Member Info for jono44

"Tom will be missed and we are sad that he will not be part of the next phase of growth of the business. However, we fully understand and support his decision to take up this executive role with Kenmare and on behalf of the Board I would like to congratulate Tom on his new role and wish him every success."

Just the fact that Graham is a NED at Kenmare so probably had some input in Tom's appointment.

Not exactly the news I was expecting and not happy to see another director leaving so soon.
A step up the career ladder for Tom Hickey so can see why he's left in that respect.
Did find Graham Martin's comment a bit strange.
What's happening with the AJ-14 well results.

FFD
Can we just call it a day and agree that you are correct in everything you say.

Think people should be more concerned about the up coming AJ-14 well results and the interims at end of Sept, than picking on fellow holders who have different opinions.

'VCB2'

VCBW I don't belive there has been a profits warning.

If your referring to EmeraldCarrots post I think you have to read the heading and post as one.

"Down equivalent of 11% in 2 days. I don't recollect
a profit warning RNS though!"

My belief that O2B@C is correct is the fact that

Kuwait Energy holds 25% interest in Abu Sennan

Kuwait energy is a subsidiary of United Energy Group.

United Energy Group is controlled by a chines investor who holds 71% of the Company.

His name is Zhang Hongwei.

Not sure if this is still the case but hope I helps in your research.

Can I ask what kuwait petroleum has to do with United.

I believe O2B@C is quite correct.

The Chinese are in charge.

Maybe some investors shoukd do a bit more research, always helps.

Really got to hope that this new egyptian rig team outperforms the last, by a long way.
Can't emphasis enough how important these test results will be for United.

Given the Group's significant cash headroom and confidence in the underlying cash generation across our businesses, TRG chose to repay a further £44m of its term loan in June 2022,

The acquisition of Barburrito Group Ltd ("Barburrito") for £7m,

Directors buying.

All looks good and looking forward to positive interim results on 8th September.

Just listened to the answer Peter Dunne gave about the question on cash balance .
Now I'm amazed at his answer.

Basically he said that the sale of the Italian and North Sea assets covered the capex in Egypt and the cash generated from Egypt resulted in the $3.8m cash balance.

Nonsense its the other way around, if they didn't received the $3.8m from the divestment of the Italian and North Sea assets what would have covered the capex, Egypt of course, and the cash balance would have been 0.

Egypt is barely covering its own cost and paying wages ($2.5m a year) and other outgoings, and it not be generating enough and could be loss making!

We start H2 with $3.8m plus guaranteed another $1m from Crown, its a good start but if Egypt doesn't turn around then this will soon get eaten up and remember we need $1.25m to pay these guys wages right away for next 6 months.

Rant over but maybe someone give another opinion.

Someone tell me if I'm wrong.

VistaMan
Imo when referring to ' the decline in production has been stabilsed' I now assume that existing production will always decline but at a stable rate.
So if production is declining by say 60 boepd every month then that's going to continue.
That's why uog have to keep drilling new wells to top up production.

Also think BP debt had to be refinanced to reduce monthly payments but more costly in the long run.

It could be up to 2 weeks before we know the flow rates from the Primary Abu Roash C ("ARC") reservoir.
As far as the Secondary Abu Roash G ("ARG") target is concerned it doesn't look to promising.

We know the existing wells are still declining even though it is a 'stabilised ' decline!
So the results of testing and flow rates will need to be exceptional to cover the decline and possibly increase overall production, we have been here many times before.
But at least all of us have a clear understanding of of how things stand except for the ones with blinkers on

Good to see other LTH's posting here but ridiculous at the way some people respond to their posts, but most bb have their clowns and we just have to putup with ours.

GH
Understand that we differ in regard to the amount of cash uog had at start of year.
Your reckon $400k while I reckon $400k plus the $800k they received on 2nd Jan so $1.2m.

Now during the year they also received $3.8m form Selva and Crown disposals.
They also received $X amount from AS.
So if the $X amount covered capex what happened to the $1.2m they had at the start because all they had at end June was the $3.8m from the disposals.

All I really saying is that then money from AS wasn't enough to cover capex.
Maybe if I was an accountant I could explain it better but I'm not!

Thanks for sharing buzz.

What does this mean

"The cash balance as at 30 June, is a function of the cash balance at 31 December"

Looks like a politician's answer.

End of day looks like they lost around $1.2m, production declining faster than they can replace it and as they refuse to give a straight answer nd that's how I see it unless they clarify things in the half year results in September.

M2
Shareholder call questions would have been carefully selected and the answers prepared beforehand a bit like Malcy's blog or proactive interviews all just staged.

I remember before the rkh deal with the sp at 4p and waiting on the placing which came in at 3p and there is only about 20m more shares now than then so the sp hasn't fared well since, long term anyway.

Maybe Quirke left for reasons you have stated who knows as you say retail investors never ever get the full facts on what really goes on behind the scenes.

M53
I also was expecting an increase in production In Q2 and was a bit taken aback to see that it actually fell with the addition of asd2, never expected that.
My take on your question is that uog expect existing production to continue to decline as their full year estimate remains constant but they expect the next 2 development wells to be producers and therfore replace lost production from old wells.
But there is 1 exploration well, the last to be drilled this year which could make all the difference providing it is a success.
Also completed 6 workovers so far in H1 with another 2 to come in H2 so that might help.

M2
Obviously uog must have thought it better to refinance the whole debt with lower repayments but for 12 months longer rather than pay some off. Take it they had their reasons but think we know why.
Think price action is result of the H1 update and a lot if us were disappointed in the update.

We are now hoping that both development wells come in good and more importantly the exploration well is good along with news on Maria or jamaica but not expecting anything for a while other than the cpr from Maria.

Latest well spud on 21st June and estimated 60 day duration which would take it to around 20th August but they never take as long as they say, fingers crossed it does flow well or .?

FormerFD
Was hoping that you would give your view on finances and not just copy and paste.
Take with a pinch of salt what aim companies say.
As far bp debt refinancing goes was that because if they didn't it would have put an even greater strain on cash balance.