Member Info for ocelot

PS: note that until the recent oil price collapse, one could probably have assumed a margin of about $40.

This is very broad brush:

18/19 operating losses of £4.788m.

If, for the sake of simplicity, we assume a gross margin of $20 (operating costs $11, brent $31, or operating costs $12, Brent $32, ... something like that), then, at 1.24, gross margin is £16.13.

To cover operating losses, need annual production of about 296,800 barrels or about 813 bopd.

In the 18/19 financial year, net finance costs of £606k were added to operating losses to arrive at total losses.

All market participants were forewarned of the possibility of negative prices 5 days before it happened by the controlling exchange.

Riverfort have until 10/09/21 to convert their loan.

HH isn't a pub and it is outdoors - let's see what tentative steps Boris Johnson takes this evening.

It's true that we have all had a lot of time to see (and discuss) both the negatives and the long term potential.

For those of us who are long, all we need now is for the market to attach more importance to that potential!

PS: there should be a "u" in honourably!

Think the broker is acting honorably, Boyobach, they are picking up the tab. And 5 days forewarning was very little time for them to change their system.

Thank heavens share prices can't become negative!

Mirasol,

Just to expand a little:

we can all see the negatives, the question is whether the market has focused too much on the negatives, to the exclusion of the potential positives.

It's for each investor to decide what is reasonable.

For myself, a decline of the market cap of more than 92.9% from the peak looks to be exaggerated.

At its intraday peak, UKOG was valued in excess of £300m.

Today, it is valued at £21.2m.

The increase in the number of shares in issue helps to explain the decline of the share price. but has nothing to do with the decline of the market cap, (if assets remain the same, then shares in issue up, say, 100%, share price down 50%, market cap remains the same).

Of course, £300m+ was in different, more optimistic circumstances, but £21.2m? Just from the point of view of reasonableness, that looks to be exaggerated.

... At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. He’d started the day with $77,000 in his account...

https://www.bloomberg.com/news/articles/2020-05-08/oil-crash-busted-a-broker-s-computers-and-inflicted-huge-losses?sref=Em01M8Hr

One more correction:

George Lucan said ANGS merits a market cap of AT LEAST £10-15m, if not the Saltfleetby CPR mid-case valuation of £24-25m, (to which, assuming their revised application is successful, Balcombe should add a few £millions more).

Correction:

The audio recording is on their website, (media, videos NOT presentations, where the supporting slides can be found).

PS: the audio recording of the conference call became available on Wed evening. If you scroll back a few days, you'll find LancashireLifeTM's detailed resume of what was said.

That is, yes, nearly £15m of market cap is a realistic target.

The audio recording is on their website, (media, presentations).

Yes.

0.70p + 2.00 = 2.70p = a market cap of nearly £15m.

George Lucan spoke this week of ANGS meriting a market cap of £10-15m, if not the Saltfleetby mid-case valuation of £24-25m, to which, assuming their revised application is successful, Balcombe should add a few £millions more.

If you have the time, the audio recording of the conference call of last Tuesday gives you much more information.

U.S. drillers cut oil & gas rigs to historic low -Baker Hughes

https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-drillers-expected-to-slash-oil-gas-rigs-to-lowest-ever-idUSKBN22K0IL

A disenchanted view of Iraq's political prospects:

https://www.bloomberg.com/opinion/articles/2020-05-08/iraq-s-new-prime-minister-may-succeed-by-failing?srnd=premium-europe&sref=Em01M8Hr