OTCPK:MAUXF - Post by User
Post by
kaisersoszeon Aug 28, 2012 7:06pm
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Post# 20271747
Good post from Crucible on IV
Good post from Crucible on IV
Financials out.
Q2 was a disappointment.
.01/sh. Confluence of events.
Cost oil at 50% (vs 82.5% in Q1) due to no drilling in Q2. Underlift (oil produced/delivered but not paid) in Q1 rolled over into Q2. Q1 oil as originally priced at $124. Actual price when paid in June was $96, so $11MM deduct. Line losses up - 18% (MMT thinks could be anamolous and is requesting backup as it was 8% in Q1 and back down to 10% in July).
So, lower cost oil recovery, lower oil prices, higher line losses, and deficit oil adjustment all conspired to drop earnings qoq.
Q3 should be better with rising oil prices/higher production/lower line losses. Cost oil will remain at ~50% as they have deferred cost oil recovery on U10 for 90 days (a concession to the partners to keep the rig drilling - need cash for more immediate things it seems).