Member Info for Marunam2

Yes City',

I also believe we are further on with those companies who were already in discussions previously. They have had a long time mulling over the old data , should not take them as long to pore over the new integrated data .

It's the unknown of the "new" interest and who they are ?.

A super Major and it will take longer, a Major little less time , a large mid cap and they are more nimble.

Also bear in mind some very large trading houses now have oil and gas arms to their company, eg. Blackstone .

The Chinese around as well, already there on the Island carrying out infrastructure build with their companies.

I really hope the UOG team and their legal are on the ball and have learnt lessons from the previous negotiating rounds pre the survey .

Clock is ticking now imo.

GLA

Indeed food for thought there Citytilidie,

Timeline so far .

02/03: Coring ,SGE completed

08/04 : Survey Analysis Update

Will be 2 months on the 8th of June since coring survey analysis was completed.

Got to believe the data integration was finished within those 2 months , the 3D seismic pointed to the coring sites during the survey itself.

So, a more then fair idea of the updated geology and data in real time .

Would they do an updated CPR with Lepetus , I would expect them to do so, then present to farm in parties, likely already done.

How strong is the data , how good is the seismic , what are the new numbers after the data integration for C.O.S.

Has the new data increased the asset size and to what extant, or not .

What's the type of deal they are looking for and what would be offered to them , that is the question. This will depend on the strength of interest and the type of companies involved.

IMO, Cash and carry looks the most likely to me . Ideally 2 wells and cash and 20% minimum holding remaining.

The complete silence from UOG should augur well.

UOG Holding 100% and with the Government on board , along with very good fiscal terms, a strategically well placed location are all major plusses .

Things can off course drag while we wait , but long as they get the deal on good terms we should be happy.

GLA

Fair play BigK , I managed to get 3 times exact amout 2.4m

Https://www.uogplc.com/wp-content/uploads/2025/10/7th-Oct-2025-UOG-Tennyson-Research-Note-.pdf

Research note before coring result. The coring result was positive for Thermogenic carbons.

As per the note, valuation depends on what type of deal they get , 6x before coring !! and a heck of a lot more if coring was successful, read it for yourself.

GLA, NFA.

Can anyone confirm if Energy Advisors Group as still marketing the license for UOG. ?

Thanks Professor for the video link, very informative .

I asked AI so to provide an update on the coring and data integration results.

https://search.brave.com/ask?q=How+do+these+results+impact+the+Colibri+prospect+valuation%3F&source=llmFollowup&conversation=0923faef3909ecf786bb15a12a44af4c04f5

Chinese already heavily involved in Jamaica : Strategic Context: This should not be underestimated as an interest shown by say CNOOC would / could start a bidding war with American companies .

Jamaica is the first Caribbean country to establish a strategic partnership with China and the first in the region to sign the Belt and Road Initiative (BRI) cooperation plan. While Chinese firms provide critical infrastructure and investment, local debates continue regarding worker rights, the use of Chinese labor, and the long-term economic impact of such heavy foreign involvement.

Mirasol,

Navitas are currently experiencing a massive influx of earnings like all producers off the back of this war. $35m is like a couple of weeks earnings from production .

RKH on the other hand have no earnings what so ever, therefore cost over runs will have a greater impact on the drawdown of cash reserves. Not rocket science, that should we have further over runs then funds may need to be raised, merely pointing out contingencies are there for a reason and a bite has been taken into that. Peoples blasé reaction to this cost increase here is surprising to me. The funds raised by RKH will be used first then the funding from the banks etc.

The lack of sp movement following the news of "investigating" and signing a MOU for a 2nd SPSO tells it's own story, the market is not buying it as a material event, because it isn't, it will only be one when they sign a contract for the 2nd FPSO.

We are now in the hands of significant II's holders , they will determine when and how much we move up or down not retail

investor 's like you and me.

Citytilidie,

To give away 80% of the whole license it would need to be a very good deal. At least Free carry on 1 drill and some cash to keep the lights on .

Morning all,

Re my take on the rns yesterday.

Seems to me the point I was trying to make was not a negative one but a factual one.

There is a cost overrun on the fpso re fit. RKH share of cost is over $5m . Funds raised were $140m, lets say even a 10% contingency is built into the fund raise , say $14m of which $5m is used to cover the extra cost with the re fit going to Asia.

That is a chunky bite taken in the contingency built in to project.

The fund raise already stated that a 2nd fpso would be considered AFTER 1st oil and would be funded from production revenues which was Q1 2028. Now the date to 1st oil is H1 2028 , add a year of production and we get end of H1 2029 at the earliest for the 2nd fpso.

The rns leads with this 2nd fpso MOU, we know the very earliest if all goes to plan , will be 3 years away.

In the rns the fpso $5.25m refit cost and change of venue comes after the fpso mou.

The rest of the rns is as expected ,except the H1 2028 date for 1st oil .

I understand the project is complex and that incidents and events will effect the project, but this is a warning shot re increasing costs for me so far out from 1st oil.

GLA.

Archeronfoot ,

This company has experienced failure in Egypt, the MC is like a micro cap and there has been dilution to keep the company going and for the recent survey . I myself had given up the ghost.

There has been no Institutional investor here that I can see for a long time .

Till this deal is done for a farmin partner there will be no institutional investor(s), their investment criteria cannot be met as UOG currently stand .

A good farmin deal will put meat on the bones for us retail investors , but till we see a significant move i.e a deal for a drill or even 2 drills on the acreage then there may be an investment case shown in the company. Still, It wont be the big boys coming in to invest.

This happens across all small micro caps, hence a chance for retail investors to make significant gains or losses by gaining entry early. This is the risk here, we are invested in the hope / belief that they are able to get a deal in this current climate of high oil price , a scramble for energy security and prospect of 2b-7b barrels of oil .

The coring data is hopefully the game changer for us retail investors , the interest has to be converted to a farm in, that's the only game in town as far a I can see.

For me it's better then 50/50 now with the thermogenic carbons found in the coring, how much better who knows ?

GLA

markednmbr1,

i am fully invested in the project .

i will answer tomorrow, as a little bit ****ed after a good round of golf.

I think the 2nd FPSO being mentioned is a little red herring. The terms used are "investigating" and an MOU, which don't really mean a lot re firm intentions. The 2nd FPSO would/ will be years away from now before it enters the Falklands. We have seen what it takes to get the 1st one signed and now the extra cost to deliver it.

The carrot of the 2nd FPSO being mentioned is I feel an attention diverter, from the fact the project cost just increased by a whopping $35m. No doubt the extra contingency in the FEED cost covers it but never the less it is a chunky amount so far out from 1st oil .

GLA

1st oil H1 not Q1, that's quite some slippage before drilling even starts .

Interesting to see the farm down of a South African block of ECO's to Navitas.

Initial interest to farm in was in early December 2025, taken them a while to reach the definitive agreement here today . 5 months.

Navitas also have an option to farm into a block in Guyana , again with ECO.

Looks like there is increasing appetite for exploration from all size of companies.

UOG have arguably more data in hand and are "drill ready " for a partner to farm in.

At least give them time to look properly at the new data first before saying they are not committing .

Traders and holders knew what yesterdays drop meant , a cracking opportunity hence they are buying today .

Bar news , I am expecting a slow grind up.

Might re visit 0.18 p if you are lucky.

GLA

GLA

LOL, Ran out of room on last post , reason I posted was listed on the post .

I have been topping up from 0.23 down to 0.2130, doubled up . Bit of "missing the boat " buying after last rns

Taking a chance here for sure , BUT at better then 60/40 odds now in my favour.

Mind you I re- read the CPR, Tennysons note and Charles Archers take on , along with the the Jamaican ministers words soon after rns and Imam Hills presentation at least 10 times .

You have to do you when you buy or sell.

imo , next leg up coming , without news it will be a grind up.

GLA

Personally I'm convinced this has happened: From the Lepetus CPR , BEFORE coring .

" Piston coring campaign site selection "

A piston coring campaign success case will record evidence of thermogenic hydrocarbons at seabed in

locations where subsurface evidence suggests that they should be anticipated. A ranking of sites is proposed

based on five criteria:

1. Presence over a kitchen with oil expulsion based on seismic mapping and basin modelling.

2. A vertical “pipe” feature on 3D seismic that can be traced down to root at or above the interpreted

source rock (e.g., Figs 4 - 7).

3. A location that is above or close to a migration focus from the basin modelling (Fig. 11).

4. A subsurface “soft” seismic amplitude anomaly (candidate DHI) especially in the upper ca. 500 m of

section (Fig. 15).

5. Seabed surface feature identified on seismic ± multibeam bathymetry. Pockmarks are preferred to

mounds because the latter are likely to be lithified and difficult to sample.

It is suggested that sites should ideally rank at least 3/5 to be viable sampling candidates, with criteria 1-3

being relatively more important. If water column plumes are detected during multibeam bathymetry they

can be additional positive evidence provided some of the other criteria are met. "

https://www.uogplc.com/wp-content/uploads/2025/09/UOG-Risking-Review-Sept-25.pdf

The question is has this been achieved :

"The risking was then reiterated to consider what the impact of a successful piston coring campaign

would be. Success in this case would be the detection of thermogenic hydrocarbons at specific

seabed locations where the subsurface geology suggests they are most likely to be encountered. By

reducing the risk on presence of a mature source rock and migration from it into and through the

overlying strata the overall Pg is increased to 32%. "

Farm in :

"Fiscal terms some of the best in the world" - Imam Hill

Jamaica already has a large refinery. Currently importing oil to refine and sell to Trinidad and Tobago.

Port being expanded , to cater for increased trading including oil and gas.

Politically stable and want exploration off their shores.

Trade route located in a close proximity to USA, South America an .

Majors are in the Caribbean and are looking for more acreage , Exxon in Guyana and moving to T and T.

With oil at $100 or so for last few months , the coffers are overflowing and an ideal time to finance a new venture , a possible company maker if you will.

Till they drop the coring data and what that means to the prospects , we wait.

If you look at the Envoi site , there was a mid cap close to farming in , but decided against it for lack of data.

If Brian was off to the states some 3 weeks ago, I have to hope he had the goods at that time,or maybe getting new companies to NDA stage .

IMO, the sp is close to the local low 0.19- 0.1950.

Reminds me of the time when Rockhopper were drilling Sealion, their one shot at

From 07/10/2025.

United Oil & Gas PLC Conditional Fundraising to Deliver Piston Coring

The net proceeds of the Fundraising are expected to provide the Company with cash resources through 2026 and will be used to advance the Piston Coring at the Walton Morant Licence, offshore Jamaica, including:

· Securing and mobilising a suitable vessel for the piston coring and surface geochemical survey;

· Funding associated technical, analytical, and operational costs related to the survey

· General and Administrative expenses

Add Further £485k ( $654,702.04 )from both the warrants that were exercised.

You wrote :

My pointb was a cash raise would likely precede all other develoopments, if indeed threy manage to get those developments off the ground - They tend to take a LONG time in completion.

What developments ?? are going to require a funding ??

The only developments to come are a report update on the assets and ongoing farm out discussion's, BOTH are being carried out NOW. Even the Jamaican Energy Minister confirmed this.

They stated there is full funding for this year, 8 months . In addition add a further £400k plus for warrants landed into the accounts.

GLA