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The 5.5 million covers all expenditure associated with the upcoming drill commitments including day to day running costs. Any extra drill/sidetracked etc not already committed to will have to be funded by some other means. So in a nutshell the 5.5 cash is already earmarked for existing commitments and g&a through till next year.
'Not sure what point you are trying to make, other than splitting hairs.'
Look mate. It's really quite straightforward. Your post was misleading in so far as you listed 2 separate items on the financial position (which in effect are 1) to infer there were millions of pounds more in the coffers than there actually are. It's not splitting hairs - there are, believe it or not, UJO shareholders who believe all the drills at West Newton are paid for AND there is £5m in the bank. You are either one of them or you are trying to con other investors.
And it probably includes legal costs with the planning appeal which will be refunded by NLC
If you want to split hairs, there are non-cash items in that £1.6 million G&A, , so the cash spend is lower.
You're absolutely right on two counts - it was taken from a UJO RNS, and no placing is needed to meet current commitments (for this year as outlined by UJO previously). But you are wrong in stating that current commitments are the same as expected costs. Very different. As you've brought it up, as an example I will point out that admin costs are not included - £1.6m for 2019 I believe.
I'm struggling to understand what you mean gkb47, but I'll say something that I hope answers your question.
Using your post:
Financial Highlights
· Fully funded for all current drilling and well testing commitments
BECAUSE THEY HAVE A
· Cash balance in excess of £5.5 million as at 1 May 2020
In other words, the funding for their current drilling and testing commitments will come from the £5.5m cash in the bank as of 1/5/20.
Your post inferred they'd already set aside the funding for the current drilling and testing commitments AND they'd got £5.5m in the bank, which would be misleading.
my brain is hurting
I will just clarify gkb47, that the cash balance of £5.5m is there to fund the current drilling and testing commitments. There's not another load of cash sitting somewhere else for the current drill and test costs.
No problems Jacklevi
At least your civil about it, unlike the two morons last night calling me an idiot lol
Of course it pays to research either side of the fence. I got similar abuse on 08 Oct 19 Regarding the UJO cash position I posted and seven weeks later UJO raise £5M @ 15p.
It was a racing certainty, and a few quid was made in the run up to the 27 Nov raise I can tell you. I have no problems with this as my POV was in the public domain and few wanted to listen, unlike some of the characters on here blatantly leading average joe to lose cash.
Be careful who you listen to
A one liner from me......good luck with this one
Jack
RE: Stop it!08 Oct 2019 00:50
Gonzalez5000,
Yes further fund raises will be required to keep up!!
UJO confirmed the last fund raise of £2.25M was for, “The proceeds will be used principally for the planned Q3 2019 extended well test following the successful West Newton A-2 appraisal well and to provide additional working capital.”
That last raise was at .17 and judging by the comments tonight, this SP looks like going one way for the foreseeable further.
I’ve looked at 100’s of Licensee contracts over the years and getting good PR from someone else’s forward plan don’t cut it.
I think we are in for a much larger rollercoaster here as UJO will be cash constrained by Xmas and will need to show their cards to continue an aggressive licence play.
Jack
JackDiamonds No one liners. Just one word Bye.