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They had $8.5m in Nov/ Dec last year. I thought it was a promising update, the show is actually on the road and it is not going to be linked to the new Feasibility Study can't see how the market didn't link that. This deal is still very serious.
LSE prices are out of sync. Poor Ukraine, hopefully all settles down. Peace is the best option for them. Good call today.
@Chris - market probably realising that this is cheap. The investor call on Thursday may also have something to do with it.
It would be a good question to ask on the upcoming call
@Olderandwiser That's great to hear, he is very impressive he just needs the numbers of people to meet / hear him
Brokers have pretty big lists, I get so many invites and notes form mine, I often press delete. Good one them trying to arrange though, they usually only pull their finger out when there is a deal on the table. Expect that MR doing a public call not far off.
@toad No I did say that you were correct I am sure, the timeline is as per the presentation. Water that down to drill bigger wells this year, drill more wells this year to add more production in a rising oil price environment
@ginger
I second your post below:
"You say you’re an investor here, so I’m not sure why you keep choosing to attack rather than clarify. You’re only damaging your own investment.
If you’re still not sure after watching the presentation, send them an email. They are very good at replying to such questions.
I’m not going to respond to everything you’re written these last two days (or what you’re about to write) because frankly I’m sick of going round in circles and I’d rather post less often for a while. If you still have questions, ask the company.
See you after the next RNS."
@canetoad I can't understand why you don't book a call with the management to ask all these questions rather than sow further doubts here and it is beginning to make me suspect your motives. I request you to speak to the company, this is becoming incessant.
Re your statement on the declines, they have been completely upfront and honest and have factored in natural decline whilst only including a very conservative base care production for new wells. The whole statement is geared to caution and conservatism - think about the benefits of that when they beat their guided production levels.
I would suggest / hope that there has now been enough information and data debate to enable a more positive foot forward to be taken especially in light of the current oil prices. Those who have not been able to find the answers they need should go directly to the company. Otherwise IMO load up, another successful drilling campaign here and we might just see the significant increases in production necessary to move the needle (helped of course by the lowly market cap and the oil price which was over $90 at the end of the week)
@Commonsence The loose stock got cleared up late on Friday afternoon. The stock will be going up from here.
And even more if they add production in the 2022 campaign. The ASD-2 well is a big target, I see stock off today, value opportunities like this don't come around often
@Toad we are going over and over old ground here. Move on or work it out with the company please.
Spoke to broker at Optiva, some of his clients were existing shareholders who took out the seller, went to two groups with accounts spread around, about 15 individuals, apparently none sold at his shop but they are all getting a bit worked up as to who has been selling. Been told that same elsewhere, probably some PI's also who bought lower and undoubtedly one or two of these guys haven't followed rules but they have a limited amount of stock each. He can only see a couple of MM's with about £12k each on the order book
@toad Quite impossible but I have read the attached presentation several times, see pages 4&5 - page 4 references the two remaining exploration wells and states that they are the two largest remaining structures, the same page marks significant production growth potential looking like there is the potential to not only to restore prior levels but to surpass them significantly. 5m target for ASD2 also seems significantly higher than references to targets (on historical slide decks)
https://www.uogplc.com/wp-content/uploads/2022/01/United-Jan-2022-Trading-Statement-_presentation-FINAL_27-Jan_22.pdf
Can't find previous posts relating to the cash levels but do remember that they stated a Capex figure for 2021 which was at · Cash Capital Expenditure approx.$ 5.5m (contributions to drilling etc.)
Also don't forget that every barrel of oil carries an Opex cost - prior years have listed that as in the region of $5/barrel but say adjust a bit upwards to $6.5/barrel
@GingerHippo's post well worth another read
@O2B@C - I remember that on the Board call that it was explicitly stated in answer to a question from the audience that there had been no pay rises and that the bonuses had not been paid, not last year's nor the ones which they had carried over from the previous year
Hippo, that is a n excellent summary of the upside in the company especially from these levels.
"So what we have here is a company valued at £15M.
That made £2M net operating profit in 2021 (current PE of 7.5) and will likely exceed that slightly in 2022 and significantly in 2023.
That has significant upside at AS.
That has c £7M due in from 3 divestments.
That has a healthy balance sheet and only very slightly negative retained earnings.
That hasn't had a placing for 2 years (yes, this is an AIM company if you can believe it).
That has a massive asset in Jamaica with interested parties."
Market is forgetting that this is a much bigger drill target than it has been in the past 5m barrels
Highlights
· 2022 Abu Sennan drilling campaign has commenced with the spud of the ASD-2 development well
· ASD-2 is the first well in a fully funded four well drilling campaign
· The well is a follow-up to the commercial discovery that was made by the ASD-1X exploration well in 2021
· It will target potential gross upside volumes of 5.5 mmbbls STOIIP (operator's estimate) in the Abu Roash C reservoir
Following mobilisation of the ECDC-6 rig to site, the Company is pleased to note that KEE have notified the Joint Venture partners that the 2022 drilling programme has now commenced with the ASD-2 development well.
This well is a follow-up to the successful ASD-1X exploration well drilled in 2021 which was a commercial discovery and tested the Lower Bahariya and ARC reservoirs. ASD-2 is targeting the north-western culmination of the ASD structure and will seek to prove up the gross upside volumes in the Abu Roash C reservoir, estimated by the Operator at 5.5 mmbbls, STOIIP, accelerate production from the field, and test a secondary target in the Abu Roash E reser
I don't think they will be around for too much longer, they will get flushed into the next few weeks as the market buys into the JORC