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Thank you GMC, very informative.
Hi B38 : Last official figures from annual accounts as at 30th June 2019
http://aaog.com/archive/reports/AAOG-Interims-2019.pdf?v=c
Courtesy of Tiburn who kindly took time to look at the figures
"Finance 29 Nov 2019 15:34
Just in case any PI has any concerns about finances for AAOG, the following is a reasonable position estimate based on RNS data issued and not unsubstantiated troll opinion:
From Interim Financial Report 2019:
Administration Expenses for Period Jan 2019 – End Jun – 2019, page 6 = £2,123,488
Average spend per month in this period = £353k
This included multiple contractors costs evaluating the Djeno route to market, Tunisian asset evaluation, Licence costs, SMP legal costs etc.
James Berwick makes a point that these costs were unusual in period and that H2 2019 would be much less:
“We expect the second half of the year to show a significant reduction in non-standard operational expenditure.”
Significant reduction expected – assume 50% from the £353k p/m in first half of the year.
Therefore £175k average per month for period July, Aug, Sep, Oct, Nov = £875k admin costs assumed
Cash receipts in same period:
- £739k cash on account end June when accounts issued the morning of Jun 28th, as per page 9 of interims, cash and cash equivalents at end of period = £739,007
- SNPC payment was received the afternoon of June 28th after accounts issued =
“Anglo African Oil & Gas ….is pleased to announce that it has today received a further cash payment of approximately $850,000 from SNPC” = sterling equivalent of £672k
- SNPC payment received on Sept 19th of a further $600k = £474k sterling
Total receipts in period according to RNS =
- On account June = £739k
- SNPC payment June = £672k
- SNPC payment Sept = £474k
Total cash receipts in period = £1,885k
Estimated spend rate in period = £875k admin costs as assumed
Leaving over £1million on account after admin costs to date, enough for over 6 more months operation to cover admin costs until post April drill and production revenue in May 2020 - worst case.
This does not include ISA receipts to date and going forward, further SNPC repayments that may occur, or any SMP claim award expected in the next four weeks by the Paris court decision.
The Miton funds of £2.5m received and untouched are more than enough to secure a drill and always were.
So - although cash flow has not been as Anglo would have hoped for, it does not affect operations and the drive towards the drill and production."
I have been watching this company with interest, and it looks undervalued relative to its assets.
Does anyone have an idea of the cash balance of the company now? I do not see much reference to a financing plan in newsfeed to date.