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The gross proceeds were £13.57M which gave rise to $17M per the 6 month results. I am not sure what exchange rate was used but £3.5M increase in Admin seems excessive.
Is this a new version where the Admin Expenses didn't more than double?
Didn't our resident rampers continually tell us how we would be pleasantly surprised at how well VOG had controlled costs.
Not sure how this translates into Admin Expenses rising by $3.539M to $6.703M.
ENEO are already "paying" gas at $6.75 so I'm not sure that is a valid arguement.
My concern is that the power station is at a proposed stage so actual receipts are a matter of years away rather than weeks. In the meantime we need to upgrade the processing plant which I don't believe has happened yet despite Kevin say it was just "pipes and plumbing", drill a well in Matanda and possibly more in Logbaba. Obviously my concern is how the Capex will be funded.
The news is welcomed, particularly the long term, but cautiously.
Don't forget his caveat that it all happened before he joined the Board.
I voted against his appointment at that AGM particularly since one of the other companies of which he was a director had just gone belly up.
I have regularly downloaded the shareprice and have data going back to Jan 2007.
An action group may now have the support of some substantial shareholders, particularly now that they can see ENEO have taken VOG for a ride again.
How can the directors have let them get away with that?
Perhaps we can get them voted off at the AGM.
You're quite right.
Now I seem to remember that 1 MMBtu was equivalent to 1000 cf. Using the Q1 production update grid supply was 508 mmscf which has a sales value of $3.4m. There was a urther 25 mmscf in the Q4 update which equates to $169k. These two figures together are approximately $3.6m, so it is possible that ENEO haven't actually paid for any gas.
Granted this ignores any gas supplied in April, but this is VOG and the RNS refers to "invoices for gas consumed" it is quite possible that they haven't raised the invoices for the April supply yet.
Just reading the RNSs.
The gas supply recommenced on 22nd December.
The latest RNS states that the gas invoicedin 2019 has not been paid for.
As part of the fundraising there should have been some financial information supplied, so why would an II again invest in this company. Surely they couldn't have glossed over the non-payment.
Do we think that the II who took part in the fundraise knew about ENEO stopping payments 9 days after the gas supply recomenced.
Wonder who would have reported your post.