United Oil & Gas Share Discussion Threads

[apotheki] 25/11/2023 13:48

The BODs and for the first time I now single out Brian Larkin have got to get a real grip by Xmas and then from early 2024 move forwards without any further miss steps.

If the BODs and especially Brian Larkin can NOT get a real grip then they should all FO!

[apotheki] 25/11/2023 13:45

POST 6804 looks more and more the sensible way forwards by the day!!!!

[soulsauce] 25/11/2023 13:36

Yes indeed thirdtimelucky.
All we can do is hope he pulls something out of the fire.

[thirdtimelucky1] 25/11/2023 11:01

Cheers Soul , what’s really done it for me is he announced to the world they were in discussions with a PREFERRED partner…

Why would anyone do that before it’s done and dusted… Amateurish to say the least

[soulsauce] 25/11/2023 07:55

Thirdtimelucky why should you get slaughtered for finally seeing the light. Certainly no criticism from me.
I feel sorry for you for and others having kept putting money in on his empty promises.
Luckily I cottoned on pretty early to his blarney. But it was the so called transformational asset that was the final straw.
I wasn't critical of getting rid of Selva because I thought it was the right thing to do at the time but even that has bitten us.
Jamaica was always pie in the sky.
He needs to deliver something or walk or be pushed by the growing band of disgruntled shareholders on lse as shown by your post.
Good luck and all the best.

[spangle93] 25/11/2023 07:42

TTL - thanks for sharing

The guy whose post you copied seems to a little naive and overexposed, but it does highlight Mr Larkin's dismal track record of delivery.

I'm not sure it's fair to simultaneously call for him to take a salary freeze as well as buy shares. There is no doubt, however, that his large remuneration package seems well in excess of, and not tied in any way, to the value experienced by shareholders. The NEDs are accountable for that, but the whole nature of executive remuneration (i.e. tied to industry benchmarks, competitive compensation) seems self-reinforcing.

One other caveat, ref "he assured us there will be no future Fund Raise" - he's said in the past that the drilling campaign in Egypt is self-funded and does not require more funds. In some ways, the structure of the PSC in Egypt facilitates making this statement. However, I don't believe he's ever ruled out raising money for acquisitions or other growth opportunities. Furthermore, production is falling, and as RNS'd, getting USD from Egypt is proving a challenge. So I'm not sure if he's so confident now.

Good luck to shareholders if they do mount a campaign. I've tried writing to UOG in the past - messages to the general email address doesn't get answered. Mr Larkin has answered directly emailed technical questions in the past (the "why don't you resign" style is probably not going to get examined closely) but ceased doing so a couple of years ago. I hope posters will acknowledge if they do get any reply.

[thirdtimelucky1] 24/11/2023 22:26

ameen post ….

We all need to be more vocal and should contact BL directly (imo). I have already send him a email yesterday. He has already responded to another LTH and is arranging an investors call asap.

Key points I mentioned on my email:

* I was present on the 23rd July call (listening only as I joined from Morocco) This was so reassuring and like many others LTH, I have heavily averaged down and now hold over 2% UOG stock (my biggest holdings in any UK stock ever).

* Yesterday’s RNS announcement was a huge blow to us all to say the least, many people across LSE chat etc are saying/thinking this is the end of the company. Obviously I don’t think that at all and I have added more shares (hard earned money I cannot afford to lose, I have put our future family house buying funds in to UOG stock as I believed he would maximise value for all shareholders).

* His failure to deliver any value to shareholders over several projects is inexcusable. The only workaround was Maria and Jamaica, for now he should step up and deliver first then get paid and at this point Brian should be taking ZERO salary for the foreseeable and RNS immediately as he has his shares in UOG, if he turns the company around he will be very well rewarded like all suffering LTH.

* We’re seriously worried about cash balance as it must be running low and he assured us there will be no future Fund Raise

* Few holders think it would be worth a vote, if share holders would consider the selling of the Egyptian asset as it could be worth significantly more then what UOG paid for it and way more then our current MCAP.

*From the call on 23rd July, I recall him saying ‘’HE WISH he could BUY more shares but are in a closed period because of quattro and Jamaica news to come (as this is not the care anyone will you be buying shares on the open market immediately?)

* We’re paying back $223,000 BP loan monthly to be fully paid early Jan or Feb 2024 (after debt is paid off, this amount will be added to company’s cash flow, can this be done asap and RNS issuesed).

Above are few key points from my email and I feel we must ask these and more at the next Teams call/meeting.

[thirdtimelucky1] 24/11/2023 22:21

Guys at the risk of getting slaughtered here as I’ve been quite vocal in my backing of the board when others have been quite critical Soulsauce etc…
saying Brian was full of blather and jam tomorrow merchant etc…
Well looking like you guys weren’t far wrong

I’m going to copy and paste a post from ameen which suggests we get in touch with Brian and give him our points of view.

I will for sure be expressing my disappointment at the way he’s managed this company

Thanks

[apotheki] 23/11/2023 19:10

Now that amended RNS would have meant that NO further RNSs would have been required until UOG were in an actual position to be much more specific.

The way they went in public meant that they just became a hostage to fortune.

Investors want to know who won the fight not a blow by blow account of every punch thrown during the fight.

And the share price would have still been around 1p as opposed to down some 25% today!

[apotheki] 23/11/2023 18:59

9th November 2023

Jamaica Update

The Company is currently engaged in discussions with VARIOUS POTENTIAL PARTNERS that have been identified through the farmout process, to participate alongside United in the Walton Morant Licence in Jamaica.

Furthermore, the Company is engaging with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, so as to provide sufficient time to progress additional technical work on the block to support the drilling of an exploration well.

Additional updates on both the farmout process and licence extension will be provided in due course.

[apotheki] 23/11/2023 18:55

Anyone who knows anything about how the City works would have told you know who to NOT issue the following RNSs as they are naive in the extreme....


9th November 2023

Jamaica Update

The Company is currently engaged in discussions with a preferred potential partner that has been identified through the farmout process, to participate alongside United in the Walton Morant Licence in Jamaica.

Furthermore, the Company is engaging with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, so as to provide sufficient time to progress additional technical work on the block to support the drilling of an exploration well.

Additional updates on both the farmout process and licence extension will be provided in due course.

23rd November 2023

Jamaica Update

Further to the announcement of 9(th) November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence.

The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner.

The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.

The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well.

This work is aimed at materially enhancing the risked value of the Company's interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course.

[1347] 23/11/2023 07:24

Total fiasco, extend the deadline several times because they say potential partners need more time and then even the alleged 'preferred partner' drops out. I say alleged because I have seen no evidence of who they've been talking to. So now they go back to the alleged interested parties that weren't actually very much interested at all but were just window shopping. Pretty obvious why Tullow off loaded it to the Tea Boy for free.

Anyway, if anyone is interested they can just get the licence off the Jamaican government when it expires in a few weeks, what would they need the Tea Boy for, is there some kind of hidden talent or expertise that we've all missed?

[soulsauce] 23/11/2023 07:15

Plop and another one drops.
Maybe you would like me to say something positive on that Manini or maybe you could.

[apotheki] 14/11/2023 07:47

Are those shareholders in question also directors of the company?

[arlington chetwynd talbott] 14/11/2023 07:43

Delivering value to shareholders?

[1347] 14/11/2023 07:23

That's two CFOs and the COO plus several NEDS who have left in the last couple of years. Doesn't look good to me, does that leave Larkin as the only Exec now?

[soulsauce] 14/11/2023 07:14

And another one leaves the sinking ship 🙄

[soulsauce] 12/11/2023 15:45

I look forward to giving it to you thirdtimelucky as I have said many times even with your open ended time period. Maybe this time next year eh if Uog get the licence option granted 🤔

[thirdtimelucky1] 12/11/2023 15:36

I do look forward to soulsauce apology when we get Jamaica deal done …

[1347] 10/11/2023 11:02

thirdtimelucky - don't read them then, just hit the filter button and jog on....zzzz

[soulsauce] 10/11/2023 09:34

More can kicking down the road thirdtimelucky, haven't we been here before and before errr and before................lol.
Kettles boiling Brian!!

[thirdtimelucky1] 10/11/2023 09:30

Like your posts………zzzzzz 😂