United Oil & Gas Share Discussion Threads

[the chairman elect] 24/2/2021 08:50

All these bloody buyers pushing the share price up....and up....and up....when will it slow down a bit....

Perhaps at 25p+

[myn0k] 24/2/2021 08:47

Sorry that question mark was actually a rock n roll horns emoji, I forgot you can't post emojis here!In other words - congrats y'all, and good luck and let's now get to 4.5p :)Personally compared to other oils stocks I can't see why eventually we can't reach 100p plus in several years.

[parob] 24/2/2021 08:46

As mentioned before the longer the share price is stuck in a trading range, the bigger the move once it breaks out of it... and this was stuck for quite a while due to the sellers, which we now know have been taken out!

[letmepass] 24/2/2021 08:45

Fair value about 20p. Way undervalued at the moment

[myn0k] 24/2/2021 08:41

Happy 4p guys ?

[bozzawozza] 24/2/2021 08:27

That's more like it, up we go

[parob] 24/2/2021 08:20

Many technical traders will be looking for a close above 4p before buying in, and that's when we could see a much faster re-rate. Almost there...

[mustbefunny] 24/2/2021 08:07

Mmm not so many available to buy today so far

[spangle93] 24/2/2021 07:57

But not a selling one, soulsauce. That mystery continues

[soulsauce] 24/2/2021 07:40

Do my eyes deceive me, a holdings announcement 😄

[parob] 24/2/2021 07:17

Newlands have added a further 0.52%. They know a bargain when they see one.Seller hopefully fully cleared out now with Bobby and group buying too.

[90005nelson] 23/2/2021 20:23

Just about by my reckoning as they finished ASH-3 Drill a week early.

[neo26] 23/2/2021 19:56

Isnt that q2 the spudd?

[90005nelson] 23/2/2021 18:52

Looking forward to ASD-1X drill already. There's plenty of scope for a couple of extra drills this campaign too. We know there's the flexibility in EDC-50 rig contract and combined with higher oil prices, it's viable too.

[croasdalelfc] 23/2/2021 16:53

Yes overhang cleared ;)

[croasdalelfc] 23/2/2021 16:52

Not sells - but a buy and sell . Bobby is a big holder - https://twitter.com/bobbyoflondon/status/1364248865273241603?s=21

[bozzawozza] 23/2/2021 16:51

Looks like those two large trades were sells and were possibly what was holding things up last week when there were more buys but no rise. Hopefully they have now cleared and we can move normally.

[croasdalelfc] 23/2/2021 15:39

$20m net revenue is nailed on at $50 ARP per boe and 2600 boepd inc 220bopd hedged at $60Gives $45m @42.35% net take = $20m.Upside would be ARP of $58 a boe and 2750 boepd giving $58m gross revenue and $25m net to UOG

[the chairman elect] 23/2/2021 15:20

United Oil & Gas (UOG:LSE) ASH-3 Well Test Update



United Oil & Gas (UOG:LSE) has updated shareholders and the market regarding the testing of the ASH-3 development well in the Abu Sennan concession, onshore Egypt. The testing, which has been completed under-budget and ahead of schedule, represents another successful strike for the Company at Abu Sennan. United holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt.



Optiva have calculated a core valuation for United of 25.1p per share, with the potential for further upside from its projects, including Abu Sennan. Based on our estimates, the current share price of UOG does not even reflect the value of the Company’s Egyptian assets (for which Optiva have a current undiluted valuation of 6.9p per share), let alone the wider portfolio. ASH-3 will target the producing Alam El Bueib (AEB) reservoirs in an area of the ASH field updip of the ASH-2 production well, which came on-stream at the beginning of 2019. We note that ASH-2 has been a prolific well, having produced over 1 mmbbls of oil to date. The Abu Sennan concession averaged 10,500 boepd gross (2,310 boepd net to UOG) during January 2021, even before ASH-3. Brent Crude prices are currently standing around $64, effectively returned to pre-pandemic levels, however this rebound in the underlying commodity price has yet to be reflected in the share price of UOG.



Full RNS below:



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 provide the following update on the testing of the ASH-3 development well in the Abu Sennan concession, onshore Egypt. United holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt.



Highlights

· Preliminary results from the ASH-3 well-test indicate a maximum flow rate of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net) from the Alam El Bueib ("AEB") reservoir during well-testing on a 64/64" choke

· On a reduced, 30/64" choke, expected to be more representative of the producing flow rates, the well flowed at 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net)

· The well is expected to be brought onstream in the coming days



ASH-3 Well

The ASH-3 development well, a step-out development well in the ASH Field, spudded on the 4th January, and reached a total depth (TD) of 4,087m MD (3,918m TVDSS) on 8th February, ahead of schedule and under budget. Logging indicates a gross hydrocarbon column of 59m in the primary AEB reservoir target, 27.5m of which is estimated to be net pay.

ASH-3 was successfully tested from the targeted AEB Formation, and preliminary results indicate maximum flow rates of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net working interest) on a 64/64" choke. Rates of 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net working interest) were achieved on a reduced 30/64" choke, and in line with prudent reservoir management, these rates are expected to be more representative of the sustainable flow levels that will be achieved when the well is brought onstream through the existing ASH facilities.

The ED-50 rig will now move to the north of the Licence, close to the producing Al Jahraa field to commence the drilling of the ASD-1X exploration well. This well is targeting the Abu Roash reservoirs in the Prospect D structure and, if successful, can quickly be brought into production.



United Chief Executive Officer, Brian Larkin commented:

"The ASH Field continues to out-perform our estimates and following on from the success of the 2020 drilling programme, this is another excellent drilling result that demonstrates its significant growth potential. This result is a very positive development for the Abu Sennan partnership as a whole, and, when brought on production over the coming days, ASH-3 will provide a significant boost to the concession-wide production rates that averaged 10,500 boepd gross (2,310 boepd net) during January 2021.

"We look forward to the spudding of the forthcoming exploration well and the remainder of our 2021 work program."

[croasdalelfc] 23/2/2021 14:57

The 42% figure is correct - one thing to add is that the discount to Brent was reduced from $2.90 to 60 cents . That created an uplift in revenue of $600k to $800k at 2200 boepd. So at 2600 boepd average for the year they will gain over $1m ..Also add in Hibiscus revenue due end March of $2.85m and the extra revenue from ASH3 and net revenue to UOG could easily top $25m

[swanvesta] 23/2/2021 14:29

The reason I mention those other costs is they may not be included in opex, and they may be subtracted before entitlements are calculated. I've not yet figured out whether 'realised price' includes them or not.

[swanvesta] 23/2/2021 14:20

fbrj, 42.53% is the maximum the company can take - it can be less depending on the level of costs that remain recoverable. There are typically other fees too, transport and refinery costs etc, and a discount to Brent - these are fairly small at the moment I think.

Re breakeven, there seem to be a number of different kinds. You can look at short term cashflow breakeven, or a sustainable breakeven that includes maintenance capex, or a historic P&L breakeven where you're also looking to cover your sunk costs.

[thegreatgeraldo] 23/2/2021 14:17

fbrj,
if you look at the interims from last Sept, you can work it out. Interims give you production split & prices achieved...compare that to revenue......

.... Big difference bewtween working interest & entitlement