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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
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..
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
"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."
Whats crazy is u have companys like ukog, producing a tenth of the oil, with double the mcap, i feel for the holders but why on earth are they hanging onto that pile of crp when they couldve made their money back elsewhere.
Anyone know of any oil and gas producer earning over a million a month with a 12m mcap during the lock down. If we were back to normal prices say $60, the profit, $53.50 x $1850bopd would deliver $35m a year.
Egypy cash figures 350k for the 6600 barrels of oil per month. How much for the contracted gas, 11000 barrels eqiv per month, even at $20 its worth $220,000 How much for the other 38000 barrels produced month on month, even at $10 its worth $380,000. They must be pulling in at least 1m every month for oil and gas sales and probably a lot more even at depressed rates
A few thoughts on the Annual Report + supporting RNS, will have a proper read at the weekend: - Colter written off but not Jamaica. The latter would have been a tricky conversation with the auditors given the TLW position, which suggests they can evidence progress (?). There's a big lump of spend ($2.8m) on the balance sheet for this and obviously a material amount for UOG's accounts - was expecting the accounts to only be released nearer 30/6 whilst it was resolved tbh - Cash @ 31/12 of $1.3m, is a bit less than I'd forecast due to the increase in admin costs, AIM readmission + Egypt acquisition costs. As part of the RKH Egypt acquisition placing in Feb'20, they raised an additional $1.4m for working capital so that'll bolster this + the Egypt cash of course, which isn't disclosed in the Annual Report notes or RNS (unless i'm being very unobservant). Project spend on the remaining portfolio should be low in 2020, so even if the Crown milestone payment from Hibiscus slips into '21 there should be no issues. - Egypt profit of $2.4m in 2019, not included in the group P&L as the deal closed post year end. Schedule of assets @ 31/12 provided as per the RKH annual report + excludes the cash position (Grrr!). Simplistically, if you take the profit, add back depreciation (c.$2m) and deduct capex (4wells c.$3m) = $1-1.5m of net cash generated in 2019 by RKH Egypt. The 'not sure' is how much of the opening Jan'19 balance of cash/debtors is 'ours' once they unwound the RKH balance sheet. Hopefully, the next ops update will address the Egypt/Group cash position as well as the El Salmiya result - The list of >3% shareholders has grown again. Recognise some of the names from previous Annual Reports but mysteriously they disappeared off the website and readmission docs. Possibly in on the Feb'20 placing (but no TR-1s)?
isdeer, indeed. Good solid results, unfortunately the wider market continues to miss the value here. Seems we could be over 2000boepd now with more gas to be brought on stream, at profit down to $6.50 with a mkt cap at £12m seems very cheap.