Member Info for jono44

Anybody who had done their own research diligently should not be the least bit surprised by this placing.

But the thing is there might be worse to come.

I don't believe £1m is enough to get uog out of the mess it's in but it will keep the ceo wages coming in and at around $300k a year it isn't far off a 1/5 of uog's market cap, totally unrealistic.

They need $3m for the work in Jamaica, they owe BP $1m which they say will be paid off from the receivables due from egypt,good luck with that,they owe KEE $3.8m,they had $1m in cash but probably a bit less since that statement.

Looks like a share dilution going to be approved along with the placing at the GM and if people do try and vote the placing down what happens then, ask yourself.

Not advice but anyone trying to recuperate some loses here should do some research on buying crypto/ altcoins, with the bitcoin halving at end April there is an opportunity to make some decent money but as always research research research.

Looks like someone taking advantage of inflated price to offload before this drops to 0.1p, can't blame them.

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets announces that it has received a default notice ("Default Notice") from Kuwait Energy Egypt Limited ("Kuwait Energy" or "Operator") for a total of USD $3,822,143 for outstanding cash calls in relation to the Abu Sennan concession.

Pursuant to the joint operating agreement ("JOA") relating to the Abu Sennan concession, the Company has 30 days ("Default Period") to remedy the default from the start of the default period which is 28 January 2024

Also bp debt.

The Company is in discussions with its debt provider (current balance owing USD $1.089 million) and will update the market in due course.

Fact not fantasy.

Better to wait and see what the outcome of the default notice and the outstanding debt owed to BP is before making any investment.

Don't be conned by the rampers who post fantasy predictions like 6850%, investing.c.. has this a as Strong Sell, say no more.

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets announces that it has received a default notice ("Default Notice") from Kuwait Energy Egypt Limited ("Kuwait Energy" or "Operator") for a total of USD $3,822,143 for outstanding cash calls in relation to the Abu Sennan concession.

Pursuant to the joint operating agreement ("JOA") relating to the Abu Sennan concession, the Company has 30 days ("Default Period") to remedy the default from the start of the default period which is 28 January 2024

Also bp debt.

The Company is in discussions with its debt provider (current balance owing USD $1.089 million) and will update the market in due course.

Fact not fantasy.

Better to wait and see what the outcome of the default notice and the outstanding debt owed to BP is before making any investment.

Don't be conned by the rampers who post fantasy predictions like 6850%, investing.c.. has this a as Strong Sell, say no more.

Someone offloading, no support.

Eall

Nothing new, still no interested parties.

But let's not read one rns let's read every rns and here's something you won't speak about in any of your posts.

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets announces that it has received a default notice ("Default Notice") from Kuwait Energy Egypt Limited ("Kuwait Energy" or "Operator") for a total of USD $3,822,143 for outstanding cash calls in relation to the Abu Sennan concession. Pursuant to the joint operating agreement ("JOA") relating to the Abu Sennan concession, the Company has 30 days ("Default Period") to remedy the default from the start of the default period which is 28 January 2024.

And let's not forget the bp debt.

The Company is in discussions with its debt provider (current balance owing USD $1.089 million) and will update the market in due course.

Feb 27th and due course for news.

Not very clued up are you eall

UOG No longer an oil producer so oil price is irrelevant.

Interested parties already had a look and walked away.

The facts about uog

No income

No production so oil price totally irrelevant.

Nobody interested in a farmout in Jamaica.

Waddock cross hasn't produced oil for 10 years and no definite decision on when they intend to drill and uog might not not even participate.

Uog have had a default notice served on them by kee the operator of abu sennan for unpaid bills amounting to $3.8m.

Uog have an outstanding debt to bp of about $1m.

They had $1.3m in cash.

Anyone thinking of investing in uog should do their own research, don't listen to gh or Earl.

Better to wait until end of month to see if they have paid bp and if they have settled the default notice before making an investment based on misinformation posted by rampers caught in their own trap.

Ameen dyor, you must have been an avid follower of the dog and believed his every word no doubt, one day perhaps it will click.

BT no doubt a few inexperienced pi's will get taken in but that's what these guys rely and its seems to be working.

Like I said already, nothing has changed.

Wonder why they never mentioned the Default Notice or the fact they still owe BP about $1m or the fact they have no income in the 'nice video'.

Dyor

Careful folks these guys are in for a quick trade, don't become one of the donkeys holding their shares when they jump ship.

Nothing has changed here, dyor.

Don't think it will ever be made public who the 'preferred ' partner was or who the not preferred partners were or if any wanted to be preferred or not.

As for leaving it late to apply for the licence my read is that in fact the Jamaican govt left it late to extend the licence, maybe hoping for someone else to show interest but just speculation.

They got the last extension sealed at end Nov 2021 two months before it lapsed, whereas this time it was only a matter of days.

What one company says and wants shareholders to believe might not be the same as what another company might say!

Also what a company doesn't say is also important.

AIM Rule 11 requires notification without delay of any new developments which are not public knowledge which, if made public, would cause a significant movement in its share price.

Facts not blether are important.

Maybe because they don't believe misinformation posted by others and maybe they bought several times and sold several times and didn't lose money, fact.

I also wonder at the agendas of others and have often questioned their misleading unresearched posts.

Bp, why lend more money to uog as their still struggling to repay their existing loan and don't forget uog received nearly $5m from divestments in 2022 where did it go, could have repaid the debt then seems it got used elsewhere!

Some people seem to think that the Notice of default served on uog by KEE is just going to disappear without any further implications it isn't it will have implications.

They are no longer liable for costs associated with abu sennan because the company no longer has an interest in Egypt but it doesn't mean they just walk away and pretend they don't have liabilities to satisfy.

The BP loan had to be renegotiated before and was going to be repaid end Dec then end Feb and yet it still hasn't been paid off. If they do pay it off it will take up most of uog cash to do so.

As far as receivables, kee might have a say in them getting them and invoicing EPCG when kee have served them a default notice for $3.8m for unpaid cash calls!

So where is this 12 month cash runway coming from.

Are they going to do nothing with the jamaica licence, waddock cross, buy Earl grey.

Will they give their usual Jan/Feb yearly pre final Results update, doesn't look like it.

Don't think the Jamaican govt will get involved in financing uog as it defeats the purpose.

Bp, why lend more money to uog as their still struggling to repay their existing loan and don't forget uog received nearly $5m from divestments in 2022 where did

Care to explain exactly why you expect a rally imminently if you have DYOR.

As far as I can see:

They have no income.

They have until the 27th February to satisfy the default notice for $3.8m for outstanding cash calls from KEE in relation to abu sennan.

They owe BP around $1.1m

They apparently need around $3m to do work on the Jamaican licence.

They will need money to progress waddock cross.

They do have $1.3 in the bank.

Also of course don't forget working capital, Directors need paid albeit less directors than before as 2 resigned recently.

So maybe the new posters could tell me why they have came to the conclusion that this company is investable.

I'm beginning to think that some posters on here are living in an alternate reality.

Wake up and smell the coffee!

Chinch,

i have read the part about the psa but imo only one person will benefit from the agreement and will agree to any concessions to keep the big carrot dangling in front of the donkeys.

Dont know who will oversee this additional work they are going to do! certainly wont be the tea boy and how are they going to pay for it.

The whole thing is a shambles, a shambles that should have been made public months ago!

The notice of default is Kee basically saying that uog have not paid their costs and have a debt of $3.8m that is owed to them. How that debt will be repaid is anyones guess and how they can raise funds without paying their debt first. Be very surprised if bp loan any more.

No directors have sold shares, but who knows because aim rules dont seem to count and what about ex directors, pretty sure their would know what was happening and nothing to stop them selling.

A lot of nonsense posted by some today so i hope everyone does their own research.

BlaimThrower, totally agree with your post this morning.

GingerHippo still getting things so 'demonstably wrong'.

From today rns it looks like uog were trying to offload their 22% stake in Abu sennan to KEE because they had

failed to basically pay their share of costs. This had grown to $2.052m when they tried to get 'SPA' deal done on 1st Nov 2023, how long before that had they stopped paying their share who knows.

Today that amount has now grown to just over $3.8m and it looks like KEE have said enough is enough we want our $3.8m.

Uog have apparent got $0.8m in receivables and $1.3m cash in the bank

They also have debt, probably due to BP for yet more unpaid bills, of $1.089m.

Wouldn't be surprised if both BP and KEE wants some of that money and quite rightly so.

Uog seem to be in breach of Aim rule 11 as they have been withholding price sensitive information for a few months and the they should have informed shareholders that they hadn't been paying their way.

It seems obvious also why Jonathan leather and Paul dunne left and major shareholders sold, maybe some have been selling in the last couple of months, don't know why they would sell as they wouldn't have been made aware of today's news before today........

As far as Jamaica goes I'm quite astonished that the Jamaican govt are going to extend the licence, haven't signed yet tho, to united if they are aware of the financial predicament they are in, maybe their not aware because uog kept this price sensitive information under wraps from everyone else!

So no money coming in and bills to pay, what's going to happen now.

Everything is corrupt these days.

Looks like they are paying the bare minimum that is required under takeover rules.

Probably had to make it public before sp got away from them.

They'll be buying as much as they can under 13.5p, don't let them.