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I actually think he has done it now as its after results so a year before any "heat"
He has another 12 months to grab a load more at 1.4p. Will those be dumped at the prevailing share price for another freebie for Brian or will he spend some of his 30k a month?
You must have known the situation with the warrants was there when you invested.
Has BL done anything illegal ? no it`s a smart business move and given the same situation would you refuse it ,I think not .
Regardless as to what you say he has increased his holdings in the company he could have sold he didn`t
You should be asking why he did it now ? perhaps he is expecting a rise in SP is on the cards.By next week this will be history.
The facts are he has increased his holding , he has increased production and revenue from Egypt and will more than likely continue in that vein this year , he is looking for farm out or tie up for Jamaica ,not bad in my book.
At existing shareholders expense, what a guy!
Fuddstone, he was just basically just handed millions of shares for nothing. Well done to him for "increasing his holding" so good of him to take those free shares.
You should be taking advantage of the current drop in price ,it won`t be here for long BL is not bailing out on the contrary in essence he has increased his holdings ,IMHO you should do like wise. Avoid the merchants of doom they usually have an ulterior motive.
Thanks GP. I was just doing some research on the production sharing agreement.
As well as the 82.1% of profit that the government takes, there also appears to be a 10% royalty taken on gross production:
"Royalty: 10% of Gross Production. It is borne and paid by the Egyptian General Petroleum Company (EGPC, a State-owned company) on behalf of the Contractor Group. "
Once the costs are taken you, the PSC gets even worse.
Never seen such a huge take TBH.
Also if you want to quote my posts, take a look back at my ones praising mgmt! and that we were paying extra for "quality"
I did not fully understand the PSC either, I do now.
Nope, I actually topped up significantly over 5p! Thats why im so annoyed!
Greg on the 5th of May this was your post bellow..have you sold out by any chance?:
"Should be over 10p now with ease, its a bonkers share price."
PSC terms for Abu Sennan
Fiscal terms in Egypt are comparatively tough although the economics of Abu Sennan are enhanced
significantly by an historical recoverable cost pool of approximately US$112m.
Under the terms of the Production Sharing Contract for Abu Sennan, the contractor is entitled to recover its
operating expenditure (opex) and capital expenditure (capex) from a cost oil pool representing 30% of total oil
revenue. The balance of 70% of revenue is profit oil and is split 82.1% to state oil company EGPC and 17.9% to
the contractor. Excess cost oil, where the cost oil pool exceeds the value of costs recovered is also split
between EGPC and the contractor along the same 82.1%/17.9% respective interests. With the historical
recoverable cost pool, the government take is effectively 57%.
See the last sentence. That is the highest I have every seen. So for every 10 barrels net to UOG, the govt take 6.
So like I say, more like 1300 bopd UOG is producing. then take off all your expenses, like Brians salary and 30m does not seem quite so cheap.
Well said GhrTrader. Fundamentals are just the same, nothings changed. This drop has been fear driven mostly by people who flapped and sold and then bombarded chats with de-ramping comments to try to get others to follow. The company is doing just great and in time the share price will reflect that...broker targets just under 30p say a lot. Take these opportunities to top up...soon the sad flappers who post rubbish to scare others will be left far behind
i said it was quite likely we would come back and test 4-4.3p. Im certainly going to be buying in this range. I also said for newer investors not to be put off by this.
The warrants issue means nothing to me personally, the market obviously felt differently. That said all markets are emotionally driven and this is why technical analysis works. Emotionally driven investors and traders leave patterns in price action.
Nothing has changed here fundamentally.
We are already in a commodity bull run and oil is the only asset from my perspective that is not in any kind of bubble yet.
STRONG BUY and i will personally be topping up at these levels