RE: Final Results3 Feb 2022 09:34
Buzz and Porky
You guys need to come nearer the middle ground on all of this!
On 20/12/2021 DM said that up to 31/10/21 that there was £8.7m in the bank, £0.18m in unpaid Invoices, Excluding disputed ones.
So if we take the bank figure down to £8.52m after paying the accepted invoices, we then have to guesstimate the cost/or not, of the disputed ones, most likely the lost drill bit and strings as well as the additional week trying to recover them, and whether Insurance was in place or not, etc. etc.
So say we set aside £0.52m for that as a worst case scenario (likely to be much less in reality), we had £8m in the bank to start the seismic in November. I'm sure I read or heard somewhere that there was up to 150 people from HE1, AGS, DIRT and possibly others involved at some point, so over 3 full months there will have been substantial costs pay.
So perhaps the bank account only has £7m in it as of 31/01/2022
1. That means that the end of year final results when produced will show less operating cash, and no revenue and be historic - think most of us knew that anyway!
2/. We are miles further along the road to reaching a successful drill with the data gathered to date.
3/. We are going to need a cash raise, or partner who likes the data to fund a multi drill campaign from June going forwards, and further major cash if we hit the jackpot, to move to production.
or
4/. We have a scenario where the data doesn't deliver what we are hoping for, and we end up with a briefcase full of licences worth what?
There are people trading this daily, some bought in recently and hoping for the bull run, some sitting on their hands waiting to get back to break even at least, and also the long term guys who have been up and down the rollercoaster already.
Be patient , everybody! GLA
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