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Chinch, thank you for your good wishes (all LTH truly needed it with Brian being on the driving seat) BL got back and responded positively on request for a call to us already, he has been apparently dosed up with Covid after his trip to Jam but getting back to us with slots.
I want to say once again ‘it’s not all doom and gloom for UOG with current £4.7m MCAP!
Here is few points why (imo).
* Group revenue for full year 2022 was $15.8m
* Gross Profit of $12.9m (2021: $12.3m)
* Group Cash balances as at 31 December 2022 were $1.4m with Net Debt of $1.5m (FY 2021: Cash balances $0.4m, Net Debt $3.9m)
* BP Acquisition facility to be fully repaid Jan/Feb 2024 (now from 2023, so we have been told)
* One needs to ask themselves a BIG question, how have they managed to survive and pay $233,000 to BP monthly without having to do any equity rise for the last 4y 🤷♂️🤷♂️🤷♂️
* The share price dropped has nothing to do with any equity rise (unlike many other AIM stocks)
* The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well. This work is aimed at materially enhancing the risked value of the Company's interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course
* for me this drop isn't justified as we never gained 25-30% on Jamaica updates and the exact same thing happened with Maria (FACT!) I totally agree with you, BL should only update us on Jamaica expansion (I can’t see any issues with that as I feel Jamaica need this to happen. If it doesn't get drilled in the next few years it will never happen and just think of the opportunity missed) BL should only update the market once a deal is done/completed with free carry and cash payments etc….
Now is not the time to sell (imo) hence I didn’t sell, early Jan when UOG dropped under 1p (I heavily averaged down and was £20-£30k in profit with this went above 2p very quickly, mainly based on The ASH-8 development well, which spud on 22 January 2023, obviously I really regret not de-risking taking profits now but I believed in Jamaica and I still do).
We’re due update on: The ASD S Prospect has been de-risked by the ASD Field, located ca. 2km to the north, which currently produces oil from the same primary reservoirs that are targeted in the well. The well is expected to take ca. 40 days.
Pls feel free to share details of any other AIM stock with under £5m MCAP and have released similar figures.
All I can say is almost every LTH can clearly see BL TOTAL UTTER FAILURE TO DELIVER ANY SHAREHOLDER VALUE over the past few years (especially with Maria and Jamaica, however with Jamaica there is still a chance and shareholder should try to ho
How many AIM companies that have no income and have regular dilutions are valued much higher then UOG?
I don't think it's all doom and gloom for UOG with the current MCAP as Egypt is valued much higher and debt to be paid off soon they can easily leverage that (imo).
If anyone can and wants to take firm action then I will probably support you like many other LTH but no point crying on LSE chat board behind a keyboards try doing something (I know it’s not easy to remove a CEO).
We all need to be more vocal and should contact BL directly (imo). I have already send him a email yesterday. He has already responded to another LTH and is arranging an investors call asap.
Key points I mentioned on my email:
* I was present on the 23rd July call (listening only as I joined from Morocco) This was so reassuring and like many others LTH, I have heavily averaged down and now hold over 2% UOG stock (my biggest holdings in any UK stock ever).
* Yesterday’s RNS announcement was a huge blow to us all to say the least, many people across LSE chat etc are saying/thinking this is the end of the company. Obviously I don’t think that at all and I have added more shares (hard earned money I cannot afford to lose, I have put our future family house buying funds in to UOG stock as I believed he would maximise value for all shareholders).
* His failure to deliver any value to shareholders over several projects is inexcusable. The only workaround was Maria and Jamaica, for now he should step up and deliver first then get paid and at this point Brian should be taking ZERO salary for the foreseeable and RNS immediately as he has his shares in UOG, if he turns the company around he will be very well rewarded like all suffering LTH.
* We’re seriously worried about cash balance as it must be running low and he assured us there will be no future Fund Raise
* Few holders think it would be worth a vote, if share holders would consider the selling of the Egyptian asset as it could be worth significantly more then what UOG paid for it and way more then our current MCAP.
*From the call on 23rd July, I recall him saying ‘’HE WISH he could BUY more shares but are in a closed period because of quattro and Jamaica news to come (as this is not the care anyone will you be buying shares on the open market immediately?)
* We’re paying back $223,000 BP loan monthly to be fully paid early Jan or Feb 2024 (after debt is paid off, this amount will be added to company’s cash flow, can this be done asap and RNS issuesed).
Above are few key points from my email and I feel we must ask these and more at the next Teams call/meeting.
Jono44, I know you can READ but do you understand anything better then a CHILD?!!?
Pls read this: ‘’The ASD S Prospect has been de-risked by the ASD Field, located ca. 2km to the north, which currently produces oil from the same primary reservoirs that are targeted in the well. The well is expected to take ca. 40 days to drill and log, and if positive indicators for the presence of moveable hydrocarbons are seen, the well will be completed and tested.
Should I ASK a child has it been ca 40days since 9th Nov to today?
I can only think of 2 reasons why you keen writing an essay on a share you’re not invested in and have no intention of investing in.
1) lost big time here in the past and family still nag him/her for their foolishness.
2) Being paid to try and get as many to sell as possible.
You did say you bought at 3p so my money is on no 1.
• Egypt BP loan to be fully paid off Jan/Feb 2024
• Kuwait Energy Egypt, ("Kec") as the operator of the Abu Sennan licence, has notified the Joint Venture partners that drilling of the ASD S-1X well is expected to commence over the coming days, using the ECDC-6 rig. This exploration well is the final well of the 2023 drilling campaign and is targeting an un-risked STOIIP estimated by United at c. 10 mmbbls gross across multiple reservoirs intervals, including the primary Abu Roash-C and Abu Roash-E intervals. The ASD S Prospect has been de-risked by the ASD Field, located ca. 2km to the north, which currently produces oil from the same primary reservoirs that are targeted in the well. The well is expected to take ca. 40 days to drill and log, and if positive indicators for the presence of moveable hydrocarbons are seen, the well will be completed and tested.
• "In relation to our position in Egypt, we believe our assets there hold substantial value including the potential value from the upcoming exploration well, but the current economic conditions in Egypt present challenges. We will continue to work with all our local Egyptian stakeholders including EGPC and Kec to maximise value for our shareholders from these assets."
Further to the announcement of 9th November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence. The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner. The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.
Very well put ICB888 and highly recommended!
Good promotion for Peter and wish him all the best (we don’t need a CFO for deals).
* I am sure many will agree, it’s NOT a huge roll given the size of UOG and Brian is a chartered accountant.
* Do we really need a full time CFO? Kuwait Oil runs the Egyptian assets on a full time basis and after Jamaica farm out (soon hopefully) it will be fully operated by the major.
*The debt should be paid off Jan/Feb 2024 and Peter will be still with us in Q1
*Jonathan is still available and working on a consultancy basis for Jamaica when ever Brian needs his (fact not left esp for Jono and look at his LinkedIn profile he hasn’t taken up any new or other rolls)
*Maybe sell UOG for $40-50m and we all will be happy except the trolls
*another fact for few trolls (I am not a trader and have over 2% holdings here) I do regret not selling and de-risking on the last rise from the low 0.9 to over 2p when jono and others were saying what they always say as I was and have believed they will get Jamaica over the line with a major (time will tell)!
"In relation to our position in Egypt, we believe our assets there hold substantial value including the potential value from the upcoming exploration well, but the current economic conditions in Egypt present challenges. We will continue to work with all our local Egyptian stakeholders including EGPC and Kec to maximise value for our shareholders from these assets."
Loadsamoneeey from the above statement, do you feel that BOD looking/considering to sell their stake in Egypt? They paid 16m for Egypt and in their option it still has a value of around 16m (if they can sell it for say anything over $10m+ imo it’s worth it and then fully focus on Jamaica and other producing asset esp that our current low MCAP).
UOG have spent $4m+ and Tullow spent $20/30m on the licence (10-20% free carry would be amazing).
(imo) we will get the extension confirmation news within weeks (before YE) hopefully more information on the same RNS with the details of our preferred party (a big major like BP 🥳) then maybe we will see jono admit how misleading and wrong he has been on endless occasions, making statements like placing coming for year plus. However this is more likely to be the end of him (imo) or maybe he will buy when this hits 5p (as he claimed to have done in the past).
We are encouraged by the continued progress in relation to the farmout process in Jamaica, as we look to unlock the material value contained in this block and deliver value to our stakeholders, including the people of Jamaica. We are entering a critical stage in the farm-out process and will provide an update to the market as this progresses.
Many BUY are showing as RED (due to mid price) 28.90 41,467 (was my top up, showing as SELL)
The company has incurred only licence costs in relation to the Maria licence, the cost of which is effectively covered by the $100k non-refundable deposit received in September. We knew this was coming so no real surprise with Quattro, they should have never been given all these extensions.
On the contrary (I haven’t traded UOG as I see the mid-long term risk v reward very good and feel the Jamaica news will catch many by surprise obviously imo).
What I can say is that on 23rd July I was present at the Microsoft Teams (video call with Brian and Peter) they arranged/accepted within short notice as I recall after the poor RNS which effect the share price. They answered all our questions in details and explained everything.
Key points: 1) They are paying back $223,000 BP loan monthly to be fully paid early 2024 (after debt is paid off, this amount will be added to company’s cash flow)
2) Brian seemed very confident (without ramping) of getting a deal for Jamaica over the line (imho)
3) BOD WISH they could BUY more shares but are in a closed period because of quattro and Jamaica news to come (Brian said he certainly would buy more shares at the July 23 share price)
4) There will be NO equity raise! (imo) only after Jamaica and to get another joint producing asset.
Company is very prudent which is unlike many companies on AIM, NO fundraises in last 4 years which is the opposite of how many other companies treat shareholders.
We’re currently trading under £6m MCAP and they paid £16m for Egypt! Current value for Egypt (in their option is around £16m). I personally think they can refinance Egypt asset for more then our current MCAP or something similar!
I will STOP there! Anyone can email Brian with any concerns or questions.
What I would also add is many LTH are adding/hovering up anything below 1p so from the UOG Telegram group (keep them coming) I hope they don’t don’t mind me saying that 🤣
it’s truly sad to see how bad lse share chat has become and this chat board is a great example why so many have moved to telegram and created chat groups like the hive (which is amazing imo to share information, discussion etc….)
the below message was posted by a admin of the group (i truly believe few here need this advice and it may help them get better life!)
some little things that have helped me with better trading:
-sleep well the night before
-even the best looking setups fail
-don't blow your capital by over trading
- a trade won't be worth taking if the risk vs reward does not make sense
-always think risk before reward (this one is critical)
-successful trading is more than making money, it's keeping losses small and letting winner run to max gains.
ask yourself this after every day:
-what went well
-what did i **** up (and how)
-how can i improve it
-what did i learn from the **** up?
build on what's working, and chuck away your weakness, that will teach you more and more each day
all ones needs to do is look at there previous posts history and it’s so clear (imo) they are the ones who bought at 3.5p, 5p or higher and sold at a loss and say they still made a profit 🤣 so we must ask ourselves why did they see a value in uog at such a high share price?!!? and now they are trying to save the world with there advice/opinion or showing to help others (we don't see anything from them from weeks, month and as soon any sp movements starts they always appear to try and snuff any positivity out or put fear of placing).