Excellent rns. More reserves, more production and a stupid mkt cap currently. This hopefully gets things going. Interesting wording on the rns around reserves and production. Looks like they will ramp the p2 numbers next year. This really is a stunning by at these levels and with even a moderate contribution uog could well exit 2021 with 2000 boepd plus production, even with the ash issues, which is tremendous. What a license.
Ps the reason ash is a curse is that it has set the bar very high. It is not likely we will see this level of flow from other wells. But in compensation you will not see wells watering out in the same way.
Thorn back. Ash has been a gift and a curse. A gift in that it’s geological setup has turbocharged the well payback, the acquifier seems to have provided additional pressure to really get super well rates but at the cost of depleting that field quicker. This is fine by me but as with all oil and gas plays you need to be constantly replacing the production ( replacement ratio) as uog have said, none of the other prospects drilled in the egyotian license area have encountered acquifier support so are flowing at lower rates, but will likely do this for a lot longer… ABu sennan is basically a collection of about 30 small oil fields, they will run dry but there is potentially around 60m boe there to go after. It’s just not going to be as quick as some had hoped.
That said the mkt cap is pretty much what they paid for the license. They have increased production, 12 months of debt left and more drills coming. Their deals on the license front look good to me assuming all payments are made.
As I have said before Jamaica for me is not going to happen but clearly there is always a chance.
This is now a bargain though purely based on Egypt. Mkt cap is way too low for what’s on the table but markets always make mistakes both ways.
I just got sick of arguing with you mfm. Nothing at all to do with the FCA. Challenged you at the time and I do so again to put any post I have made here up and say what the problem from an FCA perspective is. This is an opinions World and you don’t like mine but that’s as far as it goes. If the fca were to take a look ( as I said to you again at the time ) they would be looking at someone who had made a loss here. So I am not quite sure what the accusation would be. I have never made any money from uog shares. But facts never really seem to be your strong point.
Growth plays invest, they don’t pay dividends. If they were to return capital to shareholders personally I think a buy back would be the more appropriate tool. But currently there will be zero chance of either. This is a growth play o2.
What 6p buy? I sold out and have only recently started accumulating again. But I do believe at current levels this is a stand out accumulation opp. Been in and out of zen for 50 percent gain while this was slowly falling away. And I am not wrong very often.
As production rises they would need really to employ a second rig. One to sustain and one to further production to a higher level. That is what is required. Dealing with water is completely normal. Jonathan and Brian can earn their fat salaries now.
Even saying all year q4 would be when we hit new recent highs. Personally I would suggest 80 becoming a new base for crude. Could be a lot of action on the gas front as well as it furthers it’s claim to being the greenest transition fuel.
I think you will find I have never once said I do not think the BOD warrant fiasco was anything other than horrific and they should not have done it.
If you want to re discuss the pros and cons of our BOD not paying for any of their own shares to make them totally free to themselves by dumping on shareholders then please go ahead, I am all ears and I will happily restate my position.
I think their actions were disgraceful and massively damaging.