UMC Energy Share Discussion Threads

[tomboyb] 28/9/2011 12:30

TIDMUEP

RNS Number : 1051P

UMC Energy PLC

28 September 2011

UMC ENERGY PLC

Condensed consolidated interim financial statements

for the half-year ended 30 June 2011

CHAIRMAN'S STATEMENT

For the six months period ended 30 June 2011

Madagascar is continuing to experience a period of political upheaval and uncertainty. Although the Company has not, in any way, been negatively affected by these events, it has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the first-half of the current financial year and does not expect to undertake any material exploration activities in Madagascar whilst this period of uncertainty prevails. Given these circumstances, the Directors have resolved that it is not appropriate to capitalise any further expenditure on the intangible asset until circumstances change.

In September 2011, the Company exercised an option to acquire two off-shore Petroleum Prospecting Licences, nos 374 and 375, and one on-shore Petroleum Prospecting Licence, no 378, located in Papua New Guinea. The consideration payable upon exercise of the option is the issue by the Company of 240 million fully paid up new ordinary shares in the capital of the Company. Following allotment, the Company will have 484,444,763 ordinary shares in issue.

The Company has retained consulting petroleum engineers to further examine and report on the presently available published geological data on the underlying areas of these licences. The Company will, upon receipt of the petroleum consultants' reports on past exploration carried out on the licence areas, decide on the most appropriate development options, including the possibility of seeking farm-in partners.

C Kyriakou

Chairman

UMC ENERGY PLC

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

For the six months period ended 30 June 2011


6 months period 6 months period
ended 30 June ended 30 June
2011 2010
(Unaudited) (Unaudited)
Note GBP GBP

Administrative expenses (223,274) (140,161)
Exploration licence fees
not capitalised (114,503) -
Impairment charge 7 - (655,000)
-------------------------- ----- ---------------- ----------------

Loss from operations (337,777) (795,161)
Finance costs (101,609) (29,687)

Loss before taxation (439,386) (824,848)
Income tax expense 5 - -

Loss for the period (439,386) (824,848)
-------------------------- ----- ---------------- ----------------

Attributable to:
Equity holders of the
parent (439,386) (731,913)
Minority interest - (92,935)
-------------------------- ----- ---------------- ----------------
(439,386) (824,848)

Loss per share (pence) 6 (0.18) (0.29)
Fully diluted loss per
share (pence) 6 (0.18) (0.29)

The Group has no recognised gains or losses other than the results for the period as set out above.

UMC ENERGY PLC

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the six months period ended 30 June 2011


6 months period 6 months period
ended 30 June ended 30 June
2011 2010
(Unaudited) (Unaudited)
GBP GBP

Loss for the period (439,386) (824,848)

Foreign currency translation
differences for foreign operations (21,827) (250,195)

Other comprehensive expense
for the period (21,827) (250,195)
------------------------------------- ---------------- ----------------

Total comprehensive expense
for the period (461,213) (1,075,043)
------------------------------------- ---------------- ----------------

Attributable to:
Equity holders of the parent (461,213) (988,452)
Minority interest - (86,591)
------------------------------------- ---------------- ----------------
Total comprehensive expense
for the period (461,213) (1,075,043)

[tomboyb] 16/9/2011 09:44

L2 - 3 v 1 and a notch up yesterday BUT yet to await details ----

[ducatiman] 13/9/2011 15:31

it is indeed tomboy and seems only you lucky enough to have a few. I am in nsn so any rise here adds value there. GL, duc.

[tomboyb] 13/9/2011 15:29

up again - 2 v 2 ---

Come on --- give us the details here!

[tomboyb] 13/9/2011 10:00

Looks like delayed 100k buy pushed it up -

[tomboyb] 12/9/2011 14:20

Its blue! But with soo little tp go on!

[tomboyb] 12/9/2011 13:22

Very little detail Ducatiman - perhaps a few good surprises along the way

Have said that NMS is 20k and theya re offering 3.75k shares around £160 squids worth online.

[ducatiman] 12/9/2011 09:41

buy nsn instead then as they basically own uep. Agreed, no detail and can`t find any info on net. They should have given more detail, prospectivity etc.

[tomboyb] 12/9/2011 09:32

L2 getting stronger

2 v 1 ---

Not much detail - but you can't buy any online --

[tomboyb] 12/9/2011 08:26

TIDMUEP

RNS Number : 0327O

UMC Energy PLC

12 September 2011

12 September 2011

UMC Energy Plc

("UMC" or the "Company")

Exercise of Option

Further to the announcement, in April this year, that UMC Energy had entered an option agreement (which is with non-related parties) to acquire a Papua New Guinea (PNG) company which had applied for Petroleum Prospecting Licences (PPLs) in that country, we wish to advise that UMC has now exercised its option. As a result of exercising this option, the Company will acquire 100 per cent. of the issued capital of a BVI incorporated company, PNG Energy Ltd, which company's sole asset is its 100 per cent. holding in the PNG company, Gini Energy Ltd (Gini). Gini's sole asset is its holding of two off-shore PPLs, nos 374 and 375 and one on-shore PPL, no 378.

The consideration payable upon exercise of the option is the issue by UMC Energy of 240 million fully paid up new ordinary shares in the capital of the Company (Ordinary Shares) upon for which, after allotment, application will be made for the shares to be admitted to trading on AIM. Following allotment, the Company will have 484,444,763 Ordinary Shares in issue.

The Company has retained consulting petroleum engineers to further examine and report on the presently available published geological data on the underlying areas of these licences and the results of these studies will be released when available.

The work expenditure commitments on the three PPLs in the first two years, totalling US$600,000, will be met from the Company's existing funding arrangements with Natasa Mining Ltd. During the first year of the expenditure commitment programme, the Company will, upon receipt of the petroleum consultants' reports on past exploration carried out on the PPLs, decide on the most appropriate development options, including the possibility of seeking farm-in partners.

The transaction will not result in any changes to the composition of the Board of Directors of the Company. Furthermore the transaction will not result in any change to the Company's other business activities, being the investment in and development of the Morondava uranium exploration project in Madagascar.

For further information:

Enquiries:

Chrisilios Kyriakou, Chief Executive Officer

UMC Energy Plc

Telephone: [phone]

Angela Peace

Strand Hanson Limited

Telephone: [phone]

Philip Haydn-Slater/Paul Dudley

HD Capital Partners LLP

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDKBDDOBKKFCD

[tomboyb] 16/6/2011 15:01

UEP - Some trading activity here - we will probably get a clearer picture wrt the PNG licence acquisitions at the AGM on the 29th - gl -

[sideshowbull] 09/6/2011 16:27

Been looking back at my notes from when I bought in, things have changed (PNG licences)which has made it even more attractive:

My few notes from Jan 2011:

DYOR etc

UMC energy:
SHARES IN ISSUE FULLY DILUTED = 244,444,763
SHARE PRICE = 1.25P
ALL TIME HIGH= 60P
YEAR RANGE =1-2P
MARKET CAP= £3,055,559,54
FREE FLOAT 11.4% = 27,866,702, PI SHARES,
The percentage of shares not in public hands is 88.60%. Significant shareholders are Natasa Mining Ltd (83.5%) and Cline Mining Corporation (5.02%). There are no restrictions on the transfers of the Company's securities.

PROJECTS:

Exploration programme
The Company owns an 80% equity interest in URAMAD S.A. URAMAD S.A. holds a number of exploration permits issued by the government of Madagascar (the "Exploration Permits").
The Exploration Permits, which have been granted for 10 years expiring in 2015 and 2016, are located in the Morondava Basin in western Madagascar, which is infilled and layered with sediments, most notably the Karoo formation that hosts uranium mineralisation.
The areas were previously identified and explored during the uranium cycles of 1956 to 1963 and 1979 to 1982 by the United Nations (PUND) and the Office of National Mines and Strategic Industries, a Malagasy State body, ("OMNIS") respectively. Later, the French uranium company Cogema took on large permits and continued regional exploration that terminated in the late 1990s with the downturn in uranium prices and demand.
URAMAD is the owner of a data base for the Morondava Basin that includes the results of airborne geophysical and radiometric surveys, drill logs for 790 drill holes (approximately 83,000 metres of drilling) with indicated uranium values, and visible uranium mineralisation associated with targets picked from 7,000 radioactive anomalies, recorded and plotted.
CONS
CHAIRMAN'S STATEMENT
For the six months period ended 30 June 2010
Madagascar is continuing to experience a period of political upheaval and uncertainty. Although the Company has not, in any way, been negatively affected by these events, it has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the first-half of the current financial year and does not expect to undertake any material exploration activities in Madagascar whilst this period of uncertainty prevails. Given these circumstances, the Directors have resolved that it is appropriate to recognise an impairment adjustment of £655,000 against the carrying value of this intangible asset.
C Kyriakou
Chairman


The project has yet to reach a stage of development where a determination of the technical feasibility or commercial viability can be assessed. In addition, as Madagascar is presently experiencing a period of political upheaval and uncertainty, the Company has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the first-half of the current financial year and does not expect to undertake any material exploration activities in Madagascar whilst this period of uncertainty prevails. In these circumstances, whether there is any indication that the asset has been impaired is a matter of judgement, as is the determination of the quantum of any required impairment adjustment. The directors have used their experience to conclude that an impairment adjustment of £655,000 is required in the current period (30 June 2009: £nil).

SOURCE;


MAYBE CHANGING?

chief of state: President Andry RAJOELINA (since 18 March 2009)
head of government: Prime Minister Albert Camille VITAL (since 18 December 2009)
cabinet: Council of Ministers appointed by the prime minister
(For more information visit the World Leaders website )
elections: president elected by popular vote for a five-year term (eligible for a second term); election last held on 3 December 2006 (next to be held on 4 May 2011); prime minister appointed by the president
election results: percent of vote - Marc RAVALOMANANA 54.8%, Jean LAHINIRIKO 11.7%, Roland RATSIRAKA 10.1%, Herizo RAZAFIMAHALEO 9.1%, Norbert RATSIRAHONANA 4.2%, Ny Hasina ANDRIAMANJATO 4.2%, Elia RAVELOMANANTSOA 2.6%, Pety RAKOTONIAINA 1.7%, other 1.6%; note - RAVALOMANANA stepped down on 17 March 2009
note:: on 17 March 2009, democratically elected President Marc RAVALOMANANA stepped down handing the government over to the military, which in turn conferred the presidency on opposition leader and Antananarivo mayor Andry RAJOELINA, who will head the High Transition Authority; a power-sharing agreement reached in August 2009 established a 15-month transition period, concluding in general elections in 2010; as of December 2009 the agreement had not been fully implemented

Legislative branch:
bicameral legislature consists of a Senate or Senat (100 seats; two-thirds of the members appointed by regional assemblies; the remaining one-third appointed by the president; members to serve four-year terms) and a National Assembly or Assemblee Nationale (127 seats - reduced from 160 seats by an April 2007 national referendum; members elected by popular vote to serve four-year terms)
elections: National Assembly - last held on 23 September 2007 (next to be held on 16 March 2011); note - a power-sharing agreement in the summer of 2009 established a 15-month transition, concluding in general elections
election results: National Assembly - percent of vote by party - NA; seats by party - TIM 106, LEADER/Fanilo 1, independents 20

Judicial branch:
Supreme Court or Cour Supreme; High Constitutional Court or Haute Cour Constitutionnelle

Political parties and leaders:
Association for the Rebirth of Madagascar or AREMA [Pierrot RAJAONARIVELO]; Democratic Party for Union in Madagascar or PSDUM [Jean LAHINIRIKO]; Economic Liberalism and Democratic Action for National Recovery or LEADER/Fanilo [Herizo RAZAFIMAHALEO]; Fihaonana Party or FP [Guy-Willy RAZANAMASY]; I Love Madagascar or TIM [Marc RAVALOMANANA]; Renewal of the Social Democratic Party or RPSD [Evariste MARSON]

SOURCE https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html







PROS:
Eight exploration permits covering 9,994 Sq. Km in the Morondava Basin filled by the
Karroo continental sediments. Data Base by COGEMA of France, United Nations
(PUND) and OMNIS (Madagascar Government) reports extensive uranium
mineralization and uranium targets by airborne survey and drilling on the URAMAD
Property. 83,000 meters of drilling - 790 holes (7,000 anomalies - visible surface
uranium - 400 tonnes uranium metal drilled off (non 43-101 compliant)). International
Atomic Energy Agency expects several 5,000 to 10,000 tonnes deposits of uranium
metal deposits to be found in the basin.
ENGINEERING REPORT
Caracle Creek International Consulting Inc. Competent Persons Report conclusion:
"
Morondava Uranium Project exploration program should be pursued aggressively"

Valuation:

assuming 5000-10000 tonnes expected this would give a value of $110-$220m based on $10 per lb (used by ARMZ and Uranium one to value mantra)
assuming 5000-10000 tonnes PER DEPOSIT expected this would give a value of $110-$220m PER DEPOSIT based on $10 per lb (used by ARMZ and Uranium one to value mantra) SO SEVERAL DEPOSITS AVERAGE 3 WOULD BE $330-$660M VALUATION.


--
Sideshow

[tomboyb] 09/6/2011 15:55

Can sell at 5.17p a premium to BID - those PNG licences must be coming into this entity - 100k MAX buy -

[tomboyb] 09/6/2011 09:39

Someone bought 500k yesterday at a premium to the current share price - there has been selling of this stock over the last few months or so - BUT its bounced backed every time so its seems there may be a buyer - PNG licences perhaps?

[hectorp] 09/6/2011 09:35

MM's have pumped it up on almost no vol.

[tens machine] 09/6/2011 09:25

it ticked up first thing 20% on a 20k buy just £1500 worth.

hardly a pump and dump either, volume here not that large

[sideshowbull] 09/6/2011 09:15

WTF - Fre float is only 11% so any volume will see a boom. Maybe the gov prob sorted?

[tens machine] 09/6/2011 08:57

whats going here then hardly a trade and up 43%, something in the background imo

[cliley454] 09/6/2011 08:35

After a couple of years in the doldrums these are flying now. Looks like some good news is coming.

Off topic take a look at CXM, market cap just £400k. They have posted a bullish update on their website which hasn't been released to the market yet. I've just posted it on the CXM bb.

[tomboyb] 08/6/2011 15:30

500k taken at 4.5p a premium to current share price - 22ks worth -

[philjh] 07/6/2011 15:10

tick up today

[b2l] 20/4/2011 11:41

last price 4p .... 70k