UK Oil & Gas (UKOG), the company (backed by British Investors, but mainly by Turkeys) has now confirmed, at least to me, that the Weald Basin rampathon has all been for nothing. Despite a desperate need for a water injection well at Horse Hill to maintain reservoir pressure and hence production rate, the company is buying unexplored acreage in Turkey with no seismic coverage.
Notwithstanding a £4.2 million placing at 0.2p back in June, UK Oil & Gas (UKOG) is now running on vapours. The question is not if it will do another bailout placing but when? And “news”, I use the term in the loosest possible sense, today suggests that Lyin’ Steve Sanderson et al are preparing to pass the hat around, yet again, very soon. There are already 10.97 billion shares in issue but brace yourself for another tsunami of worthless confetti to be arriving shortly.
I am fortunate – I’m on holiday currently courtesy of my beautiful and dutiful partner in my family homelands of North Devon, while apparently ramping Synairgen (SNG) according to Tom! But more importantly, perhaps you heard me yesterday morning across in South Wales as I read and expressed my views on the latest news from UK Oil & Gas (UKOG), in between the chortling at Tom’s comments? I had a rather more than a big chuckle at 07:05 to read UK Oil & Gas (UKOG) is going into business with Aladdin Middle East Ltd. Perhaps it has a magic lamp complete with genie and flying carpet to whisk shareholders to a more profitable place? Without that I see nothing but more dilution, ramping rollocks and of course a re-branding...
Why it is whenever I write about UK Oil & Gas (UKOG) just a few days later it vomits up new news? With its prize place in my 2019 Christmas vomit list well justified, even prior to the Loxley ramp, it’s now delivered the killer blow – it has two “fucked” wells at Horse Hill and no cash and absolutely no positive prospects.
Having spent, and continuing to spend, shedloads of shareholders cash at Horse Hill and Broadford Bridge for not a lot of commercial return so far, UK Oil and Gas (UKOG) attempted today to extend the rampy reasons to raise yet more cash via the proposed Loxley drill. Consent has been refused by the Planning Authority, and for good reason I think this should be good news for shareholders, unless of course the company chooses to throw shareholders cash at an appeal to keep the rainbow in place.