Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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.
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
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.
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.
ASW-1X exploration well
Following mobilisation of the Sino Tharwa-1 rig to site, the operator of the Abu Sennan licence, KEE, has notified the Joint Venture ("JV") partners that the ASW-1X well has commenced drilling. This exploration well is the fifth and final well to spud in the 2022 drilling campaign and is targeting un-risked mean recoverable resources estimated by United at c. 8 mmbbls gross in multiple reservoirs. The ASW-1X prospect has been de-risked by the HF36-5X discovery made in an adjacent block in 2020, and by the results of the 2022 seismic reprocessing on the Abu Sennan licence, which has provided improved imaging and definition of the ASW targets. If successful, the well is expected to be quickly tied into existing facilities, adding additional production and revenue for the Company.
Sound familiar, sound good.
The ASW-1X well was drilled to a Total Depth of 3,640 metres, 10 days ahead of schedule and under budget. Although the well encountered net reservoir in the Abu Roash, Bahariya, and Alam El Bueib targets, the logs did not indicate the presence of hydrocarbons. The results from the ASW-1X will be integrated into our subsurface understanding of the Abu Sennan licence, and the additional data used to help prioritise future drilling locations.
Words don’t guarantee a positive outcome.
Sp not following gold price yet, maybe market waiting on dec update.
I believe gold will continue to rise significantly in 2024 and into 2025 along with a big crypto rally from now to 2025.
Hopefully shanta's sp will rise proportional.
Excellent update and encouraging to see production from montara going from 5700 to 7500 bbls/d, Akatara on target, current production up to 20,000 boe/d,
Looks like jadestone back on track and look forward to a profitable 2024 and a return to a decent sp.
Chinch, very hard to trust anyone these days, ceo's, posters on forums and never trust telegram.
Larkin has covid, is it the covid he had on 25th Nov 'after' his trip to Jamaica or has he got it again just as he's about to leave on another trip to Jamaica, good to know he can travel but cannot take time to talk to shareholders
Also good to know that the asd1x well is drilling and has been for 2 weeks which would put the spud around the 19th/20th Nov bit behind the next few days stated on nov 9th!
Poor excuse about the supermajor that pulled out, hows the technical work progressing Brian you know the technical work that you did so well 2 years ago?
Cant believe he's blaming the cfo for bad pr, I never seen the cfo on proactiv or malcy, just seen an accountant.
Don't believe anything unless it can be backed up by facts, if the asd1x well has spudded say exactly when it spudded that's a fact not oh a couple of weeks ago thats just not good enough.
Don't think anyone will be surprised at today's news.
Why were high net worth investors selling, COO leaving, head of investor relation gone, CFO latest to jump, think its obvious why.
Can't believe larkin is still pushing the Jamaican govt for an extension because he wants to do additional technical work after stating 2 years ago that they had completed extensive technical work!
Think the Jamaican govt will be asking questions.
But they need a carrot for the gravy train to continue.
Very surprised that Larkin never included an update on the well that they are apparently drilling in egypt.
On 9th Nov they said it was 'expected' to commence in the coming days so wouldn't an update on when it spudded and how it's progressing been a bit of good news to soften todays bad news that's of course if It has spudded, who knows.
GH, just noticed my reply to your post on Jamaica being worth $100bn or the same as BP's market cap has gone.
Also Gh could you please do your calculation and post it here I'm sure everyone wants to know the fair net asset value on an asset worth $100bn. Hope it's not to complicated and you can explain it to everyone.
I don't think it's possible myself because you don't have all the required info and also you would have to make quite a few assumptions but if you think you can, please do it and share your knowledge, thanks.