United Oil & Gas Share Discussion Threads

[1347] 25/1/2024 10:34

Spangle - They are also planning side-tracks and new bores. Planning application up on Dorset Council website. Decision delayed, waiting for enviromental studies. Lot's of objections, including from Sarah Finch, a known activist who crowd funds legal challenges. Come back in 2025 at the earliest if Labour haven't stopped all on-shore O&G activity by then. UOG has no funds for a significant cash call anyway. Only hope is someone buys them out for Jamaica, but it will be for peanuts and it has no other assets worth much at all.

[thirdtimelucky1] 25/1/2024 10:18

Not my idea soul… that was 1347 mentioned that 😂

[spangle93] 25/1/2024 09:25

Apotheki - yes, that "following our exit..." made me sit up, as I hadn't read that degree of finality in the RNS a couple of days ago.


1347 - ref Waddock Cross - my understanding is that would use the same wellsite as when production took place previously; in this case of historical production there should be fewer barriers to overcome ref restive locals.

[soulsauce] 25/1/2024 09:12

1347 6941 great post, a shambles indeed.

And now mentioning going back to Waddock Cross lol, if that isn't proof that our CEO is bereft of ideas and a fool then nothing is.

Yep great idea TTL, let's see how that works out.

[thirdtimelucky1] 25/1/2024 08:50

Good idea sell Waddock to Eggedon …. There’s a bit of cash for us!

[apotheki] 25/1/2024 08:33

Harsh but fair. The BODs need to FO. Having said that I do have more faith [hope?] in the potential of getting a JV partner for Jamaica and for the drilling itself.

[1347] 25/1/2024 08:27

I did a review of this shambles and this is where they are:

Abbu Sennan: Paid $16 m for acquisition from Rockhopper. SPA valued it at $2.052 m in November 2023, which equalled the cash call at the time, so worth nothing. Now a liability as cashcall now stands at $3.822m. Plus $1.089 m debt overhang, less the $0.8 m EGP owe (if they ever get it).

Jamaica: Been looking for a partner for 4 years plus, no-one found. Amended PSA. What are the terms for that? Anyone know? No funds to progress anyway.

North Sea: After the Hisbscus fiasco (lost P2366 Crown licence then had legal dispute, eventually settled). Then had the Quattro fiasco. Lost licence P2480 licence (Zeta), now lost P2519 licence (Maria), expired in December 2023. Larkin's not mentioned that though has he? More non-disclosure of material information.

Waddock Cross: Difficult field that Eggedon have never done anything with in years and that UOG wanted to exit. Eggedon have now applied for a 10 year extension and permission for more drills but unlikely to get permission and even if they do it will face possibly years of appeals and legal challenges. Plus UOG don't have the funds for a cash call even if they did get the go ahead.

I don't see anything worth didly squat here now unless they find a partner for Jamaica very shortly. If anyone was interested they'd be better off just buying UOG, they'd get it cheap, it's worth damn near nothing anyway, sell Waddock to Eggedon for whatever they can get and send Larkin and the rest of the useless clowns down the road. Change my mind.

[apotheki] 25/1/2024 08:26

"Following the Company's exit from Egypt"



News to me as according to the last very recent RNS there were still many issues to be resolved. If that has happened over the last 48/72 hours then there should be an RNS explaining the situation/outcome. If this has NOT happened then the statement above is just BS!

[apotheki] 25/1/2024 07:27

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

Corporate Update - Confirmation of Jamaica Licence Extension

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a portfolio of development, appraisal and highly prospective exploration assets, issues the following corporate update in relation to its Jamaica licence.

Highlights:

- Two-year extension of the Jamaican Walton Morant Licence to 31 January 2026.
- Large 22,400km2 offshore exploration block situated to the south of the island of Jamaica.
- 2.4 billion bbl of unrisked mean prospective resource potential audited by Gaffney Cline & Associates, including the initial drill ready Colibri prospect of 406 million barrels of unrisked mean prospective resources.
- Attractive fiscal terms and supportive host government.
- Potential NPV10 of c. $23 billion* to United at 100% working interest over the c. 25-year production life of the licence based on successful discovery and development of the 2.4 billion bbl of unrisked mean prospective resource potential.
- Success-case breakeven oil price of c. $25 per bbl*.
- Conventional exploration and potential development techniques, featuring the potential for a low carbon emissions oil development.
- Significant interest from potential industry partners with marketing to scale up considerably following confirmation of licence extension.


Jamaica Update

United Oil and Gas Plc is pleased to announce that following the announcement made on 22 January 2024, the Jamaican Ministry of Science, Energy, Telecommunications and Transport ("MSETT") have signed an amendment to the Production Sharing Agreement ("PSA") therefore confirming the extension of the Walton Morant Licence to 31 January 2026.

During this extension, United will undertake additional technical studies including piston core sampling and seismic reprocessing, aimed at further de-risking the petroleum system and better defining the prospects and leads identified on the Licence. With the licence extension confirmed, United can now build confidently on the farmout process carried out to date and re-engage with the recent positive interest that has been shown by other parties in participating in this high impact exploration opportunity, in a region with immense potential.

The Company and its advisors, Energy Advisors Group (Houston, Texas) and Envoi (London, UK), will now continue in efforts to secure a partner, in a market that the Board believes holds renewed interest in exploration opportunities worldwide, driven by the strong future demand for oil and gas.


Outlook for 2024

Following the Company's exit from Egypt, in addition to the focus on the Walton Morant Licence, the Company's strategy for 2024 will focus on the Waddock Cross oil field where the Company holds a 26.25% working interest in Licence PL090.

During 2020, Operator Egdon Resources coordinated the completion of reservoir modelling work on Waddock Cross. The Operator estimates that Waddock Cross contains a significant Stock Tank Oil Initially in Place (STOIIP) gross volume of 57 mmbbls, and that a new horizontal well could yield commercial gross oil production of 500-800 bopd and c. 1 mmbbls recovery per well.

As of 31 October 2023, the Operator Egdon advises that they are progressing plans for restarting production at Waddock Cross and we expect to be able to provide an update to the market in due course.



United Chief Executive Officer, Brian Larkin commented:


"This two-year license extension in Jamaica is a significant next step in our strategy alongside our onshore operations in the UK. The Walton-Morant Licence is a vast exploration area of 22,400km2 that United holds 100% a working interest containing potentially over 2.4 billion barrels of unrisked mean prospective resources including the promising Colibri prospect, which could be worth a potential c. $23 billion* NPV10 to United at 100% working interest on an unrisked success basis. This licence extension enables us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region.

The Government of Jamaica remains supportive of hydrocarbon exploration and achieving the potential of this Licence. Against the global backdrop of geopolitical instability, exploration and development success on the Licence could be transformational for the nation delivering long-term energy security, generating significant revenue and creating economic opportunities for the nation in line with Jamaica's National Energy Policy.

We will continue to focus on the recent positive interest that has been shown by several parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders. I would like to thank the Government of Jamaica for their support and efforts to bring us to this point and we will continue our work programme in 2024."

[soulsauce] 23/1/2024 16:38

Wouldn't trust him with that Apotheki.

[apotheki] 23/1/2024 16:01

Actually to put the record straight he was junior assistant to the senior assistant to the junior tea boy!

[1347] 23/1/2024 15:46

Nah he was the boy who promised to make the tea, so he cut a deal to buy some tea and a teapot but then didn't pay up and so had to return the teapot to the shop so he didn't actually get to make any tea in the end.

[slicethepie] 23/1/2024 15:31

I think he actually was the tea boy at Tullow....

[soulsauce] 23/1/2024 11:48

I would sooner have been wrong treasure but it just goes to show even though you once worked at Tullow (in the case of BL) it doesn't make you a good oil man.
Larkin has been taking a very good wage for abject failure and taking us all for a ride in the process.
Wouldn't even trust him to make the tea now.

[treasure] 23/1/2024 11:36

I thought I’d leave looking at UOG for a good while and come back and see a 3p share price Only just read the latest RNS. What a kick in the Sunak’s. Jono, soulsauce, etc you called this right!

[1347] 22/1/2024 13:36

Pass. Larkin's lost all credibility now and didn't have a lot to start with. Anything he says would just be more blarney. Fact is after all this time in Egypt he's ended up with assets worth less than what he owes to the JV partner. Nothing else is worth anything either that's plain to see after the last potential partner at Jamaica walked away. No shareholder value here.

[apotheki] 22/1/2024 13:30

LOL....if you fancy a one to one with Brian Larkin!

[apotheki] 22/1/2024 13:29

United Oil & Gas

United Oil & Gas (AIM:UOG) will be hosting an investor presentation at 2pm GMT today Monday January 22nd 2024.

Please see the link below to join or use the Meeting ID and Passcode below:

Meeting ID: 389 375 876 009

Passcode: sBtkS9

[apotheki] 22/1/2024 13:15

No it was manini?

[myn0k] 22/1/2024 13:06

I forget his name, but where's that absolute cretin who called 3p the bottom, because he "knows what he's talking about"?

[apotheki] 22/1/2024 12:51

Yes corporate governance looks poor here. Perhaps the best solution would be for a new BODs to come in and take over?

[1347] 22/1/2024 10:26

It already has gone pear shaped. Larkin should have his collar felt for discussing an SPA but not informing market while still blabbing on about 2024 drilling programme as if all was hunky dory. BP may well issue their own default notice soon, I doubt they will be happy about this fiaco.

[apotheki] 22/1/2024 09:11

They have got to deal with this first....

The Company is in discussions with its debt provider (current balance owing USD $1.089 million)

Otherwise it really could go pear shaped. Perhaps a debt for equity swap? Then they have to get rid of Egypt. Then pray to the GODs that FINALLY a JV is put in place in Jamaica!