Member Info for johnpwh

Bit concerned about the answer given to one of the accounting questions. £7m banking facilty? Has it been drawn upon - Im guessing so because Dr S said that would be repaid by 2021. The repayment of the construction loan by 4/20 has been highlighted many times but an additional £7m ourstanding? News to me. Is that a JV liability or only AAU? If the latter it will put a nasty dent in the torrent of cash we all thought would commence next year. Have I misunderstood or did I hear that (I'm a bit of a f***wit sometimes so anything is possible)?

God bless modern technology. The Q&A on the telephone lines went well!

Waiting for the conference. Naff music. Wonder whose idea of groovy riffs these are? Whoever it is needs sacking

I see from the RNS that Dr S is hosting the presentation and Q&A. Hope he is a secret accountant as well as a geologist!

Ash
Under 'summarised financial information for the JV' we have against 'non current liabilities' we have £7.851m for 30/6/2019 but £14.764 (rather than £8.959m) for 31/12/18. You mention 'asset retirement obligation' - would that be sum necessary to 'beautify' the site after mining ceases?

Thanks Ash. Searching questions, well drafted

Well all questions have to be sent to Yellow Jumper before 9 tomorrow morning.

Decent day, look forward to listening to the conference tomorrow if I am able to dial in. Else I believe it is on the website later.
Q3 has ended, visually from graphs it would seem POG average for the quarter is up from 1320 -> 1460, POS average 15 -> 17, so a good 10% each. Bodes well for the Q3 financials as I would have though any serious production shortfall for the quarter would have been flagged in the 'update' part of todays results RNS

Yep found that out! Has to have the word 'resources' before the '@'. Well said Paul. When successful you get an automated (I think) reply from 'Felicity Winkles', so if you haven't then I suspect it hasn't reached them.
Has anyone dialled in before? When/where do you put in the top secret password?

I do find myself in agreement with some of what you say. I have always felt that the proximity of Salinbas/ Ardala to Hot Maden was a bit of a mixed blessing. Many investors seemed to regard the discovery of Hot Maden 2 (the sequel) was just a matter of time, wheras to date the results have been seemingly mixed at best. This is, of course, the point of view of a non geologist. Having said that I am not dismissing it, far from it, but have just never been as excited as some - it may hopefully turn out to be fantastic!
I have sent my questions to Yellow Jumper.

Wow. Be still my beating heart!
Seriously thanks Ash, that does make a great deal of sense and it is good to have someone to interpret the otherwise opaque (to the layman) layout of the accounts.

Ha ha. Yes I've read his missives. I'm not a violent man but I would gladly make an exception there!
I'm making my own attempt at being unpopular by banging on about Kizilcukur, but I hope I will be forgiven for that.
I think us elderly chaps must come to terms with the nature of AAU - with young whippersnappers like Dr S and Zack in positions of responsibility we have a company looking further into the future than maybe we are. There will always be prospective developments stretching forwards one or two decades which will in some respect act as a brake on the SP, especially if they are seen as limiting returns to shareholders in the short term in the form of (dare I say it) dividends. It is up to us as investors to decide if that is the profile we want. Excuse me, just rambling thoughts.

Paul, depends on your definition of corporate update. We had mining operations going ok, possible (likely) Cypriot operation and hint of a fairly imminent Salinbas JV partner.
Honestly you are so demanding, you'll expect the share price to go up in response to positive half year results next!

Morning VanVan. Is Cryprus near Cyprus? Sorry, just cheered by the results which, although nothing astonishing, certainly contain no shocks that I can see. I would assume this Cyprus prospect would be in the Turkish zone, a least I would hope as politically I would rather not see relations with the Turkish administration soured in respect of the current operations.
The fact that the geographical location has been mentioned and that due diligence has been done for 2 years implies this is all but a done deal - they are usually more cagey.
Do I read right that although no divi from the JV was received we have £3m sitting in the JV?
Again the implication is that we may be reasonably close to a JV announcement in NE Turkey, may not be far from an announcement there?
No Kizilcukur announcement, I did see Ash posted last night. I can't agree with him about it, but I'm sure we wont fall out! Despite the omission I will continue to ask the question even though it may be rejected as irrelevant to the result statement content.

My Kizilcukur question will address whether selling the asset into the JV on the contracted basis in the JV agreement is in AAU shareholders best interests, given that exercise of this option is at AAUs call. I have spoken with a board member about this previously, the impression I was given then was that it was not a forgone conclusion that the 3x basis would be exercised, and that alternatives were being considered. Anyway, we'll see what reaction is forthcoming on Tuesday. I am aware of the approximate sum already spent on exploration at Kizilcukur.

End of November. And I thought I was a pessimist!

So chaps & chapesses, given that the good Doctor (T, not BB, no disrespect BB) has stated that he expects 11, 000 bopd average for the rest of the year, are we not expecting another load until the tail end of October? Or do we think Dr T is teasing by under promising and over delivering again? Also do we expect 'short loads' during the winter months due to frisky weather causing off loads occurring when possible rather than when is ideal?

Is anyone tabling a general question re. Tavsan? I would like to know where we are with the EIA which I believe is being prepared and a realistic assessment on when the board will be able to give a definitive timetable on Tavsan plant development.
VanVan, you can ask about the Gantt chart reappearance but Dr S has told me previously that it was a deliberate decision to discontinue it as the Board felt it had become a stick to beat them with as timings are so at the mercy of 'unpredictable' response from Government agencies. I suspect their return is unlikely.

Hi RD2U,
Welcome to the board, you seem to have done research. Sorry to hear of your troubles.
Dividends: Different people have different feelings on this subject. Like share buybacks, dividends ( which I think we assume would commence after the current loan is repaid and net cash flow dramatically increases) will make AAU attractive to a wider audience of investors, but at the expense of funds to explore the many prospects - therefore some see divis as rather a missed blessing. I myself have changed my tune and think a modest divi would be a good idea provided it doesn't result in a dilutative fund raise at a later date. Most want to see Tavsan exploited asap, it will make a massive difference to the perceived scale of the operation, and ultimately a huge rise in net income. Salinbas seems a bit 'out there', lots of potential implied but to non-geologists (like me) the results to date seem somewhat underwhelming - that having been said the current SP doesn't appear to even reflect the Red Rabbit operations, let alone attributing any value to North East Turkey. All the above is my opinion alone, and even where implied I am not speaking for my fellow posters.
Tax? Well that may be a good question on Tuesday!
John

Next offload ain't due for a couple of weeks. What garbage can we talk about till then?