United Oil & Gas Share Discussion Threads

[maverick247] 13/8/2018 16:13

Crazy added two batches today

[sleveen] 13/8/2018 16:06

Looks like selling has been fast tracked, just like the seismic. Processing and analysis still required to firm up drilling, which will probably take 3 months.

[fbrj] 13/8/2018 16:06

Just topped up - 100,000 @ 4.32p and 100,000 @ 4.29p

I didn't think the RNS was that disappointing. I think more detail was expected by some, rather than reconfirmation/strengthening of info from 2D. Hot money exits......

[grale22] 13/8/2018 16:03

Is this drop purely people that thought they were going to get the full 3D results now and as they haven't are off to other trades?

[scotty666] 13/8/2018 15:04

I was happy to buy a chunk just over their option price - like many was not so happy the strike price was so low but aligned to the recent placing at least, they still need to create value to make them worthwhile.

[mustbefunny] 13/8/2018 14:17

Directors already have large holdings and a lot of options, so i'd be surprised to see them buying in the market.

[scotty666] 13/8/2018 13:55

I can wait while the hot money exits, just picked up 175k.

[rayrac] 13/8/2018 12:15

Like it so much, I thought I’d buy some.:)

[spangle93] 13/8/2018 10:18

Are you arguing with yourself, Rayrac? ;-)

I think most of you is right! It's not a bad RNS, but not enough for the hot money

I'm not sure I've ever seen twitter rampers and vox buddies - they certainly aren't on this ADVFN thread

[rayrac] 13/8/2018 10:15

Yes, l like it.

[rayrac] 13/8/2018 10:13

Ap is not keen on anything other than BPC, I think he looks on it as a rival?

Good rns, as rns’s go. Worth a flutter...must be.

But wish Tullow had thought it worth the effort? Yes I know, they normally only comment on drill results. :)

[soulsauce] 13/8/2018 09:52

Of course it is a good RNS, it's just that people were expecting more as usual due to ramptastic posts of some. So those who bought in expecting much more are now selling and moving on to the next ramp.

[apfindley] 13/8/2018 09:46

How can you call it a good rns. The market clearly doesn't like it. Wake up and stop following the twitter rampers and their vox buddies.

[tektonik] 13/8/2018 09:35

Agreed, good RNS. Better to keep shareholders informed than in the dark as this creates doubt. Time for a top up me thinks.

[dorset64] 13/8/2018 09:02

This RNS is essentially a 'ticking' exercise in that the recent seismic has put another 'tick' against the asset and further de-risk the play.

It has shown that there was nothing found to concern anyone by the wording and has if anything gone some lengths to further reinforce the possibility of a great find.

All going according to plan so far I would say, time will tell how big this asset can be.

[spangle93] 13/8/2018 08:50

It's a long way from de-risking it - but it has not found reasons to discount the primary lead, which is good news

[1bokke] 13/8/2018 08:42

Looking at the sells this morning I'm not sure what people were expecting from this Rns, as far as I can see this de risks the play perfectly and should give the go ahead for the next phase...

[adorling] 13/8/2018 07:59

That's an encouraging RNS on Jamaica seismic!

[cpap man] 13/8/2018 07:20

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



United Oil & Gas PLC ('United' or 'the Company')

Delivery of fast track 3D seismic data on Tullow Oil-operated licence, offshore Jamaica



Highlights

· Delivery of fast track 3D seismic data following completion of 2,250 sq km survey over Walton-Morant licence ahead of schedule and under budget

· High-grade Colibri target can be clearly identified on this new dataset

· Processing and interpretation of data underway - initial opinion is that the product is of excellent quality, and work now focused on further de-risking multiple targets including Colibri



United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence ('Walton-Morant' or 'the Licence'), offshore Jamaica, has been delivered by the operator, Tullow Jamaica Ltd ('Tullow'). Encouragingly, the high-grade Colibri target, which had previously been mapped on 2D seismic, has been clearly identified on the fast track version of the 3D seismic dataset. This follows the completion of a 2,250 sq km 3D seismic acquisition survey on the Licence (see announcement of 14 May 2018 for further details). United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow, a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc (LSE: TLW).



The 3D seismic survey, which is the first to have been acquired in Jamaica, forms part of a programme focused on de-risking highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data. Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200mmbbls. The technical case for Colibri has been further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.



Initial opinion is that the fast track 3D seismic data is of excellent quality with the Colibri structure clearly visible on the newly acquired dataset. Processing and interpretation work is now underway and the Company will provide a further update to the market once this has been completed and final volumes are available.



United Oil & Gas Plc CEO, Brian Larkin, said, "The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget. Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed.



"United has a dual focused strategy to expose shareholders to multiple near-term value drivers from its portfolio of low-risk development and appraisal assets in Europe and potentially transformational exploration projects in Latin America, the Caribbean and Africa. Our 20% interest in Walton-Morant represents high impact exploration, however, near-term needle-moving activity is not confined to Jamaica. In Europe, the Podere Maiar gas discovery in Italy is being progressed through the permitting process ahead of being brought into production; while in the UK, the near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, is due to be drilled in Q4 2018. Activity with significant re-rating potential is being undertaken across our portfolio and I look forward to providing further updates on our progress."



Further Information on Walton-Morant Licence

The large 32,065 sq km Walton Morant Licence, offshore Jamaica, is exposed to a number of different plays across three geological basins including the Walton and Morant Basins. To date, only 11 wells have been drilled across the whole of Jamaica's onshore and offshore, and despite challenges with well placement due to a lack of seismic control, 10 of these encountered hydrocarbon shows. Oil-prone source rocks have been identified in the Eocene and in the Cretaceous, with migrant oil identified in onshore wells and outcrop samples. This provides good evidence of the presence of regional source rocks.



Recent work, including extensive onshore fieldwork, has confirmed the presence of all the elements required for a working petroleum system, and has also identified a thermogenically derived offshore oil seep close to Colibri, the main prospect of interest, providing further confidence that there is the potential to find significant commercial volumes within the Licence. Colibri has been high graded on the basis of its position in relation to migration routes out of an identified Eocene kitchen.



Tullow entered the Walton-Morant licence in November 2014. In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650 km of 2D seismic in 2016 and 2017. Interpretation of the data set has identified attractive Cretaceous and Tertiary aged clastic and carbonate reservoir targets. The 3D seismic survey is designed to further de-risk these targets, including the Colibri lead.

[moormoney] 10/8/2018 14:56

Thanks amaretto.

[cf456] 10/8/2018 14:45

Good article.

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"Our objective is to create as much value as we can in the share price."

"Our shares have more than doubled since readmission, and a broker note puts our target price at around 14p a share, so there gives you an idea of the value offer here. As we develop the portfolio, we expect to see that reflected in our share price."