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The company entered 2022 with a cash balance of circa $0.4m and Net Debt of $5.5 million. The cash balance as at 31 December 2022 was circa $1.4 million with Net Debt reduced to circa $1.5 million. The current BP facility is expected to be fully repaid in the year! Nearly debt free!!! They paid off $4m of BP, that’s interesting!!!
https://twitter.com/uogplc/status/1616405892047536129?s=46&t=jtVGdvOkyVnhxjUsF8yg_A
* 100% owned and operated by United Oil and Gas
• Operatorship is available
• Tullow Oil completed Initial Exploration work obligations in mid-2020
• Work obligation included 2-D reprocessing, new 2-
D and 3-D (860 sq. miles or 2,250 km?) seismic
• Gaffney Cline certifies >2.3 billion bbls mean resource potential in prospects and leads
• Drill ready, 400+ MMbbl Colibri prospect with a commercial threshold of 100 MMbbl at $60 oil
• Colilbri standalone success yields $2.5 billion,
NPV10 at $60 oil and de-risks multi-billion bbl play
• United has a high-quality, detailed geologic model based on 2-D seismic (legacy and acquired), 3-D seismic (acquired 2018 and geological studies
• Walton Basin model predicated on syn-rift source rock for light oil supported by seeps in onshore wells and offshore oil slicks and seeps
• Fiscal terms are globally favorable with Jamaica's take of ~40% compared to Suriname > 75%
• Fully supportive host government
• Drill-or-drop decision required before January
2024 and drilling required by January 2026
(Taken from PDF)
The PDF file was posted by admin on the UOG Telegram group.
He went onto the EAG website and registered an account to download their marketing presentation for Jamaica. Interesting slides on their valuation and there is also a timeline for marketing and bid indications.
From UOG: Telegram group
https://www.energyadvisors.com/home
Click on International
http://envoi.co.uk/projects/active-projects/americas/jamaica/
They previously worked with this UK based group
http://envoi.co.uk/projects/active-projects/americas/jamaica/
The next few weeks seems something is advancing as they have an offer deadline of 31 March!
It has been 1.17 to buy and 1.02 to sell this morning and you can sell over £15k (just tried one dummy sell), therefore I’m wondering what will be the opening share price when we have confirmation update/RNS to this:
‘’We are making good progress on potential options to maximise shareholder value from this licence and will provide further updates in due course."
I’m also watching and seeing where this settles,
I personally thought the update was okay today. I did add some today and will definitely go really big here with my holdings in the sp drops anywhere from .50-.60 as long term this will pay off (imo) everyone to there own and good luck. Chasing rain doesn’t work I have see it too many times.
This was posted on UOG Telegram group:
Thank you for your email and support. We are in a closed period until our full year results.
We anticipate updating the market on Maria shortly, nothing has slipped, the holiday season just got in the way.
Although the results of the ASW-1X well are disappointing, the JV partners are positive about the remaining prospectivity on the licence and will continue to deliver the maximum value from it. We are looking forward to the 2023 drilling campaign, which will initially focus on further development of the asset by the drilling of ASH-8 followed by the ASD-3 well. These development wells are targeting the most prolific areas of the Abu Sennan licence, to maximise production before the drilling of at least one further exploration well in Abu Sennan later in the year. We look forward to updating the market with further details of planned activity across our portfolio later in January.