Member Info for gregpeck7

He he, my snouts in that trough lol..

In all seriousness wont be adding more, angry at myself for adding about 10 days ago.

Probably bought some of Brians warrants.

Fuddstone, he was just basically just handed millions of shares for nothing. Well done to him for "increasing his holding" so good of him to take those free shares.

Once the costs are taken you, the PSC gets even worse.

Never seen such a huge take TBH.

Also if you want to quote my posts, take a look back at my ones praising mgmt! and that we were paying extra for "quality"

I did not fully understand the PSC either, I do now.

Nope, I actually topped up significantly over 5p! Thats why im so annoyed!

PSC terms for Abu Sennan
Fiscal terms in Egypt are comparatively tough although the economics of Abu Sennan are enhanced
significantly by an historical recoverable cost pool of approximately US$112m.
Under the terms of the Production Sharing Contract for Abu Sennan, the contractor is entitled to recover its
operating expenditure (opex) and capital expenditure (capex) from a cost oil pool representing 30% of total oil
revenue. The balance of 70% of revenue is profit oil and is split 82.1% to state oil company EGPC and 17.9% to
the contractor. Excess cost oil, where the cost oil pool exceeds the value of costs recovered is also split
between EGPC and the contractor along the same 82.1%/17.9% respective interests. With the historical
recoverable cost pool, the government take is effectively 57%.

See the last sentence. That is the highest I have every seen. So for every 10 barrels net to UOG, the govt take 6.

So like I say, more like 1300 bopd UOG is producing. then take off all your expenses, like Brians salary and 30m does not seem quite so cheap.

Agree,

And once trust in the board goes there is not a lot left. For me the board are enjoying the full benefits and more of the Egypt acquisition and "shareholders" are left with the crumbs. It says a lot about the man (BL). I expected much more. This is his baby but its a public company and you feel like he is trying to claw back a better share... He seems to be potless based on his activities, although he draws a massive salary.

On close inspection Egypt is not as great as I thought either..

The currency is held in Egypt - can we get it out?

And The Egyptian government take 60 percent of UOG's cut. Which is a colossal amount. So for 3000 bopd we get about 1300. When you are paying salaries like we are. That wont go that far.

Bobby things look good now, but if egypt wells start getting drained and production wanes, will Brian take a 50% salary cut? We have much higher running costs now so I expect a good standard of behaviour ( not being seen currently ) to justify his salary.

This could easily look very different.

And remember the Egyptian govt take about 60% of UOGs BOPD production as part of the agreement. Its not quite as great as it looks.

Because its your company as a shareholder. He may have set it up but he is just a custodian and has a very small amount of shares that he has picked up for basically nothing.

So as a shareholder you could look to get rid of Brian and pals if you think they are basically not running the company for shareholders.

Personally I could have lived with him buying the warrants - BUT its the forward selling I dont like. Tells you he is potless. Despite all the salary etc. And a potless CEO will do this again. He is looking like a chancer now.

PUT SOME OF YOUR MONEY IN BRIAN .

Thats the message from me. Stop taking advantage of shareholders, you are taking the pee now.

But your are not invested in a football team for a financial return. You buy stocks for a financial return, not directly an emotional rollercoaster. If the BOD are siphoning off large chunks of shareholder value and enriching themselves your return, or potential return is being eroded.

Im all for fairness and I was pretty strong in supporting the payrises, but this is like having the cake with the cherry on the top. I see too much greed now. And the final straw is forward selling the warrants to line their fat wallets. They wont put their hands in their pocket for any equity, they want it all for nothing. Their hefty salaries are paying for them to do a job, this is shabby behaviour. End of.

I see the potential here but I am very very disappointed / underwhelmed with the BOD. Really leaves a bad taste.

Makes me think they are all about their wallets, and as I said before, that tends to end badly.

Personally I thought (and justified on this board) the higher salaries as being justified as UOG was being run like a mid cap in the making. Cannot say that now.

To be clear, what I really dont like, and its mainly point 1.

1. Forward selling warrants because our board clearly have those snouts in the trough and are desperate to enrich themselves. But they cant afford the warrants so forward sell at 5p (lets say for sake of argument) to then load up at 1.5p. Nice. So dilute us, dump on us and then have a nice stack of "free" shares... thats classy.

2. Way too many warrants sloshing around - will Brian give himself more.. Looks to me like he likes a good ferret in the trough so probably.

Both of which are bad but on top of the massive salary hikes, its all starting to look like this company is being run for the board, PI's are secondary. That situation tends to end badly. Starting to wish I had never bought any.

Mgmt losing trust. That will be a big problem. I had an email a few weeks back saying they could not buy shares because it would be insider trading basically. Then suddenly they can take on millions of warrants. And forward sell them so they are totally free. Tells me the board are potless which is never good. Looks after themselves first very well, then us lot. I could live with the payrises but they are taking the pee now.

I suspect they have sold enough to pay for the warrants they have bought. I use the word suspect. Which stinks even more. Cheap skates! So basically free gifts for the board.

Agree. Thought they were better than this.

Agree and I wholeheartedly defended the pay rises as I felt they were deserved but this is 2 fingers. Had they also bought shares on the open market I would be defending them again. But this is not defendable . Expected a lot better from them and really quite angry now.

No but they did email to say they could not buy shares at the moment because its a close period. But they can get their snouts in the warrant trough. Too much for the directors here I am starting to think and not enough for shareholders... Too many times you see this. Great for the board. Not so great for everyone else. Dangerous balance being struck here. And I defended the massive payrises but this is starting to take the pee now. Wont be buying any more and will consider dumping what I have as I dont like the smell.

I have been saying for years they need to diversify out of KRG, they clearly know it well but they need to spend some of these dollars outside the country and build up production elsewhere.. That would send a message!

Take DNO , they spent a load on the North sea assets. They need to do something similar else they are forever in hock to the bleeding kurds and their sloppy payments.

Brilliant performance. Remember Mulberry MUL in the same situation. Massive post covid recovery coming. Previous high 2500p. NO additional shares issued. Currently 350p and just upgraded guidance to say Asia booming. Shares move very fast.

I think these will be 250+ like others saying. Drops in the fashion sector have been totally overdone.

LVMH for example now Europes biggest company! 320 billion cap.

No dilution at Mulberry (MUL) and that was 2500p.... Big move coming there as well.

Also keep your eye on Mulberry moving very nicely (MUL) 350 odd, ATH was 2500, another massive opp there. So many bargains to be had.