United Oil & Gas Share Discussion Threads

[the manini] 28/7/2019 17:54

Thx bountyhunter, if those figures are right that's very encouraging! Add on some extra capacity as we go along and this is gonna be a superb asset for us.

[bountyhunter] 28/7/2019 15:31

And from Rockhopper's accounts to 31 Dec.2018:

"In Egypt, all of the Group’s oil and gas production is sold to EGPC. The average realised price for oil was US$68.4 per barrel, a small discount to the average Brent price over the same period. Gas is sold at a fixed price of US$2.65 per million British thermal units (“mmbtu”)."

and

"Cash operating costs on a per barrel of oil equivalent basis remain attractive at US$11.7 per boe."

[bountyhunter] 28/7/2019 15:25

According to Rockhopper Egypt back in H1 2017 operating costs at that time were very low at just $8/b which is very encouraging.

[bountyhunter] 28/7/2019 14:34

No, I'm just saying that based on a hypothetical closing date of early November 2019, ~$1m income to UOG per $3 profit on each barrel would be due to UOG on completion at that rate of attributable production since 1 Jan 2019. I would expect the actual profit per barrel to be much higher but don't know what it is, no doubt we will find out in the readmission document in due course prior to relisting.

[the manini] 28/7/2019 13:52

Is it known for sure that $3 per barrel is their profit or is this an industry average figure you've used bountyhunter?

[bountyhunter] 25/7/2019 18:44

Absolutely, >1100 boepd will be an average figure so applicable to every day of the week from 1 Jan 2019. So say the deal completes at the start of November given Q4 completion that's 1100 x 300 = > 330,000 boe of production revenue attributable to UOG which for every $3 per barrel of profit equates to $1m!

[kevd1986] 25/7/2019 18:21

I would assume that is average per day for year, including any downtime due to maintenance/faults etc. So yeah 7 day, was my assumption but I'm not 100% on that.

[the manini] 25/7/2019 17:13

The 1,100 boepd, figure would you calculate that for 5 or 7 days a week? Anyone with any idea and what price would you use? The current oil price or some discount? Answers much appreciated coz from what I've calculated so far and by likely completion time the figures look very good but without knowing for sure about the above points I could be a fair way off...

[bountyhunter] 25/7/2019 16:29

plus revenue due from Italy from next year,

so that's
£4m cash on the balance sheet
+ £4m from Crown sale
+ revenue from >1100 boepd since 1 Jan 2019 for the aquisition (several million pounds? - does anyone have an estimate for that?)
+ ongoing revenue from the aquisition post completion
+ revenue from Italy next year

not to mention Jamaica and the other assets,

...not bad going for a company with a market cap of just £14m at the time of the RTO suspension!

Given the likely positive revaluation on relisting following the RTO I would guess that a modest placing even if priced at 4p would be comfortably oversubscribed.

[bountyhunter] 25/7/2019 16:00

the Crown asset sale will ultimately bring in aroound $5m;

meanwhile the placing is to bring in new IIs not just for this transaction but also "for the next one and the next one"

[bountyhunter] 25/7/2019 15:53

from the Youtube link UOG are also looking with BP at other potential acquisitions

[kevd1986] 25/7/2019 15:45

https://www.energyvoice.com/oilandgas/north-sea/204286/united-oil-and-gas-to-divest-or-drill-wells-on-north-sea-assets/

[thebigbadone] 25/7/2019 15:24

Nice interview with IG here too:

[soulsauce] 25/7/2019 10:53

And there could be a reason Uog might be up a substantial amount on return. Not beyond the realms of possibilities.

I apologise to anyone who thought my post misleading but as it is only iLeeman that has taken it out of context and posted several times about it after saying he would leave it at that then I am sure most of you have taken it in the manner it was meant.

And by the way iLeeman my text does not contain the words 'like RRE', get your facts straight for a start. If it had we wouldn't be having this argument.

[ileeman] 25/7/2019 10:48

Name calling you have already lost the argument, as I said all for factual positive posts but misleading posts need to be called out...there is a reason RRE is up 100% so saying 'like RRE' is misleading.

Sorry for off topic, have a good day.

[soulsauce] 25/7/2019 10:45

iLeeman are you thick?

There wasn't a comparison beyond the big uplift. The post was just hoping that we may get a 100%+ uplift on relisting like RRE. Do you get it now??

The reason I used RRE is that they had done just that. It could have been any company relisting like Pere but then I am sure you would have been pedantic enough to point out they are in copper and not oil

Sorry for off topic guys.

Agreed bountyhunter and while we are suspended there are all sorts of different ways the share base and raising can be structured.

[bountyhunter] 25/7/2019 10:22

Agreed soul.

Re the UOG cash situation...

Cash and cash equivalents reported in the most recent audited accounts on May = £4,035,910

So not insignificant and should be taken into account together with the Crown proceeds and production revenue for 1100bopd due from 1 Jan 2019 on completion in Q4.

(UOG market cap just £14 at RTO suspension)

[ileeman] 25/7/2019 10:20

lol

"'hoped' we would get a 100%+ uplift on relist" then why use RRE as a comparison.

All I am saying it helps to be factual rather than misleading.

Have a good day.

[soulsauce] 25/7/2019 10:04

FFS iLeeman get a life!!

My post was that I 'hoped' we would get a 100%+ uplift on relist, nothing more, nothing less.

You have again tried to tell me what I already know about UOG & RRE. Please don't try to tell me about UOG when you have been here 2minutes.

Depending on how this deal is done it is entirely plausible that we could come back a good deal higher than it suspended at.

Hope that helps.

[ileeman] 25/7/2019 09:45

No Soul you implied UOG would get a 100% gap up like RRE, I think people can read your post and see exactly what you said.

RRE is a cash giant with cash exceeding their market cap on relisting, it paid for their acquisition entirely with their own cash. UOG does not have enough cash to cover the entire acquisition and will need to raise, completely different.

All for positive views but at least be realistic and factual.

[kevd1986] 24/7/2019 17:20

Anyone had a look over the Slide deck for Rockhopper Egypt Acquisition? Any looked at the history of rockhopper Egypt or the upside potential. The increase to 1,100boepd this year from 800 looks good and a drilling programme in place would be great to see more.

[soulsauce] 24/7/2019 11:28

No I categorically didn't iLeeman. I simply hoped that we might experience such a mark up on relisting ie over 100%. I suggest you read it again.

To compare apples with oranges would be stupid. Your interpretation of what I said is just that, but wrong.

[ileeman] 24/7/2019 10:37

Come on Soul you directly/indirectly compared to RRE, completely different animal.

Anyway I will leave it as that, lets see what the price they get on the equity.

[soulsauce] 24/7/2019 10:28

No 0800 number for Conference Call?

[soulsauce] 24/7/2019 09:24

iLeeman I am not comparing UOG to RRE, where does my post say that? I was just saying that it would be nice if we enjoyed a similar uplift on relist.
I am well aware what RRE are about having read the acquisition completion RNS and having held UOG for a long time I am well aware of our needs.