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Based on this calculation

https://twitter.com/Stockpicking101/status/1577937843695001601

12 Sep the company comes out with ad-hoc production update, after strong August production and upbeat outlook. Then today Q3 total production is at the bottom of the guidance, due to problem with crusher in September. A problem the company most likely was aware of when they wrote the 12 Sep RNS. There is real no trust left.

He said debt free by Q3 2023. And yes I assume that includes a successful side-track. Cash flow at max 7 mmscf isnt that impressive with 5.3 mmscf hedged.

What would a good flow rate from JSR-01 be?

The well was drilled after period end. So cash probably lower now.

Faron Pharmaceuticals: Top-line Dose Variation Data From MATINS

2022-09-20

11:00

Faron has announced top-line data on dose variation from the phase I/II MATINS study with lead candidate Bexmarilimab. Redeye is encouraged by the results and looks forward to the further clinical development of the candidate.

Kevin Sule

Earlier this morning, Faron announced top-line data on bexmarilimab dose variation in MATINS patients. The MATINS trial is a phase I/LL study investigating the safety and efficacy of Bexmarilimab monotherapy in ten different hard-to-treat metastatic or inoperable solid tumor cohorts. In the initial part I (safety/dose-finding) and part II (dose confirmation), Bexmarilimab showcased a good safety profile and clinically relevant effect on overall survival (updated analysis show 14.9 months for patients who benefited from treatment compared to 4.4 months for those who did not). The latest segment of the trial, part III (dose exploration), focused on exploring higher dose levels and frequencies to determine the finalized dose for further studies with Bexmarilimab.
Data from the study showed that higher doses, up to 30mg/kg (previously 0.1-10 mg/kg), were well tolerated as was more frequent dosing of 1-3 mg/kg administered every week to every other week. This data suggests that bexmarilimab dosing can be effective across several dosing regimens, not being constrained by dose-limiting toxicity. We believe that this further indicates that combination therapy with anti-PD-1 treatment would also be well tolerated, boding well for the BEXMAB, BEXLUNG, and BEXCOMBO studies. following a detailed evaluation of this latest data, Faron expects to submit a full data package to the FDA to obtain regulatory advice for further clinical development of Bexmarilimab as a monotherapy last-line treatment and as an early-line combination therapy.
As also suggested in previous results, treatment with Bexmarilimab induced significant systemic interferon-gamma (IFN-?) increase – where the lower the pre-existing IFN-gamma response is, the higher the IFN-gamma levels will increase with Bexmarilimab treatment. This finding is truly essential in identifying and determining patients likely to benefit from treatment, which can be possible through a validated staining antibody. We argue that Faron is now well-positioned to drive a biomarker strategy to guide patient selection ahead successfully.
Overall, we are encouraged by the results from the dose exploration part of MATINS as it bolsters our view of Bexmarilimab’s safety profile and clinical relevance. While we view these data as positive, they align with our previous valuation assumptions. Accordingly, we do not make any adjustments to our valuation as of now.
We reiterate our fair value Base Case valuation of EUR 4 per share (Bull 10, Bear 2).

Another underwhelming datapoint. Where is the ramp-up Angus promised in the Friday RNS?

203k is past production not previous 2P.

Net 2P reserves at 30 Jun 2022. 0.27m, dosent make me jump up and down

Equivalent to 3.26 mmscf

New production data out from national grid, equivalent to 3.15 mmscf

https://mip-prd-web.azurewebsites.net/DataItemViewer/ViewReportDataItem

They are well below the hedge volume now, it would be appropriate for the company to update how they see this number in the medium term

Thats is not very good

baits, isnt 150000 MCM equivalent to 5.3 mmscf/d? That is the same as the hedge volume from Q4. I guess we need to make much more than that to make some real cash from the spot prices?

Cash flow is just terrible, $5m in new loans to cover for negative cash flow.

The need to continue with the going concern basis of accounting is telling the whole story. More equity is needed.

The interim results have been prepared on a going concern basis which assumes that the Group will be able to continue trading for the foreseeable future. Although an operating loss has been reported for the reporting period and an operating loss is expected to be incurred in the 12 months subsequent to the date of this report, the Directors believe, having considered all available information, including the cash resources currently available to the Group and the Company's proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended 30 June 2022.

So an error rns, now down we go.

What does this mean?

"However, exploration and other pre-development funding will continue to rely exclusively on equity funding by KEFI and its in-country partners."?

Thanks

Whats the chances that the banks will require more equity? Like the HZM funding, both senior debt, equity etc.