United Oil & Gas Share Discussion Threads

[alexios1201] 03/6/2020 11:11

Divide the number by 6.3So 18mmscfd is 18,000,000/6300= 2857boepd22% stake equals to 628boepdThat's gas4100bopd oil22% stake equals to 902bopdTotal of 1530boepd from his wellCurrent production net to UOG 1850boepdSo total net to uog production is 3380boepdThat's $50Million Revenues per year at $40/barrelWould easy convert into $25Million profitCurrent Mcap £22M or soShould be at least double thatCENKOS Target is 6.5pOver 100% from here

[spangle93] 03/6/2020 11:08

Kevd - we are not party to the economics of the gas.
But it's a pretty good rate, even without the oil

[xxnjr] 03/6/2020 11:08

About 3200boepd.

[kevd1986] 03/6/2020 10:56

I am not fully familiar with gas volumes. What do these gas rates equate to?

[xxnjr] 03/6/2020 10:54

Looks like they have tapped in to the AEB again.

[soulsauce] 03/6/2020 10:46

Another 800bpd+ for UOG and some more of it gas. RNS tomorrow?

[parob] 03/6/2020 10:41

Analyst target price to shoot up after that.

[soulsauce] 03/6/2020 10:37

Great find alexios:-

[alexios1201] 03/6/2020 10:31

Borg Al Arab Petroleum Company has achieved a new petroleum discovery in Abu Sennan concession after drilling Al Salemia Well -5 at the Western Dessert, according to a press release.The new discovery has been put on the production plan at a rate of 4,100 barrel per day (bbl/d) of crude oil and 18 million cubic feet per day (mcf/d) natural gas.The announcement was made in a report sent from the head of the company, Ashraf Abu Zeina, to the Minster of Petroleum and Mineral Resources, Tarek El Molla.Borg El Arab Petroleum Company is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Kuwait Energy Egypt, and is responsible for operations at Abu Sennan concession.It is worth noting that Borg El Arab Petroleum Company announced in December 2019 a new petroleum discovery in the ASH-2 area of Abu Senan concession

[alexios1201] 03/6/2020 10:30

Booomhttps://egyptoil-gas.com/news/new-petroleum-discovery-in-abu-sennan/

[parob] 03/6/2020 08:24

Oil price moving up strongly and a gap to fill on the chart.

[soulsauce] 02/6/2020 16:58

Cheers fbrj.

[fbrj] 02/6/2020 16:56

Update Cenkos note. Target 6.5p.
Probably explains late tick up.

Link:

[xxnjr] 29/5/2020 13:19

Very useful, thanks for supplying that bg. I usually get lost in the maze that is the OGA website ;-)

[bobby1904] 29/5/2020 13:11

Don't forget too that the Rockhopper acquisition effective date was start of 2019 so the back dated profit for the whole of last year is not even included in any of today's numbers. Even on a conservative basis that must run into $m's. CURRENT production on Abu Sennan should produce well over $3m profit net to UOG this year too. Even if any delay/risk on Crown payment, I really don't see that as an issue as the cuts in admins expenses and deferment of capex means they are cash flow positive every month and building up a decent cash buffer.

[bad gateway] 29/5/2020 12:53

Seems to be no problems with the OGA, they look to be onboard with approval (the given milestone for the payment)



Project Summary
The Marigold Project refers to the development of two oil bearing fields, (Marigold and Sunflower) located in UKCS block 15/13a & b, around 210 km North East from Aberdeen and about 15 km to the east of the Piper field. Anasuria Hibiscus UK Limited (AHUK) operates the fields under the P198 Production Licence on behalf of a 50/50 Joint Venture with Caldera Petroleum (UK) Ltd. In addition to developing the Marigold and Sunflower fields AHUK intends to tie back other nearby discovered fields as part of a wider area development plan. AHUK recently acquired licence P2366 containing the Crown oil discovery which is around 12 km to the south of Marigold with the intention of tying it back to the Marigold common infrastructure.

The selected development concept following a non-objection to its concept select received from the OGA in October 2019 is subsea wells tied back via subsea flowlines and umbilicals to a Floating Production Storage and Offloading Unit (FPSO). Front End Engineering Design Studies are underway with a view to obtaining Field Development Plan approval from the OGA at the end of 2020 given the current unforeseen economic circumstances impacting the industry. Tendering for the supply of long lead major project components and services is underway and will be completed by the end of 2020. Project execution will commence in 2021 provided that the business environment has stabilised. Contractors will be asked to provide long validity periods for their submitted tenders so that the contract would not need to be rebid should project execution be delayed due to unfavourable business conditions at the time.


Problem as with everyone is oil price, they're likely to get the milestone approval (imho) and then be faced with either paying up or giving the approved licence back to UOG.
Can't see that being a viable option for hibuscus or their shareholders.
Hopefully poo rises and the issue sorts itself.

[xxnjr] 29/5/2020 12:52

I guess their FID hinges on a recovery in the OP bad gateway. Hence the delay. Just can't see the $2.85m being received this year.

[bad gateway] 29/5/2020 12:32

Looks like we're researching the same newsflow xxnjr.
reading if they don't pay they'll have to give the licences back. Having already paid $.9m and having it as part of their plans going forward that seems unlikely?
Also reading opex $16/B on the pdfs there. Is that correct? Seems low if so.

[xxnjr] 29/5/2020 12:02

"Management have also considered some additional downside scenarios including a case where a significant contingent consideration receipt relating to the Crown disposal due in late 2020 is not received within the forecast period....."

see slide 29 of Hibiscus Petroleum's Q3 results presentation


" 2020/21 FID & OGA Approval of FDP"

"Final Investment Decision likely to be pushed back to 2021 due to current low oil prices and COVID-19 pandemic, subject to OGA approval."

Terms of original deal here


The downside scenario seems at least possible to me!

[bad gateway] 29/5/2020 09:42

They're owed $2.85m end of year for the Crown assets from these guys.

Can't find any great issues with them.
Take it "projected oil and gas revenues from Egypt" are projected at current level so if/when poo rises these will have an easier time so pretty standard there?
Interested.

[soulsauce] 29/5/2020 09:40

I think given the current situation it is prudent to have included such information.
The oil price has strengthened a lot recently and oil & gas production remains strong with more coming on line by the end of the year so hopefully we are in a strong position.

I think it will be a good question for the conference call.