Todays update:31 May 2024 23:56
Well I’ve just read the report and I have to say I’m really surprised at the positive outlook from the comments I’ve read here. Apparently the view is quite upbeat and there are strong signals toward dividend payments etc….
Ok, so what profits are enabling this dividend payment that was only actually noted as an option ?
I’m genuinely curious as to what I’ve missed that some of you seem to have spotted. And I’m not referring to baseless optimism here, I’m simply taking the report at face value.
Here’s what I read; the company is hoping for a traditional farm out, but will look at other finance options if a farm out doesn’t happen.
We are expected to be cash negative at the end of Dec 2024 at which point additional funds are required.
Ohh, and we also have an obligation to drill an appraisal well before Dec 2024, but that is expected to be extended, as per previous extensions.
There was no mention of anyone in the data room, but there was plenty chat about how hydro carbons are needed for decades to come…..
Really, is that a f’ing fact. How about pointing at water and telling us it’s wet !!!
Nope, I think this is worse than a run rate update, and I’m actually surprised there wasn’t a huge sell of today based on what I consider to be a really poor update and practically guaranteeing another funding exercise is coming before the end of the year.
Again, I am going on the report here and not my opinion, it’s all in the update !!!
So what do you see that I do not ?
As per the update:
“additional funding will be required, before December 2024, to meet the day to day operational cashflow requirements, noted above, of the Group and Parent Company”