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Latest Update. How is that declining production?!
And another well on the way fingers crossed.
Abu Sennan Production Update
United's net oil production from Abu Sennan for Q1 2023 averaged 841 bopd. The exit rate for the quarter was 1,275 bopd oil and 170 boepd gas (1,445 boepd net) which incorporates the material contribution from the ASH-8 well, which has continued to flow at a stable rate with no water-cut since it came onstream on the 16 March 2023.
Blaim thrower, the market sets their capitalisation - not me. I can only comment on it based on facts.
The fact the other stocks I talk about also carry heavy debt in many cases makes it all the more insane.
All I am doing is commenting on relative valuation.
The market IMO has this one significantly wrong. At 3p this would not even be 20m.. That is how cheap this is.
BOIL, VRS, PRED - all known for dilutions, fund raises, fairy tales...
Just because you "invest" in these failing companies - UOG is no BOIL
How on earth BOIL is worth 25m is beyond me though...
Now there is a placing machine.
You do realise the bracketed figure you quote is 2021 ROFL
Jesus this is bad...
Take a look at the presentation on the website try and get your head around it as its Jan 2023.
Since then production has doubled. More receivables have been applied and more debt is gone.
But I feel like you have no idea what you are talking about.
https://www.uogplc.com/investors/presentations/
Have you looked at the financials here?
No raise in 3 years.
5m Due in receivables
Net cash positive
Debt free in just over 6 months
Production just doubled
Oil price surging towards 90USD
Its getting a lot of interest because its finally been spotted. And its VERY cheap.
Jamaica expressions of interest have got weeks left.. Then that could be add a zero to the first digit of the share price...
Next leg up starting everyone. Remember this is still not even 10m cap. We can double from here and still be very cheap. That’s the beauty.
UOG finally getting eyeballs and volume and that’s all it needs. The story sells itself.
Hold for gold!
I’m getting about 16m quid from 85 dollar oil after all taxes paid and production costs accounted for.
Out of this is going to come capex. UOG share is usually around 1.2m per well. I’m thinking ash may be around 900k as it’s described as significantly under budget.
We will hear about ASD 3 next month. If that comes in anything above 1,000 boepd gross I’ll be happy. That should at least hold us steady and potentially start pushing us slowly back towards 2,000 boepd which would be awesome.
I think 1,500 to 2.000 boepd is gonna be roughly where we find this field long term. At which point it will be fully paid for.
Once we factor in other costs such as a potential 3rd or 4th well in h2 we could be looking at around 4.5m capex for the year for new wells. Then we have the workovers but they are significantly less.
Then after the debt payments we are potentially left with 3 to 5m and a fully paid off asset.
All in all things are really starting to turn up.
And that Jamaica news could drop literally anytime.
Maria payment could drop anytime.
Share buy back.
Loads of stuff coming up this really is a busy period.
Great post loadsamonnee
Jono's taken a week but he is back..
Lets celebrate his return by cracking 1.5p
He cant see the value here, but everyone else can see the tremendous opportunity. Thats fine.