Member Info for ocelot

So: from the group income statement, take loss before taxation and add back impairment expense and exploration write-off.

Penguins,

The number, which is a number for a loss, comes from the group's income statement.

Re selectivity, the heading I used explains which figures are involved:

"loss before impairment expense, exploration write-off and taxation"

Thank you for your post, Ibug.

The rise in the oil price may help to explain why the much-touted placing has yet to be done.

ie. their underlying losses are at a level where a few hundred bopd would make a big difference.

I posted this earlier, but the thread seems to have gone AWOL:

loss before impairment expense, exploration write-off and taxation:

19/20: £3,687k

18/19: £5,392k

AME put E Sadak into production "the day after they finished the test".

that doesN'T necessarily mean

cyan2,

Suspect that they are pretty occupied with their current exposure in Iraqi Kurdistan.

They do have interests elsewhere, but that does necessarily mean they want to increase their exposure to the immediate neighbourhood of Iraqi Kurdistan.

cyan2,

You ask why Genel hasn't bought in.

But has Genel ever bought into any field in Turkey?

It may be Anglo-Turkish but the core of its operations is in Iraqi Kurdistan.

cyan2,

Not sure there is anything to conclude from "the absence of AME's normal Turkish partners". Don't forget that the Turkish Lira has been through a very turbulent time, perhaps it has prompted some of them to rein in their commitments (but I'm just speculating).

It means he believes the dice are loaded in his favour but cannot be sure before the well is drilled.

... Further soft commitments and expressions of strong interest advised mean that the Facility is oversubscribed and a short period of agreeing allocations will also be needed. (RNS of 29/03)

Was concentrating on the key figure (finance cost down to 286k in 19/20 v 607k in 18/19).

Those trade payables have come down: 1,981k at 30/09/20 v 6,026k at 30/09/19.

But each to his own, the figures are there to be analysed and commented on.

was thinking the income statement provided a figure which it is easier to extrapolate, avoiding the movements in trade receivables/payables of the cash flow statement.

was looking at the consolidated income statement.

Admin expenses down to 1,755k in 19/20 from 3,939k in 18/19.

Other operating expenses are non-cash flow items.

It'll be interesting to see the reaction of the market when the placing is finally announced:
1/ it won't come as a surprise to anyone;
2/ it will remove the uncertainty;
3/ because it will be to help finance Turkey, it could well be received with open arms.

A placing is inevitable, the last placing of £2.2m did not cover all of the expenditure on the 1st well and seismic, which is capped at $5m, ie about £3.6m.

To date, despite all the continual talk of the placing, nobody has been able to predict its exact timing.

SS's statement about equity funding in this year's annual accounts RNS is very similar to the statement he made in last year's annual report.

... I am delighted to report that the addition of the Turkey Basur-Resan discovery into our portfolio plus Loxley's significant gas volumes has seen our total net discovered resources increase significantly to 37.48 mmboe, the highest level in the Company's short history... Our plan remains to convert as much of our discovered resources into reserves and production as we can in 2021 via our appraisal drilling programme. (SS, annual accounts RNS of last Friday)

To provide some comfort as to progress being made, please can Angus broadly summarise progress made on the refinancing since the 29 March RNS and the legal costs associated with the refinancing.