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Started: David85, Today 15:44
Last post: Ninetails, Today 21:26
That’s what we need more of, never heed this ramped up dribbler… The operator tapped Fluor to lead the engineering, procurement, and fabrication of Penguins FPSO, giving the contractor full responsibility for the design, fabrication, and delivery of the precommissioned FPSO to the North Sea. The FPSO was designed to operate continuously for 20 years without dry docking.
As part of the redevelopment process, Shell plans a further eight wells to be drilled and tied back to the FPSO vessel. Oil will be transported via tanker to refineries, and gas will be transported via the Far North Liquids and Associated Gas System pipeline to the St Fergus gas terminal in northeast Scotland.
Once fully functional, average peak production is expected to be approximately 45,000 BOE/D.
Look at the bigger picture.
The country is in a bad state. We need a stop gap for quite a few years.
Protests in Spain about wind farms.
You can't have it both ways but may get more votes that's all 5hey want.
David,
In UKOG's case, it doesn't matter WHO is running the country, they already self destructed this company and spunked £100 million + doing so.
As for who is in power, they are ALL full of it, lie through their teeth to get in the door.......
Labour will destroy the UK Oil & Gas Sector.
Save the North Sea, Save our Investments, Save our country.
Vote Reform
We know what's next for you Penguins ;)
https://jpt.spe.org/penguins-fpso-arrives-at-field-site-northeast-of-shetland
De-listing is next. As soon as Sando has bleed the accounts dry... Just a matter of time. It's a scandal and he should be in prison...
Further to its announcement of 28th March 2023, the Company's relevant subsidiaries and 'Pennpetro Energy Plc ("PPP") have agreed to extend the conditional binding Horse Hill farm-in term sheet until 30 June 2024,.......'
Will they, with the usual brass neck, announce yet another extension to the deal, as if it's li,ely to ever happen?
Also end June the interim results are due, plus the accounts for most, if not all the subsidiaries, though they might not appear on Companies House for a while - they should reveal where the intangible non assets come from.
As for the CLN don't forget the 4.5% added to the loan when shares are converted - That's another £90,000 added to the debt. The interims will confirm whether the 2 £500,000 'committed' tranches were taken or most likely, not - though I didn't expect the Supreme Court judgement.
The authority to issue just under 3.9 billion shares after the 'fixed' AGM vote will be much depleted if the SP drops further, a near certainty unless some 'good' news is conjured up to enable the CLN holders to dump into a pump.
So far for £155,000 since the AGM 730,000,000 shares have been issued, with £300,000 to go (principal plus the 4.5%) even at 0.02p - that's 1.5billion more shares, leaving authority to issue less than 1.7 billion shares - or about another £340,000 at 0.02p (funnily about SS's annual salary). The interims will reveal the state of UKOG's finances as of end March 2024 - interesting reading, wonder if they'll leave it until after the weekend, on July 1st, or 4:30 Friday?
Started: Ibug, Today 08:42
Last post: Skwizz, Today 10:07
*would'VE thought* or *would HAVE thought*
Well you are on here so much, I would of thought watching paint dry would be your favourite past time !!
It will be at least August before they will clear the 1st £2m tranche. With Riverfort shares in suspension and wanting to become a wellness company what chance they will want to get rid of the 2nd and 3rd tranches for UKOG? Watching paint dry here.
Started: AimDogs, 25 Jun 2024 19:02
Last post: jlovie, Today 09:28
DL is busy with another failing company, Red Rock Resources (RRR).
c50% drop and a placing since he got involved.
PPP have just received another First Gazette notice for compulsory strike-off from Companies House. It’s shares are illiquid and its well produced no oil in march.
It’s a race between PPP and UKOG as to which will delist first.
Leni "laughing" Gas has had is run milking the UK, and he has more than enough to deal with, with his old watering out carp over the pond.
I doubt he could pull anything of worth off even if there were BILLIONS of barrels in the weald lol.... The world is a safer place without his ilk.
Normally with a David Lenigas company there is a blizzard of ramptastic RNS statements and gushing promotional tweets from the great man himself. But the last RNS from Pennpetro (PPP) with operational news was more than two months ago. Given the recent High Court ruling against Horse Hill that silence is ominous.
Started: Ibug, 24 Jun 2024 10:53
Last post: Boovie, 24 Jun 2024 21:58
Thankyou for taking the time to explain
CLN is the Convertible Loan Note entered into here:
https://www.lse.co.uk/rns/UKOG/1633-million-funding-facility-umgrhiv567xi1yc.html
The money raised is long since spent on Turkey and SS's salary.
EBT is the Employee Benefit Trust announced here:
https://www.lse.co.uk/rns/UKOG/employee-benefit-trust-share-subscription-woz4vwfipgeyh98.html
There was a General Meeting to allow more shares to be issued where UKOG were looking at loosing the vote, so they adjourned the meeting, issued 3 million new shares to the EBT then re-held the meeting where with the EBT's help they managed to win the vote.
What’s CLN and EBT ?
Since 11th Jan 68% more shares have been issued and not a cent of new cash has been raised, all gone on CLN and EBT.
50% more shares issued in the last 4 months and SP dropped 94% in last 6 months.
Last post: vernonya, 24 Jun 2024 19:37
Yes its shocking isn't it perhaps we should club together and give him some assistance....Oh just thinking we have done that already !
I am still worried about Stephen, what is he going to do once this goes bust? Who will look after him as well as UKOG shareholders do. I just cannot begin to think of the worry that poor man is going through at the moment. Don't worry Stephen I am here for you
Started: ZYX098, 20 Jun 2024 12:33
Last post: HeadInTheSand, 24 Jun 2024 14:32
Fool's gold was also a banger back in the day...
https://www.youtube.com/watch?v=NSD11dnphg0
GWILLIAMS71 :-
Iron Pyrite is worth more - it contains Lithium and is a source of Sulphur Dioxide !!
Maybe fools gold is more appropriate for this company ! But the FOTH...he's raving mad pal
I see the banned poster, commonly known as FOTH has been justifiably removed again…
Supertramp, eh? Here's a Lyin' Steve cover version:
Take a look at my OilCo
It's the only one I got
Not much of an OilCo
Never seem to pump a lot
Take a jumbo across the water
Turkey not America
Smell the oil in North West Asia
I'm hoping its going to come true
But there's not a lot I can do
Could I drain your ISAs for giggles
Punters dear, punters dear
I'll leave enough room to wiggle
'Cause I'm still a millionaire
I'm a winner, I'm a sinner
Do you want my autograph
I'm a loser, what a joker
I'm playing my jokes upon you
While there's nothing better to do
(I didn't need to amend the last verse at all...)
Started: Ilovesushi, 21 Jun 2024 15:37
Last post: Skwizz, 21 Jun 2024 16:17
Dude.
Be kind and spare a thought for all the "special" posters here.
They've been trying to convince everyone that UKOG would one day come good, every day for seven years and despite all evidence to the contrary.
We need to show a little sympathy and understanding.
Okay maybe that last one would be too much of a stretch.
:D
Just another 1.2 billion shares. That is if the share price holds up. Each time it goes lower it seems Riverfort/global make money, despite we are told they are not to short. Death Spiral with shares to go lower as these two convert.
Started: Ilovesushi, 21 Jun 2024 15:40
Last post: Ilovesushi, 21 Jun 2024 15:40
Riverfort/Global opportunities convert as they want to get out while there is a chance. They see it collapsing and want out. The company will never getaway another dilution and for this reason it is shortly to go under.
Started: AimDogs, 21 Jun 2024 12:18
Last post: TnucidisnI, 21 Jun 2024 13:59
Will this still be here at Christmas or will a Turkey be saved?
Started: Ibug, 21 Jun 2024 13:17
Last post: Ibug, 21 Jun 2024 13:22
And look at what that the big one was yesterday, 47,524,752.
UK Oil & Gas PLC (London AIM: UKOG) announces that, in relation to the funding facility announced on 28 June 2023 ("Loan"), it has issued RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a further 247,524,752 Equity Shares to repay a further £50,000 of the Loan, the principal balance of which now stands today at £0.21 million of the £2 million gross first cash sum received.
Started: ocelot, 21 Jun 2024 09:14
Last post: Penguins, 21 Jun 2024 12:09
any company with decent professionals could tear apart the cpr with a major mistake in interpretation off the poroperm crossplots for alfold-1 and godley bridge-1.
one reason the well is so expensive is probably because the economics depend on the first well being used as the single producer if successful, rather than a cheaper 'finder' well just to the portland. even that is suspect as the original plan was based on 5 producers, the justification for the single well producing 15 to 18mmscf/d was not from rps who had this to say in the cpr:-
'rps is inclined to suggest that the data is too sp**** to make any definitive interpretation and therefore is of limited use in defining likely future well performance. well productivity therefore remains one of the major contingencies.'
a polite way of saying they don't believe the predicted flow rate.
0.017 now 👎
Who’s going to spend £8 million on an appraisal well that could end up dry.
If it does strike gas then next step is planning permission for extraction, including a newly expanded EIA.
The appraisal well only managed to get planning after ministerial intervention, what’s the chance of Labour allowing it?
52 Week Low 0.018
52 Week Low Date 21-Jun-2024
Last post: nomlungu, 21 Jun 2024 11:33
Down, down, deeper and...
Started: Ibug, 21 Jun 2024 10:15
Last post: deltavegatheta, 21 Jun 2024 10:56
I don't know about the POO, but the BS has shown an uptick
Due next week. POO has been a pretty much average over the 6 and 12 month period so results will show where the money is going imo.
Started: ocelot, 19 Jun 2024 17:37
Last post: jelly11, 21 Jun 2024 09:19
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?
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.
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.
The Supreme Court has just killed of oil exploration in the UK.
Total madness.
Started: Ibug, 21 Jun 2024 06:30
Last post: Ibug, 21 Jun 2024 06:30
4 articles in 1 day on the same day must be a precedent for them.
They are;
Breaking: Supreme Court allows landmark challenge on climate impact of onshore oil
BY RUTH HAYHURST ON JUNE 20, 2024
Campaigners have won a pivotal legal challenge at UK’s highest court on the climate impact of fossil fuels.
Key messages from today’s Supreme Court judgement
BY RUTH HAYHURST ON JUNE 20, 2024
Today’s judgement in the challenge against oil production at Horse Hill has clarified the law on what must be considered when councils decide on fossil fuel planning applications.
“Historic win will make future fossil fuel projects harder” – campaigners celebrate Supreme Court climate win
BY RUTH HAYHURST ON JUNE 20, 2024
New oil and gas projects will be more difficult, campaigners said today, following a landmark win at the Supreme Court.
Horse Hill developer seeks to restore planning consent after Supreme Court’s “perplexing judgement”
BY RUTH HAYHURST ON JUNE 20, 2024
The developer of the Horse Hill oil site in Surrey said it was working to restore planning permission following this morning’s decision by the UK’s highest court.
All can be found here;
https://drillordrop.com/
Started: danpoe353, 21 Jun 2024 03:18
Last post: danpoe353, 21 Jun 2024 03:18
Future of UK Oil and Gas in Doubt after supreme Court Hearing.
What's that about?.
I'm voting Reform, can't stand the 2 other cheeks.
Good luck everyone with their investment.
Started: Ilovesushi, 21 Jun 2024 00:17
Last post: Ilovesushi, 21 Jun 2024 00:17
Why did investors agree to allow the management authority to issue more shares and face wipe out? Tell you what; Pi will no longer give the company authority to issue more shares. It may ask soon I think there is no longer any more authority to issue shares and to allow Riverfort/Global to convert. ADMINISTRATION shortly.
Started: Ilovesushi, 21 Jun 2024 00:14
Last post: Ilovesushi, 21 Jun 2024 00:14
RIVERFORT GLOBAL OPPPORTUNITIES Were to be issued a further approximate 1.2 billion shares to bring down the outstanding principle amount of £260,000.
I think as the share price has crashed is that figure no more than 2 billion more shares to be issued? Has UKOG having remaining authority to issue this amount of shares?
Riverfort/Global should convert over the next 15 days at an all time low. Makes you wonder how these people make money out of death spirals when they are not allowed (supposedly) to short.
Riverfort/Global seem to be behind all death spirals. Odd that. ADMINISTRATION is a month or two away.
Last post: TnucidisnI, 20 Jun 2024 22:02
The Turkish "roll of the dice" was a terribly bad gamble . Not helped by failing to do seismic first; incredible isn't it.?
UKOG can review the data all they like; won't change the financial facts of life; UKOG have not got the cash to again waste in Türkiye chasing 5th rate prospects.
UKOG's share of another Turkish drill would be circa £1.2m. UKOG can hardly keep the lights on let alone dream of another roll of the dice gamble; they are nearly out of cash.
Hopefully we will get news regarding below...
"We will continue to analyse all data and explore both the potential updip shallow Germik/Hoya accumulation and the likely more significant deeper pool objective, the most probable source of the observed shallow hydrocarbons and shot-hole oil seep"
Started: AimDogs, 20 Jun 2024 18:54
Last post: AimDogs, 20 Jun 2024 18:54
On the bell.
Last post: Bubblepoint, 20 Jun 2024 18:16
Adrian,
I really couldn't give a flyin ferk if you believe me or not, I have not worked in UK industry & NS since 1998, anyway YOUR clock is ticking lol
""Zero sympathy here for the ramping scumbags.....""
What rampers/derampers do is NOTHING in comparison to what this outfit has done to the SP, 99.9% diminished, along with over £100 million spondulahs to boot... Your blaming the wrong people for this travesty !!!
""All I want to hear is that ocelot, insidious and the rest of the gang have lost a shed load and are now staring into oblivion.""
I don't wish that on any Pi, yes people talk with agenda's etc, AND ?? it has been like that since the conception of forums.
If you are old enough to have a trading account, and you failed to do your OWN research beyond reading these boards, then you reap what you sow, no one else to blame other than the person looking in the mirror.
If folk decide to hold it all the way into oblivion then hey !! such is life...
I wonder if he feels any guilt whatsoever??
Started: Ilovesushi, 20 Jun 2024 17:38
Last post: Ilovesushi, 20 Jun 2024 17:38
HH Is a non commercial well and will soon be plugged and abandoned and this company will never get a placing away again. Administration beckons. It was Türkiye that was the nail in the coffin.
All they need now is for YA to put in a big sell at the end. Perfect day! Now where is moneymunch?
And now millions are traded at 0.018.
The Dear Leader has gifted his followers another chance to average down; his generosity is legendary.
52 Week Low 0.019
52 Week Low Date 20-Jun-2024
Only the spread is stopping it going into the 0.019's ATL.
52 Week Low 0.02
52 Week Low Date 20-Jun-2024
Started: NibblePibbley, 20 Jun 2024 15:10
Last post: NibblePibbley, 20 Jun 2024 15:10
1,000,000 shares for less than £200.
Who in their right mind would buy an interest in this dumpster of a company.
I'm surprised some of the institutions have not started to "bail out" and put UKOG out of its misery