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Hi Swetysock,
I've not bothered to attempt any fiscal calculation of boepd to bopd. You need to know the breakdown of oil to gas to have a chance at that but I thought it was all bopd these days S2 is 63.5 bopd since recompletion from the RNS of 31/7 and S3 is 192 bopd. Both are only oil which makes life a little easier
Hi Cheapskater,
I was trying to get my head round boepd and bopd recently but got nowhere really.
I know you have your formulas to give you ball park figures and I do have them also, as taken those from your past posts, in the last six month update RNS everything was quoted in boepd, whereas some updates on Stanley's are giving as bopd, apart from last Stanley-3 one which quoted in excess of 233 boepd which was presented as a vast improvement of 63.5 bopd originally quoted.
So people try and figure out how much oil we are producing and how much revenue we are getting in (myself included!), take off costs including their salaries and we try and get a burn rate figure per month.
Obviously we have more revenue coming in since the last placement hence this slows the burn rate and eases pressure of the next placement putting it further into the future than before? so timing becomes unclear of the next requirement for a placement against the history of prior placements ( but again I guess that depends on the ambition of the BOD also and current or future opportunities they may see that may be worth an investment) .
I guess financial statements as opposed to production oil updates are the only true indicator of the current financial health of the company, we had a half year report at the end of March perhaps we need one of these soon to allay fears.
For myself If a placing was necessary in the future I would want that well over the penny mark with way less dilution required.
You never know they may have re-opened talks with American banks for a Corporate Loan, but I guess that would have to be for a purpose like investment into Welch Horizontal wells.
No one knows the timing, price or dilution of the next placement if indeed they have or need one!!
I do know they hold a lot of shares themselves having invested prior to last RNS and cannot imagine they desire to have a future large dilution of their own shareholding unless absolutely necessary for legitimate business needs.
Anyhow here's to next RNS hope it puts a rocket up this share price, as the Price of oil going up 10% has not even touched our share price being an oil producer with increased production with Stanley-3!!!
GLA
It may not be quite that simple. When is it ever???
Falcon1 was was funded when Xstate were on board. MSMN only needed to pay about 27% of that drill. Now Xstate are gone, they have the money they put in to buy in and to get out US$83k ish but now need to fund 60% of the drill. However, the drill is expected to be cheaper now that Baja have identified using an existing drill site. We do not know how much cheaper. If it's half the price then I would expect MSMN share to still be funded. If it's less cheap then perhaps it isn't. Might be surface equipment there but probably not and that cost has significantly increased to MSMN ast Xstate were going to fnud 33% of that. However, for a few weeks MSMN will be getting a lot of extra cash from poo being up due to Saudi drone strike so I would hope that operationally they should be covered for the near term. I suspect it's touch and go on whether a placing is needed in the next month or two.
They might be close to arraging a loan facility based on the amount of bopd attributable to MSMN as of now. We know they are close to corporate profitability from AC's previous statement that Falcon1 and recompletion of Stan2 was expected to make them so. Stan3 was not included in his statement which is a bonus but at 15% it takes them closer but probably not over the line but it should offset operation expenses. If they need to be profitable to arrange the loan then one last small placing is not unlikely in the next couple of months. However, if they succeed in arranging a loan then I'm not sure there will be the need for any placings in the future if Falcon1 goes to plan with MSMN still having 60% of production.
In other words, "What the hell do I know?" It's just not cut and dried one way or the other. I'm not putting more in at theis stage but if there is a placing I will wait for the SP to
settle then average down.
WTI back up over $60 - and up over 10% once more. Reports now that Iran has seized a vessel it claims is smuggling diesel fuel so the situation is not calming down.
Not forgetting 84 thousand dollars from xstate
For their buy in (50k is dollars) and 50k oz dollars for buyout of falcon-1 percentage.
That was money in the pot for nothing.
Just need news to get this moving
Been in us last week
Let’s be having some news bod
Gla
Normally after several months yes I would expect one, however last time they did a 750k placing. At the moment we have only drilled Stanley 2/3 which were funded for previously.. Falcon drill our share was $230k that not gone ahead so awaiting revised drill existing drill plan.. They also got approx $80k for Strawn they sold off.. Plus if we are near corporate profitability.. Meaning operationally we are cash flow then we should have some profits to reinvest... I hope they have reconsidered loan facility is well instead of a cheap nasty placing. Loan rates should have gone down in the states as there interest went down.
Can anyone smell a placing behind this ?????
Coggs, you're flying to close to the edge... you'll be handing in your wings at this rate! lol
Wish they'd tweet an RNS or two.
BTW, is it "an" RNS or "a"RNS? I think it's "a" but "an" seems to fit better.
Nice picture of the expanded tank farm just posted on Twitter
Mosman #MSMN
We are delighted with the progress at Stanley, with Stanley-3 delivering significant commercial success, as we build on our production growth.
PHOTO: Stanley Project expanded tank farm.