RE: Oando puts a well on production cl The parent is Oando and is a multi billion revenue generating company forecast to be about $3.5 Billion US dollars this year. Oando Energy is the new Company created through a RTO with Exile. As it pertains to DEBT, when Oando Energey ( OER), went through the RTO the parent company forgaved in excess of $500 Millions wort of debt, as such OER is floating technically with 60 some millions $ in their back pocket and little to no debt, or so it is said.
However very illiquid given that it does not really trade since the Parent owns 94 % of the shares, and many such as me, are awaiting for their first formal Quarterly report to get a true and clear picture of the financial condition of OER, for there is rumours galore, but conflicting documentations here and there. The light will shine on this topic very soon - touch wood they do a secondaru to raise cash and allow more participant to buy some shares, sure is one of interest in my book - if they do the secondary and the financials are clear and sustain growth.
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A tad more research and the number game seems to get less muddy, specially with the October presentation now release.
The debt pardonned by Oando ( parent) is less the $500 millions, number crunching with avaliale data put it's to $376 Million, however that is also a false statement when one brings in Qua Ibo. Said field is still not under the control or OER, has Oando the parent still does not full ownership of the field. When they do, they will transfer that asset to OER ( they legally have to and cannot operate it non competing clause betwen the 2 Organisation). That said Qua Ibo cmes with a price tags of $100 million ( included in the $376MM) unclear if this will be pardonned but reading the presentation I am of the opinion that said will be forwarded to OER, to be seen I guess.
Hence pardon debt back tracks to ~ $276MM, updated presentation highlights existing debt of $48MM + (when the transfer of assets (Qua Ibo) is completed) ~ $100MM .
Cash on hand is ~ $28MM
Of note, to my knowledge OER does not have any drilling rigs. The drilling rig division ( 4 swamp rigs) did not get transfer into the RTO deal, hence I suspect any drilling would be perform by Oando parent as a sub contractor.