Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
All time high.....Huzzah!
Options excercised and replaced with a cash incentive if the Company is sold for more than £85m.
Looks like Company is for sale, just a question of how what price and what timescale.
Jono
That is exactly how I see it...a fudge and I have asked a more direct question saying that others wells must be declining if there is no increase in production guidance.
I sent an email to the company asking for clarification on cash balances and ASD-2, why production guidance had not been raised.
I have sent a reply asking if the other wells are reducing at the same rate that ASD-2 is producing.
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The cash balance as at 30 June, is a function of the cash balance at 31 December and the operational activity, capex expenditure and debt repayments in addition to divestment proceeds and other movements in working capital and FX in the period. As noted on the call, the funds generated in Egypt are used to cover the cost of activity on both the Jamaican and North sea licences and work carried out to evaluate new venture opportunities in addition to the cost of running the G&A for the group.
Cash capex for the full year remains as guided at $7.2 million.
Revenue, as Peter explained on the call, is a function of oil and gas (15%) production , realised oil price and contractors take c.42%.
We will be providing a fuller update to the market at our half years results in September.
We remain fully funded for our work programmes for all of our assets. Our production guidance for the full year is unchanged. Our capex programme allows us to invest into our assets to maximise value from them. Drilling wells is important in any asset to deliver the maximum long term value from the assets, and this includes both reserve replacement and also enhanced production rates. Please also note that the capital expenditure programme this year is expected to deliver returns to the company over many years.
On the production, the ASD-2 initial production was 462 boepd, and like all wells, this numbers stabilises as production continues. So it may not be useful to think of the initial production rate as the rate everyday for the rest of the wells life. This applies to all wells in the industry. Rather, the production guidance of an oil and gas company is much more useful metric. United is producing in line with its guidance. I.e United have guided that its production will be for the whole of 2022 will be between 1500-1650 boepd, and that is something that we are producing in line with. I hope that alleviates your concerns.
Good to see the CFO pick up 5,000 shares last month.
Decent buying today!
I have asked my broker to try and get management to address funding confusion at the next presentation.
You are right it is not included.
Trek
CEO statement talks about sales (plural) of DNA!! So revenue has staretd.
Headder
uite right there were issued at .75p but they were not issued at the IPO they were issued in Dec 2020 in a placing.
That is what was confusing me.
Can't be many left to sell by now, hopefully.
Headder
Still waiting for you to explain where the 0.75p shares in the IPO come from????
Where do get the 0.75p investor from the IPO?
No money was raised in the IPO at 0.75p
That is the mystery, why has someone been selling at 0.9 and below when the IPO was done at 1p!!!!
"2AM01 and Ticker: FSE: 6IK). As part of the Readmission process, the Company has raised gross proceeds of approximately GBP5,493,885 through the issue of 638,951,276 Placing Shares completed in two rounds at a placing price of GBP0.01 per share, implying a market capitalisation of circa GBP14.5 million on Readmission."
Still stuck in downtrend need news to break it and kick start a push north.
There are warrants at 12p that hve to be excercised before 7th July which will raise £5m
So I expect those to be cashed to fund flow test!
They have done nothing to sort out the Tsnami of selling and allowed the SP to freefall.
I thought with new company brokers and fund raising we might be off to the races.
But no, Clear Capital Corporate brokers are completely bl**dy useless!!!!!!
Suggins
Yes exactly and no TR1.
Not even company broker knows who is selling!!
Whether we use $6 or $3 there is still a massive disconnect between value and the SP.
So as far as I am concerned Jade is just a bonus and the current SP is more than underpinned by Duyung!!!
Happy days.
Swingy
Not disputing your figures, what value did you use per Bcf?
Completely ****ed my maths up and forgot loan repayment.
Revised figure 6.1p per share CORO.
Happy to be holding both!!!