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There has been real challenges here over the last 24 months but investors need to look at where the we are. Debt free, generating significant operating profit and a fully funded work program of two exploration wells in Romania and several workovers in Tunisia. The current levels are just crazy
Thanks. These are highly attractive returns and hopefully this years campaign puts production back at 2000 bopd. Company is debt free and seeing operating profit over $3m a quarter at current production
Tunisia
April lifting 42,000bbls @$104.79 = revenue of $4.4m
Net back of $42 a bbl = $1.76m
2nd QTR - 505boe/d = 45,955 @ $42 net back = $1.93
Total net profit = $2.69m
Romania
610 boe/d at $40mcf average for QTR @ net back of $13.35 per mcf
Net back of $13.35 x 610 x 91 = $741,000
Total profit for 2nd QTR $4.46m
Based on 12 month net profit at current rate $17.86m
Current Senx market cap £11m
During the three months ended 31 March 2022, the Company's Romanian operations produced a total of 327 MMcf of gas and 417 barrels of condensate, equating to an average daily production of 610 boe/day. Production continues to decrease due to natural declines as well as water breakthrough in some producing formations within some of the producing wells. The Company has an extensive capital programme underway in Romania in 2022 to find additional gas resources that can be produced and processed through the existing capacity available at the Moftinu gas plant.
Professional fees last year nearly £1m and Tom Reynolds salary £250k. Did any of you see the loan that is unlikely to be recovered...During the current year, the Group loaned £1,200,000 to Energy Acquisitions Group Limited, a 50% owned associate of the Group and accrued interest of £44,000. The loan is repayable on demand and interest is payable and accrued in accordance with loan agreement. We pay 100% for the energy plants and only own 50%....great
The deal is a disaster. Out of the $3m receivables do u think much of this will be seen after prof fees, finders fee for farmout. There will be funding required for working capital alone within the next 12 months