Member Info for welloilbeefooked

Looks like the Egypt assets RKH flogged to UOG are coming good - for UOG

Just reading the other board and it appears BeyondAir received 12.3m circassia shares in Jan 2019 - might want to change our ideas about who's been selling lately?

BIDS is now singled out as a traders dream playground - the great train robbery had nothing on this .
GLA - I'm off.

Storm in a tea cup - MMs marked it down 10%, mopped up the weak sellers shares - job done. Don't see any signs of director or II sells. Could see this finishing blue today.

Arsenal - some people will sell, no-one likes to see legal notices turn up in an RNS . However, if you think beyond the initial headline of "legal proceedings" , the pursuer must believe there's massive value in the product or why bother chasing it through the courts ? If it was a dog they'd just take the money they've agreed via the contract.
FDA approval coming ?

Strikes me that if the vendor is trying to take back control of the commercialisation rights then AirNovent must be something special and we've bought a humdinger of a deal ?
BWTFDIK

I like the ACP story but think this will drift now so I'm out for the time being .
GLA

Snaffleman , you're so right - Leon's pitiful holding sends out all the wrong signals and this issue has been a drag on the SP for as long as I can remember here. I've lost count of the number of times this subject rears it's head.
If he exercised the options that might help a little - he has 7m at 1p and even that appears too rich for him at the moment. Then there's huge tranches at 3.5p and 4.0p .
On the subject of unpaid remuneration, I also noticed in this year's annual statement that the text has changed to say "The amount is to be settled either in cash or through the issue of new Jubilee shares......" In the previous years statements there's no mention of unpaid remuneration to be settled in cash, only shares, so that's not adding to the feelgood factor !
What other conclusion can investors draw other than there's further dilution as a distinct possibility rather than self financing projects from cash or using the debt facility ( which appears to be sitting in a locked room somewhere never to see the light of day)
AIMHO and I hope I'm barking up the wrong tree but I'm not holding my breath.

To be fair, in all of these upbeat interviews Leon gives, no-one ever asks him why he's not got skin in the game and to that extent these things are quite obviously pretty tightly scripted.
So I'll ask it again. Our directors tell us the future is stellar for the company . Between them they have nearly £700k in unpaid remuneration which can be paid as shares in the business. Why are they (and in particular Leon) not getting involved at the current SP when they tell us it's going to be multiples of this in coming years?
Come on Leon - what gives?

Fellowship - a festive message: turkeys don't vote for Christmas ! Why on earth would BMR shareholders be shorting JLP and as Jammer has quite rightly asked, where is your evidence to back up what seems to me to be a pretty spurious claim. Nothing here to back that up : https://shorttracker.co.uk/company/GB0031852162/

CH - page 62 of the annual report :
Total accrued unpaid Director Remuneration of £ 680 878 (2018: £ 789 009) is included in Group accruals. The amount is to be settled either in cash or
through the issue of new Jubilee shares under the authority of ordinary resolution number 12 and special resolution number 2, passed at the Company’s
Annual General Meeting held on 27 November 2013.

Thanks Badger - chin up whosthedaddy - might turn out to be a decent Christmas yet!

The most interesting bit of the interview for me is where he explains that the Egypt assets they've taken on are "highly profitable" and income accrues to UOG from 1st Jan 2019 - the dud previous loss making assets were not part of the acquisition.

From the original RNS :

"Transformational acquisition will deliver over 1,100 boepd net low-cost production with 2.64mmboe net 2P Reserves to United plus large remaining infill and exploration upside"

Also - remember this is backdated to the start of 2019...

"The Effective Date of the Transaction is 1 January 2019. The Balance Sheet on the effective Date includes Cash of US$0.65m and Receivables of US$1.7m"

So we'll find out soon enough if it's profitable .

Yeah - looks to me as though they erred on the side of caution with the placing price - if it's been significantly oversubscribed that suggests to me they could have raised the funds at 4.5p - anyway the price seems to be holding up reasonably well so far.

I've got a feeling rolling out the fine chrome process across all projects probably wouldn't qualify as a "project" in it's own right so the project financing facility probably wasn't an option here.
From the accounts, if we can replicate an additional 21% from the fine chrome installations we'll be quids in :

Jubilee targets to accelerate the implementation of its successful Fine Chrome solution at Inyoni to improve the chrome recovery. The DCM Fine Chrome recovery plant has shown the potential to increase chrome concentrate mass-yields by up to 21%. The combination of the increased operational scope and the expanded chrome recovery circuit, which now includes taking control of the feed supply to our processing plant, offers Jubilee the opportunity to increase both feed rates as well as improving chrome recoveries. This combination holds the potential for Jubilee to increase its PGM production to 2 700 PGM ounces per month while the expanded chrome processing operation could produce up to a total of 500 000 tonnes of recoverable chrome concentrate from the historical tailings located at the Inyoni operation. The increased PGM ounce production would equate to an approximate US$ 450 000 of additional revenue per month with chrome offering a significant revenue boost to the project with chrome concentrate CIF prices fluctuating over the quarter between US$ 135 to US$ 157 per ton of chrome concentrate. At current operating margins, these additions to revenue have the potential to add significantly to earnings.

TT - and all other things being equal should really only impact very first and very last quarter's earnings. Once we're in steady state quarterly production only price fluctuations should affect us, hopefully volume of production will be pretty much constant.

Hi HTC,
Almost certain the September Windsor PGMS are not in there but the ramp up figures in August may be in there - I think it was around 1400 ozs from memory.
Definitely worth asking the question at the next Q&A session but from the accounting policy " revenue is initially recognised at end of the delivery month" so I'd read that as at least 30 days after production month - depends entirely on date of delivery and what finished stock they're holding etc.
Only my opinion though.

Hi HTC,
Kalan is correct - the revenue and earnings are only recognized in the month of delivery - this is from the annual report which is on the website now :
STATEMENT OF ACCOUNTING POLICIES (continued)
For PGM concentrate sales, revenue is initially recognised at end of the delivery month and measured at the fair value of
the consideration receivable. The fair value of the consideration is subsequently adjusted based on movements in the metal
market price up to the date of final pricing, typically four months after the delivery month.
Chrome concentrate
For chromite concentrate sales, revenue is initially recognised on delivery and measured at the fair value of the consideration
receivable. On the date of delivery the transaction price is determined based on provisional variables. Adjustments to the
transaction price may be required due to movements in market prices, content quantities and penalties, which represent
variable transaction price components, up to the date of final pricing. Final pricing is based on the monthly average market
price in the month of settlement.
The fair value of the consideration is subsequently adjusted for any changes to the final consideration receivable. Changes
to the fair value of the consideration receivable are recognised as an adjustment to revenue in profit and loss and trade
debtors in the statement of financial position.

We bought Windsor for £8.26m in December 2018 - starting to look like a shrewd bit of business imo..

From the accounts :

Windsor Chrome

Revenue and profit contribution
The acquired assets contributed revenues of £ 5.72 million and attributable earnings of £ 1.94 million to the Group for the period from 7 January to 30 June 2019.