United Oil & Gas Share Discussion Threads

[cpap man] 02/3/2020 14:50

soulsauce28 Feb '20 - 13:01 - 2325 of 2338

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.




Agree totally with that last line...."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."



I strongly recommend that like me all UOG shareholders write to all the directors at UOG to make this point loud and clear!

[cashandcard] 02/3/2020 14:35

They need Jamaica news to bring some life back into this, I don't really see anything else in their portfolio meaningful enough to get the markets attention. Unfortunately, its another case of a company that has good productive assets but gets overlooked by the markets - regardless of current market turmoil - for other more speculative stocks out there. Of course, this situation presents opportunities for the longs.


Cash

[the manini] 29/2/2020 15:00

No that's their current value, what they're worth is much more. It isn't reflected yet due to the raising, extra time to conclude RTO and Corvid virus. That's where the money is to be made, buy when others are fearful and the market has over reacted (discounted) way below true value. True value can't be accurately gauged just yet but two brokers have rated it around the 10p mark BEFORE the Ash well hit its 7,000 boepd in January and doesn't include a full year of revenue from our new Egypt asset (because the deal wasn't done when those broker ratings appeared). With 4 more wells being drilled in 2020 we might expect 2 or 3 of those to be successful (historic 80% success rate) all fully funded, the first of which has already spudded and a new gas pipeline to again increase our revenue set to complete this month. All this ignores every other asset we have and will be progressing. I'd suggest anyone investing now will do phenomenally well over the next 12 - 18 months.

[gsry45] 29/2/2020 10:40

Fairlight you have made the assumption that I have invested here. I haven't. In your opinion what are these worth? They are worth exactly what you see on your screen. ;#

[fairlight] 28/2/2020 21:55

Gsry45 - if you think a share is worth the current MV, then why invest? UOG has great assets now and once Covid-19 is a thing of the past we will see big gains IMO

[bountyhunter] 28/2/2020 20:48

Just a waiting game with UOG.

[gsry45] 28/2/2020 20:44

Adrian, really 10p? If you think that then you are looking at the wrong screen. They are worth exactly what they are worth and at the moment that's a fair bit south or 10p. Sooner you get this worth malarkey round your head the better. Soul, did you manage to get out of NOP? Duster derek did a fine job there! Hik! :#

[adrianuk] 28/2/2020 17:54

Problem was, not many people saw the brilliant news today, as we wasn't even on the leader board. Mostly share holders averaging down. I think the share price will rise significantly in the coming days as news spreads.

UOG is worth 10p per share following its acquisition of Rockhopper’s assets in Egypt according to Barney Gray at broker Optiva.

The deal gives UOG a 22% stake in the Abu Sennan prospect.

Four wells were scheduled to be drilled at Abu Sennan in 2019 with the last expected to be completed by the end of the year.

Production has risen as result to 5,000 boepd gross from 3,800 boepd and Optiva expects another four wells to be drilled in 2020.

[cpap man] 28/2/2020 14:10

Yes the UOG investor conference call is certainly worth a listen to when it is added to the UOG website //// www.uogplc.com

Lots of extremely positive stuff going on @ UOG and many good questions plus a brief statement from the current largest shareholder about growing the company at a fast but also sustainable rate. He also referred to equity placings....the answer from Brian Larkin was that whilst they are a fact of life they will most probably feature less moving forwards especially as the last one nearly killed 'em!

Dr. Jonathan Leather is a highly impressive man and for me stood out on the call as being totally in command of his subject.

[marvelman] 28/2/2020 13:47

Thanks Soulsauce..will certainly do that

[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.