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Agree UOG are transforming their portfolio into revenue generating solid assets, short term 4p longer term 30p+ achievable here. IMO
ES-5. development well results shortly, should be stable results too.
Abu Sennan in Egypt and Selva in Italy look like solid assets (2-3k+ boepd combined) for a piddler with 7m mcap. Personally I’m awaiting the results of the ES-5 well before diving in here!
Agree, I like the whole TLW connected board.
I am expecting great results, as BL & Co aren't
ramping up the share so they'll be expecting the numbers to do it for them.
I put BL as one of the more honest CEOs there are in the oil sector. You only need to listen to him and watch him in interview to appreciate what a determined person he is . UOG has massive potential and the half year numbers will send a strong message for the future of the company. They raised at some fifty percent more than the current sp and IMO are set to be worth a lot more
Today was a better reaction to the RNS, people seeing an opportunity to buy in before the results released "shortly" I expect after this amount of time for stable results.
Also looking forward to hearing news from Jamaica, I feel something is brewing there.
Nice end to the day, be back to 3p in no time.
now that would be massive with oil prices rising, the market will soon catch up, 2k bopd a day isnt potential its the current production rate with more to come
I'm going to say 3k to 7k, big delay because it's massive.
i suppose anything would be good
what is the expectation in regard to the infill well, anything between 1k and 3k for me would be brilliant, whats everyones best guess.
Results and elevated shareprice might change your opinion, time will tell.
Tullow doing well today.
the rns was, as I had expected, rather disappointing... Tullow is no longer a beacon of light and is more a shadow of its former self... we need a good drilling result here.. the Jamaican asset was a complete fiasco... not sure I buy into this strategy of a small company have so many, diverse assets across the world.. hoping for a good outcome..
ES-5 drill results coming here shortly.
Colter doubtful to get passed the "seahorses issue".
Intrigued by Walton Morant license & Jamaican Govt. Licence expiring soon and wondering how flexible and what positions will the Jamaican Govt be and take. Expect the unexpected here all is not lost. IMO
from yesterday's RNS ;
"Discussions are being initiated with Jamaican Government to agree a path forward for the transformative Walton Morant licence"
The license runs out at the end of July, watch this space.
" T ullow Oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit.
The write-off relates to what the company indicated in its most recent earnings report was the relinquishment of the Walton-Morant licence due to “expiry or planned exit”, but Tullow has not explicitly said whether it plans to pull out of the oil exploration project.
The licence expires in July. Its write-down to nil formed part of a wider US$1.2 billion of asset write-downs as the British company scaled back on its global operations.
Tullow holds 80 per cent interest in the Walton-Morant exploration project, while its partner United Oil and Gas Limited holds 20 per cent. They are seeking a third equity partner to finance the drilling phase of the exploration, under what is referred to in industry terms as the ‘farming out’ of the project.
The Walton-Morant Basin covers 32,065 square kilometres and includes 10 full blocks and part of a block in shallow waters to the south of Jamaica, according to Tullow, which first acquired the licence in November 2014. The contract covered low-cost studies, reprocessing work, along with 2D and 3D seismic surveys in the basin. The team, which mapped positive prospects for oil over the years, was required to commit to drilling by this July.
Neither Tullow nor United Oil has responded to requests for comment on what the write-off implies; while energy sector regulator, the Petroleum Corporation of Jamaica, PCJ, which is being wound up by the Government and will cease to exist at month-end, did not seem to have the answers.
PCJ said that at its last update from the oil explorers, the search for the third drilling partner was still under way. Were Tullow to decide to exit the project, the agency added, follow-up questions should be funnelled to the Ministry of Energy.
“The PCJ can advise that we have been informed by Tullow and United Oil and Gas, that the farm-down process (equity reduction) has been unsuccessful so far; however, the companies have indicated that they are still looking for partners,” the agency told the Financial Gleaner.
“The current exploration licence held by the two companies is valid until the end of July 2020,” PCJ said.
That gives the oil explorers four more months. But the collapse in world oil prices amid the coronavirus crisis is unlikely to make the search for a partner easier. Oil was trading at US$23 per barrel early Thursday – a price that falls well short of the breakeven point of US$50 to US$60 per barrel to drill, distribute and market crude."