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a performance of the BOD akin to England’s performance against the All Blacks today! (what a game)

he so is! (England’s game against the mighty All Blacks was poetry in motion!)

I very much like your style, Peter :-)

as it is in all companies. Someone, with rather devious intentions it seems, is really taking the p*** with pi's.

brilliant!

Hi MozzaBezza, sorry that "tosh" comment wasn't directed a you :-)
Our residing wise guy (deviously) planted the seed about the payment terms...nonsense. There are accounting rules and all companies have to stick to them

There are three main exceptions to the revenue recognition principle. Some manufacturers may recognize revenue during the production process. This is common in long-term construction and defense contracts that take years to complete. The revenue in these cases is considered earned at various stages of job completion.

Some companies recognize revenue after the manufacturing process but before the sale actually takes place. Mining, oil, and agricultural companies use this system because the goods are marketable and effectively sold as soon as they are mined.

I don't buy this nonsense about payment terms. Net revenues get recorded when the sale has been delivered. Utter tosh.

"The revenue recognition principle states that revenue should be recognized and recorded when it is realized or realizable and when it is earned. In other words, companies shouldn’t wait until revenue is actually collected to record it in their books. Revenue should be recorded when the business has earned the revenue. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received".

*may

That simply cannot be true and (Well it is always possible - crooks everywhere) until proven otherwise I am going to stick to the RNSs. However, if it turns out not to be true we will just have to chip in and get some legal action going.

Maybe we should do that regardless: if letters from PI's are not worthy of a reply, maybe an eloquently written legal letter me spur them on to clarifying what we have been asking for.

Hi countdemonet, so true!

it beggars belief though that these guys don't seem to care, or understand even, that if they don't clarify this net revenue position, this is going to go even more up the creek without a paddle. Why on earth would you not want to put the minds of pi's at ease? I mean really, what are they smoking?

Well, they consistently communicated those numbers in a number of RNS's. The revenues of $134k, were H1 revenues. (Those still do not make make sense given the $190k pcm announced in the RNS of 30/4). I have sent an enail to CW a while ago and PA. No reply. Like Helpful, who also refused to explain the numbers - despite positioning himself as "Mr-in-the-know" (only when it suites him it seems)

red tape is horrendous in TT. Had long exchanges with NR about that. It’s always the way over there. Given they need oil, you would think they would move their behinds a bit quicker

not to mention the RNS of 30/4, and a couple of operational updates.

they have announced, what was it again, that they are producing 100-120 boepd. If zero they are misleading shareholders and liable to lawsuits

something with muck?

which misunderstanding did I miss now ? :-)

ps Tomorrow is still next week

Men Helpful has categorically refused flat out to comments on net revenue / production concerns. He does not entertain the worries of minions :-)

Asked CW, PA, ....so far none have answered....it’s either weird, or very worrying....but doesn’t inspire confidence to say the least!!

(All chill)...saw this picture and it made me think about Saffron
https://www.dreamstime.com/abandoned-red-army-truck-overgrown-bushes-image129940962

Even as a LTH/diehard CERP-fan, it made me chuckle