Member Info for jono44

Wouldn't go as far as to say it's fantastic, but is good news and will provide much needed capital and better than a placing.
Very surprised by the references to initiating a share buyback programme.
If they do make sure that any shares bought back are cancelled and not held by the company to be reissued to themselves at a later date!

The sale is dependent on Quattro, a company with no assets or money being taken over by Jesmond Capiral a company with no assets or money and a mc of just $1/2m .
Jesmond are currently suspended (tmx jes.p) awaiting news which I assume is the takeover of Quattro and dependent on them doing a capital raise. Both company are basically shell companies.
Will keep an eye on Jesmond and expect a sedar filing from them today outlining todays news and their plans going forward.

Going to stay on the sidelines for now and await the Jan update as I still want to see how egyot fared in H2, and their plans for 2023.
Good luck to shareholders

Chinch
Assume that enquiry was for me.
At this time , no not a shareholder.
I have in the past had a large holding and might do so again.
I initially invested a few years ago and have bought and sold over the years and have posted here as a holder/non holder over those years.

Understand that you and others might be uncomfortable with a non holder posting here, but believe I'm not the only non holder that posts on this bb.

I will continue posting but will only give my honest opinion.
If your still uncomfortable with that you can always filter me.
But you might be OK with me posting as I believe it's better to have a balanced bb and I won't gloss over anything or similarly try and deramp but try and be as fair as possible.

I've always thought uog could be a very good company and still hope they will be.
I'm waiting on the Jan update before I make an investment decision.

Bit long winded reply but just wanted to be clear.

Thirdtimelucky1
Was thinking that now Rowe has dropped below 3% there won't be any more tr1's from him so won't need to worry if he sells more being made public, at least not for 6 months until list updates again.
But thought the cpr news today for Maria very underwhelming and imo something else out of the way. Think it odd that
"The independent audit further validates the work produced by our inhouse technical team,"
why more wasn't more made of it this statement and fear it might not be commercial which they seem to be at pains to say in a roundabout way.
All imo that's all.

Imo I think this rns is a bit underwhelming and not as positive as I expected.
Also think there won't be any more news about Maria for a while.
Thought the wording was not very positive.

This link might help, look at paragraph headed 'Contigent Resources', look familiar.

https://www.spe.org/en/industry/petroleum-resources-classification-system-definitions/

Noticed united have updated their Major Shareholders list today.
Not much difference from the list in Nov update except for the selling by Joshua Rowe.
Maybe signal and end to his selling but he doesn't have to tr1 anymore if he does.

Maybe path been cleared for news now.

Joshua Rowe has sold another 4m shares and dropped his holding to 2.7%.
Now that he has dropped below 3% he won't need to issue anymore Tr1's if he continues selling. Maybe uog might update the major shareholders list now as required by aim regs.

BritR
Good post and agree with a lot you say.
I believe they pay bp $220k a month so for 12 months it's $2.64m by my calcs which is a lot for of cash to find for starters.
Can't see the cash balance anywhere near $6m and think they will have had to use a lot of the money from divestment especially as the last few wells are money down the drain.

Rift, Greeno think you are clutching at straws.
Workovers and stimulation doesn't seem to be doing anything and all quiet on that front and no way they will add another 700 boepd to production!
Can they still fund new wells going forward, they rely on restocking production as they drill new wells to pay for the next well and that strategy has ground to a halt. So where is the money going to come from to fund new wells?

Update end of Jan is going to be interesting.
Maria, where's the cpr?
Hisbiscus, Where's the $1m?
Workovers, ash4, aj-14 what's happening?
2023 drill plan?
2022 FY production
2023 production guidance, best ignored.
M&A no cash for that have they.
Jamaica, maybe a pipe dream.

Will they need to raise capital, certainly think this is a possibility not only to fund 2023 drilling but also they need to stop reliance on egypt because it isn't going to plan and can't rely on new wells to support them.

Sorry BritR
Just done your maths and if correct its still a loss of around $480k, not as bad as mine but still not good.
The H2 upsdate at end Jan will imo will be a lot worse.
Any thoughts.

Hi Tim,
Just wondered if you managed to sell your pretend shares in uog before they fell dramatically after your shameless ramping.
Also any chance of letting me know where your paymasters want you next, just I case I'm invested so I can bail before you arrive.
Thanks Formerfd if you reply.

BritR
I'm not disputing the fact that the cash balance was $400k or thereabouts at 31st dec but on 2nd Jan, only 2 days later,
" Payment of $0.8m from EGPC received on 2 Jan 22" this from finals.
"Cash balances as at 3 January 2022 were approx. $1.2m" this from Jan 2022 update.
So to me start of H1 cash balance at start of year was $ 1.2 m.

BritR
Imo starting H1 with $1.2m adding $3.8m for divestments if they did breakeven then why wasn't cash at end June $5m.
But don't think anyone can ignore the fact that H2 might be a lot worse.
Also still no word on where the remaining payment from Hisbiscus is, $1m.

Just also like to add that the Major shareholders list on the website has still not been updated for more than the 6 months, last updated 23rd may so was due on 23rd Nov, why!.

Rift it will be interesting to see what the end of year or start of year cash balance is and exactly what date they will say it's on.
In last years end of Jan update they qouted
"Cash balances as at 3 January 2022 were approx. $1.2m"
as this was imo better than end of year balance of $400k because they received $800k on 2nd Jan, looked better at time but looks like they lost that by end June.

Agree with BritR that it would be better to wait till update for clarity but disagree that egypt funds the company and especially now with the continued natural decline(15%+) in production and the fact that the recent wells are not commercial and won't add to production and as stated production in Nov had fallen tp 1027 boepd and will still be falling.
Another thing to consider is that uog only get 42.53% of that production, work that out and it isn't very good looking imo.

Sassy can't remember then working for free not doubting you but know other company directors deferred part of their salary at the time but they weren't slow in getting deferred salary back so in reality never lost out.

Ha ha never going to happen.
Uog is their lifestyle provider.
Would buy a season ticket for Maine Road before taking a pay cut.

Treasures
I just think that with the failure to stem production decline because of the recent well failures, that uog rely on to maintain production, they must be using their cash balance.
I really don't know how they can cover their costs in 2023, remember they need $2m to progress Maria and will be spending on Jamaica, bp as well as opex for egypt which for 2022 was over $7m and more.
The last 4 wells won't pay for themselves.
Something has to give.

Of course your right about the website shareholding page it should have been updated.
I can see more tr1's being issued especially after the selling that seems to be going on just now.

End of Jan for update and news if not before.

rift your absolutely correct it was in the interims.
And If they do state at end of Jan that they have your prediction of $4-$5m cash then I will be amazed.

But just out if interest, as you obviously dyor, why do you think the h1 cash balance was equal to the money they received from the divestments and not a lot more, remember that they stated they had $1.2m in cash as of 2nd Jan in an rns similar to the $4.7m statement in Sept.

My point being why was the cash balance not $3.8m plus the starting $1.2m plus profits in h1.
Surely in h1 where production was a lot higher, oil price a lot higher, how did then end up with just the money from the divestments.

Sassy, last 4 drills

ASV-1X not producing
AJ-14 not producing
ASH-4 according to BL in an rns "contributing over 150 barrels to net production today"
but Jonathan Leather never committed to a figure so maybe it did produce 150 barrels
on the day in question but until JL states otherwise I would take BL statement
with a pinch of salt as it might be nowhere near that level today or even the day after
his remark, just like his cash balance statement on 27th Sept.
ASW-1x not producing.

Just for clarity ASW-1X is a definate duster but the others are being 'worked on' but as they haven't given any updates on them recently it seems like they might all be Dusters or not commercially viable imo.

rift I take it your reference to $4.7m cash balance for 23rd sep was from Bl stating that in a presentation which I don't think was backed up by P Dunne in the presentation. I'm not doubting it was that amount at 23rd Sept but think it might have been different by 1st Oct but that's just my opinion.

Imo uog are reliant on new wells coming onstream to counteract the decline in production to fund their capex and well as bp, Maria cpr etc.
I cannot see anyway that the cash balance would be $4 -$5m as you suggest because of the failure to sustain production and believe it will be a lot less.
Each well around $1m net to uog, how do they pay this because it won't be from production.

Sassy the big holders have been selling and there have been more than 2 failed drills.

Think people need to realise that egypt is not providing enough revenue to fund the company.
This is even more prevalent now that the last few wells are not producing and production is still declining.

They would have had a loss in h1 2022 if it wasn't for the money received from the divestments.
They haven't received the $1m final payment from hisbiscus that was due before end of 2022 and they might not get it as hisbiscus let the licence expire so money down the drain for them and maybe think that they have paid enough, who knows.

Everyone keeps saying that the wells will pay for themselves but if they don't produce then the cost will come from the cash balance which must be a lot less than the $3.8 m at end June.
Might be in for a shock when they update end of Jan regarding cash balance.

As for slowing the bp repayments, $220k per month, remember they already did this to reduce monthly payments and its obvious why they did it so can't see it happening again but they might have to do something.

The fact is they might have to raise cash to fund any well commitments in 2023 along with any expenditure on Maria if the cpr is positive, along with paying for the cpr in the first place.

According to uog outdated major shareholders list on their website Rowe's holding on 23rd May was 4.93% with 31,817,138 shares.
So tonight's tr1 rns states he had 4.4%, so must have sold some previously but didn't cross any threshold for reporting.

Looks like he's sold a total of around 10.5m shares or about 1/3rd of his holding.
Did Formerfd do his job!
Wonder if anyone else is offloading or has offloaded.
Keep an eye out for the update to the Major Shareholder's list and the date it actually gets updated compared to the date that appears on the website!

What a joke
"nothing has slipped, the holiday season just got in the way."
Seriously, surely this wasn't posted by uog themselves.
Guess that means no drilling if there's a bank holiday on the horizon and as for drilling during Easter we'll that's a massive no no.
Unbelievable.

They already tried to offload Maria to Quattro energy and that fell thru.
They haven't received the cpr yet and when they do it will be a while before any decision is taken on their next step and according to your link will be spending $2m on it this year.
Being realistic they don't have the funds for that so at this point Maria is valued at zero.

Also being realistic have they got the funds for this year's wells which obviously won't be funded from the last few non producers and existing production will still be declining.
They will do an update at end Jan which should clarify exactly how the Financials have panned out since June last year and until then anyone taking a punt is doing exactly that.
But be prepared for a fundraise if they intend to pursue Maria and pay for egypt, bp loan, salaries etc.