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This is from 2020 annual report, there is no reference to an additional 1.04m payment to Humber.
In June 2020, the Company acquired a further 12.5% interest from Humber Oil & Gas Limited (“Humber”) in PEDLs 180 and 182 containing the Wressle development project for an initial cash consideration of £500,000 with a deferred cash consideration element of £1,040,000 payable to Calmar LP, appointees of Celtique Energie Petroleum Limited (the original vendors in the acquisition by Humber) on commercial oil production being established. Following this transaction the Company
now holds a 40% interest in PEDLs 180
Oblige me with a cut and paste of this 1.04m payment to Humber.
Is deer
Page 5 - 2/3 of the way down the right hand side.
Now can you confirm that 1.04 + 1.04 is 2.08 or do you need a calculator…
direct me to this 1.04m payment to Humber in the annual report.
That further 12.5% interest is the best deal I've heard lately.
From the Annual Report: - In June 2020, the Company acquired a further 12.5% interest from Humber Oil & Gas Limited (“Humber”) in PEDLs 180 and 182 containing the Wressle development project for an initial cash consideration of £500,000 with a deferred cash consideration element of £1,040,000 payable to Calmar LP, appointees of Celtique Energie Petroleum Limited …
Is deer
Yes they paid Humber but they also took on the liability for their £1.04mm too. That makes £2.08mm.
It might help if you read the Annual Report or the RNS from the time rather than keep digging yourself into a hole…
From RNS 8th June 2020, if it’s changed there is no update I can find.
From what I understand, in taking Humbers share, they also took their liability to Calmar, I am sure I read that! Therefore they have to stump up £2m.
It was 500k keep up
They already paid Humber, keep up.
NOVECK you make me die of laughing.
Who do you think you are ... Rocky ruddy Balboa ?
Proper funny
Keep it up for my entertainment.
"Also 1.04m due to Calmar LP for wressle 12.5%."
Its £2.08mm, since they bought out Humber...best keep up.
Don’t worry I don’t give a fig about the company and tried to leave yesterday. But identical twin heid decided to pick the stick up and bash the nest again. I’m not nuts I just don’t suffer fools, especially those paid buttons to spend all day spouting nonsense on behalf of others.
Leave the stick on the ground and you’ll see a lot less of me, keep picking it up and you might find out just how competitive I really am..
Later.
If we agree there will be a placing, even for a company earning over 100ka month.
Let’s look at the financials
Cash in hand latest 4.67m
Trade other receivables 489k
Loan receivables 1.027m
Inventory 15k
Total of 6.2m in assets.
Liabilities 2.38m.
These will be drilling costs paid in advance, wages etc
Also 1.04m due to Calmar LP for wressle 12.5%.
Not included will be the 10 weeks overrun on WN testing costs at 16.6% of total outlay. Let’s add another 500k, and let’s round up to c3m in liabilities.
I am of the opinion UJO still have a few million, somewhere between 2>3m available to them.
I believe they are being prudent and covering all bases, I also think they will be looking for quick wins on any assets they buy.
First up is the investment in NS royalty, I’m guessing this 25% will cost circa 1m to 1.25m.
What I would like to know is what’s the expected return on the 27.5% in total, the yearly numbers and cash flow without the jargon and a maths degree to figure it out.
If they are going ahead and buying I would expect they have to place given they would be down to circa 1 -2m left in the coffers with further expense due on WN.
The placing will also have to cover one of the other licences, where will UJO go next
Biscathorpe side-track, Keddington or North Kelsey?.
They will need cash to progress any one of these ventures, I’m guessing the raise will be circa £5m and they will be completing side-track and one other along with progressing WN, I’m also guessing RBD will also have to raise some cash, difference is it will be done in advance of a world news broadcast.