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Loadsamoneeeey
I think they wrote this just for you
'Revenues for the first half of the year are expected to be $6.4m (2022 H1 $9.8m), with the average realised oil price per barrel from Egypt achieved of approximately $78 (2022 H1 $105). Our cash balance as at 30 June was approximately $0.55m (2022: $3.8m)'
But I get the feeling the penny won't drop.
Very disappointing update and broomtree your right market doesn't like it which is hardly surprising, it's terrible.
VistaMan and Blaim Thrower are correct in what they are saying but others seem to be clutching at straws, that aren't there.
GingerHippo as usual is trying to ignore the facts or possibly he just doesn't understand what he is being told in the rns.
Loads, well he's must live on a different planet from the rest of us and still thinks uog are making money!
Dog must have his tail between his legs and whimpering back into his kennel.
Jamaica, nice of uog, after 2 weeks to inform the market that they have not received any indicative offers and now have 'extended ' the deadline without giving any timeframe.
Doesn't look good.
Maria kicked down the road and doesn't look good.
Production continues to decline and uog are upfront in telling this to shareholders.
Cash position looking very precarious and as I've stated previously that only for the $4.9m received from divestments last year god knows where uog would be.
As for drilling in H2 they are going for an exploration well and that didn't work out very well last year and how are they going to pay for the drill.
Doubt BP will bail them out as production from egypt is declining so fast that I don’t think it could pay any loans back.
That leaves a placing which imo might well happen shortly.
All just my opinion.
So loads what do you think will happen this year without the extra $4.9m.
Just think for one minute what kind of financial condition would uog be in now if they hadn't received that $4.9m, the $4.9m they won't receive this year.
Dog I've replied before that if you think I bought shares for 5p and sold them for 2p at a profit that's OK for you to believe that, I don't care.
"Mon Dieu!"
Loads I keep saying this but can you explain what happened to the $4.9m uog received last year from divestments.
If egypt paid for itself then why did they only have $1.4m left in Dec.
This is why I find uog currently uninvestable it's because egypt doesn't pay for itself.
The fact they didn't commit to any wells for h2 , yet, probably hinges on the outcome of Maria or refinancing or a placing imo.
They need to confirm a commitment to drill a well before end Jan 2024 and drill a well before jan 2026.
Think in video link, loads posted, lady said they had to drill a well before jan 2024 which I think was incorrect and that they only have to make a commitment to drill before that time but I could be wrong.
Anyway for clarity I would invest if they had received offers but won't until they decide to update the market with imo price sensitive news!!
Oily is right Jamaica is icing, egypt is costing and will need refinancing or funding and as such not investable as its steadily going downhill.
Dog how's your Harl investment going!
You've certainly got a big fan club over there, what's your new nickname again, begins with a K, certainly fits.
How do you know the bod have received offers just pure nonsense as usual.
Maybe they haven't received any offers.
Nobody knows because they are not telling anyone.
"Mon dieu!" As Del Boy would say.
Two weeks now since the deadline for indicative offers for the farmout.
Total silence from uog!
Unfair on shareholders and prospective shareholders.
Why not update the market?
They have either received offers or they haven't.
If they have then that would be great news and would most definately have a very positive effect on the sp and would bring in new shareholders and imo its price sensitive information.
If they haven't then fine, move on, extend dealine.
But don't say nothing !
Gross production from Jubilee is expected imminently to reach 100kbopd of which Tullow has a 39% stake in so jubilee net production will rise from 28k to 39k or thereabouts.
11k bopd at a price of at least $74 per barrel extra per day is encouraging.
Going in right direction and with directors buying significantly cashwise recently as another positive decided to buy in.