LARKIN SUMMARY ADVFN BULLUKA MERCHANT??23 Aug 2020 12:21
20/8/2020
16:57spangle93: That's what annoys me about Larkers. He banks things that haven't actually happened, and he claims to be in control of things when he isn't. Example in this clip -he says right up at the start "we've tripled production in Egypt"... but then drops in "we're working to hook up ES-5". So as of now, no, they haven't tripled it. The operator will have tripled it when the well is flowing continuously and generating revenue. Another classic is "we've got $5MM from the sale of Crown". Well, apart from the minor oversight that UOG actually has 95% of Crown, he will have got $5MM for partners only once there's production, which could be years away. The $5MM is set up as a series of milestone payments. "Subject to milestones relating to the approval of the Marigold Field Development Plan being achieved, an additional sum of up to US $3 million will be paid before the end of 2020" which if things go according to plan will close out $4MM by the end of this year. That aspiration was pre-CoVid, how are we doing at gettting our cash. Likewise he can work as many of his exploration targets up as he likes - 5, 35, 135, it doesn't matter. UOG is not the operator, and until the operator aligns the partners with a work plan and budget, all he's doing is preparation for a meeting. Have you seen that mental acuity exercise where you get a paragraph of text but each word only has the first and last letters correct, and the letters in between are garbage, but somehow you can make sense of it? Well, the audio equivalent of that is Larkers stringing long sentences together, full of long clauses punctuated by infrequent commas, and throwing in exciting words - asset, value, shareholders, adding, delivery - but actually if fact checked, clause by clause, not all of it is correct. It's aspirational rather than grounded. When/if he delivers the Jamaica farm in, then we'll be aligned here as to whether he's the Messiah or a very naughty boy ;-)
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