RE: Spain12 Oct 2018 16:04
fuzzpellet - 27th Sept RNS was the date of releasing the half year results which stated ...
"Costs of meeting ongoing obligations in Spain, including staff redundancy and associated tax costs, of £637,000 (1H 2017: £320,000). Burn rate in Spain now down to around €15,000 per month"
and
Costs have now been reduced to approximately €15,000 per month, instead of the previous burn-rate of around €60,000 per month, although the Spanish legal/tax/regulatory system generates additional costs from time to time which need to be met.
Then the 10th Oct RNS which gave Q3 results stated ...
In Q3 2018, there was no material activity in Spain. The Company continues to maintain the Ayoluengo Field on a "care and maintenance" basis whilst awaiting the commencement of a new tender by the Spanish authorities.
The Company incurred costs of approximately US$0.40 million in maintaining its obligations in Spain during Q3 2018, with this including US$0.17 million of taxation payments to the Spanish authorities relating to the staff redundancy process undertaken in Q2 2018 and a further US$0.15 million placed in escrow relating to a historical legal issue which the Company is challenging.
US$0.40 million is US$400,000 or US$133,340 per month.
It probably doesn't help investors to follow what's going on when references alternate between three different currencies. However you look at it stated costs are substantially higher than €15,000 per month.