PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Nice one BillyRay - good to hear the strategy outlined by CEO - seems like some of the disgruntled won’t like the idea of more cash rolling in from additional ‘ non - core ‘ asset sales but existing shareholders are the ones to be pleased now!
Gazza - have at look at recent RNS - 2 strategic sales of assets it was uneconomical to develop bringing in over $3 million in the near term - what’s not too like - it will certainly keep them afloat whilst they titillate the Uruguay holding for the big boys!
Briggsy - I gave the example in my post of a possible scenario if they had to Place to fund working capital from a position of relative weakness - perhaps it’s difficult for disgruntled ex- shareholders to understand.
If you were in charge would you not have sold them for those prices - they both needed lots of capital and some expertise CEG lack and even with a fair wind no guarantee of success?
Briggsy - as one of the disgruntled I know it’s difficult for you to see the bigger picture but making savings of over $1 million per annum in running costs from the recent 2 sales is huge. Additionally getting in over $3 million cash near term is immense so that they can raise any new cash from a stronger position, rather than 0.04p - thereby ‘ delivering shareholder value’ for which the BOD get paid.
Briggsy - they’re doing a remarkable job - annual savings of more than $1 million per annum from this disposal and Cory Moruga and keeping assets currently producing 90% of oil, not to mention the $3 million near term cash - as a disgruntled ex-shareholder don’t you think the BOD have made the right decision for the existing shareholders.
Re previous post should be G&A ‘ deficit ‘.
The company wanted to use profits from Trinidad production to reduce the deficit and have made some inroads but the planned production increase has yet to materialise- we await details of Trinidad campaign.
Druid - details are in RNS, including cash component.
As G&A was running at $200,000 monthly the savings on transfer of Cory Moruga, at over $52,000 monthly will be most welcomed by shareholders, except the disgruntled cohort LOL!
Brigsee - I’d be interested to hear your business reasons why the BOD shouldn’t have accepted the offer of aggregate $9 million for Cory Moruga given that it wasn’t able to develop the asset, it was non producing and it was costing over $600,000 per annum.
Just came across the 03/01/2023 presentation on CEG website - the following nugget stood out to me:-
Recent mega-discoveries in the Conjugate Orange Basin ( Offshore Namibia )by Total and Shell de-risk the Aptian turbidite play.
How’s that one Starchild?
Brigsee - that’s better - I’m pleased you’re happy if they can do a deal - i like to post about facts and possibilities!
It may be necessary to Place to finance development - existing shareholders will surely be aware of that - most have entered before or after a Placing.
Thanks for your warning - i hope your disgruntlement will ease with time.
Brigsee - if you can guarantee that the management here won’t farm out Uruguay you will be performing a useful service - are you able to do that either personally or with the disgruntled ex-shareholder group ?
Brigsee - I remember the company entering into an exclusive agreement with a major on the Bahamas opportunity where they received $750,000 for access to data with a view to the possibility of a farm out - that it didn’t ultimately end in farm out is history- obviously the disgruntled cohort don’t want to see the possibility that things may be different this time.
Why do you regard the company promoting it’s own interests as shameful - would it be better for shareholders if they didn’t publicise the FACT THAT there is a high level of interest from corporate majors in Uruguay exploration ?