United Oil & Gas Share Discussion Threads

[myn0k] 19/5/2021 16:49

Sorry to be the pedantic one, but adding two percentages together doesn't give the total percentage increase. Consider thisI have ten shares and double them. 100% increase. I have a million shares and add 100,000. 10% increase. Using your calculation that's a 110% increase in shares. We need to know what the total percentage increase is across both using their original holding (added together) and then their new.

[soulsauce] 19/5/2021 16:47

Buzz I think you need a new calculator. For a start you need to use the new figure of 644m as that is what the %age director holding is now based on.
Given the increase in %age to the warrants allotted leaves approximately 5.75m to be sold of the 19m+ issued.

[mustbefunny] 19/5/2021 16:43

I make it two directors at 0.94% + 0.48% =1.42%

No idea if the other investor is selling or not

[buzzzzzzzz] 19/5/2021 16:39

Oh dear!

Did you all think they were going to sell the lot?

Thats what the salary increases were for

HAHAHAHA

[buzzzzzzzz] 19/5/2021 16:35

"But to buy all those shares they need 315,000 quid."

So perhaps they are putting their hands in their pocket!

[buzzzzzzzz] 19/5/2021 16:32

The three directors shareholding will incease by

.94%
.78%
1.25

2.92% in total. 625,000,000

2.92% of 625,000,000 = 18,250,000 shares.

19,650,000 warrants in total
18,250,000

1,400,000 warrants to be sold!

[gregpeck7] 19/5/2021 16:23

But to buy all those shares they need 315,000 quid.

How do you get that from 1 million?

[soulsauce] 19/5/2021 16:15

How do you figure buzz?

[soulsauce] 19/5/2021 16:14

Let's hope there is a good reason behind the warrants. At the moment it looks like Larkin and Leather have totally misread the room.

Well greg there has been an awful lot of selling if the warrants haven't already been loaded in to the system. But as we know endless amounts of shares being churned here without Tr1s is nothing new.

[buzzzzzzzz] 19/5/2021 16:14

gregpeck

By my rough calcs they will only have over 1m to "dump".

7m+ shares traded today so don't see why everyone is getting steamed up about it.

Agenda's everywhere no doubt!

[gregpeck7] 19/5/2021 15:41

Is tomorrow the day then that Brian and co can start dumping?

[ntv] 19/5/2021 10:26

Maybe there is a tax liability?

[ntv] 19/5/2021 10:01

so BL can't afford to buy £140k worth of shares that would technically be worth triple the purchase price
A bit worrying
No wonder the market killed the share price
JL proportion is much lower
Doesn't install confidence at all
Also the options weren't due to expire for another year so why now?

[mustbefunny] 19/5/2021 09:44

Nice buy Beelzebub

[the chairman elect] 19/5/2021 09:00

Already placed

[buzzzzzzzz] 19/5/2021 08:58

Will probably be placed.

[gregpeck7] 18/5/2021 19:47

Maybe they have not actually sold yet. The warrants come in on May 20th and if you read the rns it clearly saysFollowing Admission of the Warrant Shares Mr Larkin, the Company's CEO, and Mr Leather, the Company's COO, intend to sell a portion of Warrant Shares to fund the subscription price of the warrantsIntend to sell following the admission... does that mean another big dump is coming?

[gregpeck7] 18/5/2021 17:06

Position is under review.

[the manini] 18/5/2021 16:35

Best you sell up immediately Gregpeck as you've clearly lost all confidence in the company, its agreements and its management

[gregpeck7] 18/5/2021 16:22

PSC terms for Abu Sennan
Fiscal terms in Egypt are comparatively tough although the economics of Abu Sennan are enhanced
significantly by an historical recoverable cost pool of approximately US$112m.
Under the terms of the Production Sharing Contract for Abu Sennan, the contractor is entitled to recover its
operating expenditure (opex) and capital expenditure (capex) from a cost oil pool representing 30% of total oil
revenue. The balance of 70% of revenue is profit oil and is split 82.1% to state oil company EGPC and 17.9% to
the contractor. Excess cost oil, where the cost oil pool exceeds the value of costs recovered is also split
between EGPC and the contractor along the same 82.1%/17.9% respective interests. With the historical
recoverable cost pool, the government take is effectively 57%.

See the last sentence. That is the highest I have every seen. So for every 10 barrels net to UOG, the govt take 6.

So like I say, more like 1300 bopd UOG is producing. then take off all your expenses, like Brians salary and 30m does not seem quite so cheap.




My note from LSE, I note even on the broker note they say the terms are very bad. I didnt realise just how bad the Egypt PSC terms were. So although UOG produces over 3000 boepd, its more like just over 1000 on these terms.

[mustbefunny] 18/5/2021 13:11

Can't say i'm bothered by the exercise of the warrants as this would happen at some point and they have kept most of their shares. The question for me is why now? The only reason I can think of is to raise some cash although the amount is small beer compared to the £2.8M due imminently

[mesquida] 18/5/2021 12:56

How did you arrive at that number, NTV ?

[ntv] 18/5/2021 12:50

Presume this is going down to around 3.9p

[gregpeck7] 18/5/2021 11:45

Remember as well. Although they produce around 3,0000 boepd around 60% of that goes to Egypt so only about 1300 to UOG.