United Oil & Gas Share Discussion Threads

[fbrj] 27/8/2020 17:11

United welcomes new investors as Rockhopper shares placed

United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce the successful placing of Rockhopper Exploration plc ("Rockhopper") 18.3% shareholding in United, with a small number of institutional investors and one private investor.

As announced on 28(th) February 2020, the consideration for United's acquisition of Rockhopper Egypt Pty Ltd., was part financed by the issue of 114,503,817 new ordinary shares ("the Consideration Shares") to Rockhopper, representing approximately 18.5% of United's enlarged ordinary share capital at the time. This shareholding was subject to certain lock-up and orderly market disposal for a period of up to 12 months.

Following an investor roadshow undertaken by management in recent days, United confirms that via its Brokers it has placed the Consideration Shares with a small number of institutional investors and one private investor in an oversubscribed placing.

The acquisition of Rockhopper Egypt Pty Ltd., which includes a 22% non-operating interest in the Abu Sennan concession onshore Egypt, was transformational for United delivering the Company 2P reserves of 2.97 MMBOE. The Company's first drilling campaign on Abu Sennan was highly successful and resulted in the discovery of 50m of net oil pay in the ASH-2 well and a further discovery of over 120m of net oil pay in the ES-5 well. Both wells tested at high oil rates after drilling and are now already on production.

As a result of the placing, Rockhopper no longer has any interest in the Company's issued share capital and accordingly Mr. Stewart MacDonald, Rockhopper's representative, will step down from the Board of United immediately.

United Oil and Gas CEO Brian Larkin commented:

"I would like to thank our existing and new shareholders for their support. We are delighted to have attracted such strong support from institutional and private investors at a time of relative uncertainty within our sector; a clear vote of confidence in our assets, our executive team and in our business model.

"Today's oversubscribed placing strengthens the Company's shareholder base considerably with the introduction of institutional investors onto United's register.

"I would like to thank Rockhopper for their support and for the important role they played in facilitating our transformational acquisition of Rockhopper Egypt. They have been an excellent partner and enabled United to achieve this orderly transition. I would also like to thank Mr. Stewart MacDonald for his contribution to our Board."

ENDS

[soulsauce] 27/8/2020 17:07

Parob27 Aug '20 - 16:59 - 3277 of 3277
It’s the reason we’ve been held under 3p whilst the transaction has gone through imo.

Whoaa conspiracy talk right there ;-)

Well a Tr-1 from RKH and goodbye to their chap on our BoD.

[parob] 27/8/2020 16:59

It's the reason we've been held under 3p whilst the transaction has gone through imo. I have a feeling this could really move now.Remember Optiva recently increased their share price target from 8.1p to 17.7p on the back of the recent Jamaica license news.Current price is crazy.

[soulsauce] 27/8/2020 16:53

But surely they were locked in lol.

[bozzawozza] 27/8/2020 16:51

Well whatever had happened is obviously priced in, as it hasn't affected the share price and it started before market close

[soulsauce] 27/8/2020 16:44

Hmmm 114,503,817 @ 2.66p. Someone please remind me how many shares did RKH get? Was it 114,503,817 by any chance?

And a rash of other big, what look like sells.

Interesting.

[croasdalelfc] 27/8/2020 16:42

Rockhopper sold out all 114m. Some bought by other iis imo -

[fbrj] 27/8/2020 16:41

Those last minute trades should generate an RNS to say the least!

170m+ shares at 2.66p. Just under 30% of the Co.

[mustbefunny] 27/8/2020 16:40

WTF!

Surely need A TR-1 after that

[croasdalelfc] 27/8/2020 11:19

Pharos also renegotiated discount from Brent in Western Desert from $2.9 down to $0.8 a barrel.Maybe UOG are doing the same through operator

[croasdalelfc] 27/8/2020 11:09

Reading across from Pharos Energy results for H1 : Pharos have a very similar PSC to UOG .Likely net revenue after government take and cost recovery : $14.5 a barrel . Equates to $5.2m for H1 at 2000 bopd

[soulsauce] 26/8/2020 15:45

No just high enough and enough volume for the sales to kick back in.

[parob] 26/8/2020 11:02

Another crack at 3p coming very soon.

[soulsauce] 24/8/2020 09:48

I must admit 9tintin, Manini thinking I was two posters conspiring to talk smack about the company was a new one lol. And I am supposed to be the one with all the conspiracy theories.

[9tintin] 24/8/2020 08:06

Soul

Why bother mate??

Our mutual friend would have denied the Gunpowder Plot had he beeen around at the time LOL.

tintin

[soulsauce] 23/8/2020 16:03

Good for you 😉👍

[the manini] 23/8/2020 16:01

Or maybe you're just an idiot that wants to knock his own investment constantly. We'll never know for sure.My confidence in UOG is rock steady old chap, I'm not concerned about the price now or tomorrow or next week. This is an investment for me hence why it's my largest holding. You don't put £105K into a company with a 5 minute time horizon. My exit will be somewhere between 20p - 50p.I have 5 long term investments all of which I expect to multibag. Day to day I trade forex and the indices which is maybe why I'm not as obsessed as you with the shareprice here.

[soulsauce] 23/8/2020 15:44

As completely surprised as I was Manini that you were the first one to post in defence of the company in what was obviously a tongue in cheek post by me, hence the last sentence and smiley face.

And in one tongue in cheek post I have gone from genuine concerns to ulterior motives.

I am not sure if you are also suggesting I am the newish poster, the same one who has been asking similar questions on lse. If you are then you are getting desperate and would suggest the underperformance of Uog and the constant selling is starting to get to you too. That is the only way I could excuse that way of thinking.

May be I am 9tintin, hermana and Spangle too. Now we are talking conspiracy theories.

[the manini] 23/8/2020 14:23

I'm completely surprised that that's your best guess Soulsauce. Not. If you don't know why they sold then it seems completely pointless to speculate unless of course you want to keep this topic on the agenda? Also I'm sure it's completely coincidental that the poster that asked the question only joined advfn around a month ago and has only had 3 posts 2 of which were related to this question.I said the other day that you seemed genuine but the way you seem to revel in this whole conspiracy theme that mainly you have concocted has me questioning what your real intentions are.

[soulsauce] 23/8/2020 13:22

If I had to guess I would say the share price being directly disproportionate to the game talked by Larkers might be a start.
Maybe they thought transformational meant something different too and were equally unimpressed by the 3p raising to close that deal.

And after saying that I will put my tin hat on 😄

[genzkid] 23/8/2020 13:03

yeah not reading too much into it, be nice to know tho :)

[soulsauce] 23/8/2020 12:58

Could be any number of reasons.

[genzkid] 23/8/2020 12:25

Does anyone know why gunsynd cleared their holding back in June? Thank you :)

[xxnjr] 21/8/2020 23:19

spangles

IIRC it's 3yrs + 1yr + 1yr of exploration including the 2 x 1 yr optional extensions

"The Target Group successfully amended the Abu Sennan PSC with a new law no.88 for 2018, which extends the exploration license for an additional five years starting from September 2018." that was from a 2018 UEG - KE offer document.

If taken up exploration will run to September 2023.

And on your other point, see the Rockhopper RNS of 5th July 2018



"The water injection programme in Al Jahraa is progressing to schedule and injection is expected to commence in mid-July." I guess the w/inj worked ok and more of the same on Al-Jahraa is planned.

[the manini] 21/8/2020 23:00

No i don't always buy at the right price and I didn't here but I nearly always make money in a stock because I choose companies where it's very hard to lose money. What I mean by that is, either the company is ridiculously cheap or the management have a proven track record or the chart is compelling or they have a niche market or a unique usp or something else. Preferably some combination of these. With UOG it was the combination of the managements experience and their strategy of some high risk high reward and more stable income streams that I particularly liked. I'm also extremely patient which helps massively. Over the years there's many times I've held, underwater, because I had rock solid belief in my convictions and choices. Most times that patience has paid off for good gains. With UOG already producing with significant revenue coming in and set to grow, and shortly to announce maiden profits holding is easy.BL may not be to some peoples taste but i like him. I like his enthusiasm and obvious ambition. He speaks with a passion that is lacking in many directors. I knew instantly from hearing him speak that he's the sort of guy that can get and will get deals done and that assessment has proven correct. In life it's very easy to be negative and to criticise, humans seem to look towards the negative more often than the positive. I'm not sure why thst is, maybe it's just a case of how individuals are wired up but in my experience if you have a positive expectation and a positive attitude you're far more likely to succeed at any endeavour than the opposite. This was what I saw in BL and it resonated with me.With expansion at Abu S, a gas pipeline and 35 more targets, Selva to come on stream and the obvious attraction of Jamaica there is a lot here to look forward to and a lot more revenue and profit to come. The market can only ignore a mispriced company for so long.