Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
A higher value unrisked than risked? Are you insane?
Do you know anything about this company? Are you serious ... "better to give up on Egypt" .... UOG defaulted and have been kicked out of the JV.
Old news. Maybe post something about a positive well result in Egypt next.
Unrisked volumes. Calculated from seismic attributes and imaging. There is a reason no one is interested. Not saying there is nothing there, but years of trying to farm down without success suggests the big boys (who know what there are doing) see something different to UOG.
I'm still scratching my head as to why anyone who has not been interested in the last few years of desperately trying to farm this down, would all of a sudden show interest. There are no new, data, insights that change the offer today from a year or two ago.
I hope they get a partner, but the reasons no one was interested before are still present. If anyone wanted it, they could have got the whole lot from Jamaica for a pittance. They only awarded the extension because no one else was interested. People on this forum seem to think that the super majors are queuing up for this. I was laughing during the presentation when there was a question about BP'S potential conflict of interest if they came on board .... why would BP all of a sudden be interested. This prospect has been around for a decade with Tullow and now United failing to generate any real interest. Why now?
My thoughts exactly. This isn't a new prospect either. Both Tullow and UOG have been trying to get a partner involved for years. There is nothing new here except a new video pitch. No one has wanted it for years (Colibri was there then too), why would anyone want to come in now. Jamaica extended the licence because there was no one else ... Plain and simple.
Why? Something to do with pork bellies?
High-quality journalism, just a couple of notes:
"Since 2014, United Oil has invested approximately $40 million in technical data and studies, including 3-D seismic".
- No they didn't. They didn't even exist in 2014. And certainly didn't spend $40m on seismic. Tullow might have.
"United Oil plans to drill an initial test well to target a 400 million barrel of recoverable oil prospect at a cost of $530 million"
- Imagine knowing so little about the oil industry and UOG to think a test well costs half a billion dollars.
"As Jamaica embarks on this oil odyssey, the world watches with bated breath"
- hahahahahahahhahahaah. Maybe it's a comedy piece?
It's a compelling pitch alright. My issue is they haven't been able to secure a farm-down for years, neither were Tullow, until they let United come in for basically nothing. What has changed? There is no new seismic or anything that might fundamentally change the prospectivity. It's just a nice video.
Looking good Billy Ray ...
Fair enough. Was just looking for some discussion. Not sure what you think I'm about. All I'm trying to do is understand how some are still optimistic about UOG given recent events. I'm open to being convinced I'm wrong - in fact, I'd welcome it. I find it strange to see the back slapping over the Jamaica extension. No one else wanted it, so it's hardly a coup. Seems like a commitment to sink more money (that UOG doesn't have) into an asset that absolutely no one has any interest in.
Lost interest in investing, but am still interested in what happens. Have you ever found interest in something you don't own? Interestingly, again, no counter argument, just childish stuff.
I was following UOG because I thought it might be an interesting investment some time ago. Obviously I have lost interest, but is the chat just for people who think this company has a solid future (i.e. the mentally challenged). If you disagree with someone, why not make a counter argument? Jamaica has had no appeal since forever, why do you think someone will want to come in now? Seabed mapping? Waddock Cross was trying to be dumped not so long ago ... Now it's the star in the portfolio. Give me a break.
Long time lurker here. Fail to see any cause for optimism here anymore after the Egyptian fiasco. Jamaica is not some new hot spot - Tullow and more recently UOG have tried for the best part of a decade to get someone (anyone) interested in this without any success. The minimal worked plan is not going to change this. As for Waddock Cross, don't make ... Let's not even start. I'd say the goal for management here is to squeeze out as much dough as they can in salary before skulking off tail between legs.