United Oil & Gas Share Discussion Threads

[soulsauce] 28/2/2020 13:24

It's worth a listen marvelman when it is put on the web site.
Unfortunately I didn't take notes because I was not in the right frame of mind to do so, so will probably listen again at some stage in conjunction with the presentation.

[marvelman] 28/2/2020 13:08

Soulsauce/cpap..thanks for conference call heads up...missed it due to frenetic morning but clearly you two are more organised :-))

[soulsauce] 28/2/2020 13:01

Cheers marvelman.

Conference call was good, lots to be happy about with Egypt.
Like I have said before I have no qualms as long as the company look to grow the share price and not just the market cap.

[cpap man] 28/2/2020 13:00

Excellent UOG investor conference call which lasted just shy of 1 hour including Q&A

The only way now for UOG is UP!

[marunam2] 28/2/2020 10:35

Well, in this market this could go lower still, will wait for clarity on OPEC meeting and the further response to the Virus in the coming weeks.

There are some very good stocks out there now on their lows.

[cpap man] 28/2/2020 08:55

The are tons more posts like this one over on the RKH threads....UOG have done the deal of the century!

[cpap man] 28/2/2020 08:25

From the RKH thread referencing the UOG deal



cyan22 Jan '20 - 10:46 - 44278 of 44864

I see Egypt is performing well....for UOG

uk.advfn.com/stock-market/london/united-oil-gas-UOG/share-news/United-Oil-Gas-PLC-Update-on-ASH-2-Well-and-Acqu/81573209

Our management sold the family silver to keep the lights on (announced 23.7.19)
Anyone notice just how great a deal it was...for UOG? Effective date 01.01.19...that means all the cash earned goes to them from 1.1.19. Not impressed.

I see a pretty fanciful theory on the LSE BB; that RKH had to sell Egypt because the Israeli NAVITAS was investing in RKH and we had to sell for fear of attacks on our Egyptian assets.
This ignores the empirical evidence which I presented before; RKH were running out of money FAST.
There is no way, last summer,that RKH could have formed an opinion NAVITAS would partner us.
It was all about our serious cash position.

See RNS 18th September 2019;

"Following completion of the announced disposal of Rockhopper Egypt Pty Limited, which is anticipated to close in Q4 2019, year end 2019 cash is estimated to be in the region of US$25-30 million, depending on the final mix of consideration received at closing of the disposal."

Its obvious there was very high cash burn .; about $5 m pa is GA ; most of the rest must be SEALION related.

RKH's cash positions from results RNS's;

End of 2017 $50.7m
End of 2018 $40.4m

End of 2019 estimation $25-$30m

Without the UOG sale RKH were looking at a cash position of around $15m at ye19 with RKH dropping regular big bills on them.
Even with the sale of UOG it became apparently evident that RKH could not survive to first oil WITHOUT PMO supporting them in the new arrangement with a carry from 1.1.2020 to 1.3.2020.

If MOODY and MACDONALD get awarded a bonus I will be furious.

I suspect the next news will be from the arbitration. Need some really good news.

[cpap man] 28/2/2020 07:55

Abu Sennan Operational Update

United is pleased to provide the following operational update on the Abu Sennan concession in the Western Desert, onshore Egypt, one of Egypt's most productive hydrocarbon regions:

· Gross production for the concession has averaged over 7,900 boepd for the first half of February 2020 (over 1,700 boepd to United's net working interest). This follows the successful ASH-2 well and amounts to a doubling of the production from the concession since the effective date of the Acquisition (1st January 2019).

· Following the result of the ASH-2 well, which tested at a maximum gross rate of 7,027 bopd from the Alam El Bueib reservoir at the end of December 2019, and which has been onstream at over 3,000 bopd (660 bopd to United's net working interest) since the beginning of January 2020, plans to optimise the further development of this area are well advanced.

· El Salmiya-5, the first of four fully-funded infill wells to be drilled in 2020, spudded on the 3rd February. This is targeting multiple reservoirs in a previously undrained area of the El Salmiya field.

· Construction of a gas pipeline on the Al Jahraa field is expected to be completed shortly. On a gross basis, this is expected to bring an additional c. 1,000 boepd of gas onstream.

· United's technical team will now be focussed on supporting the operator (Kuwait Energy Egypt), and the other JV partners in optimising production from the seven producing fields within the concession, and pursuing the significant exploration potential within the licence area.

· United sees significant potential in the 644km2 exploration area of the field, particularly in the deeper reservoirs, as illustrated by the recent success in the Alam El Bueib at ASH-2. The Company is looking forward to working with our new partners to put together an exploration drilling plan targeting the best prospects and aiming to continue the 80% exploration success rate that has been achieved in the licence to date.

· Gaffney Cline & Associates (GCA) completed a Competent Person's Report on the assets with an effective date of 30th June 2019 which attributes 12.12 mmboe gross 2P reserves to the Abu Sennan Licence (2.66 mmboe to United's net working interest). It is worth noting that these figures pre-date the recent drilling activity on the licence.

· A further 29.4 mmboe of gross unrisked prospective resources (net working interest of 6.46 mmboe) have been identified on the Abu Sennan licence by GCA.

· The BP Facility is based on a floor price of $60/bbl for c.6,600 bbls of crude oil production per month for the next thirty months, effectively hedging this portion of production while allowing United to benefit from market prices above $60.

· For as long as Rockhopper holds 10 per cent or more of the entire issued share capital of the company, it is entitled to appoint a non-executive director to the Board and a further announcement will be made in due course.

· United is also pleased to be retaining the Rockhopper country manager, who will provide continuity with both EGPC and the Abu Sennan joint venture partners and will assist the development of our business in Egypt.

[cpap man] 28/2/2020 07:30

Confirmation RNS out from UOG



United Oil and Gas, Chief Executive Officer, Brian Larkin:



"Completing the Acquisition of Rockhopper Egypt represents a significant milestone in the development of United, establishing the company as a full-cycle E&P company, and putting us in a strong position for further growth.

"At over 1,700 boepd, our 22% share of production at Abu Sennan and the revenues it generates are material. This does not take into account any future growth arising either from the ongoing infill drilling programme at Abu Sennan or the multiple exploration targets that have been independently estimated to hold gross unrisked prospective resources of 29.4 mmboe. Production has increased significantly over the last 12 months, reaching 7,900 boepd in February 2020. This highlights the potential of the assets and we look forward to working with our new partners to fully deliver on this promise.

"With drilling now underway at El Salmiya 5, the first well in the fully funded 2020 infill programme in Egypt, first gas scheduled for later this year in Italy and further progress expected across our other licence areas, we are entering an exciting phase in United's development, one which will see our highly cash generative platform deployed to grow the Company further. With this in mind, we look forward to keeping shareholders appraised of our next steps on what has already been an exceptional growth trajectory."

Shareholder Call

Management will be hosting an investor conference call today, on 28th February 2020, at 12pm where it will discuss the completion of the acquisition and offer investors an opportunity to ask questions regarding the transaction and the Company's future plans. A presentation will be uploaded to the Company's website prior to the call.

To participate in this conference call, please dial in [phone] and enter participant pin 1348408# when prompted to do so.

All lines will be muted with the exception of Company management, however the Company will be conducting a Q&A session at the end of the call. No new material trading, financial or other information will be disclosed during the investor call.

Additionally, shareholders are invited to submit questions and ahead of the call via email. Questions should be sent to [e-mail]

[soulsauce] 28/2/2020 07:29

Deal done RNS.

[soulsauce] 27/2/2020 10:06

Watch out for the link above.

[stocktastic] 27/2/2020 09:58

I can recall.... had a few challenging periods back then too!
Glad to hear you're well.
Things here good in general

[buzzzzzzzz] 27/2/2020 09:25

Stocktastic

Doing good now but it was a horrendous period in my life!

Hope you good too.

[someuwin] 27/2/2020 08:21

#UOG Photo of the El Salmiya Oil Production Station within the Abu Sennan Concession. In accordance with the terms of the Rockhopper Acquisition Agreement, we still expect Completion & Admission to occur on Friday 28 February 2020. A further announcement will be provided then.

[stocktastic] 26/2/2020 20:43

Bh, ah another familiar 'face'
Popped in here as I got in RKH
Yes, the OXB rose tinted brigade continue to stamp on any balanced views they dont like

[p@] 26/2/2020 20:23

Maybe it's just that the ex Tullow boys aren't so popular now!.....LOL

[soulsauce] 26/2/2020 20:13

Thanks bountyhunter. Optimistic is all we can be at the moment.

[bountyhunter] 26/2/2020 20:07

On the wrong board doc? ;-) I guess they will have a vaccine by now on the oxb bull thread lol.

Must say I agree with much of what ss is saying having been here for quite a while now myself. The RTO certainly hasn't delivered to date due to the cheap fund raise for a larger amount than anticipated but I remain optimistic looking forward.
Now I need to check out the HUR offload today Buzz!

[stocktastic] 26/2/2020 19:24

Hah! Well if it isn't ole Buzzz from SLN years back
Still in the game hey?!
Hope you're doing well
the_doc

[soulsauce] 26/2/2020 18:17

Ahh buzzzz so your broker then thinks it is the raising shares and not just 'the market'. However I am not sure what lock in period he is talking of.
May be if you had asked him earlier it would have saved you questioning my first post.

Doesn't matter if they ponied up in December or now, many may want to keep their original amount of shares, or less given the market and taken advantage of the cheap shares.
But I don't know how you are so certain that everyone paid in Dec.

The filter button is always an option if you are not happy with what I am saying.
But even you must admit after over two years of being in existence and to have taken on such an asset and be only a couple of clicks from an all time low is hardly a success or covering themselves in glory.

[buzzzzzzzz] 26/2/2020 17:55

rumobejo

There was no delayed settlement, I had to deposit my money in December just like everyone else who participated in the offer.