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Good luck buddy. News could land imminently with regards to the following:
"The Company is pleased to confirm it has appointed an independent quantum expert who is finalising their independent estimate of the total damages which is expected imminently. Folowing receipt of which, the Company is now initiating detailed discussions with specialist litigation financiers, some of whom have already proactively approached the Company following the serving of the Notice of Dispute."
Share price building a head of steam now supported by volume. The beauty of it all is that it remains largely off radar. I think the herd will start buying after it crosses 4p and from a technical perspective I don't think we have long to wait.
The share price is uptrending in a channel. Nothing goes up in a linear fashion and corrections are part of the process of establishing higher highs. Next leg up should comfortably take us to 7p+ in my opinion and it will be sooner rather than later. Plenty of game changing news to preserve the momentum and fire up the share price
Fundamentally and technically poised in a firm uptrend at a key breakout point.
https://twitter.com/JimPrice83/status/1298962893367631872?s=20
A nice 2.5m buy to close the week coupled with the 3m earlier. Bodes well especially if we have a large buyer at work.
There's clearly a plan here. TB has an awful lot of BRH shares to shift here and needs liquidity for it. He is a tight chap and wouldn't have bought that much if he didn't have a plan for it. His statement in today's RNS laying out what the coming months have in stock for shareholders.
AST conference call take-home points:
1) Slovenia - Engaged a legal boutique firm to advance legal action with regards to Slovenian asset. Confident they can secure an attractive funding agreement for this with the said firm. I gather this may be a large up front payment to the company.
2) Cuba - Working to secure operatorship & Production sharing contract which will expose them to the largest non-state owned on shore O&G project in the country. Newsflow in this connection to follow
3) Special situation - in advanced stages of securing and announcing a third project (outside of the oil and gas space). Likely that this will be a valuation inflexion point.
I think a lot of questions will be asked regarding the accounts so company best take care producing them. Spoke with Andy regarding JB and expressed my concern about his role. He is being used sparsely and will be gone soon. Andy felt he was needed to migrate some legacy knowledge over. There are those here who know more about the company than myself and given the last call was a relatively open set up I'd like to see more knowledgeable holders participate. I do think decent upside from a £1.3m cap exists but not convinced there is a good long term investment case as yet. New BoD have to prove themselves first
I've copied the news flow timetable from latest company presentation here:
https://twitter.com/JimPrice83/status/1276137417288945664?s=19
Had comms with Andy Dennan. Next piece of news will be the full year accounts due any day now. The next investor call is planned around GM date which is approx 3 weeks from publication of accounts. Would be good to get as many of the veteran posters and LTHs here on the call to properly quiz and scrutinise developments hereon
https://twitter.com/JimPrice83/status/1265199734630895617?s=19
I hope we have as many people from here on the call this afternoon. Would be good to get some solid questions to them and some of the LTHs are best placed in this regard with their deeper knowledge and history of the company
its all in the rns....£3.5mm is contingent on the european asets we are selling producing 100kscm per day for 4 months, Zenith have also stated in RNS "Production is expected to reach 113,000 scm/day following the completion of a series of targeted interventions planned during the next 6-9 months for which all necessary approvals have already been obtained."
From the same interim results you can glean how much they will save of cash hence why the WC position now is secure for a much longer period as per the final accounts:
"Post period under review, the Group announced a restructuring of the Bulu PSC acquisition terms, which most notably involved an amendment to the payment schedule of the cash consideration components to be paid to AWE Limited ("AWE"). Originally the Group had agreed to pay AWE a total sum of $8m ($1.04m in back costs and working capital adjustments and $6.96m in cash consideration) upon closing of the transaction. The Group has now agreed with AWE to pay the same quantum of cash but now phased over four instalments with the first being a sum of $2.5m payable on completion of the acquisition (which is pending, inter alia, approval for the transfer of the 42.5% working interest to Coro). The next instalment of $1.5m will be payable to AWE on 1 September 2020"
"The operative word is "within". That is before next April. Only an idiot would leave it to the last minute. September 2020 was a deadline finding the company in the interims. That was before the uncertainty of Covid-19. The cash raise will be difficult and eye watering for shareholders."
I agree it will take place before April 2021 as that would be cutting it very fine as far as WC is concerned. Andy has confirmed it will not be in 2020; as they expect more favourable conditions for doing so in Q1 2021. This sentiment is echoed in the annual results as follows:
"Whilst recognising the current challenging market conditions, the Directors expect conditions in the capital markets and the broader economy to improve later in 2020 and are confident we will find the necessary financial support to continue in operation."
The September 2019 interim report is now outdated as it does not factor in the aggressive annualised cost saving of $2.3m and more importantly the money saved from the termination of the Bulu PSC acquision in January. As per RNS:
"The consideration for the Bulu Acquisition, which will not now be paid by the Company, was to be satisfied through total payments, in tranches, of US$6.94 million in cash, together with an additional US$1.04 million in working capital adjustments to AWE Limited. In addition, the Company was to pay an additional US$4 million by way of the issue of new Coro ordinary shares to Hyoil (Bulu) Pte. Ltd.
With the Bulu Acquisition not proceeding, this consideration will no longer be paid, preserving Coro's cash balances to progress other areas of its portfolio, including the Duyung PSC, and removing the need to issue further new ordinary shares in relation to this transaction."
The latest information we have with regards to WC is from the recent final results:
"The Company is therefore now proactively implementing a material cost reduction exercise to position the Company for current circumstances. This will see a reduction of approximately $2.3 million of General and Administrative costs on an annualised basis, resulting in the Company having sufficient working capital to meet its requirements until April 2021, when the second annual coupon payment becomes due on Tranche A of the Company's EUR 22.5m 2022 Eurobond."
The RNS couldn't be any clearer. WC covered till next April and approved by NOMAD. Partridge are you saying that this information is inaccurate or false?
Just to be clear, Andy has just confirmed that the company has sufficient capital on hand to meet it's working capital obligations beyond 2020. This was in response to an explicit question requesting clarity whether we envisage a need to revisit the market to raise funds in 2020