RE: danpoe3537 Apr 2021 11:46
Mirasol, if you wanted apologies for every post that you believed to be wrong, then this board would be 49% full of apology strewn posts.
I stand by what I posted.
Turkey is off, unless UKOG deliver the cash to AME. There will be no payment in shares, it will be cash.
1) UKOG have provided zero details on the cash calls for the different phases (i.e. track, pad, drill, EWT, workovers, etc)
2) UKOG have delayed the annual accounts, but they say that it will be by 30th April
3) UKOG have not stated their current cash position
4) UKOG have failed to mention in the last 2 Turkey RNS's that they are fully funded. Why have they not stated that they are fully funded? You can draw your own conclusions.
5) My own calculations on burn rate show UKOG have a significant shortfall. Placing required to pay AME the cash for the instalment(s) to cover the drill/EWT/work-overs, etc.
You can debate the above until the cow's come home. BUT, think about question 4. If UKOG were fully funded, then they would be making statements along the lines of "We are delighted to the moon and back that we are fully funded for the first drill at Turkey". They've not made a single comment on funding position. In the past (e.g. HH) they have made numerous claims about being fully funded, to then only go on a placing spree to raise further cash. You can read RNS's can't you?
It is more about what is missing than what is included.
Missing items:
1) Cash position and whether they are fully funded
2) Drill date and schedule for EWT
3) Expected results with comparison to other wells in the proximity
Enough said. I'll close by saying that when the blind lead the blind it's important to listen for clues as to where you are going.
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