Member Info for greygeorge

Lol, Andy144. I just love to see you all try and figure out what the great mystery is, when it's all there right before your eyes. Look, we've been had, it's life, unfortunately, but that's how it is sometimes. At least I have the consolation of being able to see the con, even if was too late to get out unscathed. And YES, there's of course a tiny chance I might be wrong.

Thetrostky - You wrote '...The hedge modifications are not a "loss", as GG suggests, but expenditure actually incurred...'

What exactly is 'expenditure actually incurred', if it's not a LOSS ? A 'negative gain' ? A 'less than zero profit' ?

Andy144 - Seriously ??? '...So you have talked it down and down. Well done. Especially as you have, apparently, been talking down your own money, holding on with not so quiet desperation. If you were a sleeper cell I think you might have just pressed the button on your own vest in your own safe house with no-one about....'

For about the third time today, I am an anonymous poster on a backwater message board. If you believe I have any sway on the share price, you really shouldn't be playing with the grown-ups.

But I don't see the point you're trying to make Andy144.

Clued, you've been keeping up with the Trump Organisation fraud trail lately, have you ?

Thetrotssky, that's very interesting. So, you can tell us then how much extra revenue (because to be fair to you, you can't predict what their expenses will be, so you can't predict the increased profit arising) over those years this 'modification' of 133,000,000 or so will generate ?

Andy144 '...and just to give a balanced response, it is $0 on the June accounts...'

I would hope so, lol, I'd hate to think their hedge modifications were costing 133,000,000 per QUARTER !

Maxandmonty. Yes. Figures quote are in 000s, as is customary with accounts.

Andy 144 You ask - '...Seriously eh? Well I guess it much be some serious shortfall. DEC have a free float of un hedged production of about 20%. So, are we to understand that not only do they have to use this up for the shortfall, but they also have to purchase a further $100 worth? And this is done without anyone who they buy the contracts from knowing this?..'

Why should those buying the contracts care how DEC fulfil their contracts ? the important thing to the buyers is those contracts are fulfilled. Hence DEC has to spend big to fulfil those contract deliveries. Yes, if they have to buy daily, then they are massively overstating their reserves and daily output. The shortagesd have to made up, hence 100+ million in 2022 when the spot rose by a nightmare amount for DEC.

MrG123 - You make an excellent point when you say '...They hedge most forward sales so they know what they will earn. No need to cook the books...'

So I'm sure you can explain why they had to carry out a 'hedge modification' for FY 2022, at a cost of over 100 million dollars ?

Metalhead25 (and Clued - you posted as I was writing this) - You asked 'Is there a reason for thinking that the loss suffered in respect of hedging was caused by a production shortfall which is being fraudulently covered up?'

The definition of 'Fraudulently' - in a way that involves deception, especially criminal deception.

I don't know if it meets that definition, certainly not yet. Obviously, if someone asks the questions about their accounts, and for them to clearly state what a 'modification' is that results in a 100+ million dollar loss, and they fail to answer clearly honestly and truthfully, the yes, that would rise to fraud I think. Alternatively, they could produce receipts or an accounting of the actual gas PHYSICALLY delivered through henry hub and those actual numbers could be compared against the stated output figures for FY 2021, 2022.

There could be any number of reasons, the most frequent I've heard is mis-statement of reserves, daily production, well depletion rate, that's just the 'current' problem.

Metalhead - Briefly, and without hard evidence - or any evidence - or it's something I dreamt up - depending on whoever's opinion you choose to believe, DEC is a company that doesn't own as much gas reserves as it claims, doesn't produce the output it claims to, and has done some very shady deals in the past twelve months, most notable Tanos II.

this is the most serious unproven allegation. For a couple of years, it was able to hide this shortfall in its' production by buying gas at spot or market price. As long as the daily price swings weren't too exaggerated, some days DEC would make money by buying at market price to cover what it had promised to recipients of that gas in the form of futures contracts. It probably could have gone on doing this for some time, but 2022 saw some massive and sustained increases in market price for gas. this resulted in an alleged loss of over 100 million dollars last year. This is the immediate and most visible sign of a company that plays fast and loose with it's reserve, daily output, well maintenance and retirement claims, as well as cash burn and a few other question marks. Alternative view of this board - everything is fine. Very brief, sorry, it's dinner time.

Jonhas, it's impossible trying to have a dialogue with you. You state something is/isn't likely, I give you an example of something you say is/isn't likely actually can/can't happen, then you accuse me of trying to dupe 'others' ?

I don't understand why you use the word 'outed'. I hid nothing, I have the same name there as I do here, been around for a decade or so, what's there about me to 'out' ?

I wasn't 'outed' I was banned ! Lol.

That's ok notrex, it is a very upsetting time for all of us, some of us take it better then others. Come here and give me a big hug, you sexy clever poster, you. 🤗

Here you go, jonhas. A little light reading for you. Just off the top of my head, I can provide many more examples if you'd like them.

https://www.ft.com/content/258253cb-72e9-48a7-b009-5f00b0c6cced

Notrex - 🙄

Roddw1 - Why have you set today as a time limit ? Personally I think, and stated a few days ago here, it'll probably be November when DEC reports and more scrutiny will be paid to their actions and accounts since the Tanos takeover that the true picture will emerge. It's been a relatively settled period since then, and comparables can be done with some certainty of the actual cash, cashflow and debt positions.