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Actually quite interesting and worth a listen. TW actually does a decent job.

A podcast where TW interrogates AB. Covers Elephant Oil.

https://www.*************.com/shareshow/viewer-025.php

Summary:

UOG was very happy to have nipped in quickly before large companies could move, to secure an option to participate. UOG thought that Benin had transformative upside. UOG had to cut back on Capex post the Rockhopper Egypt acquisition and the downturn. UOG said there were multiple targets of 200mil barrels+.

RRR had shares in a private limited company with no money to drill. The company has a license with transformative upside (according to UOG). RRR has now completed a share swap with a US Corp that intends to list on NASDAQ with the funds to commence an exploration programme. How is there any downside to this?

QED & DYOR

https://www.londonstockexchange.com/news-article/UOG/final-audited-results-and-notice-of-agm/14091594

"and the company acquired an option to make a new strategic low cost entry into Benin with transformative upside."

https://www.londonstockexchange.com/news-article/UOG/interim-results-announcement/14242001

In March, United announced an option to farm into Elephant Oil's Block B, Bénin. Bénin Block B is located onshore in the Dahomey Embayment (Coastal Basin) and covers an area of 4,590 sq. km (approximately 1.1 million acres). The Block is located to the west of Bénin's capital Cotonou continuing to the Togo border.

"The Dahomey Embayment of onshore Benin is a frontier area, with no wells drilled in it to date. However, the licence is surrounded by prolific hydrocarbon producing regions, and there are excellent positive indications of a working petroleum system. At this point, the Block B licence data is limited to a single seismic line and a CGG-acquired airborne Falcon Gravity Gradiometer survey. This data suggests the presence of numerous large structures in the licence, with the potential to hold >200mmbbls. The Allada structure has already been identified by Elephant Oil as a prospect. "

https://www.londonstockexchange.com/news-article/UOG/operational-corporate-update/14488303

Response to Market Conditions

· Proactive measures taken by United and its partners to reduce near-term Capex commitments during current oil-price uncertainty and the impact of Covid-19

o Deferral of Italian Capex improves cash flow and moves expected first gas slightly to H1 2021

o Deferral of Egyptian Capex reduces 2020 infill campaign from 4 to 2 wells, significantly reducing gross 2020 Capex estimates. Further optimisation of the Capex and Opex budgets is being considered.

o Completion of post-Egyptian-acquisition licence review sees divestment plans for selected non-core assets in the Wessex Basin and a decision not to exercise the farm-in option in Benin

o Substantial cut in administrative expenditure resulting in further cost savings

· Measures taken to minimise the impact of oil-price uncertainty and Covid-19 will help safeguard the company during the current industry challenges, with the aim of putting it in a position to take advantage of future opportunities

https://twitter.com/PowerMetRes/status/1392034292956598274?s=19

Why not do some homework?

https://oilafricanews.com/2019/03/12/united-oil-gas-signs-option-agreement-with-elephant-oil-to-farm-in-to-block-b-onshore-benin/

UOG wanted to proceed with Benin but had to pull the plug following the downturn under pressure from their funder for Egypt.

United will therefore not be continuing its option on Benin. Furthermore, when market conditions improve, United will be looking to divest its Wessex Basin portfolio. While the Company sees value in both of these licenses, the Directors do not believe that they offer the best return for United at this time

https://youtu.be/8TnDp9CSiHA

All will become clear in due course but let's suppose they hit just one of the 200mil barrel plus targets; what do you reckon that might be worth?

DYOR

You miss the point. Currently, RRR has a minority holding in a private unlisted company with no money to do anything.

Post the listing RRR will have shares in a listed company with the capital to do something: it either works out or it doesn't. There is nothing to stop RRR selling or reducing its position post listing: regardless post listing RRR will be in a better position.

DYOR

https://twitter.com/proactive_UK/status/1391731755938353153?s=20

https://twitter.com/HedgehogTrader/status/1391754687276363777?s=20

As I said last week, this should feedacross to RRR in due course. 30 days ago gold was $1,740, currently $1,841. That is a big movement. I don't know but it feels to me like it is going to have another go at $2,000; in which case the RRAL TSX listing will be red hot.

Well on what is actually happening on the ground it seems to me that RRR is making progress. Everything takes time unfortunately and in most cases it takes longer than we think. I would have thought that the share price would have been higher but that is the way it goes.

Yawn! Man who knows nothing about a transaction feels the need to share his very definite opinion.

Red Rock owned 4.68% of EOL. Why would RRR and the other shareholders in EOL accept a share swap unless it made sense? RRR is not in a position to control or dictate anything re EOL/EOC. The reason that they (RRR and the other shareholders) have accepted the offer is that they expect the listing to happen.

There should be more news in due course. As RRR has indicated, there will be a pre-IPO funding round in due course. RRR is not in a position to dictate or control anything but it is in for the ride.

DYOR

Elephant? Vastly so. How much is down to whether they find oil or not. It looks pretty good and the amount of oil is that prognosticated is off the clock but until they drill, however certain they might be, they don't know. For disclosure I am a shareholder in the company that Elephant has reversed into and so I am pretty familiar with it.

There are few steps to be taken yet but it is looking pretty good.

More importantly, this is another asset on RRR's books where not much value is attributed but is in the process of coming good. Once Juno lists on Friday, we should start hearing a bit more about the royalties due on Mt Ida. There are two outstanding payments USD $8mil: $4mil on a decision to mine and $4mil on the start of commercial mining. Based on the business plan from a few years back the royalties to RRR based solely on the Magnetite at Mt Ida was about $10mil pa. The hematite at Mt Mason extends into the Mt Ida tenements and is covered by the royalty agreement with Anglo Pacific and the residual royalty agreement with Juno. It could be that the $8mil payments are triggered sooner than people think. Juno should get into production later this year/early next year, in which case RRR's shareholding will look pretty good.

I understand that Soma is making good progress at El Limon.

Elsewhere, I think something will happen on Macalder and Mikei plus Luanshimba looks like it is a good un.

DYOR

https://twitter.com/Trader__007/status/1391628447181680641?s=19

So that is the third IPO on its way.

Could/should turn out to be very big for RRR.

We need number four lining up now.

DYOR

https://twitter.com/CopperBullish/status/1391566718540021763?s=19

https://twitter.com/JunoMinerals/status/1391602589611937800?s=19

JMS announced demerger complete, share certs Tuesday, Juno lists Friday.

First spin out done, two possibly three more to come.

DYOR

Looks like it is getting more interesting as a gold province.

https://www.juniorminingnetwork.com/mining-topics/topic/cote-d-ivoire.html

https://twitter.com/graddhybpc/status/1390775142456909828?s=19

https://twitter.com/Lazerblue/status/1390314738190626820?s=19