RE: from the Chairman's statement1 Apr 2023 12:35
elle version V. (IV didn't last long) Isn't that a bit early for an April Fools joke?
"We draw attention to note 2b in the financial statements, which indicates that the Group will require additional funding in the coming twelve months to meet their ongoing cash requirements. Whilst the Directors anticipate that such funding may be obtained from a number of sources, including production revenue from their joint venture in Turkey and existing producing assets, the completion of a share placing or farm out, there can be no certainty that such sources of funding are obtained in the timeframes necessary. As stated in note 2b, these events or conditions, along with the other matters as set forth in note 2b, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."
Current cash reserves of £2.4 million
We are now 6 months into the next financial year. Burn is about £1.3m+/6m.
Don't forget they have to keep £1.4m back for decommissioning costs.
Revenue is in a state of gradual decline;
Oct 21 63 $163368 83.65
Nov 21 60 $145386 80.77
Dec 21 62 $142824 74.31
Jan 22 60 $159,086 85.53
Feb 22 59 $157,811 95.76
Mar 22 61 $218,581 115.59 $987,056 oct - mar
Apr 22 55 $172,993 105.78
May 22 50 $175,995 112.37
Jun 22 54 $193,358 120.08
Jul 22 6 $19,890 108.92
Aug 22 58 $177,283 98.60
Sep 22 56 $150,850 90.16 $890,369 apr - oct financial year $1,877,425
What's not to look forward to? Free water well in Siirt. Placing to pay for HH-2Z injector in Q2 if they are to be believed. The truth really is out there.
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