Member Info for chinch

Well that was a surprise - not! This deal was bound to be passed as the BOD would have spoken to major s/hs beforehand.

Thought ACW statement said a lot about the price of oil - what happens when it falls? Is the SP going to yo-yo depending on what the price of oil is doing?

Jono,

Not sure if you read the same RNS as I did this morning but some of you comments from your post look very economical about what was reported.

There are positive points:

You have failed to mention that UOG are due upto £5.7m for the sale of Maria, which, if concluded will really strengthen the balance sheet - what's the MCap at the moment?
Debt has reduced considerably from $5.5m to $1.5m
The cash balance has taken a hit due to the state of the Egyptian economy but looks like its back on track.
The price for a barrel of oil has also increased significantly from $68.9 to $96
From the RNS: AG have been engaged alongside our existing advisors, Envoi Ltd, with the aim of accessing capital from US companies and investment funds. There are a number of companies currently evaluating the opportunity and a deadline for indicative offers has been set for Q2 2023.
Therefore, they haven't ditched Envoi they have approached another Company - perhaps wise now they have 2 companies looking at this with 1 being in the US. The fact that : There are a number of companies currently evaluating the opportunity and a deadline for indicative offers has been set for Q2 2023 - gives hope. Yep not guaranteed I know but nevertheless sounds positive and with a deadline.
15% reduction in salaries which means that this is no longer a lifestyle company and the BOD perhaps recognize that until Maria is sorted and hopefully Jamaica comes to fruition they cant keep taking huge salaries that was the problem posters have said before.
Egypt from the RNS: Q4 2022 production averaged 942 boepd net (884 bopd oil and 58 boepd gas), reflecting the expected decline from the existing wells, a proportionally higher decline in the lower-value gas volumes, and the fact that a number of wells were shut in pending workovers to return production. A number of these workovers which were planned for late 2022 were delayed due to operational issues and are now expected to be completed in Q1 2023.
So I would hope that the numbers increase due to the workover.

The jewel in the crown has and will always be Jamaica - everyone should know this and for me Egypt is just keeping the Company ticking over. If and I hope Jamaica does come off then forget about the SP being 1p. Fingers crossed.

I'm not sure if you are a glass half full or half empty person but to spend as much time on this board without actually holding any shares seems a complete waste of your time. Every time you post you always give a negative view and not a balanced view so I hope you will be more constructive when positing in the future.

I dont hold an amazing amount of shares but its worth a punt.

Well said Lucky - I’ll post my thoughts later tonight

You’ve been very economical with the “facts’ Jono…..

Already thought it was a done deal. MF et al would not be doing this without sounding major s/hs beforehand otherwise their jobs would be on the line.

General, the market is at nearly an all time high so can rule out 5. O&G shares have fallen out of favour with the market due to our socialist government.

With the deal vote on Friday and if it goes ahead, sheer dilution will suppress the SP for years. Saw earlier that Miller Homes are fitting a heat pump to every new home from 2025 instead of gas boilers. More will follow. Every company will at some near term stage switch from oil and gas to other methods so long term O&G shares will be sunk. The Green Revolution will be starting soon if not already.

See my previous post - I did say call an EGM at some point

Can we call an EGM?

I bleat on about our politicians and what Starmer is saying is to “say the right thing at the right time”. How on earth can you just turn off the O&G taps and turn on the wind - impossible. Think of all those jobs gone Nicola, Rishi and Keir - Aberdeen will turn into a ghost town. In fact thousands will leave Scotland to find a job.

These politicians haven’t got a clue about the real world as long as they say the right thing which wins them votes. Votes is all they care about.

Rishi with no seatbelt - clueless….

So we have 2 different views in Rapper and Stahel which is very interesting. To vote the deal down we certainly needed Stahel onside so would now think that the deal will go through which is what I thought originally.

Even better then Newk - at least we stand a chance….

So as I understand that there are 273m shares in issue and for the acceptance of the deal for our new Company giving 111m shares, it would need at least 136.5m to pass? If this is correct, I just hope our main s/h’s vote no.

Some interesting articles out today if you want to read….

Do you actually hold any shares in UOG?

I agree Newk but I bet they have been contacted…

I bet MF has been in contact with the Hardy’s to make this happen otherwise we wouldn’t be where we are today

Dennis, I bet MF has sold the great points of the deal to II not the ones some have pointed out on this board that are negative. Didn’t MF say that they only needed 50% to vote for to give our shares to Mercuria? It’s a done deal otherwise why would we have got this far? MF is not stupid as his job is on the line here - he’s sounded out enough big players to make this happen selling the great points and keeping quiet on the not so good points.

Agree NEWK the SP I don’t think will ever recover from here. Glad I sold half at £3.58 and if the SP EVER recovers to that level I’ll unload the rest. Mercuria simply have too much power here. Effectively, they have handed everything they’ve earned over the last 5 yrs to pay another Company and/or directors.

I’ve just voted no on the HL website for the following reasons:

- overpaying for Tailwind when the KISTOS deal was more attractive.
- a huge chunk of the Company being given away
- huge dilution due to the added new shares

I’m sure there are a lot of positives but for me the shear size of dilution never works in favour of sh’s. Still cannot and will never understand why they never negotiated with Kistos - huge mistake.

However, I bet MF has sold this to the big II and will pass through unfortunately.

Where is an activist investor when you need one……

The Hardys especially. Let’s hope they read this board….