Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Last years accounts were dated 30 September 2020 when Brent was about $40 a barrel.
https://countryeconomy.com/raw-materials/brent?dr=2020-09
And production has dropped by half as well!! What's not to like eh Adrian?
Ocelot,the naysayers understand exactly what you are saying, they just can't accept the situation.....the vastly changed value in the oil price has quadrupled since last years accounts, that combined with the stated cost cutting will have an obvious impact on future revenues.....but i don't have to tell YOU do i.....the naysayers will never admit it.......and they criticise Sando for misleading information.......hypocrites in the first degree
Penguins,
As your extract makes clear, the annual report for the year to 30/09/20 related, above all, to HH.
It is not particularly helpful in assessing the prospective operating margin in Turkey, where the principal sources are the RNS of 23/07/20 and the current oil price.
Ocelot,
UKOG are loose with time scale wording, usually raising expectations of something happening much sooner than it does. As the timescale was given before the GM what phrase could have expressed that the fund raise would be happening in the near term. There's still nearly 2 weeks until a deadline that may be easy to move as long as intent to start drilling is clearly shown.
Time will tell, certainly seems like the market is waiting to see what happens.
You think they were statements as to the situation at the end of last September?
Annual Report and Accounts, For the year ended 30 September 2020:- '....that in the current pricing environment, the significant cost reductions achieved at Horse Hill over the year and the forecast reduction in water handling costs via the conversion of HH-2z into a water injector means that, going forwards, Horse Hill production is forecast to be profitable.'
In the obtuse way UKOG make announcements this means the production from HH-1 in mid April was not profitable 'current pricing environment' - and at the end of the Chief Executive's statement 'Finally, with the prospect of stable profitable production from Horse Hill.....'
Prospect meaning:- 'the possibility or likelihood of some future event occurring.'
The Cheif Executives statement has many statements about 'current' (at that time) activities.
Only 16 days till the unaudited results.
Ocelot needs to brush up on basic math.
Extra profit? Wording in the annual report and accounts indicated in mid April that HH was not then in profit., Has the higher OP moved it into profit?
--------------
The annual report concerned the year to 30/09/20.
At the time of the 1st Turkey RNS of 23/07/20, Turkey's operating margin was forecast to be ($40-$15=) $25.
An oil price of $73 raises that operating margin to $58, an increase of 132%.
Penguins,
Much more likely, imho, they have no immediate need to undertake a fundraise, (the "near" term not necessarily being the immediate term).
Ocelot,
Maybe they are having difficulty getting any interest.
Troll,
Extra profit? Wording in the annual report and accounts indicated in mid April that HH was not then in profit., Has the higher OP moved it into profit?
trillhunter
Is that going to match your previous prediction from last week? You never did say what those "three or four commercial fronts" were going to be so I'm guessing it was all talk.
"Yes a good stream of positive news flow on three or four commercial fronts in the coming weeks."
$73.45 and onwards to $90+ per barrel.... all extra UKOG profit :-)
No fundraise RNS.
There will be a fundraise in the "near" future, but the near future isn't necessarily the immediate future and UKOG continues to give the impression it is in no immediate hurry.
.