United Oil & Gas Share Discussion Threads

[spangle93] 02/6/2021 08:20

5.2p - that's pretty specific?

[myn0k] 02/6/2021 07:42

This should really be nothing less than 5.2p in my opinion by close of play.

[soulsauce] 02/6/2021 07:27

Another 500bopd to Uog. See what that can do for the share price today 🤔

[the chairman elect] 02/6/2021 07:25

Abu Sennan Update and Approval of Award of Development Lease over ASD-1X Discovery



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 an update on the Abu Sennan Licence, Egypt in which United holds a 22% non-operating interest.



Highlights

· Approval from the Minister of Petroleum of the award of a development lease covering the ASD-1X discovery

· Commencement of production from the ASD-1X well with initial gross rates of 1,295 bopd (285 bopd net to UOG's working interest)

o Commencement of production from the ASD-1X exploration well achieved less than two months from the announcement of the initial discovery in April 2021

· Successful workover at the ASH-1ST2 well, adding over 1,000 bopd gross (220 bopd net) to production from the ASH Field



United Chief Executive Officer, Brian Larkin commented:

"The speed at which the Joint Venture is developing Abu Sennan is demonstrative of the excitement we share for the long-term potential of the licence, which continues to deliver for the Company. Today's announcement is yet more positive news, with the approval of the development lease at ASD-1X and the start of production from that well. We would also expect this result to add to the proven reserves on the licence.



"In tandem with exploration success in Abu Sennan, the encouraging result from the ASH-1ST2 workover will provide a further boost to production, and will also help increase our understanding of the ASH Field.



"With the EDC-50 rig still drilling the Al Jahraa-8 development well, we look forward to providing further updates on the continuing 2021 Abu Sennan drilling campaign in due course."





Approval of Development Lease at the ASD-1X Discovery

The ASD-1X exploration well, located 12km to the north-east of the producing Al Jahraa Field, safely reached Total Depth (TD) of 3,750m MD on 30 March, several days ahead of schedule and under-budget. The well encountered 22m net pay, and on preliminary testing flowed at gross rates of 1,619 bopd from the Lower Bahariya reservoir and 1,215 bopd from the Abu Roash "C" reservoir.



Based on these preliminary test results, notice of a commercial discovery and an application for a development lease at ASD-1X were submitted to EGPC by the operator, Kuwait Energy Egypt ("KEE"). On 26th May, the Minister of Petroleum approved the award of this 8th Development Lease within the Abu Sennan licence, and production has now commenced from the well, with combined initial gross rates of 1,295 bopd being achieved from the ARC and Lower Bahariya reservoirs. This is an exceptionally quick turnaround of under two months from discovery to production, and at these rates, payback on the well would be expected in less than a year.



Successful Workover at ASH-1ST2

A workover at the ASH-1ST2 well was successfully completed in May. The workover involved replacing the existing tubing, cleaning the wellbore, and carrying out reservoir stimulation work. Since completion and initial testing, the well has been flowing at gross rates of over 1,200 bopd (compared to c. 200 bopd pre-workover), further boosting production from the asset.

[dandadandan] 01/6/2021 09:46

Getting ready for some good Egyptian news.

Mcap well under £30m.
What a mad, mad world.

DDDD.

[thirdtimelucky1] 27/5/2021 20:49

Thanks for that Buzzzzzzzz

[buzzzzzzzz] 27/5/2021 19:16

I have had an email back from Brian re warrants.

Very sensibly argued and I have no problem with the excise now, in fact he writes that the management maybe in a closed period for most time before the warrants expired gives me confidence the next 12 months should be full of promise!

[thirdtimelucky1] 27/5/2021 13:08

Great post mikro

[mikro1] 26/5/2021 16:47

I bought (yet) more today. Brian has kept shareholders informed all the time. The fact that you got 2 emails back out of 4 actually says they care about small shareholders, most companies wouldn't reply. AS for Directors pay - I don't think its unreasonable for a company with turnover of around 20 million to pay Director a combined 1 million. Even if you do think its unreasonable - it is a bit self defeating to deny yourself the chance to double your money on these shares as a protest!

[snickerdog] 26/5/2021 14:44

Doing better now, too cheap to ignore

[myn0k] 26/5/2021 11:28

Yes the sudden drop is bad and not surprising given the last few RNSs, but don't mention it or you'll be labelled a paid deramper

[gregpeck7] 26/5/2021 10:00

I've sent the company 4 emails over last 12 months.One on PSC terms. Answered, one on forward drilling programme in Egypt, answered. Two on board remuneration and warrants. No reply. Says it all. They know they are treating shareholders like dirt and they just want the noise to go away. If Brian wanted to do this sort of thing he should have created a private company. All about Brian and co here.

[gregpeck7] 26/5/2021 09:51

Headmaster agree entirely. I'm surprised they have time to work on the Jamaica farm out between imagining ways of doubling their salaries ever 12 months and getting free shares. Anyone else think they will shower themselves in more warrants as a well done if they ever do get Jamaica away!

[chessmaster10] 26/5/2021 09:42

Long term holder here, starting to get very p*ssed off.

Like many, my investing journey has seen me invest in some absolute stinkers where disingenuous and dishonest CEO's paint a picture of the company and its future which is detached from reality.

(Dis)honorable mentions to James Draper of Bidstack and Laurence Read of Europa Metals.

Starting to get the same vibe here, and I don't like it.

[gregpeck7] 26/5/2021 08:59

Into the 3.x range today. At least TTL will be happy as holders seem to be taking his advice. Brian probably pleased he got 4.25p for his free shares. Probably still shuffling his snout around in the trough.

[gregpeck7] 25/5/2021 14:24

Looks like the 2.8 is coming but will be later than expected.

[mustbefunny] 25/5/2021 13:09

Does this mean that there will be no approved development plan before August and a delay to the £2.8M payment. Might explain why they need some cash now

[croasdalelfc] 25/5/2021 10:19

Crown , Zeta and Maria are worth around $15-20m imo. Crown and Maria are small discoveries. Zeta a larger prospect but more risk

[croasdalelfc] 25/5/2021 10:15

https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14203927/ithaca-energy-anasuria-hibiscus-uk-agree-to-joint-north-sea-marigoldyeoman-project A step forward for marigold FID which will release the $2.85m payment to UOG . Also a bigger development : marigold , sunflower, crown and now Marigold East is good for the potential sale of Zeta prospect and Maria discovery to Hibiscus

[gregpeck7] 25/5/2021 09:07

Down again. Must be the de rampers again. Not Brian's 100 percent yoy pay rise or the fact Egyptian government will take 70 percent of UOG production in the future. Meanwhile if Brian wants to be worth millions of free shares and almost half a million salary maybe we as shareholders should expect Jamaica to be delivered?

[bad gateway] 24/5/2021 14:27

Between the Egyptian take and Brian's wage increases beginning to lose the sense there's much reason to invest in this one.
Maybe if Jamaica looked a little more likely to happen any time soon?