Market's view on United Oil&gas
Published on April 2024
- Two major shareholders have exited, raising concerns about the company’s stability.
- A project has been repeatedly delayed, with promises to drill in 2022, 2023, and now possibly 2024, still without necessary planning approvals, which may lead to further delays.
- The company’s claim of a 26.25% interest in a project is disputed by official records showing only an 18.95893% stake.
- Financial struggles are evident as the company has had to conduct a heavily discounted placing to raise funds, which were still insufficient.
- There is skepticism about the company’s operational capabilities and the viability of its projects, with local opposition and regulatory hurdles adding to the challenges.
- Allegations of corrupt practices in the market and dishonesty towards shareholders have been raised.
- The company’s management practices, including potential manipulation of voting results and offering incentives for favorable votes, have been criticized.
- Overall sentiment is highly negative, with doubts about the company’s future prospects and management integrity.