Member Info for jono44

Not suggesting your lying.
You don't own any shares.
Same rhetoric you used on Uog board as FormerFD.

Don't believe a single word.

Right on queue as soon as sp drifts below 17p the dog ramper appears.
Still being paid by sellers.

Don't always rns spud when it happens and your right they did say it was going to happen within 5 days from 1st Feb.
I assume that RCE-3 has spudded and will take around 12 days to drill so hopefully maybe news on result in next couple of weeks.

TheDogFarther you said Aim
"buys at 20P and sells at 15 and makes a profit"
That's what you use to say to me on the UOG board all the time, except it was 5p to 2p and you were FomerFD then remember.
Got you what an idiot.
Sad but this guy is only hear to prop the sp for his employer to sell.

Si_Derman
Hebridean was spot on about TheDogFarther being a paid ramper.
His goal is to try and prop up the sp for the seller.
Once the seller is out then the dog will be gone never to be seen again until he resurfaces on another bb.
Watch

Can't fault this company.
Everything out in the open.
More acquisitions on the way and Montara restart in Feb, looks very promising.

FormerFD
TeleTim65
And now TheDogFarther.
Paid to ramp by seller.

Cinch
Just a quick question.
I get uog's current debt to be about $2.9m giving that net debt is $1.5m and current cash is $1.4m.
Is this correct.

Rift, your right , thanks.
I put $ instead of £ so first payment is $3m.

Funny how I get accused of being economical but others don't.
Balanced ?

Morning cinch,
Yep read the same rns, so in reply.

I did mention the sale of Maria and if the transaction goes ahead uog will receive $2.45m in April or May this year followed by an uplift payment which may occur this year and then 3 bonus payments, not sure when these might occur.
I've also provided links for shareholders to Jesmond capitals listing on tmx, their news contains a lot more information on the transaction.
Uog market cap at the moment is £7mor around $8.6m.

Don't think the cash balance has taken a hit because of the state of the Egyptian economy on its own but mainly due to production decline along with 3/4 wells drilled in 2022 not being commercially viable and costing around $1m apiece.

The average realised oil price per barrel from Egypt achieved was approx. $96/bbl so they got a good price in 2022 and Brent is currently around $88 so uog will get around $84.

As for Envoi don't think I said uog had ditched them only that Envoi hadn't been able to find a partner for Jamaica and that uog are now employing a second company based in the US to assist in that process. Is that a positive or negative in a way it's both.

Salary cuts, not a good sign although agree they were getting to much.
Tightening their belts in a way.

Well workovers seem to be going on forever but getting nowhere, delayed, operational issues seem to taking forever to solve, why is that?

If Jamaica does come off you are completely right the sp would be a lot higher.

Debt, nearly missed that.
As far as I know in 2023 uog will still have to pay bp 12 payments of $220k or around $2.64m.
I would like to know what the debt consists of and how they came to a figure of $1.5m, could you help answer that.
But they did reduce it by $4m in 2022 .

Your right I do post a lot on uog and have done for many years as a holder and non holder over those years but funnily enough never had to explain my posts so much when a holder.
I never always posted positively as a holder and like to call things as they are regardless of my position.
Hope I've been more balanced, but the scales seem to be uneven at the moment.
All my opinion.

Good luck.

What if Ash-8 isn't a duster

"1H 2023 production guidance from Abu Sennan is 700-900 bopd net. Note that this range comprises 100% oil production, as with the installation of pumps at the ASH Field and expected recompletions, the lower-value gas production in 1H 2023 is expected to be negligible. The upper end of the guidance includes risked contributions from the planned workovers and a pro-rated contribution from the recently spud ASH-8 development well, which is assumed will be brought onstream in May 2023"

So if Ash-8 isn't a duster H1 guidance is 700-900 bopd net.
Remember they only get 42.53% of the revenue from this.

Basically ignoring any blather from BL
Production declining rapidly, fact.
Cash balance gone from $3.8m+$1.0m+ revenue from egypt to cash balance of $1.4m, fact.
Do you realise exactly what that spells out.
The revenue from egypt isn't enough, they need to diversify but that might include a placing.

The production guidance already includes the Ash-8 well, what if it is a duster like the last few.

Got to be brave and face the facts not ignore them.

GJL9
Just giving my honest opinion of the facts.

Hi rifteastafrica,
Looks like egypt is weighing heavily on United and only the proceeds from Maria might keep their heads above water for a bit longer, but not due till April !
Jamaica hopefully for you will come good but having employ another company to promote it in the US seems to indicate Envoi has been unable to find a suitor.

Best of luck.

Was there 2 updates this morning?
AS is unprofitable as this mornings update has demonstrated.
Some people need to learn to read and understand this mornings update.
Demonstrably wrong again.

Todays update imo is not good news for shareholders.

Production falling steadily and looking like it will continue to do so.
Guidance for 2023 of 700-900 bopd is terrible and even worse considering that it includes the Ash-8 which apparently has spudded, when? what drillng rig is being used,?why no rns?
Only drilling 2 wells this year now that just says to me that they don't have the funds to drill any more.

Jamaica seems like they are having to look farther afield.

Farm-out campaign for the Walton Morant licence, Jamaica, continues to accelerate with the appointment of Energy Advisors Group ("EAG"), a Houston-based M&A advisory group, targeting US companies and investment funds

That statement seems to indicate that Envoi hasn't had any success in finding a partner.
Seems like a big carrot just being dangled as long as possible.

Cash balance at end Dec 2022 of $1.4m now that really tells a story.
It looks like they did indeed receive the $1m from Hisbiscus before year end which makes the cash balance even worse.
End of June 2022 cash balance $3.8m add the $1m from Hisbiscus , $4.8m in cash.
End of dec 2022 cash balance $1.4m so on cash alone they lost $3.4m in 6 months or $566k a month.
At this rate they will be skint by the time they get any money from the Maria sale, not due till April, if it goes ahead.
Taking a pay cut and not replacing Tom Hickey, can imo assume it's because they are skint.

Share buyback now there's a joke.

Yes cash of $4m or above would be very positive but I expect it to be a lot lower.
Just my opinion of course.

As for cash from Maria rolling in it might be a good idea to keep checking
https://money.tmx.com/en/quote/JES.P
Just to check news of when the placing occurs to facilitate the transaction.

I think if they had received the last payment of $1m from Hisbiscus by the deadline date, end December, then it would have warranted an rns of it's own.
The fact it wasn't mentioned in the rns about Maria on 17th Jan leads me to believe they haven't received it yet.
They could certainly do with it.

Thursdays update will be interesting.