Member Info for Adw198

Bearing in mind RPT claims to have only arrived here last month, isn’t it weird how he has awareness of something you said a few years ago.

Incredible more of the genuine investors don’t call him out as a reincarnated WOS. I suppose once they admit that, the whole house of cards collapses.

@sageman

“160 bopd x 365 days x average $75 price per barrel = circa $4.38m”

What a funny claim. The first 6months production resulted in $810k, because unlike your figures in the real world you need to pay your partners their share and the government theirs.

In recognition of the fact 30% is being arbitrarily withheld I generously calculated $810 x 1.3, giving $1.053 revenue for the 6months which is $175k a month.

I said generously because I’ve assumed all the withheld money to be profit ie assumed they’ve already paid PC and the government. It also ignores the fact production volume has regressed since production started.

As I said, the income doesn’t even cover salaries, let alone anything else.

Bring in…less than $175k.

So even wages alone aren’t covered.

Granted they’ve just received an $800k lump sum which will act as a buffer. But there can’t (shouldn’t be) any debate the income doesn’t match expenditure. And contrary to Dozzawba’s claims there are no plans for Heron2, Gobi or Gazelle to be brought onto production. Even if they did flow commercial oil there’s no money to pay for the work, hence changing strategy and trying to find a partner

“ADW being dishonest again. He doesn’t know what this years expenses are does he? What a silly sausage 😂”

More vague accusations, unable to “quote” anything dishonest.

I do agree I don’t know the expenses tho - hardly surprise given the CEO didn’t know them when asked.

What we do know is the salaries alone represented $2.2m last year. So before any other bill, is paid $183k heads out of the door every month. We also know there’s an obligation to spend $980k over 24 months on the new blocks. So that’s another $40k on average. $223k a month before any of the Other Expenses are factored in. The “Other expenses” averaged $300k a month last year and $130k the year before so take your pick what they might be this year.

So that’s what we know about Expenditure. In terms of Income, 160bopd of oil appears to bring in

The company lost $10.9m last year.

Less than half of that was spent on exploration / drilling.

So that leaves nearly $6m. They won’t be able to meet their obligations on

Carl Doswell can hardly complain about someone calling his Tommy Robinson supporting views as right wing. Check out his Twitter feed which is in the public domain and form you own conclusions. I’ll happily meet him if he agrees to apologise once I prove I’ve been 100% honest with my position here.

Or better still just address my research into the finances.

There is no such commitment

“Also a commitment to avoid any further dilution”

Caught lying again WOS.

As expected, you’d rather spend time telling me why you shouldn’t EVIDENCE your claim than simply provide it for the benefit of everyone.

But of course you can’t provide such evidence because it DOES NOT EXIST.

WOS caught lying again. 👍

Let’s spend an hour going back and forth - just direct me to the quote please.

Well I’m quoting facts and figures WOS.

Whereas your claims are more unsustained nonsense eg

“Also a commitment to avoid any further dilution & access to the Petrovis $1.5M soft loan facility.”

Where is this commitment?

Further forensic analysis of the accounts…

This year salaries were $2.2m (up from $2m. Buck taking a cool $560k.

Other expenses (I think thorn called this tea and biscuits) came in at $3.6m, up from $1.6m.

Most of that was an increase in Sunsteppe costs - jumping to $1.7m from $200k. Unsure how much of that massive Sunsteppe increase is ‘paid and done’, or a recurring cost?

That Other Expenses included a $500k “production bonus” - anyone have ideas who that went to? It’s quite a chunk of the $810k received for 6month production.

Those who claimed production revenue > expenditure are wrong, wrong, wrong.

The more I look, the more of a car crash than (even) I realised it becomes.

At year end 2023 they only had $503k in actual cash. They had other Financial asset of $3.529m

By June 30th 2024 they had $772k cash.

How did this figure go up - they sold a non cash financial asset worth $2.56m (confirmed in this years results). Without that sale they wouldn’t have survived the first 6months of 2024.

Anyone have any ideas on what the asset was?

They’ve done really well to make the $1.9m they had year end 2024 last till June. Must have been running on absolute fumes.

And how much do you think it would cost to bring another well to PRODUCTION?

“Well if you believe the veracity of the last RNS, no funding is needed”

Depends on your definition of needed. I believe they’ll have prepared a budget based on carrying out zero work across Heron. They’ll want a raise to carry out some of the work they’ve floated. Also to protect them from the risk of any further issues at Heron1.

Obviously last year they made the exact same comments, and within 2 weeks instead thought it appropriate to ask the market for $9m at a 45% discount. Was that “needed”?

Also, unless they can find a new revenue stream, they’ve only got 12months money. How long would you wait to do a raise in those circs?

I’d be very surprised if I predicted a raise would come in January, February etc.

I’ve known for a while one is needed though - probably for about as long as I’ve known they wouldn’t be getting the £5m - £10m winter revenue you predicted Margaritas / Tenbag. Instead they got $810k for winter and spring.

Yet no humility, no apology, no concession that the results were just 5% of what you expected.

Your Telegram victims don’t care though, they still swallow it!

Yeah some silly, pointless and non company related arguing yday. Apologies to the few sensible posters.

No point me engaging with someone who explicitly stated they won’t ever discuss the company with me, so I’ll stick him back on filter - until the forthcoming raise anyway.

Yep I absolutely said / offered that. You ignored it.

Then YOU said TO me

“Send me your details Andrew and I'll give a grand to charity”

Your words

I’ll do 1 or both. You won’t dare do either.

I literally quoted your words.

You bottled it, just own it.

You’re either the thickest naive mark, or the best subtle ramper.

Gravy

“Send me your details Andrew and I'll give a grand to charity”

Andrew

yeah sure

Gravy

“No, I won't do that Andrew.“

If you’re real, wow - tragic! :)

Ok gravy, history will note you made an offer and then back off.

I’m not triggered by RPT, I just can see who he is and enjoy pointing that out.

Odd, given your obsession with me that you refused to tell us what you thought about him. I was willing to walk away (till the raise) and you ignored it. :)