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Zag - I’m even more disappointed now you’ve told me you remember the ' shot in the dark ’ nature of the original licence application!
Face facts even if you argue CEG got lucky regarding the subsequent Namibian association that OFF 1 licence looks to be in a sought after position.
ZagEgypt - I’m really disappointed your losses have embittered you so much that you can’t accept the facts here - CEG applied for OFF -1 years ago when Uruguay was not the hot spot it subsequently became because of the association with the Namibian Basin!
Will - the results were, broadly speaking, in line with expectations ( except those of Trolls ! ) .
There is, however, concern about the other RNS indicating more than 770 million shares being added next week. Some have probably been pre- sold creating downward selling pressure on SP but this size overhang is not a positive for the SP, short term , IMO.
I don’t have personal knowledge of Oz investors funds but I doubt raising a few million will be a problem in the circumstances but I’m not taking anything for granted - may you live in interesting times is old Chinese saying - we will see next week!
I believe CEO will have to work hard over the weekend to try and put funds into the company so that normal business activities can continue, given the likelihood of intense selling pressure on SP Monday morning.
The most likely scenario is a Placing , IMO, the interim accounts looked OK and $2 million is due for Cory Moruga sale - I reckon Oz shareholders will come across with some cash but it may not be pretty.
If I was them I’d certainly be looking for BOD to cut pay and take favourable share options as recompense so that shareholders and BOD are more closely aligned.
There are 2 new RNS which can be accessed by Google at Investegate RNS CEG.
One is the interim results which are consistent with expectations, the other relates to issue of new shares. The contractor shares were known about from previous RNS and I suspected this was contributing to selling pressure however the lender has also converted the loan into shares which they will probably be wanting to sell asap.
Next week will be very important in the history of this company..
Re post timed at 11:05 -
BigLie2 - re your post 18120 I thought you might be interested in the company statement from the 2022 results RNS, published 29/06/2023 - not very long ago!
'Once core assets had been prioritised, we were better able to schedule equipment movements and workovers in support of those assets alone, and we were able to reshape our staff base, operations, and other costs to better "t" the needs of those specic assets. We also switched many of the smaller producing wells over to continuous swabbing - an operational approach that meant we would no longer be chasing increased production from those smaller wells, but at the same time also meant we could run those wells at a fraction of the cost of continually working the wells over. In terms of outcomes, this new focus saw production through 2022 holding constant, total operating expenses and G&A reduced, and positive net operating cashow across 2022 (which represents a substantial improvement on 2021, where the Trinidad business had incurred a net operating cash decit).’
Druid - trolls were saying nothing to sell when company was in trouble after P1 failure - subsequently they’ve found plenty to sell and there’s more in the portfolio. Cory Moruga should complete soon , potentially US$ 3 million over 6 months - that’s a lot for ' nothing ’!
These trolls also like to get their FACTS wrong in their desperation.
CEG bid for OFF - 1 pre COVID and it took years for the government to grant licence. In the meantime we had the super excitement about the Namibian Basin which stimulated bidding interest from Majors on the blocks then available, excluding OFF-1 ( which happens to be adjacent to plot Shell successfully bid on! ) .
I don’t know if Uruguay drilling
Should’veSold - both asset sales were substantial loss makers and Cory Moruga was a non producer of oil !
These assets may come good in the future under the new management groups, I hope they do, CEG knew their limitations but have retained favourable buy in options should a bonanza occur!
Mick - as someone who takes a keen interest in PRD I’m surprised you consider the lender daft - the Cory Moruga deal looks like it will complete eventually and that will yield $ 2 million minimum over 6 months. The borrowing starts off relatIvely small and future loans are subject to 0.05p SP so if company goes downhill they can limit exposure - Oz shareholders unlikely to let company go under for sake of a small loan IMO.