United Oil & Gas Share Discussion Threads

[soulsauce] 20/12/2019 08:08

Lots of buying. Been tipped somewhere?

[bountyhunter] 18/12/2019 17:27

Don't get me wrong I'm really annoyed at the placing price give the 'transformational' RTO deal!

[soulsauce] 18/12/2019 17:21

Thanks Spangle guess I am just being a bit grumpy. Hopefully this will play out better than my earlier posts suggest.

[spangle93] 18/12/2019 17:07

Totally agree about the disconnect between "oversubscribed" and a major discount to the price at suspension.

Ref transformational... many moons ago, I had shares in Hardman Resources, which I thought was a cut above the usual dross in Perth. They ended up being swallowed up by Tullow, who had previously done similar deals to acquire Shell's SNS gas interests and then Energy Africa. Each time, like a lion trying to digest a whole wildebeest ("I couldn't manage another kidney") these acquisitions really stretched TLW, but ultimately it really did give them a step up.

So given that the management here were some of those deal-makers, that they have skin in the game, and that they have stated openly that they are trying to replicate TLW's rise, I'm trying to suspend the reaction that you had, i.e. there are oceans of shares to shift before we can move on

[bountyhunter] 18/12/2019 17:02

Not at the moment that's for sure, but director's waded in for 9m so must be confident going forwards? Only reason I added was to get my average down as I'm expecting this to be above that by this time next year. No thought for long term shareholders I agree but directors will be thinking of themselves having participated in the placing.

[soulsauce] 18/12/2019 16:41

No problem Amaretto.

I hope you are right but Aim is littered with institutions taking part in raisings and taking their easy 10 to 15% and less and riding in to the sunset.
It amazes me how it is oversubscribed on one hand but the market was difficult and we couldn't get more than 3p on the other hand. Hmmmm.
Of course it was oversubscribed at 3p because institutions were lapping it up knowing it was easy greedy money while existing holders get bent over.

I hope to be proven wrong but I think it is going to take some big news for us to shake the 3s anytime soon.

Companies need to remember it is about growing the share price and not the mkt cap via number of shares in issue.
That is why I am yet to be convinced that it was transformational for shareholders.

[amaretto] 18/12/2019 16:29

You are correct, my mistake. However, if Brian is to be believed the issue was oversubscribed so theoretically there should be buyers at these levels. Regardless, I suspect most holders are fairly sticky. Once we clear whatever overhang we have as well as the sale getting completed and a couple of tasty RNS's, we'll start to move.

[soulsauce] 18/12/2019 16:04

Are you thinking the Rkh shares are counted in that 159m?

There is a total of circa 273m new shares.

[soulsauce] 18/12/2019 15:58

Amaretto which part of the 150m is tied up for a year? The 114m Rkh lot is but is separate from the 150m. I see no evidence of the rest being in 'very sticky hands'?

Of the total 159m only circa 9m are bought by directors and long term holders leaving 150m who knows where.

[amaretto] 18/12/2019 15:46

Except it's not a 150m overhang really; the vast, vast majority of that is either tied up for a year or in very sticky hands. Sure there'll be plenty of flippers but it's not that bad.

[soulsauce] 18/12/2019 13:43

Indeed bountyhunter and that 150m overhang is going to be like a big 'ole anchor.

We need an improvement in sector sentiment as well as BL getting the PR going to hoist us back to where most of us might be seeing blue again.

[amaretto] 18/12/2019 13:38

Quite, just wait for Brian's gag to be removed once the sale goes through in January and together with the results of the extended well test (EWT), we'll see Brian off the leash, upping the PR and hopefully a bit more value reflected in the share price.

[bountyhunter] 18/12/2019 12:54

no guarantee of that though, just an overhang to clear then we should be off

[mustbefunny] 18/12/2019 12:47

Going to stay at bargain price as long as placees can sell at 3.1p and buy back later at 3p

[amaretto] 18/12/2019 12:18

The market will eventually have to recognise revenues in excess of $24m per year and profits circa $9m, more if production increases on the back of that 50m of pay as well as Selva late next year. It can only be ignored for so long.

[cpap man] 18/12/2019 11:40

Hey soulsauce take a year off and then come back and take a look at the UOG share price - reckon that with all fingers crossed that you could well see at least a 1x bagger and who really knows....but as always depending on market conditions etc, etc....perhaps a lot more?!?!?

[soulsauce] 18/12/2019 08:24

Great news. Production already increasing and drilling results look positive.

[the manini] 18/12/2019 08:13

So if I've read the RKH rns right there is an adjacent Ash well already producing 340 boepd so if we get something similar pfor this well that would equate to around 75 boepd net for UOG taking us to around 1200 boepd with 4 more wells to drill next year all fully funded.

[thebigbadone] 18/12/2019 08:11

Fantastic news this morning. RKH clearly playing this down but 50m net pay in an undepleted reservoir close to initial pressure excites me immensely! Look forward to hearing the flow rates

[spangle93] 18/12/2019 07:45

Re-released by UOG. After watching so many of his video appearances, I even read it with an Irish accent

Brian Larkin CEO, United Oil and Gas PLC:

Today's announcement is further proof of the quality of the assets that United has agreed to acquire. Abu Sennan has a historic drilling success rate of over 80% and rising. Over the last year production at the licence has gone from just over 800 boepd to 1100 boepd net as a result of the successful four well development drilling campaign. While we will wait to see the sustainable production levels on the ASH-2 well over the coming weeks, these initial results are excellent and we are confident that this well will further increase production. There is already a work programme in place for 2020, which will deliver a further four wells, significantly increasing newsflow from the Company. We expect the transaction to complete in January 2020 following satisfaction of final conditions precedent.

[cpap man] 18/12/2019 07:15

18 December 2019

Rockhopper Exploration plc

("Rockhopper" or the "Company")



Egypt Operational Update



Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, provides the following operational update in relation to the Abu Sennan concession, Egypt ("Abu Sennan"). Through Rockhopper Egypt Pty Limited, Rockhopper holds a 22% working interest in Abu Sennan.



ASH-2

The commitment well, ASH-2, was spudded on 21 October 2019, and reached total depth of 4,030m measured depth ("MD") in the Alam El Bueib Formation on 22 November 2019. The well was drilled as a vertical hole to appraise the Alam El Bueib reservoir to the WSW of the existing well ASH-1ST2, which currently produces 340 barrels of oil per day ("bopd"). Petrophysics indicate 50m of net oil pay in ASH-2. Modular formation Dynamic Tester ("MDT") pressure data indicates the reservoir is un-depleted, close to initial reservoir pressure. The well was completed, perforated and tested with the rig on site with encouraging results. The rig was released on 10 December 2019. The well will be tested at stabilised rates once the rig has moved off site.



Al Jahraa-12 (formerly WI-1)

This deviated development well was spudded on 4 August 2019 and reached total depth of 4,040m MD in the Kharita Formation on 2 September 2019. Operations are ongoing to complete the well as an AR-C reservoir water injector, as was the primary objective for the well. While there was indication of oil pay in the Bahariya, the interval did not flow on test.



Al Jahraa SE-1X (AJSE-1X)

Following a successful frac job, production from the AR-C in well AJSE-1X has increased from approximately 200 bopd to approximately 450 bopd.



Current production from Abu Sennan is approximately 5,100 barrels of oil equivalent per day ("boepd") gross (1,120 boepd net to Rockhopper's 22% working interest). This excludes production from ASH-2 which is awaiting final commissioning.



Rockhopper's disposal of Rockhopper Egypt Pty Limited, as announced on 23 July 2019, is subject to satisfaction of final conditions precedent, including United Oil and Gas Plc shareholder approval and is expected to complete during January 2020.

[cpap man] 18/12/2019 07:10

Rockhopper Egypt RNS out

[soulsauce] 17/12/2019 12:17

The reason I ask cpap is that in April they should have done passive seismic up to the value of $175k.
I thought they would have enough information from that now to have made a decision.

[cpap man] 17/12/2019 11:57

Sorry soulsauce - couldn't resist! On a serious note always had the UOG project in Benin as a potential one day sort of situation - with other key projects taking priority.