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I didn’t really want to get into one again with you Mr Jinx, but if you’re going to continue to be a dik and split hairs....
Let’s assume you’re figure of $6m at year end (31st December 2020 which is 9 months away) is correct!! Then 2 further full years at $2.5m per year ($5m) and $1m left over for Q1 2023. Am I missing something or is it you that doesn’t have a clue “kitten”? Maybe time to wheel out your alter ego to help you with the maths?
I didn’t really want to get into one again with you Mr Jinx, but if you’re going to continue to be a dik and split hairs....
Let’s assume you’re figure of $6m at year end (31st December 2020 which is 9 months away) is correct!! Then 2 further full years at $2.5m per year ($5m) and $1m left over for Q1 2023. Am I missing something or is it you that doesn’t have a clue “kitten”? Maybe time to wheel out your alter ego to help you with the maths?
Whimax “Enough cash for 3 years at current burn rate”.
You just ain’t got a clue, have you kitten? :D)
I made several ‘outlandish’ claims apparently.
1. Larry will blame the 8-10week old Coronavirus crisis for lack of partnering. Tick.
2. We only had $9m left and our cash burn was $4.5m a year. Erm, tick. My guess is the balance will be around $7-6.5m at end of H1 as you don’t go from a $4.5m to $2.5m spend overnight. If we get to year end with $6m, then it’s a win.
3. Cash control/raise/restructure will be necessary by end Q2. Tick. Larry actually deserves a bit of credit for this. He’s announced prior to end of Q2 which was when I thought things would be getting bum twitchy. I would’ve been happier with a BoD committed to a reduction in salary rather than a swap for shares. There is no doubt in my mind that, similar to Larrys recompense, that these awards will be at the most beneficial to the recipient. Ie, if the sp is at 5p at the time of the award, the award will be calculated at say, 2p. If there’s one thing that’s true, Larry and his cronies aren’t selfless altruistic socialists.
Agreed Olly. So frustrating that we have an imbecile in charge of some great assets.
IIMO if we were close to partnering he would have waited a little while longer to update us little people.
Sounds good , but, should have done this a long time ago . the bit that worries me is it seems obvious that there is no near term partner , if there were they would not have put out this rns . If we do find a partner , how much is Larry prepared to give away ? This brings me back to the same question , if Lixus is so highly rated in the industry why are others not climbing all over us to get in on this . I think this rns is just Larry buying time .
I'm sure Larry can't find a bottle of Castrol GTX in his own garage much less in the deep of the ocean.
I’m happy with the strategy too. Let’s face it we were never going to find oil unless Larry bought a bottle of Castrol GTX from his local garage! Focusing on Lixus sits well with me
Will 3 years be enough, taking account of Larry's track record on attracting partners.?
Enough cash for 3 years at current burn rate.
Sounds like a good strategy to me ..... Gas is the way to and with some proper revenue in the long term but where is our partner for this world class asset ? Still under delivering !!
“Corporate strategy to focus on monetising near term potential of the Lixus licence and maximising value for investors by developing a Moroccan gas business. Organisation restructured to deliver this strategy with a continued focus on capital discipline.”
RNS:
https://www.investegate.co.uk/chariot-oil---gas-ld/char/strategic-update-and-response-to-market-conditions/202004090700022626J/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Chariot%20Oil%20&%20Gas%20Ld%20Alert
Corporate Presentation:
https://www.chariotoilandgas.com/wp-content/uploads/2020/04/Corporate_Presentation_April_2020.pdf