It would appear that the overdraft was not recorded in the accounting records. Absolutely right that items recorded on bank reconciliation (of the account that was disclosed) between bank statement and accounting records should be checked by auditors with post year-end statements to see that they were cleared.
The overdraft must have been opened in a fraudulent manner, I guess he forged the second signature on the documentation and minutes required to open the account, and presumably on the cheques. Then there is the issue of how he booked the transactions. Possibly both sales and purchases were being inflated. Hope that they can find a jury to understand all this.
Clearly the internal controls were non-existent. The guy must have been cooking the books like Bernie Madoff did for clients' statements over ten years ago.
He mentioned institutional support in the placing. I can only assume that there are other institutions below the threshold for disclosure. I don't think the interview was helpful. Generally he makes interviews after a RNS on an operational update.
is I understand a gas field with a large oil rim. What happens if we hit gas instead of oil? Does AAOG have the infrastructure to handle gas?
It's surprising that DS has not been able to get an instituton onboard. Institutions were falling over themselves to put money into CERP. And where is CERP now?
Maybe TW has been duped. Cannot see the logic of doing a raise at this price if DS is confident of Djeno.
They have. It's not showing here. I am sure there will be a statement rubbishing the offer later in the day. I'll be surprised if DNO win this at £1.60.
DS mentions the first zwo layers. Is this just R1/R2?
@spike912
Many thanks.
Does anyone know how much drilling (depth, time) is required to get to the Djeno?
DNO are tightening the screws. A raise at the end of the offer period may get them over the line.
Absolutely. They keep trashing Faroe but they have extended their offer by 14 days and have received acceptances for a further 14%.
HL are quoting to buy from me at 12.30 and to sell to me at 12.29. I have never seen that before.
Many thanks.
Reading recent RNS, there is still the issue of financing now that the death spiral facility has been closed off.