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I note that the Sheriff has penned a misprint ridden banner concerning UJO. The article is not available to those unwilling to read or listen to his subscription based daily diatribe. "The Dogs of the Sheriff" would be an appropriate title to the list of the recommendations from the Sheriff that linger and languish on AIM. In the end it's the numbers that count. Management should now keep its head down, get on running the business, and (is the comma allowed?) cease talking to the media.
Up over 8%! Any ideas?
Barder selling shares at 42p or so to exercise options at 30p and 7.5p with the result he increases his holding by 250,000 shares at a small gain to himself plus family. Smart footwork but nothing more.
On the day that the court approved the reduction of the share premium account, I understand that the Sheriff of Aim aggravated an old ankle injury. UJO holders were not too happy with the sheriff and his erstwhile oil specialist last year for a number of reasons.
I gather the sheriff is holding an open day next weekend in North Wales The oil specialist will be present to speak on the oil sector. There has been little comment from the Sheriff on UJO for some time. Let's hope they continue to leave UJO alone.
This needs to be discounted by a factor of 3 to 4 to take account of the fact that that these are reserves. Also not clear from the recent financial numbers from Deltic that there are funds sufficient to fund the commitment for 25% share of costs on Selene.
Paradise postponed or jam tomorrow. 35 mmmscf is still 360K therms per day at a net margin over around £2.5 per therm (conservative). FCF in H2 should be around £75m.
Noted with thanks.
How do you know that LOG are sellimg?
Last year the results were published on Thursday August 26th.
According to ***star, the two would hold 293 million shares (including the shares available under the conversion rights) out of a potential maximum of 625 million (if all the other shares which could be issued are issued under the various schemes in place as per the Annual Acounts). But it's not that far short (20 million shares) of the required 50.1%. If the results and guidance are disappointing in any way, the company will be vulnerable.
The holder of the convertible notes are the administrators of London Oil and Gas. Unlikely they would sell short but at some stage they will exercise their right to convert the notes into shares.
This is relates to the resolution of London Oil & Gas. The amount is mentioned in notes 7 and 10 the year-end accounts published in a RNS in March 2022. I cannot see in the 2019 RNS any time limit on their conversion.