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Obviously off-topic, but any crypto guys in here? Mr Musk appears to be the most powerful man on the planet right now - incredible reaction yet again to his selfish whims.
Great work Gregory Peck, great work.
brian.larkin@uogplc.com
If enough of us email Mr Larkin, and encourage him to make a statement explaining the rationale behind this week's BoD decision making at shareholders expense, he may provide a satisfactory explanation and give us some peace of mind for the future. Because as it stands, I'm 5 figures down on this share, this week.
Ha ha, I already have enough. I wont be buying more.
I have emailed 3 times.
Once about director share purchases - got a reply and was told they were in a closed period
Once about Egypt PSC to confirm cost recovery was part of PSC (which was confirmed)
Once about Director warrant dealings - No reply.
Persistent Greg give you that...
Your not getting mine :)
My email about the warrants and reason for not using any of his own money to buy them, but feeling it was appropriate to dump them on shareholders so they were 100% free, despite recent huge pay rises, has also gone unanswered. That was 2 days ago.
Iglu, because you bought below the mid-price Don't take buys and sells as gospel.
Batch27 well done.
I would be interested to know if he replies but as I have found out he replies when you are stroking his ego but as soon as you ask anything difficult you are suddenly hit with a wall of silence.
My 10k buy is marked red as a sell
More good points Duster, however, why then is the SP half (IMO) of where it should be. ?
As for good old Brian, well actions speak louder than words for me, SP action to be specific.
As already stated it's the SP growth that matters to me as a little PI Investor.
Rant over, no more gripes from me, apologies..!
Duster I (did) agree with you and loaded up with more of these about 2 weeks ago.
I also defended the payrises on this board, which is why I am so annoyed about the warrant activity. Its just poor.
That aside. I also have "some" concerns that the Egypt PSC is not quite as good as I initially thought.
Yes its producing a lot of oil but we lose 60 percent of it to the Egyptian govt, so at 3,000 bopd we are only actually getting about 1,200 bopd.
Thats not great at all, and the broker note also agrees that the terms are basically, nasty.
So yes we are profitable but its not quite as profitable as it could be and if we are paying out a shedload more in wages, that money will be eaten up very quickly.
Greg most probably UOG are in a closed period. Its only a few windows of the year directors can buy shares on the open market. Maybe in the future the board will buy plenty & all this will be put to bed. Looking at all the video presentations Brian seems a good guy. He has delivered very well so far and let's hope the good results continue. The market cap of UOG is very low and there are many other trash oilers out there with multiple x caps that don't even generate profits. UOG at least are self funding and profitable and most importantly growing
I also received an email form Mr Larkin explaining the share price conundrum. He was polite, laid back, and said it was out of his control. I mailed him again yesterday letting him know his email from two weeks ago is obsolete, as he has now directly impacted the share price by -15%.
Its the trust issue though dusterman..
I have an email from a couple of weeks ago from Brian, basically saying they would like to buy shares but cannot (because of trading windows etc)
2 weeks later hes larging up the warrants and not paying for any himself and just dumping an amount on the market to make sure they are free for him.
Having increased his pay by well over 100% in 2 years, that just lacks class and hardly builds trust.
Yes people acting like the company has just announced a huge placing. In fact the share price has fallen like it has....it just warrants and part and parcel of business activities. We know the company is self funding from profitable income these drills and that's fantastic. Many more drill to come also and hopefully much more revenues. I'm happy with my buy today
Quite right Dusterman and the points you make are exactly why disgruntled holders will continue to hold instead of taking the stupid "sell and move" advice from certain posters.
The upset for me is the behaviour of the BOD, not the outlook for the company.
As I've stated previously, I viewed this as a build and hold share but because of certain actions I'm leaning more towards trading it, for me that is exactly what "Larkin & Leather" have done.
Each to their own I guess...!
Bought back in today. I see the drop is way overdone and an opportunity has arisen. Drilling is underway as we speak and the chance of success is very high I believe 80%. Financial results this year should be outstanding...possible farm out news, over 2m payments due soon...lovely... oh and my buy trade was marked as a sell.
Low M/cap company that’s generating profits and increasing revenues significantly. Next results will be fantastic that’s clear to see. There are many AIM companies generating no revenues with directors paying themselves more than they do here. Fundamentally nothing has changed from when the SP was over 6p...in fact UOG commercialized another drill since then...time to move on. The SP is a bargain now
Badger - Great post.
In addition. I assumed our poorly paid BOD had forward sold the warrants but I don't actually think they have...
Executive Directors Brian Larkin and Jonathan Leather increase their Shareholdings
Following Admission of the Warrant Shares Mr Larkin, the Company's CEO, and Mr Leather, the Company's COO, intend to sell a portion of Warrant Shares to fund the subscription price of the warrants, but their overall shareholding in the Company will increase from 1.56% to approx. 2.5% in case of Mr Larkin and from 0.78% to approx. 1.2% in case of Mr Leather. A further announcement detailing the exact resultant shareholding will be made in due course.
Reading the RNS I am now reading that as - they intend to sell when the warrants hit the market. IE "following admission of the warrant shares"
Now those shares don't hit the market till the 20th May...
So have they not sold any yet?
GP
Lol Badger
Most kind levi and thanks fbrj.
For interest was driving across Dorset yesterday and due to a police diversion had to take the backroads. Got completely lost and ended up in Waddock Cross. No sign of BL with a '% Stake in an old oilfield for sale' board.
Indeed fbrj. Badger is one of the biggest assets to this board. Doesn't post often but when he does it's like gold and always backs it up with the facts.
Thanks Badger.
Badger - I remember you used to post here....to be honest I was a bit of a lurker so I'm not sure we ever "engaged" but I always thought your postings were worth reading and sensible. Your latest post confirms that; I agree with your comments.
Superb post Badger, hear, hear...!
levistubbs -"Perception is everything. The perception at the moment is that Larkin has taken the wee wee"
........................................................
Levi - I couldn't have put it better. Yes, we knew about the warrants, yes, they've done nothing wrong but the timing is very strange and leaves a sour taste after the Annual Report which was at best average.
Booking a loss in H2, announcing that you had to suspend loan repayments for three months but you had cash to restructure your salaries and introduce an undetailed and backdated bonus scheme isn’t a good look. Perception again, both for existing & potential investors.
They still have issues around transparency. I don’t want presentations just showing selective +ve news and stats, I want to understand why costs per boe in H2 were nearer $7 rather than sub $4.50 in H1 – a much bigger impact on the P&L than the salary change, and whether it will repeat in 2021. I don’t want to have to work out for myself why they had to defer the loan repayments and the knock on impact into 2021-22 when it comes to our cash balance and the effect that may have on growth plans. I also want to understand the costs for the loan and hedges which are dreadfully explained in the AR and also how they spent $800k on Jamaica in H2 and who received it. They need to put themselves in the shoes of the investor / potential investor more. It’s no different from when they announced the Egypt deal, focussed on the $6/boe opex but barely mentioned the PSC. Perception yet again.
Do I expect everything to be a smooth ride with a small, growing company? No, but they have to learn and get better in certain areas. They’ve built a good team and the Egypt assets have given them a good foundation and will generate cash to build the business at a sensible pace. We can see the plan but don’t investors for granted.
Finally.. don’t try the ‘if you don’t like it, sell’ line. It’s a discussion board for people to share knowledge, thoughts, opinions and research. The day it fails to be that and people feel uncomfortable saying something either +ve or –ve for fear of being labelled, the day it dies and is of no interest. If you only want to read the posts from a selective audience, use the filters. If you want a private, select, happy clappy cheerleading (or doom mongering)board there are others places to go to meet like-minded souls.
Supporting and critiquing a Company you are invested in aren’t mutually exclusive.
Everyone has a right to post what they like.
Personally I wouldn’t be hanging around reading and posting if I was on the move something not right about that . All IMO.
Your not getting mine !