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The 'regular payments' the company says it is receiving are in Egyptian Pounds which is used to pay for overheads in Egypt and drilling costs etc. but it causes a problem as loan repayments to BP and head office overheads also need paying.
This has been going on for a while.
Do some research on the disposals of the Crown licence and the gas project (nice deal for PXEN). We were hoping the proceeds would be used to fund a new acquisition but instead they were swallowed up by loan repayments and director salaries which is a great shame for shareholders. The same is likely to happen to the proceeds from Maria.

The company is receiving payments but in Egyptian Pounds not USD which restricts its ability to repatriate funds i.e. transfer funds outside of Egypt

Apart from the local currency falling in value the problem for UOG is it cannot transfer funds out of Egypt.
That's why I think the company needs to find a producing asset in a better jurisdiction, if it can get funding, so it is not so reliant on Egypt. Also the terms of the production sharing agreement in Egypt are very severe with the Egyptian government taking the lion's share of revenue from oil production

https://stockhead.com.au/news/asx-small-caps-lunch-wrap-who-else-is-buying-a-metal-detector-and-immediately-heading-to-ballarat/

Perhaps it was found on one of RRR's licences. It has a very large land package in the same area

Unfortunately Egypt is facing a deepening economic crisis which will exacerbate UOG's problem of being unable to obtain payments from the government for oil production. The soon the company finds a new project to diversify out of Egypt the better IMO
https://www.reuters.com/markets/currencies/pressure-builds-egypt-devalue-currency-further-2023-03-28/

I did that because there doesn't appear to be any recovery - see the link to the recent BBC article that I posted
Here's another recent article that seems to back this up and Egypt faces a severe shortage of foreign currency so UOG is unlikely to get paid https://www.middleeasteye.net/news/egypts-cash-strapped-government-shelfs-anticipated-sale-state-telecom-giant

This article has just been published which has some interesting analysis on HUM.
It's written by a very experienced equity research analyst and is independent and not paid for by the company like most analysis these days:
https://www.masterinvestor.co.uk/commodities/three-recovering-goldies/amp/

'Egypt keeps delivering'? UOG are having big problems getting paid the production revenue by the authorities in Egypt.

From the recent update RNS: 'The continued effect of global macroeconomic volatility on the Egyptian economy has resulted in both a significant devaluation of the Egyptian Pound in the year and ongoing restrictions on US Dollar transfers by the Central Bank of Egypt. These restrictions have made it challenging to repatriate cash from our Egyptian operations. In order to manage the Group's exposure to the currency devaluation risk of the Egyptian pound, in Q4 2022, United opted not to accept the payment of our USD denominated receivables in Egyptian pounds (EGP), unless required for operational purposes'.

There will have to be a write down in the next set of accounts due to the plunge in the Egyptian Pound and the situation doesn't seem to be improving https://www.bbc.com/news/world-64951519.amp

Net debt = gross debt - cash balance

So the debt was $2.9million at the start of this year

Brian said a few months ago that the lead prospect in Jamaica has a chance of success (COS) of 20% to 25%

First Uranium raised $10m a year ago and bought a USA phosphate project and also invested in Keras presumably as its management thought phosphate would be a good investment and liked the look of Keras's project

Very positive interview and Colin is clearly excited now the company is funded for trial production.
It sounds like it was recorded late last week after the placing so hopefully we'll get the permit news very shortly and the company can start gearing up for production

I agree. It would have been better to put the RNS out at 7am to give it as wide an audience as possible.
People look for shares that have been beaten down for no other reason than a big seller and like to buy for a recovery play once it has been confirmed that the seller is out

The key shareholders list on the Keras website is as at 15 February 2023 so Axcap presumably sold 1.75% prior to this date

Good to see the company confirm that Axcap has sold its entire holding and not just say it has gone below a notifiable holding. This should pave the way for the share price to recover to a more sensible valuation. Now the seller is out I hope the company will increase newsflow. It may have decided to hold this back as it would have just assisted the seller

Looks to me like they put the ridiculous bid in out of spite as it will cost RBD in expensive professional advice and wasted management time.
Malcy commented:"So, Reabold management who batted off the last approach have to go through it all again, its not as if anything has changed much but they are now in for a period of expensive advisors and a lot of time spent on the defence.

We now may have to wait until Easter to find out what the bid might be, a cash offer or maybe paper from an SPV and then of course what will the defence document say? Interesting times…."

Good timing for the IPO too with investors looking to allocate more funds to the gold sector

What a joke!
0.20p and the same guy that failed to unseat the dynamic duo a few months ago

That's great news. Once the funds are received GLR will have cash and liquid investments not far off the current market cap which is ridiculous given the other assets on its balance sheet

Here's some of the indications I was referring to. As you are no doubt aware Keras's former in-country manager Blaise Gozan is now a Togo government adviser to the Mining sector which should help our case:
https://www.igfmining.org/announcement/togo-joins-the-igf-to-support-sustainable-economic-growth/
https://www.togofirst.com/en/economy/1002-11382-investment-a-british-trade-mission-meets-in-lome-with-key-public-and-private-actors