Member Info for myfirstmillion

You wouldn't get the company for $3 million dollars, to trigger a takeover situation you have to first acquire I think it is 30% of the companies shares so 360 million shares, try buying just a couple of million without raising the price!

Then they'd have to convince the board (unlikely given how much directors have at stake) and shareholders (the majority of which can see the value here and are in at much higher prices).

Then there is the relationship UOG and before them Tullow have built up with the Jamaican government. They clearly trust UOG as they've awarded us two licence extensions.

These are just some of the considerations that people miss when looking at things in such a black and white manner of present market cap versus cost of licence. It's never that simple!

I took the opportunity today to double my holding whilst averaging down significantly. Given the preliminary granting of the mining licence and todays acceptance by the company, a formal notification of receiving our mining licence seems a formality and likely to come in one or two weeks. I also sense that over time this Hope / Gorob resource will grow significantly given the size of the area. I purchased 10,000,000 shares today. Been in here a long time and hopeful that 2025 might be when this little tiddler finally wakes up!

Keith that doesn't seem likely to me. To raise $3 million we'd pretty much have to double the number of shares in issue! I doubt that top of the list for BL as an option being a large shareholder himself. Much more likely they'll give away some % of Jamaica or some sort of agreement for preferential terms later if the core sampling is successful and a full farmout deal is negotiated.

1 in 3 cos or 33% (post de-risking work program) I thought I'd remembered this correctly but nice to have it confirmed.

One thing I did mis-remember was the upside potential I've been thinking 11 billion barrels but that's the Stabroek figure, for UOG the upside figure is actually 15 billion barrels.

Well said GingerHippo it's a point that has not been lost on me! If we sign a deal for an initial farmout to fund the piston core seabed sampling we would get an instant rerate, if that core sampling showed positive results again that would likely further increase price and increase the chance of a farmout deal for the initial drill on Colibri, sign that deal and that is obviously a game changer. So yes there are levels to this. Very significant value can be seen here long before we actually have a drill result on Colibri should that become a reality.

Vista man I don't know that they have ever RNS'ed about a 'major' but with a $30 million cost commitment for just an initial exploratory drill I don't see it being a tin pot outfit.

I think the company would be quite aware of how they have performed against how they have worded past RNS'es so to my mind that would make them likely to be MORE cautious rather than less in their communications yet despite that assumption the word shortly WAS used. To me (and to many others going by the huge volume) that was significant even if you don't think likewise.

With regards to Tullow I know full well why they walked away, it was becaaue they had another large asset that they wanted to develop which required a lot of capital.

On your final point about the chance of success of an initial drill at Colibri, the figure you quote is out of date, the last one I saw was something like 24% but that is from memory, however I know it was above 17% and the same presentation or paper mentioned that with the piston core sampling this would rise again to something like 33% which is significantly above the figure you have quoted. It's Saturday and I'm about to start drinking otherwise I'd go through some RNS'es and reports to give more accurate answers.

Sometimes I do wonder though at the people holding shares in UOG, they seem to be unhappy whenever tbe price actually rises but very happy when the company has in the past had bad news and the price has fallen. I find that very odd behaviour.

A good end to the week. We know there was an obvious ramp brigade out since the announcement that got everyone excited but at the end of the day even with all that ramping our market cap still only sits at a paltry £2.61 million. Those constantly negative posters all watching out for our financial health have held sway for a long time on the bb's but their time is nearly over.

The tone of last week's announcement was different and smart investors took notice. The inclusion of the word 'shortly' was a very deliberate signal for long term holders that their patience is about to bear fruit. Not just one apple but a whole bloody orchard of fruit!

If you listen to rampers you 'might' lose a couple of grand here, if you listen to the negative posters constant drone (over 5 years) and OUG do get that Jamaican deal you could lose out on a life changing amount.

Better to listen to no one but read the Jamaican onshore and offshore reports, look at all the historic work that has been done on Jamaica, take notice of how the Jamaican government have always backed us, read the independent Gaffney Kline report which confirms a possible 7 billion barrels of oil and possibly up to 11 billion, understand that a major was on the brink of signing 11 months ago and finally take notice that there was a very definite change of tone in that last RNS...

Just thought I'd stick my head back in after this week's news and subsequent rise. Those saying there's nothing here are just plain wrong. Yes Egypt didn't go as planned and yes Jamaica hasn't as yet been developed but the same can be said of loads of large projects like oil wells or mines that require large upfront capex. They do take years to get started, companies (even large ones) don't like to just throw money into something 'hoping' for the best. They want levels of certainty and that takes time and work. Jamaica is at the stage where I feel if they can get positive samples from this sea bed sampling they've talked about, I think someone will commit. Why? Well those who've been here for some time will know that they came very close to getting a deal signed by a major less than 12 months ago, only for the major to pull the plug at the eleventh hour due to a strategic change of corporate direction. I think other majors have seen how close a deal was and have asked for the sea bed sampling as a final confirmation before signing. This appears borne out by the company rns last week. If they do pull off a deal 7 billion barrels of oil at todays prices equates to $510 BILLION DOLLARS a quite staggering amount and it's been said there's possibly upto 11 billion barrels. If we sign a deal yes we'll give away a large chunk of equity but when you're talking about figures like that with a company currently priced to fail the potential upside is literally off the chart. If they do sign the partner will pay for the initial well AND pay us the not insignificant sunk costs so far incurred by UOG. If we're only left with say 10% after signing a major partner that's still a huge chunk of money to go after. 10% of 510 billion is still $51 BILLION DOLLARS and our current market cap? Less than £2 million just let those numbers sink in and then you'll see why I've been accumulating at the lows.

They dealt with international exchanges including the asx. I asked if at the appropriate time my shares could be transferred over to the asx and if it could be done within the isa tax wrapper. They confirmed to me that this was indeed possible.

Long time no post but thought I would poke my head in. After the shock news of an AIM delisting I contacted my broker (ii). I knew

had to come back on here after todays announcements. this 'investment' if i can call it that has been without a shadow of doubt my worst ever. the writing was on the wall almost from day one with one f*** up after another. one useless director after another, fanciful ideas, clueless management, dodgy deals, pi55 poor communications, mates rates share dealings and company directors clearly only looking to keep the gravy train rolling on down the tracks. an utter **** show from start to finish. i wrote off this investment years ago. today just adds another insult to the injury. i have to laugh or i'd cry.

The investor presentation is purely because they are worried about the raise being voted down. They're looking to reassure worried investors deeply in the red that the raise is absolutely necessary.

Oily_Rag from the levels we're at I don't think any of that matters tbh. If they sign a deal with a company willing to do the extra work required of the licence extension, pay uog several million for sunk costs and commit to an initial drill on Colibri the price of these shares will fly. You can make a small fortune on that alone. If they hit oil later on with that initial drill then yes you've really hit the jackpot but that isn't required to still make a lot of money given the ridiculously low shareprice here, the reward to risk here is enormous and given that they've previously done a deal (which unfortunately fell through) shows that interest is there...

So the actual spread is around 18%.

I think under that scenario a p/e of 5 would equate to a shareprice of around 78p

Well people say that dv but I don't actually know anyone that has done a proper study on his charting 'forecasts', often he'll give a future target that is a month or more away and by that time most people have long forgotten about it so his successes probably rarely get noticed whereas with the mindset and timeframe tolerance of the average AIM investor they will always notice when it hasn't hit the target within say a week lol so he's on a hiding to nothing most times! Fwiw the chart is looking a little perkier of late from my perspective, as are several of my other companies, most likely brought up by general market conditions as opposed to anything specifically BZT related although I'm sure news isn't too far away.

https://youtu.be/PU7oG9D_sko

CHRI5P it almost sounds like you're blaming shareholders for the situation EUZ found itself in, I do hope that isn't the case because where this company is is 100% down to the way it has been managed and mismanaged over many years.

Jono it's quite obvious what your game is here, to try and sew seeds of doubt. There have been a long line of exceptionally negative posters here for as long as I've been in UOG and you're just the latest and most boring.

The very fact that you've confessed to selling up yet post all day every day tells me all I need to know. When I sell out of a share I move on, you seem weirdly and inexplicably obsessed over points that have been explained to you in language even a child could understand yet still you persist in posting negative garbage day in day out.

It's clear to me and probably many others that this company is severely undervalued. That will soon change.

The operative word there is MINERS so let's make sure we're mining in '23 as promised eh Colin.