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A fair bit to look forward to
https://www.proactiveinvestors.co.uk/companies/news/956415/united-oil-and-gas-to-focus-on-growth-in-egypt-and-mediterranean-area-after-selling-north-sea-assets-956415.html
I added today to a modest 1m holding, AFC are big debt guys, very well known in the space. It rings of debt being lined up the background of the chairman is too significant to ignore
Serious new appointment from ADME. AFC were behind the Assala Energy deal in Gabon, Assala part of Carlyle Group and heading by original guys who built Tullow. They funded it with debt to take about 55,000 bopd asset from Shell
BCN messed it up first time round because they didn't have a big strategic in place, HZM have secured one for $100m (currently in documentation). Someone close to the company kindly pointed out to me that JM confirms that in his video presentation delivered to the BMO Denver show (only the world's best projects get invited). Capex is $443 million (inc $65m contingencies) debt coming for $344m. They are in an extremely strong position here and have about +$30m in the bank plus whatever off take pre-pay might be out there. There's no point speculating the clues have been given and this will all become fact as the deal is inked.
Such a good post Grtrader
“If production is heading up and price is heading down it doesn’t take a rocket scientist to tell you what to do
Buy when others are fearful and sell when others are greedy
Most investors are ruled by emotion, they sell into fear and buy into greed.”
The Jamaica farm-out is in process, if a supermajority does not pick it up then there are plenty of majors, nearly majors and mid-caps. No way that UOG would really ever go it alone, not sure where that rumour came from - they could not. Jamaica a nice kicker for the company but really see the upside coming from Egypt, the value for Jamaica would be yet to come with a farm in partner. All today a storm in teacup, keep drilling Egypt for growth.
It is tricky to name names on a public forum but I will say that with the advancement of binding contracts the matrix of those involved in processes expands as does confidence and chitter chatter.
Spoke to Peel Hunt, the seller last week was from Canada, they think it was a portfolio reshuffle. Hear also the debt side should be a lot sooner into Q3 than the market would think. Remember that the original target was end June. The banks want it wrapped up and to break up for the summer. There are 200k shares at 6.56p a bit more at 6.61p and then ready to move.
I've added a few more here, reflecting as a sell for some reason I think because I picked them up just below the mid. A deal will be done here, activity will begin and I am absolutely confident of a rerate here.
The 32k shares was me buying and topping up a little in the ISA which I forgot I had sitting there. I will probably add another £10k or so soon.
Yes some really nice buying, they should keep it coming
The process has a technical DD phase where they not only check that the project economics stack up but also all the ESG factors as well. The banks bit is the most difficult bit and then the credit approval looks to be the 'rubber stamp' but I guess it is more than that.
I picked up another 25k shares, WINS are showing on 25k lots, a few more buys and I think it pops
They are doing the right thing to re-engage interest. Noticed another this morning. These companies need to continually reinforce their message. Mike Ralston seems like a sensible guy. https://twitter.com/blencoweres/status/1409793754714750978?s=21
Yes Luke that NPV calculator is great, Wood Mac upped their nickel forecast to $26/tonne - the calculator defaults to $16k/tonne and the economics are excellent. Just see what happens when we turn up the nickel price to where it is going !
If the traders only would manage to hold onto these then we would see some big gains, I think this is really going to build into July.
Company is projecting a bit of confidence here, I’m adding more
Stubbs, why don’t you ask for a 1-2-1 chat with BL one day? Be nice for you guys to clear a bit of the air
Yeah well it's certainly in my pension!
I completely agree, the industry guys know where the nickel price is going and they are going to make sure that they get involved. Having strategic investors is key and the clues are all there and have been for some time. See the stock is moving, the market has been waiting a while here to see when the bounced might come, I think now is the time to move back in.