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https://hotcopper.com.au/threads/ann-annual-report-to-shareholders.4684965/
7 page document?
They could have written "we did f-all" on a post it! It would still be incredibly accurate.
looks fooked to me.
just over £200k cash and wages are £426k with 3 directors on over £100k.
cost of sales double income generated.
They will no doubt sell of shares acquired in UKOG and Angs to pay wages. How are they going to fund new venture? 1 year and it will all be over
I really do want to meet DL one day .... he wont enjoy that meeting.
129m UKOG shares while still retaining 4% of HHDL
8.3m ANGS shares and still retain 10% of Brockham
that's about $4m
I think if any of us had gone to REY and talked about farm in we wouldn't have got a deal. To me it looks a bit like REY handed Dor half their MC
REY are another loss making company $8m in the last account with no income.
They had $14k as of 31/12/18 and a helluva lot of current liabilities
They need DORs cash. we are providing $1m for the exploration.....yes we can sell shares but as soon as they get dumped on the market the price will go down affecting how much we get
ok..so we explore...and there billions of jars of jam for tomorrow - how do we get the cash to get it out? how long will it take....how easy will it be for DOR to raise cash on ASX to keep the lights on and the top up the biscuit tin?
Always interesting with DOR
i was just saying your estimate of £200,000 was totally wrong. Are you going to admit that???
I'm not as pessimistic as you and if the new resource estimates and then drilling is successful then Rey will be able to source funds but you are right they need Dor now which is why Dor was able to get the great deal for 50% of their two licenses. I think it could get interesting as you say but lets wait and see
ATB
EX - it was not an estimate . That is how much cash they have as per their accounts . So it is a fact.
looks bad that you didn't try a bit harder to get the right figure and all the gone in a year stuff? You said something similar before? Very poor IMO
So I quote the figure from the accounts and that is wrong?
So how much cash have they got? You don't count shares as cash in accounts - it is not accounting procedure for obvious reasons - ask any dor holder. Lol.
Firstly touch wood it doesn't but ukog and angs share price could be badly affected by poor test results /wrong mud /lost drill bit etc etc. Secondly dumping shares will flood market making sp go down etc - assuming there are buyers wanting to purchase in the first place.
If you don't like or agree with my opinion - that is fine. But when the accounts say what the Cash figure is you can't really argue against that. Sorry
you know perfectly well what you were doing IMO and what about the gone in a year comment???
you implied the only cash or cash equivalents was 200k and THAT WAS WRONG - admit it
They have about $4m to call on and this has increased as Angus goes up
You are just plain tricky IMO
Not my battle to fight, but there is a difference between cash rich and assets.
What we don't want - having to cheaply flock more assets to fund directors salaries.
ex - there was no implication. my words are there to see
"just over £200k cash and wages are £426k with 3 directors on over £100k.
cost of sales double income generated.
They will no doubt sell of shares acquired in UKOG and Angs to pay wages. How are they going to fund new venture? 1 year and it will all be over"
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cash is as per books. i haven't denied the existence of shares or the need to sell them in the future - but that is not cash in bank - yet
I do believe there is a strong possibility that it will be over in one year. The money from shares will presumably pay for $1m promised already and wages/admin expenses. however we will no doubt need to do a series of tests on the new site before even embarking on possible production if it is not a duster.
. there is no way that what we have in shares will cover that unless something phenomenal happens at ukog and angs.... and i can't see future raises on ASX given DOR and REY reputation.
I have to be honest I wasn't aware of REYs financial position - it is quite clear that as things stand they don'yt have the means to devlop the project
might be wrong. time will tell
exactly you are misleading shareholders
Does that sentence as you have cobbled it actually exist in the report?
You imply a shortfall of 200k directly IMO
You ignore $4m in easily convertible assets which blows your devious implications out of the water
IMO you always know exactly what you are doing as you constantly deramp
I give my opinion as i see it - I am not trying to lead or mislead anyone. we are all grown ups on here and people have to/ and are capable of making their own minds up. I could be wrong - i already made a big mistake getting into this share in the first place!..lol
Unfortunately too many times over the last few years what i have said have actually come to fruition - and i really wish it hadnt as each time my investment got battered- which is why the share is down 90% in many people's portfolio. This share doesn't need anyone to deramp - it is the gift that keeps on giving
if their wages are the same as last year then yes with the current cash in bank - there will be a requirement to sell shares to pay them. and dont forget there were other admin expenses.
I was actually surprised how little cash was left - I had thought the various raises would have left more - but clearly it went on something.- biscuits? or maybe jars of jam? ..lol
As for your estimate of the proceeds of the sale of UKOG shares. Firstly the shares were 1.43p on 22/2/19 the day of the announcement. currently the sell price is 1.2p - so we are already down approx 15% ( i dont have a calculator to hand so it is only a rough guestimate - before you pull me up on the exact figure - and then accuse me of misleading! lol)
As i said if 130 million shares were to flood the market - what do you think it would do the share price? you certainly wouldn't get the current SP.
i think that's useful
1st time you implied there was shortfall with your cobbled sentence. Now you admit the presence of other assets which can be easily realised . So you then seem to change tack to pour cold water on those. Absolute rubbish that UKOG shares couldn't be sold over say a week and there be absolutely no effect. That's a fact IMO and if UKOG on the rise after they get the cpr (s) then it's a certainty there would absolutely be no UKOG fall if Dor disposed of the whole lot in 2 days.
Also don't forget UKOG reached 10p . 129m UKOG x 10p =
Angs reached 15p recently -8.3m x 15p =
haha...so i quote the accounts and am "wrong" and misleading. (according to you not a fact)
you quote a ukog share price of 10p and angs of 15p - a historic mutiple of what the sp is today - but that i guess isn't misleading???...lol
sorry - but you see the results on any share on AIM when a major shareholder offloads- it ain't pretty.
I think unfortunately your expression "That's a fact IMO " says much about your arguments. it is either a fact or an opinion - and you seem to have a problem distinguishing the difference.
ex - i have explained everything enough times already.
but here we go again
"just over £200k cash " - no implication ..i am saying they have cash of £200k - taken from accounts (FACT) ..i am not talking of anything other than cash.
I have already explained that once the shares are sold - to pay for wages / admin costs / $1m promised for field development plan I do not think there will be enough left over to pay for any additional testing and/or development to production.
The project requires
"Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons" quoted from the RNS
I suspect there will be a number of "testing" endeavours planned - these oil exploration companies always seem to need tests to test whether further tests are needed ..lol...
lets just say there are billions of jars of jam - then we will need cash to get to production. Something REY don't have and depending on the price got for selling our shares we may not have. I think both companies will struggle to raise cash on ASX - it seems to be tougher than AIM. Neither company has impressive books at the moment and the SPs has not performed well.
If the project is a duster - and there is no guarantees in oil...then it will be game over too but quicker
you obviously don't agree with me. which is fine.I hope you are right - and the £10k that I turned into £800 hopes I am wrong too. However that is how i feel .
I have given my reasons and tried to back it up with facts where possible.
now if you have anything more substantial than quoting a historic high SP for the shares we hold then I suggest you use it - as otherwise it looks like you are the one who is trying to mislead.
you have explained nothing. You've now shortened your original sentence i see !!
where do you get $ 1m assets from?
its $4m and excluding 105 of Brockham and IOW
lol...??????.it is not an asset ... they will have to sell shares to pay for the following:
1)wages
2) admin costs
3) $1m for field development plan - RNS of 5/3/19 - you should really know that
Thanks for the entertainment ex - it was otherwise a quite day at work! All the best
yes but it has been very interesting to watch you wriggle
first you posted misleading words implying Dor had a shortfall of 200k. I pointed out that because you refused to admit it was misleading. This is what you posted - "just over £200k cash and wages are £426k with 3 directors on over £100k''
You for some reason (deramping IMO) forgot the $4m they can realise in short time and you forget further that selling Brockham could get ,say, another $700,000 and selling IOW for UKOG shares another , say $300,000.
Dor has more ready assets than many other ASX, AIM or ISdx companies. And if the 129m UKOG and 8.3m ANGS appreciate Dor will have a considerable cash pile.
So it is amusing you keep taking offence when somebody disagrees with YOUR assessment that there is a 200k shortfall 2xlol!!!
Anyway ATB. I might even recommend one of your posts just to keep you happy 2xlol
ex - there is a shortfall if they don't have the cash to pay the wages. It means they have to sell assets to pay for whatever the board do - I am not sure that much goes on but that's not the point here.
or do you think selling off assets to pay leni for a few tweets is something everyone wants?
OK we pay the wages for this year by selling our assets. Lets say you are right and the company lasts more than another year. do we sell off more assets(shares or % of kimmeridge) to pay wages for next year?
I didn't forget the shares - if you read my post I mentioned they would have to sell them to pay!!?
I don't take offence ..don't worry...I am not going to get upset over what some stranger writes on a BB. Though at times it can be challenging trying to reason with someone like yourself. As it goes round and round no matter how much I try to simplify and explain it to you. But thats OK - I don't mind a challenge when I have time
yes so that's $4m in cash or cash equiv
Brockham plus IOW say $1m in shares with much upside potential as well if these were sold for shares
Rest of HHDL say another $2m if that was sold again for shares
So Dor has market cap of $4m and obvious assets of $7m
If underlying shares increase so does our cash pot
So enough to get Kora flowing again, and drill a fishbones or two (in the areas that other Aus companies and operators are already looking towards because they seem to be realising that it is the side of the basin with greater potential?) and pay wages for quite a few years.
Why do you post twice? Is it to distance the posts which quite clearly show what you did first say from the later posts where you so deviously change your tune
Like below where you now say you didn't forget the shares ($4m worth) when it is clear you deliberately did because you were trying to spin a negative shortfall story which you didn't get away with. I've got more to do than spend so long catching you out. Why do you invest in exploration when you spend your time saying nothing will work out in such a long winded way and at every stage or before more likely.
dude - READ MY ORIGINAL POST PROPERLY
"looks fooked to me.
just over £200k cash and wages are £426k with 3 directors on over £100k.
cost of sales double income generated.
They will no doubt sell of shares acquired in UKOG and Angs to pay wages. How are they going to fund new venture? 1 year and it will all be over"
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THEY WILL NO DOUBT SELL OFF SHARES IN UKOG AND ANGS - Does that sound like I "forgot".about the shares ?..lol
Doesn't matter how many times you repeat it - it is there and black and white.
exactly -scaremongering
plenty for everything
READ MY PREVIOUS POST