Member Info for myfirstmillion

Well if oil is currently around say $40 then if oil was to go to $100 our revenue and profits would be 150% higher than has been forecast. I think net profit guesstimates I've seen at todays prices are around $6M pa. So that would jump to $15M pa. but it's all hypothetical until we do actually get $100 oil. Either way most would agree that as the world recovers from Covid 19 oil prices should trend upwards from where they are now given time and Opec+ controls on output.

2% higher ;)

I don't think even that would help unless it was substantial and if he wouldn't put his hand in his pocket before he ain't gonna now he's taken a 20% pay cut!

So many AIM companies so poorly run and it's because AIM is so lightly regulated. Directors can pretty much do as they please and string investors along for years.

Only stock that I hold and now have any real faith in is UOG. That's my saviour and future 10 bagger to take care of the losses from the rest of the **** show that is my portfolio!

I'm a bit confused at posters leaping to Bricks' defence like he's some wounded animal that can't defend himself.

As Bobby has said there's been a healthy debate the last couple of days.

I made a comment directly to Bricks simply because he continually posts conspiracy theories and this idea that there was definitely going to be a sale which no one seemed to challenge, as if he had some devine insight which should never be questioned.

There's been no proof of any of the conspiracy theories. I don't believe it's possible to short an AIM share, you can short the price with a spread bet but that's not the same thing. If you can short sell EUZ shares can someone tell me through which broker? Bricks?

Then there's the question of the sale. The guy has posted about this for months with 100% conviction. Now he appears to realise that he may have got it wrong and believes we'll take it to a mine, presumably with a JV partner, before Christmas. Correct me if I'm wrong about this Bricks.

The fact he's decided off his own back not to post anymore is down to him. It surprises me though. It's the first bit of CONSTRUCTIVE criticism, (not even criticism really, just questioning some of his more fanciful conspiracy theories) that I've seen on here and he acts all insulted because someone has dared to question his ideas. That's what these bb's are for. To and fro of healthy debate and calling someone out when what they're saying doesn't make sense or appears to be wrong.

I don't go out of my way to upset anyone but when something needs saying I'll say it. I have serious concerns about LR and his intentions. He's never seemed to be supportive of the small retail shareholder to my mind and nothing he's said or done this far has changed my opinion on that. I just pray he keeps to his word and finds a non dilutive way forward.

Shorters? So this is another one of your theories, like that a sale is imminent? Give me proof that this is being shorted because without it it's just another of your conspiracy theories that let the management off the hook. There's only one way to short this share that I kkow and that's via a spread bet but that doesn't involve the underlying asset, just the price of the asset. And why would you short a share with a spread bet where the share has a data room open and the shareprice can at times be extremely volatile? None of it makes any sense at all, only to you Bricks because your conspiracy theories give you comfort and the illusion of control. I know you've regularly averaged down with EUZ and have a lot invested as do I but just for a moment take off the rose tinted glasses and ask yourself some serious questions. Like why if theres 100% not going to be another dilution, does LR just come straight out and tell the market how he intends to fund this company going forward? It's a very simple question and yet he won't say. Ask yourself why.

cjen I understand the purpose but they will still have the licence to dilute up to a further 50% AGAIN! Would you be happy if that happened? I'm already 88.11% down on my £75K investment, if they did dilute again to the tune of 50% I would be 93.26% down and that's at today's price, if the shareprice falls further (likely imho) before the consolidation then it could be even worse. How does that compare to your 20% pay cut for a few months Mr. Reade? Tell us straight up for once how you're gonna fund the next 3 years Mr. Reade!

Today's announcement doesn't surprise me. It does concern me. In and of itself putting a restriction upon the amount of shares a board can issue without recourse is a sensible idea.

Consolidation in and of itself seems sensible. I've lost count how many times confusion has been caused on these boards when we're dealing with tenths and hundredths of a penny. Shares valued so low do attract many flippers trying to make a quick £50 or £100 and posting as if they had their life savings invested. Also it does make share price moves rather erratic although I'm not quite sure why, to my mind it seems it's usually the market makers that cause the most erratic moves by moving price by large percentages totally unrelated to the amount of shares actually bought or sold!

Taking a 20% wage cut across the board seems like a pretty decent thing to do.

Finally awarding options to the directors to incentivise them is pretty standard.

So what concerns me? Well for starters, the main concern is still funding. Not addressing it directly today has caused another 15% drop. The implication and worry here is that they are doing a consolidation just so they can dilute further. That's what I worry and it's what worries the market hence people exiting and the price falling. Today was the perfect day to quash that once and for all but LR didn't. Simple as that. Why wouldn't he? If you were sure you weren't going to dilute you would bloody well say so especially if you're now awarding yourself options at higher prices. Why not tell the market knowing full well that if you don't the price will tank again. There's no logic to it unless they ARE planning to dilute.
Secondly the wage cut should have been announced some time ago, announcing it now makes it seem like an afterthought as a way to appease us when in reality they were actually forced into it by the circumstances so there's nothing heroic about it. What 20% because it matches what many ordinary workers have lost with the government paying 80% of wages. So not so much a business case of cost saving more what's the minimum we can get away with and I think I heard the idea of a wage cut was initiated by the Spanish workforce not the senior management, correct me if I'm wrong.

I've no real problem with options based upon performance of the shareprice but given the whole poor market backdrop, funding issues, huge paper losses for almost every investor involved and negative sentiment around it does feel like another slap.

Until funding is sorted and a concrete plan is in place vis a vis what are we doing with Toral, I see consolidation followed by more price depreciation and possibly another massive dilution. Someone tell me I'm wrong!

LR keeps too many cards close to his chest, trying to be clever but it just comes across as pompous and disengenuous, it breeds uncertainty and that is damaging perception of the company and the shareprice.

Bricks a couple of months ago you were absolutely certain a sale was imminent and said so with great regularity. Now you're certain we're selling our 50,000 metres of core.

It's always comforting to have great conviction. It gives one a sense of control which as largely powerless entities in this endeavor we so badly crave. Without a sense of control what are we left with? The realisation that we know nothing of the companies plans for funding or beyond that for the future as to whether we sell, jv, or something else.

I said years ago when LR made such a mess of everything that I didn't rate him and years down the line I'm even more sure, it was just such a fast drop off a cliff edge that i didn't have time to evaluate and get out in time. I stood to lose too much.

So I'm stuck but i know 100% that i don't like LR's style. No respect for shareholders' some may even say a disrespect. Poor communication, wishy washy leadership when he actually turns up and leads, poor uninspiring presentational style. Doesn't listen, or listens and takes no notice. I'm rambling now but I just get so annoyed at the consistent poor performance avoidable mistakes and own goals, without even a hint of acknowledgement that he has anything to do with the situation the company is in and the pathetic share price and billions of shares in issue.

Anyway to get back to my original point, you thought you knew we were selling the company but you didn't. Now you think we're selling the core but we could just as easily be heading for another massive dilution. No one knows, no matter how great their conviction. Until something concrete is in an official RNS I'll remain extremely sceptical about where we're heading.

LR has always seemed to me to treat this as some sort of pet project rather than as the role of a CEO responsible for the money people have invested and getting them some sort of value for the loan of that money. Does he think we invest because we're as interested in rock samples and how great a little project it is as he does? I don't I invest because I want to see a return for my money in a reasonable timeframe ie. before I'm dead. I've been in here now for something like 4 years and have only seen my investment get diluted to oblivion and diminish at an alarming rate. To now apply for another 3 year exploration licence that will require another 3 years funding is completely irresponsible UNLESS he has some way to pay for it that isn't dilutive to existing long suffering shareholders and if he does have a way then we need to hear about it! He spoke of a non dilutive means before albeit in his usual dismissive vague way but he definitely said it. He also spoke of packaging up Toral many times over, packaging it up for what? Another3 years bloody years of exploration?! No! So far we have heard nothing of funding plans and nothing about a sale or even a joint venture. If he thinks (in his cossetted happy exploration bubble) that shareholders are gonna stand for another 3 years of faffing about paid for by us he's got another thing coming! At this price we'd end up with 100 billion shares in issue worth exactly zero. If he does that he should be booted out at the next AGM or an extraordinary one. That's my personal feeling on it, I've had enough of these Jan tomorrow companies with their lifestyle directors. It's OUR company Mr.Reade not your pet project!

Another dilution here will be the final nail in the coffin for this company. If LR and MC don't understand that then they should resign a.s.a.p.

Apologies there is in fact resistance for Brent Crude at $42.50 don't know how I missed that yesterday. If that breaks the next level is just over $50.00

We've had today's updated broker note with a target price of 7.3p but I've also just had a look at the Brent Crude chart and see a gap to fill to the upside and next resistance at around $50. As nations come out of lockdowns this is where I see it heading over the next month or so.

Full disclosure in a couple of weeks about final flow rates with updated resource and reserve figures according to BL today.

With an improving oil price we may get another drill target reinstated for Abu Sennan in H2.

Dependant again on oil price and market conditions / opportunities is a possible further acquisition towards the end of the year again from BL today.

Revenue (hopefully) from the sale of Crown.

Further production upgrades from both oil and gas at Abu Sennan.

Production starting from Italy in Q1 next year.

Most African projects that drag on are probably not as miniscule as $10M or even $30M (Supposition) - AND I don't suspect tht a minister has issued an edict that BPC get their finger out and issue a PPA. (You don't suspect but you don't know).
Why do people who are invested in the best prospect for a startup that you could wish for, (They're a bit long in the tooth to be labelled a startup and are they really the best? Out of thousands of genuine startup companies listed im pretty sure they're not THE best, IF and it's a big IF given their track record, they pull this off then yes the rewards will be handsome but the same could be said for thousands of companies around the world. The key word is POTENTIAL. Potential in no way guarantees or equates to success.) not appreciate that fact? ( I can but until they achieve a return for shareholders you need to appreciate that they're just another company that MIGHT make its investors rich like many many others out there.)
If Tony was en route to his hat-trick of failures I could appreciate their view a little better. (You're getting ahead of yourself here, he may be on his way to success or failure, that has yet to be determined.)
You think you are invested in Pandora's box (You have no idea what I think, this statement is pure supposition and fantasy on your part) - and so am I - but Midas touched it when Mr Moagi became minister imho and you did not notice :O) (Again a huge assumption here clearly based on the flimsy premise that you are more intelligent than other investors and more capable of recognizing something than others. Not true, I noticed but I've also noticed that as yet it hasn't made a blind bit of difference to the outcome. Still we wait :O)

"Why on earth would the Govt and/or Tlou deliberately drag out this project and the next one, solar ????????"

Good question, why does any project in Africa get dragged out? I don't know and neither do you. Some reasons are, incompetence, corruption, mismanagement etc. etc. but you came up with a very specific reason with no proof, that was the point I was making. Let's see how long this 'interim' PPA takes but as Whizzer says if we ain't got it by half yearly results I would seriously question this management, and this governments ability to ever get a coal bed methane project actually up and running.

Brad this idea of yours about not getting the interim PPA because of a third party not being able to give us a date for connection to the grid sounds very convenient but unless you have proof to back it up it's just an idea, an opinion. You often appear to state these ideas as 'facts' just because you wholeheartedly believe them. They're not facts unless you have proof.
I left these boards a couple of months ago after the 'imminent' didn't turn up and the de-watering process turned into a bit of a farce with one hole shut down. Then the RNS about an interim PPA came out but still no sign of it as yet. It's a constant theme with this company, over promise and under deliver, everything is always just around the next corner, except it isn't.
The time has come for them to put up or shut up. Deliver something concrete, something real and tangible that will materially have a positive effect on the shareprice for long suffering share holders. No more excuses, we've had far too many. And no more bull****!

Many people have been successfully prosecuted on many social media platforms for many different reasons. Anonymity shouldn't mean that an individual is above the law and if it can be proven that he has broken the law with libelous or defamotory remarks then the person should be held fully accountable.

No Brad it is purely guesswork and supposition on the part of an overactive and bored mind. For starters I doubt very much that it's anywhere near as simple as 'flicking a switch' they are two completely different technologies. Also the company have said that they still anticipate commercial flow rates for the current drill holes. Mentioning solar more seems to me much more about placating the stated needs of the government and various funding organisations to be and to appear to be greener.

Not very relevant? What could be more relevant than the bottom line?! AIM companies have been and are hammered time and time again for lack of revenue and the need to constantly raise money thereby diluting shareholders. This is something UOG shareholders don't need to worry about. We have revenue which crucially will grow throughout this current year, were already significantly undervalued according to two brokers and any reasonable valuation BEFORE this massive fall for the Corvid virus hit the markets. The virus will come and go and the market will recover. Our oil prices is hedged for 30 months and who knows where the oil price will be in another 18 months time? I'm sure the big oil producers will take measures to raise the oil price by then. The main point is this company is undervalued by multiples on a risked basis, on an unrisked basis it's a ten bagger!

Our oil price is fixed at $60 a barrel for 30 months, so no impact to our Egyptian oil producing assets!

Yes he is part salesman as any good CEO has to be amongst many other things. Certainly part of the job is selling the dream but TG also comes across as knowledgeable and assured that he knows his stuff. It's not an easy act to juggle with the unknowable date for the commercial flow rates but he seems certain that they will be achievable. He also speaks confidently about the PPA and funding. Funding is without doubt the number one priority and I'm sure that is where all efforts on the management side are now focused. He does have contingencies in place in every area which is a good thing but hopefully they won't be needed. With a bloke with his track record you have to have a large amount of belief in the man himself as much or more so than the company as a whole. If you don't it's time to move on. I do hence why I'm still here and still optimistic for a positive outcome albeit on a longer timeline than I initially anticipated. PADYOR.