"it is expected that the Group will be able to continue to fund its general and administrative costs for approximately one to two months, in the absence of access to additional capital or a further reduction of general and administrative costs in the interim. To mitigate this risk, the Corporation has been in discussions with certain shareholders and other organisations to obtain funding to meet ongoing obligations"
= Placing.
"In order to fund future capital, general, administrative and other expenditures, the Group will need to obtain additional capital through... equity financing,"
Equity financing = Placing.
Well there you have it in black and white folks.
Placing imminent.
Lets get this straight,nothing has advanced at all as all the contracts are "non binding" you'll notice. This is Nigeria they are dealing with.Its purely more jam tomorrow to deceive holders and spin enough bs to get another placing away for yet another year of admin/fat salaries to buy pies with.Amazing this is about 100 times now of the same tactic yet people still fool for it.I will bet my house on a placing coming in the next month.You were warned.
Arthur doing the rounds, todays results confirm they need cash and quickly.Id guess 0.1p placing with more Jam tomorrow BS attached to get places to cough up.
Been about 100 false dawns here.
£1m in cash 3 months ago,with cash burn here at $4m pa it means they'll be raising imminently.
Looks likely this will suspend.
while liquidity is there.The usual suspects are ramping this to the greater fool whilst selling for profit leaving the usual herd followers/muppets holding the baby.Don't be the muppet, let them be.Placing is incoming.Nigeria O&G is dead, this company is dead.
United Oil & Gas PLC CEO, Brian Larkin, said: "The Colter Appraisal campaign has delivered a new discovery and significantly increased our understanding of the Colter prospect. While we are obviously delighted by the discovery of Colter South, which with an estimated mean recoverable volume of 15 mmbbls is an exciting discovery and appears to have exceeded our pre-drill requirements for commerciality, Colter North has not delivered in the way that we would have hoped. However, even this latest result has delivered some interesting additional data which points to further targets and prospectivity within the licence area.
"We will continue to work with the partners to evaluate the best way of commercialising the licence and the considerable data we have acquired during this campaign will help the partners decide on their next steps.
United Oil & Gas PLC CEO, Brian Larkin, said: "The Colter Appraisal campaign has delivered a new discovery and significantly increased our understanding of the Colter prospect. While we are obviously delighted by the discovery of Colter South, which with an estimated mean recoverable volume of 15 mmbbls is an exciting discovery and appears to have exceeded our pre-drill requirements for commerciality, Colter North has not delivered in the way that we would have hoped. However, even this latest result has delivered some interesting additional data which points to further targets and prospectivity within the licence area.
"We will continue to work with the partners to evaluate the best way of commercialising the licence and the considerable data we have acquired during this campaign will help the partners decide on their next steps.
So thats where this will fall on a full non commercial result.
Whoever is buying now,WTF
Its not 50/50, well publicised COS of 25% so those are your odds.Still a chance there but it is in no way evens.GL
No they are to release news on the primary target as thats what they stated they are now drilling.they can release no oil shows in primary or sub commercial and still then continue deeper.The absolutely have had time to reach TD though for reason stated previously especially if no oil shows.if oil shows normally takes longer.you can assume whatever way you want from anything at the end of the day but id say try not to be delusional.
No they were drilling the Primary target, and had ample time to go straight through Seabea and through primary target. 2500ft in 5 days but they always give conservative time estimates, modern rigs can do closer 800-1000fpd.
CHAR duster caught many out it reached TD in little over half the time it was projected.
All to play for here.1in4 chance of success is the guidance.you get equal odds in a casino so please keep it real.
Big sells appeared pre suspension, no trading halt in Otto and it closed 5% down.
Be warned folks.Its suspected Chris Williams has been ramping fake news through his @alaskaoilandgas twitter handle that was set up a month or so ago with all of about 3 followers including himself.Funny how the tweet declaring oil discovery (which caused the sudden buying today) has now been deleted.Same thing happened with the fake news prior to the last duster RMP had.Needs investigation
https://twitter.com/DDS_DocHoliday/status/1098346752518877184?s=19
No need to be abusive.Facts are facts.And conveying them actually does everyone a favour.
Well no not quickly because 2020 they aim to produce 160boepd net, that alone is a long way off.I just dont see how the £17mln valuation here is in any way justified?Look at TXP if you want value in that regard or RRE.
Targeting gas production of up to 150,000 cubic metres (5mmcf) per day gross by 2020.UOG's 20% stake this equates to 1mmcf net per day (160boped) target by 2020.Seems a little underwhelming?Wont even cover G&A
Based on these forward projections for current trading year it would be trading on a EV/EBITDA ratio of 3 which does seem extremely low for a growing sector.Key to see if the company is trading in line with these forecasts.Any help from long term investors here appreciated.
WFTT