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Unbelievable they've split the financial statements across two RNS part 1 and part 2.
Included in part 2
'Contingencies
One of the Group companies, CEG Inniss-Trinity Trinidad Limited (formerly known as FRAM Exploration (Trinidad) Ltd), has been named as a defendant in an ongoing matter in the High Court of Trinidad and Tobago in place since 2019, and still ongoing at 31 December 2021. The Group's exposure, in the event of an unsuccessful defence of the claim, is estimated to be in the region of $0.7m to $0.9m, referable to the sums claimed, interest and legal costs. The Group has filed a counterclaim which, if successful, may either fully extinguish the Group's potential exposure or will substantially reduce the Group's exposure. The parties to the claims continue to be in the process of settlement discussions. The matter has not been concluded and its outcome cannot be reliably estimated at this stage. In accordance with International Accounting Standards (IASs) - 10 and 37, no provision has been made in these financial statements in relation to this matter.
Other than as set out above, at 31 December 2021 and 2020, the Group and the Company had no other material contingent liabilities that require disclosure in these financial statements.'
TBF I've not ramped. I've highlighted issues around high admin expenses...and material uncertainty.
Hi JB. Everyone knew restructuring is good. The potential here is the Uruguay licence. In the meantime see how cash is managed.
Last year they spent 2.9m on staff costs - cash settled and 2.9m of Prof fees - cash settled.
Cash at June was 5.3m. Admin expense in H1 was 4.7m whilst gross profit was only 158,000. Concern is how long will cash last?
Uruguay Farm out or partnership should be a game changer...
In4cedros agree but admin expenses need to be cut.
Whilst the restructuring is good news the Profit is simply an adjustment for restructuring and not a recurring item.
In fact without the one off income the company made a loss of 6m. Gross profit is nowhere near covering seminar expenses of 4-5m for the 6 months.
No surprise again. Promise things around time placing and more delays?
Funding and finance sorted?
'This may still result in a spud before year-end, but is more likely to be in the New Year; however there are a number of options available to us, and therefore we still expect to get the well underway in good time.' When will rig be confirmed?
These conditions, along with the other matters explained in the notes to the financial statements, indicate the existence of a material uncertainty that may cast significant doubt on the Group's and the Company's ability to continue as a going concern.
No doubt there will be mention of PRD claim but we already know that. Both companies have RNS their position. Most likely a note as opposed to a provision but let's see.
Hi Icemax. You could look at the restructuring RNS and recent presentations which shows cash position or do these sources not count. Even the accounts that will come out will be out of date as I'm sure you know accounts are normally filed 6 months after the month end.
Icemax I have not ramped at all. I posted facts based on publicly available information.
What do you think is the current cash and debt position post restructuring?
Hi Earl. The constant posting of same info is feeding those who are negative or been burnt previously. Agree potential here but let it play out. Thanks
Ps those saying you are ramping - why are they constantly bashing if not Invested? What are their motives?
Don't get me wrong. There's always risk but with the restructuring, award of block in Uruguay to CEG and then Shell next door and cash on BS looks to have good potential. I've added an initial Tranche within my risk parameters. See where it goes. All the best everyone.
Why the bickering?
Recent restructuring reduced debt and liabilities.
Last placing at 0.10p.
Cash balance of $8.4m and debts and liabilities of $2.5m, post restructuring.
Current production c400bopd.
Uruguay potential. Shell awarded OFF-2 (Next to CEG block). ('Of the new blocks awarded, only the OFF-2 block received competing bids from Shell and APA Corporation.').
'Average net FCF after capex of ~$35 million p.a. @ $75/bbl over next 5 years'
'Separately, due to the time that has elapsed since the announcement of the acquisition and the 1 January 2019 economic date of the transaction, OMV New Zealand has requested re-engagement on the terms of the transaction, with negotiations currently underway.'
Anyone have info on any movements?
Maybe crash the price to let in some on the cheap as Oswig is a busy. One can dream!
I tried to add but wouldn't let me.
Thanks. Scandalous from MMs. Do you think they would mark up like this if it was a good result. Need oswig good news.