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Seadoc
Forensic Accounting means "the use of accounting skills to investigate fraud or embezzlement and to analyse financial information for use in legal proceedings." Google it. If admin read this then you may be permanently removed.
You are flitting from UKOG Accounts to HHDL's accounts to suit. Was it UKOG or HHDL which was spending the cash?
You state UKOG was and is still spending £1m a month (is that UKOG or HHDL) How do you know what it is spending now?
It was never spending £1m a month that is a made up figure by yourself. You are getting confused (deliberately) with spending and cash outflows. UKOG (consolidated) paid out £1.2m more in cash than it actually spent - paying off old creditors.
You were over £10m out. Your figures that you keep spouting are worth less than the fag packet you wrote them on.
Seadoc
The word Forensic in an accounting way suggests that there is fraud or embezzlement. Are you suggesting this.
Or do you actually mean you used a back of a fag packet to come out with a figure which suited your agenda but just happened to be over £10m out.
Penguins
Please follow your own advice where in the RNS does it state, as you have "probably have a restriction on the % of shares traded in a day that can be theirs." You don't know and have interpreted a quote from the RNS to suit.
Penguins
Of course the rig won't arrive until after the SPA otherwise Tellurian would have to contribute. I expect them to be announced on the same day, perhaps at the same time.
Tellurian can't sell for six months, I would have thought that someone who reads the RNSs as much as you would know that.
It is interesting to see when YA will start to sell but once the SPA is signed a set maximum conversion price will be set. There is a possibility that the SP could be higher than this on the rig arrival. If so YA will be very careful to protect the SP when selling
Seadoc
The term "to keep the lights on" means to stand still/do nothing. UKOG has been acquiring assets ground works, planning permissions etc. It cost about £200Kpm to keep the lights on at UKOG.
The acquisition give UKOG a 69% of HH, this also brings an additional 69% drill costs to be found. Therefore the need for the £5.5m
It also saved about £2m on the purchase to us LTH. As the deal is in shares either directly or through YA the increase in SP and the great volume (Conversion price is on VWAP) the cost to UKOG will be significantly less than when the deal was announced.
Of course Tellurian will still receive their £12m.
Think it was chicken and egg, no CPR means cheap deal but expensive finance, CPR means expensive deal but cheap finance.
I wouldnt be surprised if we get a nice CPR to borrow against very shortly after the deal goes through thus enabling expensive finance to be repaid.
Ninvestor
If you bought at 6p and sold half at 9.5p your average is 2.5p you are not 85% down on that. Also to be 85% on 6p the current SP would have to be 0.5p. I think you must have made up some numbers and didnt get your boss to check them for you before posting.
Mirasol
I agree that the Farm out and JOA are separate agreements, it is just that the later one says that costs are shared. Therefore the presumption is that it supersedes the FOA.
The FOA was for the drill (which was completed in 2014) and a flow test. Flow Testing ended in 2016.
Penguins
The Joint Operating Agreement in 2014 postdates the Farmout Agreement which was to drill and flow test HH-1 only. (in 2014)
From the Joint Operating Agreement in 2014
"All risk, obligations, losses, damages, liabilities and associated expenses incurred in or arising out of the conduct under the joint operations shall be borne by the participants in proportion to their respective participating interests in PEDL246. The
operator is required to obtain and maintain all necessary insurance regarding the PEDL246 operations. The cost of the insurance is borne equally by the participants."
Costs are split and have been since 2014 - simple.