RE: Future is bright!7 Oct 2019 12:40
Cash balance of £1.0 million as at 30 September 2019
Less drawdown of $500k (at $1.23 circa £400k)
Equals £600k
Add $140k from bonds (circa £113k)
Equals £713k
Running costs £2.5m a year so £208k per month.
713/208 = 3.42 months
So fundraising in the new year? Happy New Year!
"East Denver, in common with most oil and gas projects, is a slowly declining asset and, in the absence of unexpected movements in oil and gas prices, the Company expects second half revenues to be lower. To date, the decline in production has been closely correlated to the Company's own model and is consistent with other wells in the nearby area. It is not linear, however, as planned workovers, unexpected interruptions (as we continue to experience with Occidental Petroleum's gas processing plant) and consequent uplifts in production all have an overriding influence. Throughout the period, we have worked with the operator, True Oil, to manage operating costs and, whilst costs have been reducing in recent months, Zoetic International's share of costs in the period amounted to approximately GBP350,000. The Board expects these costs to be lower in the second half of the year although, in addition to ongoing operating costs, there are planned workovers on four wells as well as maintenance on the pipeline."
Yes but the sale of the natural assets will provide millions!:
"Based on the progress of discussions to date and its ongoing review of the business, the Board remains confident that the realisable value of the natural resources business will exceed all known liabilities of the Company, including repayment of the US$500,000 bank facility. Further announcements will be made in the coming months as the structure for the exit is established."
So just over $500k then!
But surprisingly enough the architect and "Mr Tipping Point" himself has come over all shy and recused himself from the bidding process lest everyone realises that the natural resources were not at a tipping point at all but more like in the tip itself and therefore "To date, Robert Price has not made an offer for any of the assets."
Tells you everything you need to know really.
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