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Is the only thing to keep anyone invested here .... their headstrong desire to flow a deep is what will drive them bust ....
CC - I thought in any sort of building or project work if you had 95% finished a job it was logical to therefore finish it - does this not apply to oil wells ?
Switching to production license triggered historical costs tax.
http://www.buhgalter.kz/nalog/module_1_3_19_3_4.htm?st=MA%3D%3D&sct=MA%3D%3D&mw=NTk5&ms=CQAEAAAAAAAAAAAAAAAAAAAAABJABA%3D%3D
Next payment due is end of August around $750k. There are a ton of other taxes payable regardless of whether they sell oil or not (social tax, property tax, income tax etc ... paid monthly).
KO didn't manage the transition but I blame his advisor Clive who should have warned him not to feed his private businesses and interests a the expense of CASP. He should have stopped all related party transactions.
"During 2018-2019 the Group had purchased drilling and workover services from the related party KazSmartEnerKon LLP, a company registered in Kazakhstan, which is owned by Kuat Oraziman, amounted US$ 3 million (2018: US$4.2 million). These expenses were capitalized to unproven oil and gas assets. As at year end the Group has prepayments made in the amount of US$ 0.5 million (2018: US$2.9 million) in relation to these drilling services."
Where has this $3.4 mil gone ??? Do we still owe the remaining balance of $3.8mil.
Was the oil sale at $10 a related party transation too? You just can't tell.
They could have raised at 12p had they looked after their long sufferring holders.
Instead they threw disparaging comments at them at every oppourtunity.
Where has this $3.4 mil gone ??? - If you are talking about the $0.5m and the 2018 balance of $2.9m, these were prepayments at the date of reporting. ie, we had paid in advance for drilling services. They are not cumulative, but part of the following periods costs. So, assuming no prepayment in 2017 we paid KSEK $7.1m in 2018 (4.2+2.9) and we paid $0.6m in 2018 . Presumably we had at least $0.5m of services following this time or were repaid.
Do we still owe the remaining balance of $3.8mil. - Where does that come from? At the date of that statement KSEK owed CASP $0.5m
Cant argue that the deeps have not cost holders and that MJF should be significantly further on by now, enough to pay the tax at least!
If we are producing 50k bbl a month and Brent has been above $40 during that month, then assuming we are still selling 60% in the export market and taking the $21 net from the AGM question, then there is a profit of $630k per month. If production goes up to 60k per month it comes in at $756k. Both these numbers could be a little higher as Brent has averaged above $40
The problem with these kinds of calculations is that we simply are not getting the information about output, export percentage and average price received any more. They said they would go from monthly to quarterly data, but we haven't got the Q2 data. We also don't know what kind of loss we are making on domestic sales which could eat into these profits.
We have to assume that they have calibrated the placing to get them through the cash flow issues and the historic tax payments that Adrian refers to, although even that may be assuming too much considering their recent performance.
What we really need is Q2 data which must surely be available now. Now the £1m placing cat is out of the bag, there should be no need to hold back on this data. We know Q2 will be bad. Get the news out of the way Clive so we can move on from this mess.
So in the next quarterly update we could find out we ceased trading a month previously ... I for one like the new system that protects them from telling us anything uncomfortable ... marvellous system ... and luckily they have offshore companies in the uae to hide behind ...
dhb ... balances aren't cummulative but credit/debits are. You've used word "balance" where as Clive hasn't.
We can both agree that real money in millions has left CASP and into KSEK.
No shallows drilled in 2019 and no workovers. A8 drilled by Sinopec. Where did that money go?
I'd like a breakdown of exactly what KSEK did for CASP.
I know Clive's response will be since you are speculating about what happened, we'll just stop telling you about any RPT in the future.
Clive's shares - the RNS didnt announce any lock in for him did it ? as he took them in lieu of salary can he sell them at these low prices without needing to notify the market ? anyone got a clue on this ??
I am guessing Kuat has interests in KSEK ?
I started to think this was a bit of a scam after they bought the boat and I am now almost certain that it is just a 'black hole' operation. All we need now is for Flawlesskicks back to tell us what a wonderful prospect this is !
he might as well sell them. Worthless....
jester .. he's sold them already. A few mil dump at 3.2p since those shares were issued.
I think the future is not bright !
adrianz , at any particular date a prepayment is an asset on the balance sheet. The debits of $7.2m being capitalised "drilling and workover services" do seem excessive as you say with $3m of costs for 2019 and little activity especially considering we bought drills etc during the year. Also raises the question as to what the $500k prepaid at year end is for? Consultancy fees?
Are we contracting the crews via KSEK?
Clive Carver Nov 2017 shareholder meeting, "It gives us the opportunity to correct any misunderstandings they may have got from poorly drafted announcements *smirk* "
He is well aware of the poor information that he supplies, he just doesn't really care. Reminds me of Chips Keswick at the Arsenal shareholders and supporters meeting "Thankyou for your interest in OUR affairs"
DHB - he was a proper "carver" was that chips ....
Hi Smasher - if you assume they are useless and not telling you the complete picture you can trade CASP profitably - this part is like 2.4p 2014 ?? haven't got the charts to hand ... just run some of the profit don't put your own cash into it - imo of course .. if it hits 1p / when it hits 1p take some for the 5hi7 or bust move from K.O. if he has any funds left ( remember CASP is his children's now and the UAE is all set up and ready to be moved into ) he could make a move and go private or give it a wash and brush so I wouldn't risk capital, these are unchartered waters .. and as we know the Non Execs aren't worth a ....
Yes - useless as an investment -- okay for a sneaky trade or two exactly -- that is assuming you are a trader..
Since Kuat raised a loan against his stock, that showed you what was happening in Kazak and most have been trading the bejesus out of this - if you haven't ......
I actually have successfully traded some of this. But I was forced to do this to cover my losses on a share I was duped into believing may have been a half decent investment thats my overiding point. I dont think anyone buys a share they know is a bit of a scam unless they are a very skilled and confident trader...
There we go ... everyones cloaks are dropping ....
CC - I have admitted this before I dont see it as cloak dropping I am simply saying I had to trade to claw back some losses on a share I thought might have been okay....