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Yes and even BP and the like has been diversifying into renewables as fast as it can.
Problem is no one wants to be associated fossil fuel companies anymore
Mcap about to go under £16m?
This sp is stagnating through an apparent lack of BoD news and activity.
Ps the reason ash is a curse is that it has set the bar very high. It is not likely we will see this level of flow from other wells. But in compensation you will not see wells watering out in the same way.
Thorn back. Ash has been a gift and a curse. A gift in that it’s geological setup has turbocharged the well payback, the acquifier seems to have provided additional pressure to really get super well rates but at the cost of depleting that field quicker. This is fine by me but as with all oil and gas plays you need to be constantly replacing the production ( replacement ratio) as uog have said, none of the other prospects drilled in the egyotian license area have encountered acquifier support so are flowing at lower rates, but will likely do this for a lot longer… ABu sennan is basically a collection of about 30 small oil fields, they will run dry but there is potentially around 60m boe there to go after. It’s just not going to be as quick as some had hoped.
That said the mkt cap is pretty much what they paid for the license. They have increased production, 12 months of debt left and more drills coming. Their deals on the license front look good to me assuming all payments are made.
As I have said before Jamaica for me is not going to happen but clearly there is always a chance.
This is now a bargain though purely based on Egypt. Mkt cap is way too low for what’s on the table but markets always make mistakes both ways.
I just got sick of arguing with you mfm. Nothing at all to do with the FCA. Challenged you at the time and I do so again to put any post I have made here up and say what the problem from an FCA perspective is. This is an opinions World and you don’t like mine but that’s as far as it goes. If the fca were to take a look ( as I said to you again at the time ) they would be looking at someone who had made a loss here. So I am not quite sure what the accusation would be. I have never made any money from uog shares. But facts never really seem to be your strong point.
Best post I've read here in ages Badger, please keep posting.
I left also because every time I questioned the poor performance I was accused, along with others, of being a paid deramper.
Ridiculous. I just want to get a good return, which at the moment looks incredibly bleak despite the "brilliant fundamentals".
If I hear the term "fundamentals" again on this board I'm gonna flip my lid.
Good afternoon mfm, you're entitled to your opinion as everyone should be without being slated for questioning truths, such as "why is the SP so low"
On many occaisions I have tried to get a debate going to try and tease out what the issue could be but hit dead ends every time.
As far as the sycophant crack, It was just refreshing to read something lengthy, detailed and pertinent to the company instead of chilish throw away comments. Apologies if you found my reply to Badget somewhat obsequoius that wasn't my intention.
Anyway that's me done on here now.
Good luck for the future.
"I do fear the sycophants will return when there's a lift in the SP."
Ironic then that your post was so sycophantic.
If anything it was those constantly knocking the shareprice day in day out here that have gone over the top. I haven't seen day in day out ramping, far from it. I've seen people with a level of enthusiasm commensurate with the prospects and they must have those prospects or posters like yourself, badger, levi and Gregpeck wouldn't be invested in the first place.
No what we witnessed was a concerted effort by several posters across multiple bulletin boards to knock this day in day out and the moment reporting of certain over the top posts to the FCA was mentioned those posts practically stopped dead in their tracks.
No one here is blind to the shareprice performance or the problem now with ASH but we are profitable and our production has increased each year. I think this final quarter of 2021 will determine the price trajectory for much of next year. Lots of news due some of it that could see a nice uplift in the shareprice if it is positive and for those that think that too 'rampy' I'll state that of course if the news doesn't go our way then we could end up back at the lows.
As for the comment about being bullied on this thread that is utterly ridiculous. There were many days here when the negative posts and outright bashing of the management reached fever pitch and outnumbered anything positive posted by 10 to 1.
Cheers Thornback, I'm more than happy to chuck in a 'UOG, what a company' at the right time :-)
At this point in the companies life, I'm interested in UOG's cash - how it generates it, how it chooses to spend it and how its going to grow with it - and its P reserves. My investment decisions are based largely on that, so its the stuff I like to read peoples views about. Sadly there aren't many on here as most lth's with an inquisitive, challenging eye have given up or possibly sold, so I tend just to canter through a few days posts at a time for anything of interest.
ATB, enjoy the rest of the weekend
Fantastic post as always Badger.
I do fear the sycophants will return when there's a lift in the SP.
I particularly like part 2, absolutely nailed it and put so much more eloquently than I could have done.
Please post more often if you can as your opinion and detail is very valuable to me, OK it' might not appeal to some who prefer the "Go Brian" and "UOG, what a company" posts but it works for me.
I hope Levi and Art return too.
I have been here 4+ years and Levi's posts like yours have always got me thinking and researching, so please Levi don't let the blinkered bullies force you off this BB.
Good luck all
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As for the next few months, they need to be very clear on the recovery plans for ASH and what it means both in terms of production and reserves and a clear plan for 2022 and beyond for the rest of the licence. Production guidance notes need to be more granular to give investors confidence and to stop using selective averages in RNS’… back on my transparency pedestal again which I’ve talked about before. If numbers are going up, tell me why, if numbers are going down, tell me why. No fudging or ‘look over there..’ presentations. Investors both current and potential see right through it.
1 of 2
Am I detecting an outbreak of actual conversation and discussion returning to this board? .. thank fudge for that, I might check in more as hopefully will others who’ve largely given up.
If one good thing is to come out of recent events then, just perhaps, the nauseating sycophancy, cbeebies level ramping and cheerleading can finally be consigned to the bin. Investing needs an open mind not cultist chest thumping and badge kissing.
On to UOG…
When you look at small O&G producers with decent levels of production that only have low market caps, there are generally recurring themes as to why the the mcap is low. This is often because they have small 2P reserves, with a relatively low forward NPV and/or they struggle to generate free cash to grow the business because you need to recommit a lot of your generated cash each year to drilling & workovers, as each well is small. That’s simply to just maintain reserves, let alone grow them. Throw in a loan (which isn’t cheap) and a tough fiscal regime in Egypt on top and you have UOG. The interims should show a nice little profit, less so the cash which we know already and is of more importance.
If you look at the annual net cashflows and resulting equity IRR for UOG Egypt post the effective date (Jan’19), they are very low once you’ve deducted the loan and ongoing capex. There is very little left to grow the wider business after corporate G&A, let alone pay dividends etc at this stage and obviously problems in the ASH field with the wells that provided a large chunk of production at the best flow rates, isn’t going to help with that company growth. Once free of the loan life gets easier, but that’s a year away.
None of the one-off divestments to Quattro, Prospex and Hibiscus are banked as yet, so talk of ‘war chests’ is too soon. Quattro needs to fund raise, Prospex needs a fund raise and if they are partially debt funding the lender will need the magic production licence to finally be issued in Italy before that closes. From the last Hibiscus update in August, which I linked on here, there appears to be a long delay, unless there is an end stop date in the agreement past which Hibiscus have to either pay the ~$3m or hand back the Crown licence. DQ promised an update in the Interims which will hopefully give some clarity. As for Prospex, despite its ongoing internal power struggles, I don’t get the impression that the proposed new board dislike the acquisition from UOG, more the choice of funding route. As for the PVE ‘pre-emption rights’, I’d like to think that issue goes away quickly before things get too lawyery (if that’s a word).
A very fair post O2.
Let's pray the financials at the end of the month are highly positive.
Other "potential" SP growth areas;
**Fix the water cut.
**Receive Selva and Hibiscis payments.
**Good results from exploration well.
I still believe uog is undervalued but If all these come to fruition and the SP hasn't improved much then I have a decision to make.
It appears quite a number have already made their decision and left the building..!
£16m Mcap and it looks like UOGs growth has gone South and shrunk.
It needs some action and a policy statement for the future on ROI.
The research on Jamaica must have cost Tullow over $16m alone and it is sitting on someone's desk.
Hibiscus payment? etc...
Market needs good news .
Why invest in UOG at the moment with these issues outstanding?
You get more interest from money in the bank.
All Investors need an incentive.......
This sp is stagnating through an apparent lack of BoD news and activity.
Pull your fingers out BoD, get back to work with no Covid excuses.
Remember Egypt is only a 22% stake and is run by others.
The summer holiday is over.
Aye, let's pray we see some growth then Greg.
Larkin and Leather's salaries have had some growth that's for sure, meanwhile the SP has gone south for the last 4 months.
Growth plays invest, they don’t pay dividends. If they were to return capital to shareholders personally I think a buy back would be the more appropriate tool. But currently there will be zero chance of either. This is a growth play o2.
Can't spell 'Afentra' or even 'telling'.
0 out of 10.
At £16m the ex Tullow team at Afrenta could be eyeing this up for a steal.
M & A activity is due.
£16m Mcap what a joke.
Looks like the market are tell this BoD why should we buy when no returns are likely on any UOG investment in the near future and you are in the unloved and 'un-GREEN' sector. At least you get 0.5% from a bank.
It is time for the BoD to examine their lack of urgency for any return.
As an accountant, BL must be fully aware of this situation.
Any covid excuses have now timed out. It is back to work and earn your keep time.
Where is UOGs future dividend policy going?
Pull your finger out BoD.
Despite the recent performance being an absolute dogs dinner, £16m mcap seems low for a profitable company with plenty of £ in the bank. Buy them low, sell them high as they say.
Meanwhile RKH and 4 other companies are suing governments around the world because climate change actions have threatened their profits.
The move out if Europe was an obvious one, let's get the Hibiscus and Selva payments banked and hopefully start moving up from here.
Rockhopper is currently suing the Italian government for $325m (£234.8m) in a dispute related to a ban on offshore oil drilling close to the coastline.
$16m paid for Rockhopper assets in Egypt Jan 2019.
159,036,167 new Ordinary Shares in United at a price of 3 pence per Ordinary Share were issued.
Oil & Gas income streams now flowing in nicely.
Mcap now just under £17m.
Somethings just do not add up.
Oil price now over $70 and heading up.
Lack of interest in this sector will turn around once dividends return.
Directors will soon realise that the scene has changed and need to change track.
IIs invest to see a return on investment, not for BoDs to give themselves bigger salaries.
It is time for the BoD to earn their keep.
We are waiting.
Fair play robrin.
I've been in this for 4 years now and am currently, slightly down.
I have never held a share that has performed so poorly off the amount of positive news.
Let's hope it turns around for the PI's who have helped this company grow.
The rest have already done pretty well off it already IMO.
Good luck mate