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Very sneaky how the company keeps releasing an RNS on a Friday evening before a bank holiday weekend.
Last week it was accounts that showed the company is out of cash and today one that shows a sale of shares by an insider.

Someone was bidding for 975,000 shares @19.7p in the auction just now. That looks like an institutional buying

Should see a decent recovery in the share price now the seller is out and the company has access to substantial funding and a strong partner

They said in the webcast that the finance facility would help attract further finance from banks. LBE don't need to fund the JV

Agree, imagine how well LBE could do if there is another gas price spike in Europe which seems inevitable at some stage. Just need some cold weather next winter. European gas prices are likely to strengthen in any case as countries scramble to build inventories

Excellent progress at Kouroussa :-))

Wow, massive investment into LBE. Could multibag from £5m market cap on that announcement

I'm not invested in a UOG competitor. In fact I didn't even know UOG had a competitor.
How can I be spreading 'untrue doubt about UOG' when all I did was post quotes directly from an RNS released today by another oil & gas company that operates in Egypt.
I made no comments of my own and only posted it because I thought UIG shareholders would be interested to know about the reality of doing business in Egypt

What a joke issuing the directors so many nil-cost options given nearly all shareholders would love to see the pair of them replaced. I bet there's a clause to say they get automatically paid out if the company is sold given the recent shenanigans

It's interesting to note what SDX, another company with oil & gas operations, said in it's RNS today:
'As a result of various geopolitical factors, US dollar transfers by the Central Bank of Egypt have been restricted and the Company is currently unable to expatriate any funds currently in Egypt and there can be no guarantee of timing on when funds will become available. These factors have also impacted the Egyptian pound which has been devalued several times since March 2022 and is currently trading at less than half of its value compared with the USD since that date. Whilst the company's receivables are not impacted by this devaluation, the company's cash balance in country is fully exposed to any additional currency fluctuations.'
'While our Egyptian assets continue to produce, at present Egypt is a challenging operating environment for energy companies with sharp devaluation in the value of the currency, which has impacted the dollar value of the cash we hold there, and severe limitations on our ability to transfer funds out of the country due to capital controls. These are both outside our control. Historically our producing Egyptian assets have funded the Company's growth initiatives and we are having to find other solutions, and minimising the risk associated with this has been a key focus in recent months. This is a dynamic situation and we will provide further updates in due course.'

I was expecting a big rise in the share price after reading the RNS. Perhaps it was too late in the day so hopefully see it move up strongly tomorrow and next week

Lovely rise today.
I'm looking at a similar rise to happen in KRS another rock phosphate producer with a mine in the USA. It currently has a very low market cap as the share price has been hit by a large seller but the overhang has now cleared with an institution buying the seller out so it is primed for a big rise. Anyone else also holding KRS?

Ginger - UOG didn't actually receive $8,705,686 from AS like you make out
It is just an accounting entry. There were matching outflows of $5,610,924 and $2,972,201 which adds up to $8,583,125 nearly all of which was spent in Egypt. The Egyptians just give back enough oil revenue so the operator has enough to spend on exploration and drilling of new wells to try and stem the fall in production

I think the warrants were exercised by the company's broker SP Angel. They had another 14 months left to expiry so no sure why they would exercise them now before drilling results. As far as I'm aware nobody else had 1.3p warrants.

Wonder why Q1 production wasn't included?

Fantastic news, what a great day for ARCM shareholders. This is about the best deal an AIM listed exploration company has pulled off :-))

I would have thought the company could pay off the bank debt by mortgaging the property that was mentioned in the recent Q1 update or by achieving a quick sale. This would also provide funds to accelerate growth:

'The Company has mandated a real estate broker in Gabon to explore the potential for a sale and lease-back of its unencumbered 14 hectares of real-estate production sites in Mouila, Gabon. These were independently valued at $15m in May 2021. This could enable the Company to reduce some of its more expensive debt, to allocate additional capital to business lines with the highest anticipated IRRs and fund initial work on its afforestation project.'

Last month Share Prophets put out a BUY recommendation on WBI:

'In spite of the bad taste left by the blatant insider trading around the Woodbois placing: BUY'

Excellent results for Q1.
Big improvement in AISC down to $1109/Oz which is the lowest in a long time
EBITDA rises to $17.5m for the quarter
Kouroussa on time and on budget. Mining has commenced and first gold pour this quarter

Don't usually read The Guardian but Serabi shareholders might want to read this article about the company

https://amp.theguardian.com/environment/2023/apr/18/uk-company-mining-gold-in-amazon-on-disputed-land-brazil