United Oil & Gas Share Discussion Threads

[tomford8] 02/1/2020 11:07

Egypt signs four Oil & Gas E&P Agreements worth $155 million 26th Dec 2019 The Egyptian General Petroleum Company (EGPC) and Ganope have signed four oil and gas exploration and production agreements that will see companies invest at least USD 155 mn to develop concessions in the Gulf of Suez, Nile Valley, and the Western desert, according to an Oil Ministry statement. The agreements also include USD 10.5 mn-worth of grants to drill 30 wells. The House of Representatives had authorized the ministry earlier this month to sign nine oil and gas agreements that were said to cover areas in the Mediterranean, the Nile Delta, and the Western Desert. Other agreements that are likely to be announced soon include a go-ahead for Neptune Energy to explore in the Gulf of Suez, and for Shell to do the same in Western Desert. Who’s working on the concessions? Under two agreements with a minimum planned investment of USD 51 mn, IEOC — the EGPC’s JV with Italy’s Eni — will explore in the western desert’s South East Siwa and West Razek concessions. USD 6.2 mn of those investments will come in the form of grants that will go toward the cost of drilling 17 wells, but it isn’t immediately clear where they’re coming from. Merlon El Fayum will also invest at least USD 36 mn to explore in northern Beni Suef in the Nile Valley, while Pacific Oil and ZNP will invest at least USD 68 mn for exploration in the Gulf of Suez’s Ras El Ush. Similarly, these agreements will involve USD 4.3 mn in grants to drill 13 wells. Would they be under the new production sharing terms? It remains unclear whether the agreements will be subject to the friendlier oil and gas sharing terms rolled out by the ministry earlier this year. The new terms, which will be applied in a tender Ganope launched for 10 oil and gas exploration blocks off the Red Sea coast back in March, give producers larger portions of output in a bid to cut the time it takes for them to hit profitability on any one concession, as well as raise the cost-recovery ceiling on contracts. (Source: Enterprise.press)

[tomford8] 01/1/2020 13:27

"BP will continue backing the oil sector in Egypt" - BP CEO Bernard Looney CAIRO - December 2019 - BP in Egypt Minister of Oil and Mineral Wealth Tarek el Molla in talks Chief Executive Officer of British Petroleum Company Bernard Looney and Chief Executive of Operations, Exploration and Research William Lane and Regional President of BP in North Africa and the Middle East Hisham Mekawy and BP Chairman in Egypt Karim Alaa. The meeting took up the company's activities in Egypt and the development of new gas projects as well as present and future plans. In a statement released by the Ministry of Petroleum, the minister said the meeting covered available investment opportunities in Egypt and means of beefing up strategic cooperation between Egypt and BP in the coming phase in view of Egypt's strategy to become a regional energy hub and expand its petroleum projects. Talks also covered cooperation in the field of exchanging expertise, raising quality standards, as well as training of cadres. Looney, on his part, highlighted the achievements of BP in Egypt since it started its operations in the Egyptian market 55 years ago, praising the positive cooperation with the sector of petroleum and the attractive investment atmosphere in Egypt. He asserted that the company is committed to expanding its fields of operation in Egypt and luring more investments to this vital sector, citing its activities in North Alexandria and Atoll gas field in Eastern the Mediterranean. Looney also praised Egypt's role in establishing the East Mediterranean Gas Forum which contributed to beefing up cooperation among its member countries, asserting that BP will continue backing the oil sector in Egypt and contribute to training Egyptian cadres in its various business spots worldwide. plus Egypt an unprecedented increase in oil, gas production in 2019 - report CAIRO - 30 December 2019 Petroleum Minister Tarek el Molla said an unprecedented increase in the gas and petroleum production was reported in 2019. Some 7.2 billion cubic feet of natural gas and 650,000 barrels of crude oil were produced per day, he said. The highest rate of oil production was reported in August with 1.9 million barrels daily. The total output of petroleum materials hit 84.2 million tons in 2019 up by 7 percent from 2018. More than 43,000 cars are now operated by natural gas to bring the total number of gas-powered vehicles to 300,000. Around 1.2 million housing units were supplied with natural gas to bring to 10.7 million the number of gas-run households. https://tinyurl.com/vw253mf

[soulsauce] 31/12/2019 17:04

Thanks for the information Buzzzz.

[bountyhunter] 31/12/2019 17:04

Are they putting their salaries up in the NY lol!?

[buzzzzzzzz] 31/12/2019 16:28

All I know is I was surprised when I looked at the RNS and saw 3p as I had committed my money at 4p.

[spangle93] 31/12/2019 16:17

Must have been a lot more money - surely $6.25MM could also have been raised by issuing only 120MM shares at 4p

[buzzzzzzzz] 31/12/2019 14:17

I am holding all mine from the placing. It was a last minute call that changed the price, more money was offered and management decided to take it but it was at 3p. Must have had their reasons.

[buzzzzzzzz] 31/12/2019 14:17

I am holding all mine from the placing. It was a last minute call that changed the price, more money was offered and management decided to take it but it was at 3p. Must have had their reasons.

[bountyhunter] 31/12/2019 12:41

Not transformational for them if they sell out for just a few percent gain ;-) I'll be glad to see the back of them but until then we may be stuck firmly in the 3-4p range. At least the directors participated in the placing which shows confidence in the deal longer term.

[soulsauce] 31/12/2019 12:24

You are quite right bountyhunter. Hopefully this deal will turn out to be transformational for long term holders too at some stage and not just for the greedy financiers.

[bountyhunter] 31/12/2019 12:18

Some small consolation today ss but I don't think us long standing holders will be happy until the price is above 4p given the suspension price and it may take a while for the overhang to clear in 2020 beyond conclusion of the deal.

[cpap man] 31/12/2019 11:51

Come and visit this new ADVFN THREAD.... MINERS & OILERS to double or more in 2020

[cpap man] 31/12/2019 11:41

New Year tip for 2020

[soulsauce] 31/12/2019 11:21

Some more news leaking out on Ash-2 may be?

[someuwin] 31/12/2019 11:17

Buys pouring in

[soulsauce] 31/12/2019 11:11

Well aren't you just a bundle of joy.

[costax1654x] 31/12/2019 11:00

Looking for an entry at 2.5 p

[soulsauce] 30/12/2019 22:47

Ahh that market lol. Would have thought the FTSE and Aim All Share would be the metrics to gauge things on but you could be right. But the raising would have probably been carried out over several weeks. Sorry for the moans. I am just sore that some investors with little interest in this are making a nice turn while people like myself are now well underwater watching the greedy financiers get a pay day at my expense having believed in the company, the management and the transformational deal.

[bad gateway] 30/12/2019 22:28

He's not totally wrong on the down 20% remark imo. LSE shows the aim oil and gas producers up 9.23% on the day they announced the deal and down just over 6% on the day of the interview (The aim super sector oil and gas was down 13.5% that day) Thanks for the interview link. Still a shame about the placing price agree LTH's got a bad deal. hTTps://www.londonstockexchange.com/exchange/companies-and-advisors/aim/indices/indices-chart.html?aim=AXX0500

[soulsauce] 30/12/2019 20:58

Yes but not something he would have ever said prior to the 'transformation' deal, and you can load the deck which is what I thought 'transformational' meant. Another lesson learned.

[spangle93] 30/12/2019 20:48

I just included it, cos it was part of the typical 5-minute sentence reply which skitters off the question asked very quickly and into a few more areas where he's more comfortable - I think he should have said you can only PLAY the cards you're dealt. Sorry if that element got missed ;-)

[soulsauce] 30/12/2019 19:49

bounty indeed. The 3p raising also ensured that Rkh got an even better deal with an extra 25% of shares which could net then another £2m when they decide to offload them after the lock in. With any luck Ash-2 will prove it was still a good deal.