Member Info for Bermondsey

Does anyone know when we disposed of that investment. We have a cash outflow of 25k but no loss recorded. Was that our cost of investment or did we make a 25k loss?

Strike me about the accounts.
1. Development costs have fallen. 16.46 m in half year 17 to 15.56 in the half year 18. This is a record of historical cost of investment. How has it fallen?
2. We made a million from the jv, it isn't in the cashflow statement and didn't hit our bank account. It also isn't showing as a receivable in our assets. If there was a timing delay on payment it would still be on the balance sheet as a receivable.
3. We raised 500k for the further development of Aje per the chairman statement. Per the cashflow statement only 104k of development costs.
4. Link points 1 and 3. We contributed more cash to the development but development costs decreased.

The positive. We have 94 k cash. This is a snapshot in time, 30 June 18. If we have had a lift since then we could well have a lot more cash in the bank.

The pleasant surprise was not having to wait until Friday to be disappointed.

Turonian rim report and funding announcements to come. Who's selling. We all knew the accounts were going to be a mild dissapontment

Jim. Just looked at your old mxo postings on twitter. You estimated 1.5m of jv profit full year. We have a Mil for the q. Good work there. I wonder if we will get a bit of a number H2 on that side of things

Good to see you Philpot. Hope you made a few quid elsewhere in the meantime.

Relise my thoughts on these statements are a bit up and down. Trying to buy a house and the second seller has pulled out on us this week. Add to that this isn't my only set of shite results today. I need fresh air. Good day everyone

Quite an upbeat chairman's statement. We do also have some colour on the half a Mil raise earlier this year. That was for aje development. I think at the time most of us though that was to keep the lights on in th London office. This is actually really good news. It means our fund raise was put to good use, developing Aje further. But it does raise the question why we only see 100k of that 500k in the cashflows statement going to the jv. So actually rethinking as I type, he is probably giving us a half baked truth. Only 100k went on the Aje project.

To me that is the glaring question. We made a million from the jv but received no cash for it. Is it timing or are we getting capex underway again. You never k ow, it could actually be a good thing.

Roll on turonian rim report

By the looks of it we gave the jv another 100k net for the period. We didn't receive the 1million cash we made from them. Perhaps this is a timing issue and payment will be received in H2, we certainly need that to pay our short term creditors. Strange to see that we gave them cash. My understanding is that part of the legal settlement ni further cash cas will be made until Aje 6 is online.

We didn't spend any cash. That's one good thing. We just owe loads of unpaid bills.

You won't get any info. The reporting requirements are much less onerous for the half yearly reports. What really hacked me off is current liabilities of 2.244 million. That's means we have unpaid bills of that amount and payment is due in 6 months. ****ed off.

I don't have time to read the accounts this morning. But I don't expect any jv costs except the legal fees to be in the p&l. We receive net income from the jv, that is net of jv costs andthe cpr is the jv cost. Cashflow statement will tell you where cash has been spent. Don't forget accounts are prepared On an accruals not a cash basis. I will have a read over lunch.

It's a simple supply and demand equation. There are no buyers. Let's forget the artificially being held back tosh. It's simply not true.

HP, if the rns timeline is to be believed the report was due today.

Jim, you certainly seem to have an inside track here. Your analysis appears to fit the bill. Although I was expecting an uplift on the cpr and license renewal. I suppose they did happen. Albeit short lived. I note your revenue expectations from your twitter picture (helpful btw) for 2018. Is that still your position or do you think we'll have a slightly better 2018 with increased poo. I think your premium is a little high, the brokers report mentioned 60-80 cents. It's not like them to undersell. Do you have a mcap in mind on release of this info and successfully gaining project finance?

Strange that Google didn't have the trade

Trouble is we have stopped looking for positives. Reasons to stay invested (other than not wanting to turna paper loss into a real one). Aje is a good asset. Income is rising with the price of oil and we are gearing up for further development in 2019. A year and a half ago oil was way down and the jv was falling apart with two members taking the rest to court in the UK and Nigeria. Our share price was above penny. What the fuck.

Nothing on front puffin. Prior to our licence renewal the contact was terminated. I assume plans have been made to engage the sevices of another but you should tell the market if you also told us about the termination..... just read the align research note again. I get the feeling that the end of this year and beginning of 2019 should see our fortunes change. The note refers to mxo expecting to raise finance for the next stage of the project before the end of 2018. They dont expect us to use equity. That would a statement of confidence from the loan provider.

Interims are only a week away. Horror story or nice surprise?