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A pretty good summary there grh , I too will be looking to add to my holding if the slide continue to 3p … 3.3p is very tempting in itself . Keeping a close eye .
Much lower ? It’s already well oversold …Please let us know when the bottom is in so I can time my buy … 2.5p or 2p perhaps??
I would gladly throw the kitchen sink at this at 2p !
The more this drops the more I want to buy more.. I can’t fathom people selling on the back of this drip drip drip on literally no bad news .
On the contrary the company is going from strength to strength! I have patience and I can slowly build a bigger holding over time … roll on more sells :D
If only it was over and out for you Malc (chancers) .. taken 100% profit here but forever bitter about the 200%+ you left on the table . That’s not Paul’s fault , nor any of the other members of the bod .. that’s on YOU . Get over it and move on to focus on your new investments .. gl
Production for the year will be closer to 3k boepd than 3.5k unless ASD-1X strikes something huge . What’s your point about I3e ?
Took out $8m loan with BP to fund the Abu sennan acquisition payable over 30 monthly payments which commenced in jan 2020 . So about 10 months of payments left .
H1 2020 production 1346 boepd
H1 2021 production 2730 boepd
103% increase souce cenkos securities
Production falling ?? Near 100% rise in production in the last 12 months .
How many lifestyle companies make $10m+ profit per annum ? I think you are a little confused why not have a lie down and do some research before spouting such garbage . Thanks
I think you may be right lancygeo , the derampers and bitter ex holders will soon melt into the background when the sp gains traction . Who knows they may change their tune entirely when fomo kicks in :D
Wacky much appreciated the value you add here , superb research !
The company continues to go from strength to strength yet the progress has not been reflected in the sp on the contrary the price has been slowly dropping lower . Its at times like this that the wheat is sorted from the chaff , inexperienced punters may sell because the price is going down , other more seasoned sorts will be holding and adding more at these prices .
The continuing narrative here that the share is being held down and the price only drops will only be true until the day it isn’t .. that day will come .
Maybe sooner maybe later but the longer we wait and the more the disconnect grows the bigger the eventual correction will be . All imo of course , please dyor new (and old ) investors .
I can’t fathom the sellers here .. at 3.5p !! Good buying opportunity though , huge disconnect here .
New cenkos note looks good includes updated financial forecasts including AJ-8 production and breakdown of PSC for the many yet to get their head round it .
Year end cash of $13.5m predicted on $26.4m revenue . Brian mentioned acquisitions in recent proactive interview , how quickly will that move come I wonder ?
Re reading seems to suggest those figures as totals for Abu sennan with uog taking 22% . However with the article saying reserves do not yet reflect the 2021 drilling campaign of 5 successfully drills including the great result at ASH-3 . I think we can expect a substantial increase in reserves on completion of this years drilling campaign ?
Lots to be excited about here with imminent flow results and the extra drill added which will run our drilling campaign into September whilst oil remains very strong over $75 . Sooner or later I Believe a substantial re rate will occur .. Cenkos core NAV of 6.2p being a good 1st target .
I’m reading as net to uog but not certain ,here is the source from sharecast news .
United Oil & Gas updated the market on the Abu Sennan concession, onshore Egypt on Wednesday, reporting that an independent reserves and resources report, relevant to the end of 2020, indicated a "material increase" in reserves.
The AIM-traded firm holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.
It reported a 24% increase in gross 2P reserves to 16.8 million barrels of oil equivalent, from 13.5 million barrels at the start of 2020, representing a near-200% reserves replacement ratio, before the recent drilling success at the ASH-3 and ASD-1X wells.
Gross 1P reserves, meanwhile, were up by 59% to 6.7 million barrels of oil equivalent, and gross 3P reserves were 21% higher at 34.7 million barrels.
The board said "significant" additional growth opportunities were evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets.
"It is really pleasing to see the Abu Sennan assets continuing to perform so strongly, and so consistently, with a reserves replacement ratio of over 190% for the second year in a row," said chief executive officer Brian Larkin.
"We remain confident that the Licence has much more to offer, and indeed, these upgraded reserve numbers take no account of the successes already achieved so far during the 2021 drilling campaign."
Larkin said the report "significantly" increased the company's understanding of the potential of the asset, pointing to 21 potential exploration targets.
"With further development drilling due to commence shortly at Al Jahraa, and further development and exploration targets identified across the licence, we are looking forward to further news flow and growth from Abu Sennan, both in the coming months and in the longer-term."
Numbers as of April this yeAr , reserves will increase with further discoveries .
1p reserves 6.7m
2p reserves 16.8m
3p reserves 34.7m
Very exciting , positive interview from Brian his best yet imo . Blue today tommorow , who knows but the next 6/12 months look likely to be exciting for shareholders .
Excellent buy in price , I have added heavily sub 4p to bring my average down in recent weeks. Excellent potential for growth over next 12-18months . Sounds like another acquisition is being lined up ..
Capex heavy weighted to H1 lords .. these drills and work overs don’t come for free .. H2 should be the real money spinner only one planned drill and oil over $70 should give us £14-15m revenue with very little expenditure