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Unfortunately SP rises half way through cc, and then tanks.
Every time.
However, at the date of approval of these financial statements there are no legally binding agreements in place relating to future fundraising. There can be no certainty that additional funds will be forthcoming which therefore indicates the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
So have any of you rainbow snorters actually properly read year end results yet?
However, not Scarface’s general point, yes there was plenty of opportunity on both sides.
Echo has never been near 30p.
Otherwise please take numbers as really, really loose. Too many known unknowns
For the info on the Marathon cash, I think it was the Marathon CEO that announced, and not on RRE rns feed.
Also the 200M towards decoms, looks like the dollar conversion again :)
I’ve shown as Marathon cash below, as my bet it will be used short term for asset purchases, and decoms dealt with later down the road.
Hence the £300M figure below.
Mire than happy for it to be locked away against decoms, but I don’t think that’s the company game plan short term.
Interesting to note that Marathon already had the money sat in a separate account and tried to claim an upfront tax credit, but failed on HMRC challenge.
This is the main reason that I still think it’s accesible.
Hey Rookie,
31/12/18 $121.4M of which 53.3M restricted
So $68.1M unrestricted (£54.1M)
Will get back to you in due course on Marathon decoms.
Expecting cash position to be very high coming out of suspension. Possibly June 30th.
As at end of year announcement production was 11,000 bopd, producing £8.26M/ month Free cash flow.
At 24,000 bopd this climbs to £18.02M.
Cash position at 30th June~
£54.1M unrestricted cash at yr end.
£108.12M FCF from production.
£146M net cash from Marathon post purchase.
Total £308M cash.
Not withstanding 6 months capex, as yet unknown.
LOG continue to hoover up shares and the muppet show here couldn’t be more disinterested in the numbers.
You will continue to lose money it’s that simple.
In a nutshell. Goodbye 20p.
This is the first time the bod have been honest in a very long time. Finances a mess and massive dilution coming.
Unfortunately it doesn’t look like you get a choice between AAs 20p, and FMs 10p.
Placing more than doubles shares in issue.
On a positive note, you get to vote.
RRE can’t assume control without taking control of the debt. IOG have liabilities above £10M to payback in the next 12 months, that was going to be refinanced by yet another fundraising deal with LOG. The interest alone at 9% above libor is going to take £4M/annum to service.
That gives IOG no alternative than to raise funds, regardless of whom owns the controlling shares.
The alternative is wipeout and LOG admin get the lot.
1st Payment of £1.5M due 19th April. IOG will struggle to make this.
Merely pointing out Jimmy, that RRE have in excess of $450M cash to play with at present.
GG,
RRE had £54M unrestricted cash at 1st January and now producing 23000 bopd.
Net cash growth c$200M /p annum plus an additional $20M odd as operator.
Marathon North Sea also handing over net $210M cash after purchase costs.
Decoms & Arran field development to be taken into consideration.
Cash not a problem right now.
A little out. First payment due. £1.5M payable on 19th April.
Given the likelyhood that Rockrose will not conclude a share offer on Tuesday, does anyone have a figure that Independent are going to need for the next 12 months to aid continuation. Harvey appraisal well drill needs to be commenced by September 29th?