Member Info for happysparrow

So, in part, this is where ex-holders money went?
https://www.businessincameroon.com/mining/0608-10690-snh-estimates-its-stored-oil-data-at-over-xaf10-000-billion

https://www.africa-newsroom.com/press/chevrons-entry-into-equatorial-guinea-and-cameroon-could-be-a-turning-point-for-central-africas-gas-industry?lang=en

RBD RNS:
Following Reabold's recently competed acquisition of an additional approximate 16.7 per cent. direct licence interest from Humber Oil and Gas Limited, the PEDL 183 joint venture is funded for: the drilling activity at West Newton B-1; the testing programme at both A-2 and B-1; and for a further well, for which planning consents are already in place, at the West Newton B site (B-2).

UJO RNS:
"We are fortunate to be in a position where the West Newton JV is fully funded for its planned drilling and testing activities.

Thanks, DownToTheBone, really enjoyable. I have been planning to go for the last couple of years but health got in the way. One day soon, I shall make it. Trouble is that the Guianas are mostly high-end tourism and difficult for an independent traveller like me who can rarely pay more than $10 a night for accommodation (The going-rate for a hostel in S.America; SE Asia half that; Africa $5 camping). Still, one day I'll get there, particularly if this share comes good again. The wildlife is meant to be fantastic.

Apologies, N2M, for not replying earlier, but only just read your post.
I'm now out, here. I decided to close my 3 new investments (PPC, SDX, TRIN) and add back to my main holding - TXP - which had outstanding news on that same Monday, but little price movement (bought @ 64p). I may buy back here later.
Yes, correct, the guidance was below my 'conservative expectation' of 3500 boepd for year end 2020. The RNS read: 'President is currently projecting Group average production for H2 2020 in the range 3,000-3,400 boepd...' Note this is an average. It suggests to me current production is either below 3000, or could decline below 3000 in H22020 without a successful work programme. The effects of much of the work programme, if successful, will come in the latter part of the year. Even if they achieve a year end production of 4000, the average will only result in 3400 maximum for the H22020 period.
A little disappointing - I was hoping for 3500 minimum year end, with perhaps another 1000 by March. 2021. Too, I had expected much more from the Trafigura alliance to be announced (hopefully that is still to come).
Sorry not be more positive (and on SAVE also - there I felt I should demonstrate a point that had been buried in the accounts so that shareholders weren't misguided - I guess it doesn't make me popular).

Thanks for the correction, Porschefund.
Last interims (six months to 30th June 2019) were reported on 30th September. Perhaps only a couple of months to wait?

Somewhat disingenuous from Malcy?
i.e. when customers eventually take the gas that they have already paid for, it’s called “make up gas” and at that point the deferred revenue unwinds from the balance sheet and goes to the P&L. I get the impression that this ‘take or pay’ accounting treatment is quite unusual in the London market and, therefore, not well understood.

Note comment 'have already paid for'.
But if the invoices remain unpaid then the deferred revenue does not unwind from the balance sheet, whether they 'make-up the gas' invoiced for, or not. It is still deferred revenue.

https://act.greenpeace.org/page/64770/petition/1?locale=en-ZA

https://news.mongabay.com/2020/07/for-tool-wielding-chimps-of-ebo-forest-logging-plan-is-a-death-sentence/

If only 56% of revenues are getting paid, then plug this into the 2020 full year guidance:

Revenue = $200m x 56% = $122m (and $78m deferred revenue to be added to 2019 unpaid invoices of $59.8m = $137.8m)
less Admin + operating costs of $70m
less depreciation etc of $25m plus $44m based on production guidance
less cap expenditure of $45m
= LOSS for 2020 of $62m (2019 Loss $96.8m)

Are my sums correct?

Note these are unaudited preliminary accounts.
From my previous post - It seems we got paid 56% of invoices and 44% deferred revenue

A bit more detail for 2019:
During this period in addition to the recognised revenue of US$16.9 million for gas delivered, the amount due from customers for the take-or-pay volumes in excess of gas delivered was an additional US$13.3 million. This amount is invoiced and recorded as deferred revenue in the Statement of Financial Position, under Contract Liabilities. All the gas contracts are take-or-pay contracts where, if customers take less than the take-or-pay quantity, they are still required to pay for the minimum contractual amount of gas (equivalent to 141 MMscfpd on a maintenance downtime adjusted basis in 2019).

Issue is, as ever, how much of those invoices will be paid on time.

Any accountants want to run through the statements? Total invoiced sales less actual cash received should give us level of unpaid invoices?

Take note:
Financial and operational guidance for FY 2020 as follows:

· Total Revenues[2] of greater than US$200m;

] Total Revenues refers to the total amount of invoiced sales expected to be recorded in relation to the FY 2020 accounting period. This number is seen by management as more accurately reflecting the underlying cash generation capacity of the business as opposed to Revenue recognised in the Income Statement. A detailed explanation of the impact of IFRS 15 revenue recognition rules on our Income Statement is provided in the Financial Review section.

Regards 3CBs statement ' the "right noises" have not been converted into increased sales ' I repeat my post from Monday:

'Today's RNS should be read in conjunction with the trading update of 25/06/20.

Cash and cash equivalents at 31/05/20 of $5m.
Q22020 net revenue of $6.8m, an increase of 28% on Q12020 net revenue of $5.3m.
Unaudited net revenue for 2019 is $20.6m (audited accounts delayed currently). Hi2020 net revenue is S12.1m. Thus, with 2 new customers in Q3, we should conservatively expect to exceed 2019 net revenues.
LA-108 remediation delayed (though flights probably into Cameroon by May/June?). This will conserve cash.
Likewise, conserve cash by no drilling at Logbaba until we have better demand (3 bcf used in 2019 for gas sales; new reserves estimate is 19 bcf, so 5 years production at current rate without need to drill new wells).
Possible cash inflows from:
$9m claim against ENEO
Farm-out of improved Matanda prospective resources (1st well 65 bcf at 40% COS) - subject to licence extension beyong end of 2020.
Sale of Russian asset.
But some expensive legacy claims still, as yet, not resolved?

Roy's full strategy update still to come imo. But good recovery progress in a very difficult Q2 quarter; and strong cash conservation.
Overall, positive.'

Perhaps not so silent, Phoebus?
'This transaction represents an important first step to raising in excess of $1 billion proceeds from portfolio management in what continues to be a challenging external environment for asset sales and farm downs.'

https://www.bloomberg.com/news/articles/2020-07-28/cameroon-allows-logging-in-forest-that-s-home-to-gorillas

https://www.bloomberg.com/news/articles/2020-07-28/cameroon-allows-logging-in-forest-that-s-home-to-gorillas

https://allafrica.com/stories/202007270119.html

https://www.energyvoice.com/oilandgas/africa/254990/victoria-eneo-logbaba-gas/

Flights into Cameroon:
Air France in June; other airlines July
https://www.businessincameroon.com/transport/0307-10492-cameroon-prepares-to-officially-resume-flights-after-keeping-borders-closed-over-the-past-three-months