Member Info for myfirstmillion

I thought it was a fairly positive and reassuring update to be fair and I like the fact that they clearly set out the work program for the next 12-18 months. The only real problem with it was that there were lots of 'possibles' and 'hopes' and 'potentials', the kind of language that worries the market in times like these when peeps want certainties. It's also the kind of language that TG likes because he comes across as a very cautious fellow. So I always add 10-20% enthusiasm and positivity to his announcements lol. As I say I thought it was a decent enough update. No timelines had changed for the hope to announce commercial flow rates and PPA. It's hard to be patient when you've waited so long but sometimes that's all you can do. If we consolidate here that's fine, if we dip lower I'll probably add some more. TG's record speaks for itself and what he's trying to do here could eclipse what's gone before and make the patient investor very rich imho. PADYOR :)

Nice strong candle broke through the 200 DMA yesterday. I thought we may pull back briefly to test the 200 DMA now as support but the Stochastic is still below 80 and the RSI has actually turned back down so we could well see more here before we take a breather... PADYOR

The RNS from the 10th July gives a fairly good update on the de-watering process. Nothing to worry about it takes as long as it takes.

The reasons people are fairly confident are as follows. First and foremost the company themselves have already implicitly stated that they will be announcing commercial flow rates. Secondly they have been running their own generator off of gas flow for some years. Someone posted figures on this thread for previous flow rates which were more than adequate and even in the worst case scenario (which I don't envisage) they would just need to drill another hole.

They are letting the pressure build to an optimum and stable flow rate before releasing flow rate figures to the market. As always with TG a sensible and cautious approach. With any AIM stock you get drift with a dearth of news and investors start to imagine all sorts of worst case scenarios.

We broke through resistance today and bumped up against the 200 DMA in the process. As might be expected this enticed some stale holders to exit stage left. That large buy was very encouraging as was the huge volume. Despite the sellers they we still showed strength and finished positive. 20 and 50 DMA's have now turned up. I see price breaking through reistance AND the 200 DMA next week, tomorrow if the herd are super bullish... Strong Buy imho. PADYOR.

I mentioned yesterday that the price was at resistance as I saw it so today small pullback doesn't surprise me. This is only a minor resistance imho so I expect us to break through in short order...

FWIW I see resistance at exactly where we closed today. Break through this and I see us going much higher fairly quickly...

Was this flow rate achieved from a single well or several together?

Personally I think 2 will definitely do the job, they would have thought about this carefully and built in plenty of leeway, TG strikes me as the kind if guy that is very careful every step of the way

Personally I'm just looking for them to confirm via rns that they have between the two holes enough gas to deliver the 2 megawatts, anything more is a bonus in my book. What would I consider a very good result? Perhaps getting the required flow rate from 1 hole? Meaning they could effectively double production without any more drilling, de-watering, testing etc. that would be a great result in my book but as I say just fulfilling the 2 megawatts needs will do for starters.

On the recent shareprice performance, I think you have to look at the greater macro picture of trade wars, Brexit and the summer doldrums. Some good news (commercial flow rates, ppa and financing) and a move into autumn and we should see things improving. A resolution to trade wars (likely given US 2020 election) and Brexit (trickier but even some certainty of in or out should help) and we will fly. PADYOR.

I read that cbm rarely gets over 300,000 ft3 pd

Brad you need to calm down mate. Are you invested or trading? If you're invested and believe in what the company and Tony are doing then watching every little price fluctuation isn't healthy. Sit back and wait for the gas flow results to come in. The company have given a big hint with their twitter post that they're commercial and that's all we need. Obviously if they're really good then that's a bonus but commercial is all that's required :)

it's very simply the case that the sell off and markdown was way way overdone. At some point it was inevitable that the shareprice would recover and that's what we've begun to see of late. I anticipate around 0.01 will be achieved BEFORE we have an updated JORC and resources moved to 'Indicated' status by which point I expect multiples of that price PDYOR.

https://www.energyvoice.com/oilandgas/north-sea/204286/united-oil-and-gas-to-divest-or-drill-wells-on-north-sea-assets/

https://www.malcysblog.com/2019/07/oil-price-rockhopper-united-and-finally/

The Abu Sennan concession is located in the prolific Western Desert region in Egypt.  It contains seven operational fields with seventeen producing wells.  Current gross production has recently been reported by Rockhopper Egypt at over 5,100 boepd (over 1,100 boepd net).

The directors believe there is significant potential to increase production through an infill drilling programme which is currently in progress. This has already been reported by Rockhopper Egypt to have boosted gross production by over 1,000 boepd since the beginning of the year, compared to average gross production of 3,700 boepd for 2018. Most recently reported (end-2018) working interest 2P reserves are 2.64mmboe (net entitlement 1.12mmboe), although this does not take into account the recent drilling results.

In addition to the seven production concessions, the Abu Sennan concession also contains a large (653km2) exploration area, with a significant prospect and lead inventory. The historic drilling success rate on the concession has been 80%.

This is a fantastic deal for UOG and it's shareholders. Truly transformational. Anyone who doesn't think so either hasn't understood it or doesn't own any UOG shares ;)

Price has been raised specifically to entice sellers imo, what they got was more bought than sold so I expect higher prices this week. Now is not the time to be selling!!!

https://twitter.com/UOGPLC/status/1149011439790829568?s=19

I hold a similar amount and for one very good reason. Gilby's track record. I can see this company either becoming very profitable or being bought out at a very good price. I won't be selling till the price is much much higher...