Member Info for jono44

Keith think they spent $2.7m on 2 new wells and 6 workovers in H1 but can't put a figure on individual costs.

FormerFD as an accountant I would appreciate your input on why you believe Uog is a profitable producing oil company.

Thanks.

GH I don't really see if there is an upside to AS because it seems that overall for the first 6 months of 2022 it is losing money. Started with $1.2m ended with $0.
The BP repayment is a drain and we still owe $6m getting repaid at 200k a month.
As far as reserves goes, does it matter how big they are if we cannot drill enough new wells to increase production as it seems hard enough to get production stabilised.

What are your thought's, or anyone else's for that matter, on my remarks on the cash balance.
Am I correct or am I missing something.

Just realised something that I hadn't taken into consideration.
In the finals for 2021 we should have started the year with around $1.2m.
End of June we basically had $0 if we disregard the money from Selva and Crown disposals.
So is that a loss of $1.2m for the first 6 months of the year.

Are we making decent money, it doesn't look like we are making enough to cover our costs.
So we're not making decent money, we seem to be losing it as far as oil production goes.
Also doesn't matter how big the reserves are if we can't profit from them.

The way I see it is that uog has $3.8m cash as of 30th June which is the amount received from the Selva and Crown disposals and Egypt is just breaking even including paying the 200k a month to bp which goes on to Dec 2024.
Making money but it's all going back into drilling new wells to replenish the decline in production.
Another $1m is due in H2 from Crown disposals

So we are dependent on the two development wells to come in good which should keep production at the same level.

There is also one exploration well which is the one well that if successful could make a big difference in stemming the fall in production and maybe increase it.

So if things stay the same and new wells just replace lost production Egypt will only break even unless the development well comes in good.

Forgetting Egypt uog should have $4.8m to play with in H2.

They have to find another investment if they are going to grow, don't know if $4.8 m is enough but it's better than nothing.

I was unable to take part in the shareholders call but believe a recording will be available on you tube shortly which I will watch.
Especially interested now in the misqouted question from FFD, was it deliberately misqouted ?

What would Q2 production have been without the addition of ASD -2 well production?

Compare the answer to Q1 production and see how far production has fallen over 3 months !

We don't know exactly how much ASD-2 is currently producing but knowing this would give a better understanding of production decline, they qouted 462 boepd but it is possibly less.

Fully appreciate the BOD are just playing the cards they are dealt in Egypt and at least they are upfront in the update on current production but it's up to individuals to put two and two together.

Drilling of the AJ-14 development well is ongoing and should reach TD in August but we cannot know how successful this well will be but as it's a development well it should add to production, we don't know by how much or even if it will be enough to compensate for lost production.

panda1

They state in the rns that Q2 production (which will include the ASD-2 well which did start production at end of march so will be included in Q2 production) was 1537 boepd.

Basically the ASD -2 Well production did not compensate for lost production.

That's the way I see it.

GL

FormerFD if you look at Q1 production it was 1567 boepd they then added 462 boepd from the new well.

So production without any decline should be 2029 or thereabouts but Q2 production was 1537 boepd.

Please ask the question.

GL

Sorry guys hate to say this but I'm not impressed.

Big thing for me was production and no matter what anyone says it is still declining faster than they can replenish it.

Unable to make shareholder call but anyone that does should maybe ask the question on production.

GL

Good to see the new director buying so soon and not surprising considering how low the sp is.

Another positive signal not to ignored.

Expect 50p to be passed today again and should finnish above 50p.

Looking forward to interims on 8th September which should include an update on current trading.

Wonder what next week holds for us.
Good news on a few fronts I hope.

For me the biggest thing will be production.
Has it stabilised?
If it has then it that will be great news.
Boepd figure will reveal all.

Looking forward to next week
GL

Quiet here today.

Thanks for the twitter link GH but was expecting an rns and still think we will get one as the H1 trading statement is not till Wed 27th.

But Where's the Q2 production update? don't want in tomorrow, Friday
Hope they release it on Monday a week later than I expected but could set us off on a good run up to the H1 trading statement.

Understand that we might not get any significant news around Jamaica and it might not be our bread and butter but any positive statement no matter how small could be the icing on the cake.

Just seen notification of one new chat just as I'm typing so chat getting louder.

GL

I think the sp might recover quicker than people think.
Wouldn't be surprised to see sentiment change and clear 50p this week and then a steady rise back up.

Looks like no update till next Monday 25th, maybe.

Last year the H1 update was accompanied by a shareholders call, which was rns'd on the Thursdays before so maybe going down the same route this year.
Maybe an rns tomorrow.

Still believe we are in for a good report and maybe news on Maria and Jamaica, let's hope so.

As for FD thinks he has invested here, frustrated with sp and how OUG is so undervalued when compared to other aim companies that are not in same league.
He has his own way of posting which might be annoying to some but doesn't bother me and shouldn't bother anyone else and there is always the filter option.
As long as he states the truth then there's no harm and anyone going to invest here should only use forums as a small part of their research and be able to see who the genuine posters are which seems to be OK here so far.

GL

Great to see Directors buying and comes as no surprise at these prices.

The directors are fully aware how the company is performing and these substantial buys must be taken as a very positive signal by the market.

When the CEO and the CFO of a company spend around £160k and £50k on buying shares then their telling us that the Company is not only doing well but also the current sp is just to low and doesn't reflect the true value of the Company.

Dyor but these buys should not to be ignored.

Thought Potter was suppose to resign 3 months after completion of last bail out.
Times up, but then again there's an empty chair next to starchild , need a patsy to sign finals and can't think of anyone else with better credentials.

RNS to say CFO resigns after trading hours on a Friday at nobody watching o'clock.

Final Results delayed and CFO walks.

No words from Eytan, Starchild.

Over and Out.

Of course people are going to sell after the rise in the last few days it's just normal, but feel we have a good bit farther to go and the Q2 update will only push us higher.

Can't criticise anyone for either taking a profit or just reducing their exposure.

We could have a lot of news coming shortly, hopefully very positive, which will put a solid foundation under the sp but fully expect profit taking as part of the process.
GL

Can see in 88e's rns update today it only has around $8m in cash and its net production is only 350 boepd.

88e's mc is nearly $£160m quite unbelievable that UOG's is only £14m and wouldn't be surprised If we have a bigger cash balance now and our production at least 5X that of 88e if not more.

Big re-rate could be on the cards here.

Q2 update in next few days.

GL

Hard to believe the sp is at to the same level as during lockdown.
Things will change and it's just a matter of being patient.

Why would they buy Barburrito?

Make an early repayment of £44m of term-loan facilities.

Things will change, soon.

Noticed 88e atop the share risers today and has a mc of £166m, why?

Think UOG is by far a better company and with a mc of just £14m must be, as 02B@C keeps pointing out, madness indeed.

88e over 10X the mc of UOG something not right.
We have a long way to go.

GL