Member Info for Treasures

Fish
It does feel like we’re swimming against the tide at the moment but I’m not gonna take the bait and fold. Holding for the caviar in 2023 but looking like cod and chips so far!

Hi, I can’t remember BL exact words but not sure he implied he would walk away from Maria it was more that they would not stay in the licence ie be part of the development if the CPR is not as they expect or I guess the oil price drops off a cliff. Anyhow at the moment 6 million recoverable and that interests them enough to keep at it. It must be remembered that they have already been previously offered 3.2 million for the whole of the licence area ( prior to handing back Zeta ) so there should still be some value at the very least I suspect. If you look at Quattro who made the offer their 49.9 share holder is BW and worth looking at their history….ultimately Uog valued at 10 million again and with a COS of 25% at Jamaica for all of that oil…biggest well to come next month in history of company..,for me very good value still despite the recent prod drop

I reckon he is whistling that old Elvis classic, Maria is the name of his latest flame…or maybe jono be Goode! Solid interview though.

FD - looking at the trading and trying to get capitulation from the sp doubling from 1.4 to 2.8 it looks like rns tomorrow coupled with the negative BB comments. I almost find it reassuring when some posters are so materially negative and many as you suggest non holders. Keep the faith!

Greg - I’m sure next month we see 2023 drill programme. Must be 2 or more drills on Ash alone or perhaps 2 rigs. If well 5 soon to spud is a hit as well things get very interesting….

Morning Jono/FD

Cheers for your thoughts on Maria etc.
At the very least we know what was on the table in terms of an accepted offer albeit some time ago at 4.4 million dollars a very good portion of our MC! Just can’t see it valued at anything less. Re the open jono, yes I recall something around 70 million dollars opex for Maria probably on the webcast/ analyst updates. The Collibri I think 40 million for the drill only. Just one other thing, and not often mentioned but this time next year we will be looking at completing the loan payments to BP which I think was in excess of 2 million a year which with UOG current MC is pretty good although has been pushed out twice already but the bottom line will look much better. I think opex was going to be a bit higher H2 but as long as the EGPC money keeps coming in OK I’ll be reassured. Cheers

Cheers jono, good summary which in fact if your numbers are close it’s a little more assuring in terms of hitting guidance as would imply that with a half decent Ash4 result could easily beat current guidance. Can’t be that long now. Near term, the Maria discovery could prove pivotal. Not sure whether yourself or FD have ideas of the value of a full sale could be now compared to what they originally accepted. Must be towards 10 million now surely if the cpr still gives 6 million recoverable still.

Hi jono, I do see your angle but many companies have still not reported q3 in fact HSBC only did today. I’m sure as you have said will all be updated in a single rns which likely the case. They have already given updated h2 guidance which was lowered by if you like 150 as a worst case so easy to see their expectations. If Ash4 is a success and on stream for most of Nov/Dec that is around 15% of the year so in a good scenario 1000 net to Uog would at about 150 to the average numbers but would increase bopd to well over 2000 per day with well 5 still to come. In reality I would suspect a conservative 250/300 a day is the figure they have used plus maybe 50 a day from last well and assuming nothing from the last well in this years numbers as will be b4 Xmas. Anyway that’s my take but with 4.7 mill in the kitty and a million to come from hibiscus Uog are in good shape. The Maria news could be very material as surely will be worth nearer 10 million now if sold. The market cap is remarkably low even if your correct with current bopd I think you said around 1200. Jamaica doesn’t seem to have any value attached to the sp. Anyway, good luck which ever your current position is.

3 x 4 pound fifty sells don’t unnerve me so far today. The big shake b4 the big cake.

I might have been worried to until I listened to the update which is 4 weeks old

Not sure any walking or talking will speed up the Ash4 drill but without dowt a huge run up to Xmas. With Ash4 hit we nearly back at 2000 bopd again then the 50/50 last well if hit another 1500 bopd on top. Another 2 drill Ash next year and a bonus if Ash5 is the second well of 2023 to keep the averages juicy.

A month since the Ash spud so I expect update any time now and then a couple of weeks to test etc. They probably combine all into a single rns. Hopefully the 3rd esp now up and running at Ash may help. Exciting run to Xmas now.

Hi Jono - yeah I saw your post and your ideas on the bopd although I hadn’t noticed the specific on 1262 current but o2 was referring to 1262 average which I can’t see how he got those figures. My particulars are that the current guidance is now the bottom end of the previous guidance which as they previously stated included the last well and current well expectations and given the likelihood of success at least with Ash 4 and the likely additional dribble from the last well would indicate that they won’t be much out on the guidance. I am invested very much invested for Jamaica as I think you are but more broadly at the moment there are 2 huge drills b4 year end which on their own completely change the production perspective both this year and next and given the very low mc at the moment is a great short term investment/punt at the very least. I don’t have anyone on filter tbh so look at all posts but dont post that often. The last thing in ref to Ash is the processed seismic so moving into next year I would suspect 2 new drills rather than 1 again

Well we got 17% uplift last week which was nice - I suspect similar movements over next couple of weeks until Ash result comes in. If these 2 last wells come in good and proper maybe we gets 2 rigs next year. Almost odd if they don’t have 2 new pins in Ash next year now the seismic has been appraised

Hi o2
Why do you think the average to Aug is 1262?
They have said in the presentation that h1 average was 1552, average to Aug 31st is 1478, ta

Joni, I thought they said Maria was q3/q4? Not read fully but does the 4.7 million include the 1 million owed from hibiscus

Thé aj14 well spudded a month ago so will get an update there over next couple of weeks aswell

They received over 2 million euros mid April for the Italy assets,i presume they have received the first payment from hibiscus maybe last week so must be holding the folding at the moment. Reliable 1500 barrels per day albe it around a quarter is gas sold at fixed rate not that high. Results of recent wellto follow plus 3 more drills this year and the esp
‘s to be installed at Ash. Quite a bit to be positive about for 10.6 million market cap. Oh yeah, almost no debt left on the debt facility provided by BP. Oh yeah take 2, over 30 million spent by tullow for us on Jamaica, how nice that was.

Anyone know if Boru are big enough etc to partner for Jamaica? I said this b4 but the whole shebang with UOG was Jamaica. The rest of it is just to get them there which now looks closer.

https://m.youtube.com/watch?v=DH0qkZYbMrY