Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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80p it is then!!
Correct. That was the bet I offered. You never took it. You only had to say yes. I would of honoured my side. You wouldn’t take it as you couldn’t afford to lose it. As coming on here is a addiction for you.
I offered you the bet. You never took it.
Missed all the fun sozzled. Spouting rubbish again??
Anything of value I’ll keep it to myself??? WTF??
You only post BS about yourself and or family. Yawn yawn yawn.
Goodbye Gozzie2...hello Gozzie2.0..Why not it worked for Kurgan. I wonder if he is a builder ?
Take no notice matey, good luck, and well done gypsy king
Sozzled. I know you are an gambling man (like me). I will wager you a bet. If fury wins tonight I won’t post again. When he loses you won’t post again. This isn’t Facebook chatting with faceless friends and posting crap all day. Bore off with your poor dad BS. Bore off with the sick niece cousin whatever. And finally go save a stranger day. Take the bet and do one???
Ps. Good win today made me plenty of dough. But tune in to Liverpool FC
21/3/20
5.30 pm thrashing palace to the earliest ever league win.
"Who was it that quoted " one swallow doesn't make a summer " ?"
Guilty, during one of my replies to you on 24th Jan -
" I believe you do have some kind of connection to this project evidenced by your call on the Navitas RNS, however one swallow doesn't make a summer."
Really looking forward to summer. Maybe it will come early, the daffodils are already out round my way. But lets not start down a daffodil road please!!
That's the sum of it; RKH had burnt through an enormous amount of cash and the tank was nearing empty.
The good news is PMO did the decent thing; took pity on us and gave us a little carry and a deal that MIGHT, if goes ahead, see us through to first oil. Came at quite a cost though.
Good night all.
It was predicted by EDISON in there earlier report that RKH would have a cash balance of between $25 and $30m depending on the cash/equity split in the UOG deal..
Without the UOG cash its clear RKH were NOT going to survive 4 years to first oil on maybe $15 m; that's discounting any more PMO bills too!
Spot on cyan2.
As I stated before the disposal was announced, RKH were reasonably open for some time previously that Egypt was a platform for growth and that if that growth (through acquisitions) could not be achieved (and some came very close) it would be let go. As it was, it was materially sub-scale.
Add to that the delays we are seeing manifest with FID, OM, etc. (which I'm sure the BOD had some visibility of) and realising cash was clearly an additional catalyst.
Any connection to the Naviatas deal would be coincidental, but certainly wasn't the primary motivation.
GS
Wow nigoil still here fighting the doubters
Tyson fury should have you in his corner
Keep up the good work
2nd April last year gave the clear warning on their vulnerable cash position;
"Under the base case forecast and the downside scenarios run, the Group will have sufficient financial headroom to meet forecast cash requirements for the 12 months from the date of approval of the 2018 financial statements. However, beyond the 12 month going concern assessment depending on the timing of sanction for the Sea Lion development, in the absence of any mitigating actions, the Group may have insufficient funds to meet its forecast cash requirements.Potential mitigating actions could include non-core asset disposals, collection of arbitration award proceeds, deferral of expenditure or raising additional equity."
The cash crisis came quicker than they expected and no arbitration proceeds were in the bank. They HAD to sell a non core asset; its was about the only thing they could sell!
The cash numbers tells us what was driving the Egyptian sale; RKH could not pay its way and last to first oil without raising cash . Look at the cash pile; the on going bills from PMO; the $5.4 million per year just to keep the business ticking over and the at least 4 years to first oil. There's the empirical evidence.
As I said, sometimes you just have to read between the lines and do your own research.
I look at the facts; the numbers and the declared statements from the companies. This terrorism 'excuse' for the sale is just unsubstantiated speculation.
Well let’s see what happens from 28th Feb and you might change your mind....
There is nothing political forcing us to sell Egyptian assets. There is loads of trade with between Israel and Egypt.
Some recent news;
www.timesofisrael.com/in-milestone-israel-starts-exporting-natural-gas-to-egypt/
15th Jan 2020
"Israel has started pumping natural gas to Egypt from two massive offshore fields, marking a major milestone and a historic cooperation between the countries, according to a joint statement."
cyan, RKH had to sell Abu Sennan in order to get Navitas on board with Sea Lion. Navitas won’t sign until it’s complete. That’s what they’ve been waiting for - don’t underestimate the political implications of all these deals and companies involved.
Even after the sale of our Egyptian assets our year end cash position was $27 m (source ;EDISON report). With normal admin costs etc of $5.4 m per year with 4 years at least to first oil; its going to be a really close call; cash wise. Yes, we are all hoping for a nice arbitration payout , but RKH could not guarantee one.
Why do you all think PMO found it necessary to 'carry' RKH from 1.1.2020 to 1.3.2020? . 'reading between the lines'; its obvious ; there were big bills RKH could not afford to pay AND leave them enough to see through to first oil.
"This is why you need to read between the lines cyan, and why I believe the Navitas agreement was in place a long time ago."
I look at the numbers and the declared statements .
I am a large holder of these shares so I want this all to come good, BUT, I am not going to sugar coat where we have ended up.
I do not believe RKH management knew of some agreement with NAVITAS many months ago . IF there was already an agreement there would have been no need to sell Egypt; our family silver that was producing the "necessary operating cash flow to fund corporate costs"
UOG got a great deal at a discount; RKH were in such a hurry to sell they couldn't wait for the drill results.
NO, our management panicked when PMO were signalling the size of the next SEALION bills they had to pay 40% of; it looks like there was not enough cash to see us through to sanction.
I do agree that UKEF have given an informal nod a long time ago; just needs formal signing off.
It just makes it very hard to work out what the BoD are actually doing.
Unless getting information from another source unavailable to the general public of course which if true is good for that induvidual.
I still say look at RockRose and RKH.
I hope Nig is right, he does seem to lay it out there more EVEN now ..but I still say NO one can trust this BoD's especially Moody with the companies future unless they remain PMO vassal and are not intrusted with r3sponsible decision making.
Rgds Sft
Nigoil.....are you Sam Moody?
Thought you then said you didn't really buy 50k and now you did again. Cant think why you have zero credibility or respect on this board
Just left Manchester after beating the class of 92 should of had that beer !
“ In April they were looking to spend and ADD to their cash flows; come July and they are selling EGYPT because they needed the cash!”.
This is why you need to read between the lines cyan, and why I believe the Navitas agreement was in place a long time ago. They don’t need to RNS any discussions, only once signed - so they were free to make any informal agreements they wanted.
There is a lot more to all of this than has been reported via RNS. I personally think UKEF funding has been secured for a long time too.