Member Info for PUTUP

They need to be desperately conserving cash (including not paying for committed capex) by furloughing all but absolute necessary staff.

"What is 800m P2 reserves and 55kbopd worth these days?"

137.5P ?

Versus June 9:

- adjust for dividends since

- adjust for dramatically lower Brent

- adjust for the discount to KBT that was introduced

- adjust for cessation of production

- adjust for extreme vulnerability of half a year's receipts

- adjust for increasing going concern risk

The one positive over the last year was a pick up in production. (Unfortunately that came to a screeching halt.) Looking forward, also on the positive side, IF things are sorted out I'd rather be reliant on SOMO for receipts of payments than the KRG. But all the other factors still matter considerably. All in all it's a relief the stock is trading so well. Good luck - we need it.

Tick tock, tick tock...

'My 7 figure losses must be someone’s illegal gains. "

Why is that?

Tick tock, tick tock...

Ah Straycat has peeled himself out of the dumpster. An "influencer" - ooh that sounds so cool and millennial. Nah I'm just very long. I'm simply not blind to the risks (and keeping powder dry for an emergency rights issue should it be needed). We need a solution or, better yet, payment for October and fast. Let's see how things unfold.

The point is that they have a LOT less than 9 months for a solution to be found. They have less than 6 (with 3 month payment terms) and more like a max of 3 (sufficient cushion).

$99 million of cash as of April 26. A burn rate currently of about $10 million a month (my estimate). So let's say $89 million as of end of May. 9 months of life now that the dividend has been cancelled. Emergency expenditure cuts might push that out a bit but not by much. Even if June has production it won't be invoiced until early July and payable early October (if paid on time). We really need payment from the KRG for past invoices to breath freely... If you believe we will get paid soon for those invoices then the stock is currently very cheap. If you don't, then you best hope production begins very quickly and that SOMO pay promptly. If not, get ready for an emergency equity raise. Hang on to your hats gents it could get hairy.

I’m not fussed about dividends per se (unlike many here who think they create value). But, yes, I do care about receivables. They’re written off in the current stock price. As I’ve said, payment for October is a better catalyst for rerating than production restart. Thankfully the price isn’t yet indicating that the stock is in existential distress and rather indicates production will resume in the very near future.

The dividend has been high because, in the ordinary course, they had excess equity capital. (The recovery of the cost pool which was funded by prior written off debt and equity holders.) Return of that excess capital to shareholders comes straight out of the share price. Return of that excess capital is contingent, however, on getting it from the KRG. The KRG hasn't paid ergo no excess equity capital recovered to return. It really is that simple.

You have to vote against the LTIP whenever that comes up for renewal (I haven't checked) but given 4 individuals own 34% of the company your vote won't count for much unless all other retail agree with you and act.

Right now the company needs the money to survive. As I have said before, the KRG has your dividend...

"Their percentage has fallen because of the dilutive recent share issue of 6m odd to settle exercise of options. "

Yup

Don't forget the "Austria GmbH" bit...

How much of DNO's value is owed by the KRG? In the case of GKP it's 30%...

I expect a big chunk of operating costs aren't variable. Corporate overhead certainly not. They will still have some capex as well. That is less than half their burn rate prior to shut down.

Again, not a surprising statement. With a cash position at the end of April of $99 million, no receipts since and a burn rate of probably $10-11 million a month it's not at all surprising to see the dividend cancelled. (But we all know dividends don't create value so cancellation, given it improves liquidity, is arguably a mild positive.) As I've said lots of times before, being paid for receivables is the most important thing to be watching out for.

No surprises - including the announcement re Soden

7.9% cost of equity!! Ha! Fack that...

"MM's"

LOL!

6.25m of the 8.909 m outstanding as of EOY 22 vested, became exerciseable and were exercised. The fully diluted figure of 228.468m didn't change.

(Invstrat doesn't get it.)