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Strange RNS to stop the rise.
You could say constant moaning by some no matter what news is released (not just on this share).
@canapa it appears that the duplicates is an LSE site wide issue. I had a look at some other shares and duplicates showing up there too.
If there was no PSC no doubt they would be paying royalties, taxes and other costs just like any other oil company would. Seems like a lot of misinformation and negativity being spread.
Hi CTA.
In your post just before 10am you have excluded loan repayments. You also used $2.9m for production cost and admin. Production cost will be around $3m (181 days * 2,730 bopd * $5.90 alone so you need to add admin on as extra.
Factor in the loan repayments and admin costs in your calculation and surely it explains the $2.5m you refer to.
As production increases and capex costs fall the Cash balance will start increasing. The fact the company is fully funding drilling from own operating cash speaks volumes. How many companies raise to do this and investors complain? Seems like you can't win either way.
@Lords
Cash collected 8.2m
Less Cash capex 3m
Less Cash production costs 3m
Loan repayments 1m (2.1m was due in on year so used 50% as est)
Admin and salary 1m est
Also factor in trade receivables.
The last set of financial statements said 'Accrued Income relates to two months Oil & Gas invoices for the Abu Sennan producing assets in Egypt under the receivable terms of the
agreement with EGPC.'
I think accrued income was $2.5m at year end. Based on increase production and higher oil price it should be around $4-4.5m for May and June 2021 I would think.
https://twitter.com/100kto1m/status/1419552477012271105?s=19
Lot trying to drive price down further. Regards funding you can't use interim to base ongoing expenses for example interims had 418k in relisting costs. Also since then lots of warrants exercised and 1m convertible loan agreed at a conversion price of 6p. This is bargain basement territory imo. Hoping some price triggering and sentiment changing news drops soon.
Woodfromthetrees on what basis are you coming to that conclusion? Can you share your calculations?
'The current cash position as at 21 June 2021 is £289k.'
Where is the other 22m?
Shame the MM didn't fully reverse the drop from the other day.
Looks like cash was received quickly too. Brazilian route lowers the risk profile of the investment too imo.
930,000 sold. Proceed of around 1.3m at 1.42/1.43.
Great opportunity here imo.
Strong existing cash balance and further cash from asset sale to come in.
Farm out process underway and potential acquisitions to look forward to.
This coupled with falling oil prices seems to be the catalyst for the price drifting. Where does it stop?
Out of interest can anyone participate in these placings and how?
I didn't say unpick it. Other companies have raised at a premium so why not MNRG.
Yet more disappointment. Why does a placing always need to be at a discount? With the o&g deal and low market cap could the directors not got this away at say 0.85p. Warrants at 1p too, not exactly a huge target.