United Oil & Gas Share Discussion Threads

[soulsauce] 08/1/2020 16:52

No it was Manini, just answering fbrj. Promise ;-)

I already have done, no response.

[the manini] 08/1/2020 16:29

"Right that is my last word on the subject"It clearly wasn't and I suspect more will follow.Why don't you put your points and grievances directly to BL and see what his response is? It's what I would do if I felt as aggrieved as you clearly do.

[soulsauce] 08/1/2020 15:35

fbrj some fair comments in there.

BUT you make your assumptions at 3p.

Conversely I would say what if the raising had been set at the original 4p requiring only 119m shares before the sweetener was dangled in front of them at 3p.

How many PI's, given we were being sold a 'transformation', would have been happy to stump up at 4.5p (probably most holders average) or even 5p or 6p? We will never know I suppose just as your with your sinopsis.

But here's an idea on the assumption that an open offer would not have provided them with enough money:-
The original raising was being set at 4p before greed set in, we have been led to believe. Instead of jumping to the bait of the extra money at the lower price why didn't they just put the extra bit they took out to open offer if they thought they needed it enough to sell existing shareholders down the river for it.

I am sure there would have been enough appetite for that slice and you would have saved a total of 69m shares (so a total of 550m in issue), been fair to all and not have given RKH an even better deal. And with less shares in issue as the company improved you would have benefitted even more.

[fbrj] 08/1/2020 14:16

The rights issue route might appear attractive but you have to remember the share structure. There was only 1 holder who held 3% or more of the existing share capital and in any event he didn't subscribe for any new shares. This must mean that the vast majority (if not all) of shares are held by PIs.

UOG issued approx 160m new shares at 3p, with existing share cap of 345m shares. In other words in (say) a discounted rights issue at 3p the offer would be 1 for 2. Lets say you held 200,000 shares valued at £8000 (at suspension). To apply for the RI you would have to put your hand in your pocket for £3000 cash. I just don't believe this would have happened (how many reading this thread would have done so on their existing holdings?).

So, if a substantial part of the issue was left with the underwriters - they would be busy exiting right now and probably depressing the price below the issue price.

[soulsauce] 08/1/2020 11:57

Hope indeed.

[hope67] 08/1/2020 11:54

SSthey should of done a rights issue they had time with the suspension

[rumobejo] 08/1/2020 10:10

time to buckle up

[costax1654x] 08/1/2020 09:55

Bought some Kefi and Uog today

[soulsauce] 08/1/2020 09:02

Manini I am not going to labour on the point as I have moaned about it long enough I think and I do agree with much of what you say.
I understand markets are tough, but we were not approaching them to raise to keep the lights on or for some risky exploration drilling, this was for a transformational asset. It's amazing how much more difficult the market became when the instis waived more money under their nose, which is strange in itself. The markets are tough but more money was offered but at a scalping, no just greed at existing shareholders expense.

I don't think it is too much to ask when the company are taking on a tranformational asset for it to return to the market at least at a small premium, certainly not some 30% less.

If that is going to be the norm' what is the point being invested prior to advertised corporate action? If we had all taken our money out ahead of the suspension the share price would have crashed but we didn't because we believed in the company, the assets and the management and I feel rather let down that not enough thought was given to existing holders.
If we had taken our money out ahead of the suspension we would have all been on a level playing field probably at 1.5-2p on re-admission. (Hindsight is a wonderful thing).

Unfortunately the company did not follow the Serica route.

Right that is my last word on the subject.

[herb clark] 08/1/2020 08:23

3.58 to sell

[the manini] 07/1/2020 23:59

SS They explained how difficult the market was to raise money and other companies I'm involved with bear this out with similar raises at large discounts or projects having to be mothballed until the environment improves finance wise.In that environmentment it makes some sense to take the extra cash while it's on the table. I think this management have aims far beyond most retail investors expectations or timeframes. I think if you take even a one year view the share price will be multiples of where it is now let alone 2 or 3 years down the line. They're extremely ambitious and if you're a true long term investor do you honestly believe 3p or 4p is gonna make much difference in a couple of years considering where they want to take this? My average is 4.95p, there'll be dozens of opportunities to top up, top slice, average down along the journey and make a shed load of money.There's going to be plenty of news flow and I fully expect double figures in H1 if not Q1 so let's focus on the positive. News flow, production, further exploration with an 80% COS, a drill decision on Jamaica, further possible ties with BP, production at Selva and who knows what else! :)

[the manini] 07/1/2020 16:58

Yeah we're gonna get that ss until the placing shares are cleared but there's clearly buying interest and positive news flow aplenty, so get those cleared and we should be good for a nice sustained rise through 2020

[soulsauce] 07/1/2020 15:18

Well it tempted more flippers anyway 🙄

[johncasey] 07/1/2020 14:57

pxog news just out ...transformational!

[someuwin] 07/1/2020 14:52

07 January 2020

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

7(th) January, 2020+BCL

United Oil & Gas PLC ('United' or 'UOG' or 'the Company')

Italian Licencing Update

United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and gas exploration and development company, notes the announcement issued by Po Valley Energy Limited ("Po Valley"), operator of the Podere Gallina Licence, stating that they have received formal technical environmental approval from the Italian Environmental Ministry for the development of the Selva Gas field. United holds a 20% economic interest in the Podere Gallina licence.

This approval is an important milestone in advance of the decision to grant final approval by Environment Minister decree and the issuing of the required INTESA (intergovernmental agreement) and the final grant of a Production Concession issued by Italy's Economic Development Ministry.

A Competent Persons Report included in the Company's AIM Admission Document dated 6 December 2019, covering all of the Podere Gallina Licence, including the Selva Malvezzi Production Concession identified gross 2P Reserves of 13.3Bcf (2.7Bcf net attributable to United), a further 14.1Bcf of gross 2C Contingent Resources (2.8Bcf net attributable), and 91.5Bcf of unrisked gross Prospective Resources (18.3Bcf net attributable).

The Po Valley ASX announcement can be accessed via this link:



Brian Larkin CEO, United Oil and Gas PLC:

'This approval is an important milestone in the proposed development of the Selva Gas Field. We look forward to further constructive engagement with the Italian Government and continued progress on this field, with the objective of achieving first production in 2020.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

ENDS

[aimbagger] 07/1/2020 14:48

There's the official release

[herb clark] 07/1/2020 13:03

3.61 are buys

[someuwin] 07/1/2020 09:44

Buyers coming in

[cantrememberthis2] 07/1/2020 09:10

Disagree iamgreat1

Looks okay

1x Bagger

[tomford8] 07/1/2020 00:31

ASX RELEASE

Tuesday 7 January 2020

KEY ENVIRONMENTAL APPROVAL FOR ITALIAN GAS FIELD

Australia’s Po Valley Energy Limited, (“Po Valley” or “The Company”) is pleased to
announce that the Company has received formal technical environmental approval from
the Italian Environment Ministry for its 63%-owned Selva gas field development in
Northern Italy.

The Selva development has a small footprint of less than half a hectare and will have no emissions from any future commissioning of its gas inventory.

The environmental approval is a precursor to final sign off by Environment Minister
decree, the issuing of the required INTESA (intergovernmental agreement) and the final grant of a production concession as issued by Italy’s Economic Development Ministry.

Selva has gas reserves of 13.3bcf (2P) (refer ASX Announcement 8 February 2019) and has already secured the grant of a preliminary Production Concession ahead of final
development slated for this calendar year.

Po Valley plans to initially install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a one-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

MEDIA CONTACT:


Info

Po Valley CEO, Michael Masterman (0418 951 792)

Farm out of the well to United Oil and Gas 20% and Prospex Oil and Gas Plc 17%, PVE holds a 63% share of the Podere Gallina licence containing this well and the ENI Selva gas field.

PVE is the Operator and owns 63% of Podere Gallina Licence, United Oil & Gas Plc 20%, Prospex Oil & Gas Plc 17%.

Po Valley Energy

[the manini] 06/1/2020 23:42

The good news keeps on coming!

[soulsauce] 06/1/2020 23:27

Great news, all on track for production later in the year.

[aimbagger] 06/1/2020 22:51

Environmental approval for Selva out on ASX, RNS in the morning ??