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We must remember that expectations might be quite high for UOG and of course, oil sentiment is low at the moment. Unless the update is a real stinker (I'm sure it won't be) then I am holding for the next few years as it has Mid cap potential. Whilst the charts for oil look ropey, in the long term prices will be back up. Why? Do some research into California and their failure to scale green energy. Green energy will take off, but not for at least another decade (plus many people do not want an electric car). Another point, I am constantly using my eyes and not my ears, look at Germany - the EU are very pro-green - apparently. However, they consistently forget to mention that Germany back in January opened the Juniper’s Datteln-4 coal power station - that's right - it authorised a brand new 1 GW plant to begin belching its fumes in January. Burning lignite - the dirtiest of coals. Likewise with Oil, Looney talks, but remember to use your eyes!
Mmmmmm pxen has made a -£1M loss and myself coming from Italian decent, you have to take Italian timelines with a pinch of salt. UOG on the other hand has made a profit, it's turned itself around from a loss maker to a profit maker. How much of a profit so far, we are going to see real soon as the results are this coming week.
gkb47 no I mean Prospex Engergy, the other party in our triumvirate of partners in Italy. Look at Pxen on the lse and read yesterday's news and down as far as the chairman's statement and you will find there is quite a lot of information in there. I will be disappointed if our company does not add the same amount of information to our interims but maybe we will have a lot more to say on other things, hopefully.
Thanks for the repsonses. I suppose I should focus more on Po Valley Energy if I'm interested in the Italian situation but I normally rely on the partner that I'm invested in to RNS anything material.
@levistubbs - By Pxen interims you mean the Po Valley Energy (PVE) half year report to 30 June 2020 yes? If not you've lost me there I'm afraid.
@Badger99 - Fine thanks, despite UK Gov trying their best to get me killed off, and you? Thanks for the pdf, I must have missed it the first time, main focus for me the last few months are Covid stocks (on the principle of follow the money) as they are fast moving at the moment.
So I can see Po Valley Energy are cash strapped. I wonder if UOG may provide some funding for additional interest? We should know UOG cash position including Egypt revenue shortly. Either way looks like it will get pushed back bit and I see they don't yet have the final approval from the Italians for the transfer.
We'll see where we go after the results, disappointed not managed to hold above 3p yet again this week.
gkb47 - Hope alls well. For interest, Po Valley Energy were recently asked a number of questions by the ASX about its health, in their response they stated 'final approval to be granted on Selva by October', 'funding plans by December'. So should be close to news. I think i put the link on here last month but attached below for reference - tab down to answer 1c. https://www.asx.com.au/asxpdf/20200819/pdf/44lnf2rfq711tq.pdf
levi - like you v interested in the cash position now and by the end of the year, more so than the P&L tbh - its why i'm frustrated i can't see our opening Egypt figs in the RKH's accounts. We'll have a line in the sand next week
Lol Badger I haven't committed more money here and don't intend to. Once bitten and all that. Thanks for your thoughts. The main thing for me is how much profit we have been making but also how much cash we have at hand because if Larkers has more ideas to bring in other assets, and I am sure he has, I want to have a good handle on how he is going to pay for them. Issuing anymore shares in to more weak hands and I am done here.
Nodding along with that Bebeto, my view has always been long term here and hasn't changed. Some will expect more from the interims as they haven't grasped the PSC and tbh it was presented pretty badly in the readmission docs and afterwards. UOG have always steered focus to the '$6.50 per barrel' and not the elephant sat next to it. Have a good weekend
Nice one Badger99 , I do appreciate it when people shows their working out.!
For me transformational is turning a loss making - £2M company into a profitable +£2M company. That combined with minimal debt is the foundation for strong growth to any company and a buy signal for any growth invester.
Ah come on levi, that £552 buy was definitely yours :-)
Personally not expecting anything remotely seismic (I'll avoid the t word) in the interim P&L and seemingly nor does the market. Small profit for 4 months of Egypt less 6 months G&A, with a much improved H2 assuming nothing kicks the oil price in the nuts. My calcs are v similar to Cenkos' for the year (c.$5m PBT) but are for 12 months so include Jan/Feb'20 which go to the balance sheet (which is a shame as EGPC paid an average of c$56/bl per RKH's interims) . If UOG group makes c.$5m PBT in 2020 based on 10 months of Egypt i'd be delighted.
Interested to see how BL/DQ explain/present the 14 months pre completion + what forward guidance they are prepared to give on figs as BL tends to be quite guarded.
Egypt Cash - Especially interested in how much we inherited post the acquisition adjustments + the trading post Jan'19. RKH have made it very opaque in their accounts unfortunately. I have a figure in mind but could be miles out.
We are also due an ops update on El-Sam5/ASH gas + future Egypt plans which I presume would be weaved into the same RNS as the interims. Investor call next week maybe?
Levi, hahahaha it's all mind games , I got buy number 17 today and if it went below 2.8p it would have been buy number 18 as well or actually number 17 would have been considerably larger ;) looking forward to Monday might get to a score before results.
Whoever is selling has loads of shares IMO I'm enjoying watching them sell as we're this close to positive news who's going to take Profits first.? I'm holding strong which is easy when your already in Profits.