Member Info for VistaMan

Mariog, I appreciate that the first DCU payment will be early October but where did you get the 0.27p per share figure from?

Thanks.

MadDogMc, as the current share price is at the open offer price if all you want to do is increase your holding and take advantage of the reduced share price then of course you can go ahead and purchase as normal.

However that will do nothing to help fund the company. Only shares taken up in the open offer will actually provide funds to QED to continue as a business.

I have been holding/adding Quadrise for >10 years, I intend to take up my full Open Offer Entitlement and apply for excess. The latest IMO shipping news has only strengthened the need for lower CO2 emitting fuels.

Tern have extended DA Loan Notes many times before because simply DA do not have the money to repay them and the loan notes are really only convertible in a funding round / liquidity event.

Therefore I am SURPRISED at all the hype on ADVFN that:

"DA are now self funding"

"DA revenue growing becuase they don't need additional funding"

I don't know how you can conclude that the above 2 views are true from today's RNS, to me they are just speculation / ramps.

Loads, thank you. I hope they find a decent farm-out partner for Jamaica also but nothing is certain in investing.

Loads, I am not saying that there is no value in the assets outside Egypt but it was you who stated they were undervalued based upon a P/E of 5. You can only use the latest profit figure that is available which is full year 2022. God knows what it will be this year with oil prices much lower, particularly if Maria doesn't actually happen.

Loadsamoneeeey, from the 2022 financials, profit after tax was $2.3MM.

Taking a P/E of 5 gives $11.5MM. Conveted to £ is 11.5/1.26 = £9.13MM.

Current Market Cap (from LSE site) is £10.5MM. So how do you calculate the share is undervalued based upon a P/E of 5?

Loadsamoneeeey, What Price to Earnings multiple do you calculate UOG is currently on?

Thought he gave a logical explanation of why action on the capital program and dividend is required. (Commodity Prices, Tax, Amortising Loan)

He did talk a lot about M&A opportunities which I will be OK with assuming it would be accretive and doesn't involve the issue of equity. Any significant equity component would be very poorly received here by PIs.

They have annual employment contracts, no need to pay beyond that. Once a new CEO is in place I don't mind Ritchie leaving if he wants, can't say as an investor I believe the board has acted in the best interests of shareholders this past few years.

Personally speaking I am glad that sufficient shareholders have voted to remove Albert Sisto as CEO. It will be interesting to see what the BOD/Chairman does now regarding a replacement. I assume once a replacement is in place then Sisto's remuneration will be reduced?

And you trust Winnifrith????

Phoenix, you can be assured that TDF and FormerFD are one and the same. Former FD disappeared after an embarrassing fail from UOG on one of their drills after his excessive ramping in advance about it. The other poster you refered to was likely GregPeck7.

TDF never denied he was FormerFD when he was "discovered" some months ago. The posting styles are identical although to be fair recently he has mellowed somewhat compared to FormerFD.

Most days this board is just an echo chamber for TDF.

Antelope, You might disagree with Rhodi but he has a right to post his opinion. Perhaps you can give us some positive reasons why we should re-elect Sisto rather than "it will cause chaos". CEOs have been replaced before and will be again in the future. The large multinational I worked in replced it's CEO's several times for non-performance and non-compliance, it didn't fall apart. I attach a message on the subject I posted several weeks ago.

Antelope, can you explain why he should keep his job? He hasn't delivered any shareholder value after 8 years, current market cap or NAV isn't higher than the sum of all the raises and he hasn't executed any shareholder accretive exits. I have heard from other shareholders who would be concerned about potential downside of him being replaced but with the current SP any potential downside has largely already happened. And what about the potential upside of bringing in a new, energetic CEO who actually might share meaningful numbers with us, the current owners?

Vista.

Disappointing as the announcement of a fundraise was it certainly goes a long way to explain the recent SP performance. With Montara back on-line I took the opportunity to add a couple of lots today as I believe the decline is overdone. Both purchases were marked as sells, hopefully we will get a small bounce over the coming days.purchased

Undoubtedly cash outgoings could have been better managed by the BOD but fundamentally it's a good company with a positive future. (Assuming oil price and developments deliver!)

TDF, I think you mean NET REVENUE, not net profit. There is still CAPEX, SG&A, interest, etc to deduct.

Antelope, can you explain why he should keep his job? He hasn't delivered any shareholder value after 8 years, current market cap or NAV isn't higher than the sum of all the raises and he hasn't executed any shareholder accretive exits. I have heard from other shareholders who would be concerned about potential downside of him being replaced but with the current SP any potential downside has largely already happened. And what about the potential upside of bringing in a new, energetic CEO who actually might share meaningful numbers with us, the current owners?

Loadsamoneeeey, no disputing your 2.3million barrels 2P figure. Looking at the CPR the 10% discounted 1P has a value of $9.6 million (in other words if they spend no future capital) The 10% discounted 2P has a value of $29 million BUT I wonder how much capital would be required to achieve this as not all wells are 100% successful?

When trying to use this data to put a market value on UOG, the traditional ways are a multiple of flowing barrel or a multiple of 2P reserves. The flowing barrel is very hard to predict for Abu Sennan but using the 2P figure a maximum multiplier of 5 might be used, ie $11 million.If you don't believe me look at recent acquisitions or current market caps of producing small/medium O&G companies.

Vista

Well, it looks like Jono was right on this one.

Perhaps there is a lesson here for many of the posters to take a "risk-adjusted" view of potential outcomes rather than simply repeat whst BL says/tweets.

At least the latest RNS has been forced to with "there can be no guarantee that this new process will succeed or that the sale will be completed" !

FormerFD, I was simply highlighting the unsubstantiated ramp! You can call me whatever you like, its your modus operandi to call names, insult people, ramp when it suits you, post nonsense and inflated figures.

DogFarther / FormerFD, I know Tullow had a cash issue in 2000 like lots of other O&G companies and while they had to make disposals to raise cash, they raised a "nominal fee" from UOG for the 80% of Walton Mourant so it wasn't released to raise cash or save cash as the requirements of the license were also modest.
As regards my holding here, I have posted many times that I have been holding since 2019. I don't engage in or enjoy falsehoods or blatant ramping that dominates this board!