company with a CEO that doesn't lie at every turn.
Mr Sanderson I feel so sorry for, I think we should at least do a crowdfunding to raise money to pay his salary. Poor bloke has really tried hard for all the shareholders.
So it's only fair we raise some money so as he doesn't lose out on a 300k plus compensation package when this finally goes down.
Imagine his partner having to go to Waitrose instead of Fortnum and Mason. We must all realise and appreciate his efforts in guiding UKOG to where it is today. Let's all rally together and keep Stephen in the lifestyle we have provided for at least another year. Who is in?