Member Info for LGO-fan

and I think LK already mentioned, if I understood it correctly, that he wants to seriously consider to drill in Bonasse. It will stand far better chance of being economically viable than in Goudron, given we will record 100% of the revenues

bring on the drilling ! Purple style :-)

Group!, you here. Fancy that :-)

Have I mentioned before that I hate predictive spelling?!

Yes, agree and over time I expect quite some interesting results from Bonasse and Icacos, and assume capex/opex will shift a bit more towards those fields given 1 bopd their = 2 bopd from Goudron. those fields could easily add to CERP’s fortunes at low investment. 50 bopd from Bonasse is worth 100 from Goudron. So high bopd in rear is, whilst always welcome, not an absolute necessity right now. Profitable production is to increase positive cash flow. All towards SWP. Delpon news is right that the SD will probably only add to our group level production from end Q3 onwards (I assume), but enough happening in the interim. And I believe the WF will be successful provided the get access to enough water. There are some other things in the background like the new actions for Goudron discusses at AGM, M&A, JV Spain...so enough around the corner whilst we build up to 2019

that said, we all know that the SP will only move when the BOPD go up significantly. And now that we have 5 producing fields the chance of success of that happening has gone up massively. LK will need to deliver/smash that 1000 bopd target by end of year. Q4 will be money time (for those who watch the NBA)

agree, the 0.6p (at 13% premium) is great. Shows some confidence

how much more cash QFI has in the coffers to keep it running?

I prefer them to do a proper DD and take a bit more time as opposed to jumping into something fast and regretting it later.

less impressed with the equity raising: a couple of days ago I alluded to the risk of placings and got verbally molested! Not hearing the same voices today strangely enough.

Anyway, the months in the run up the end of the year should be interesting and hoping to see MYN cashflow positive, so we can avoid the dreaded P word for a long time

the heat is affecting some on here...scanned the B.B. to see what has been posted the last 48 hours....djeez....some need a jump in ice cool water, lol.

From the AR2017 (had missed it before) “• Availability of finance – the Directors are confident there is adequate funding to finance future immediate working capital and operational requirements, through to at least the end of June 2019. Current and future funding is continuously monitored and controlled by the Group”

Does MYN have a 3-5 year strategic plan? Couldn’t find it anywhere so far; may have missed it.

looking good!

exactly

exactly so it’s a big non-event

so, what is the consequence of the fact that resolution 5 has not been accepted?

thanks, chaps. Just bought in. Wait and see now.

Hi, it's not a fact that MYN will run out of cash in 8 months; it's merely question. The $3.8mn neg cashflow comes from the 2017 AR (so that is a fact)

At the end of 2017 they had $800k in the bank (see 2017 AR; also a fact). According to Helpful the cash burn is appr $100k pm, hence if things were the same as at the end of 2017, then MYN would have enough cash for 8 months (assumption)

Question now is how the level of BOPD has moved on since Jan until now and what the target is for end of the year (300-500 bopd I assume) and if EG has issued any targets for this year in terms of debt reduction. That will allow everyone to understand if cashflow positive for the total company will be achievable and give confidence that the dreaded P word can be avoided this year.

I really believe in this company but want to get a better understanding of where the company is at. Level of comms has been somewhat less of late and hence my questions.

Very helpful,..Helpful :-)

Being cashflow at 100/110 bopd sounds very promising. But how do you reconcile the cash burn of about $100k pm with the $3.8mn neg cashflow? if your number is correct (which I don't doubt) then they have 8 months to sort things before they run out of cash, but if it's higher (I had simply earmarked 3.8mn/12, i.e. a bit over $300k than it's less than 3 months).

Hope you can help me understand the numbers better. Thank you in advance

doing something good :-)

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