GREY:CXEYF - Post by User
Comment by
BlindBat_1on Apr 10, 2014 1:07am
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Post# 22433550
RE:RE:April 3 NR: Ezzaouia up to ~650!
RE:RE:April 3 NR: Ezzaouia up to ~650!
No offense but that number is GROSS number, they only get 45% of it when all is said and done. Read their latest MD&A and you'll realise that their plan is for roughly 500 boep/d for the year 2014.
Net means $19 or so millions ...barely enough to paid the rent, the salaries and reimburse the Loans ....did you say you needed money to start poking holes??? OK maybe we try one hole for 3.5 million and x finger and pray all Gods, Tunisian , Christian, Muslims and darn let's pray to the Devil also !
Sorry but still a dead end and getting deader by the months....Truth be told, I still do not understand how GeoFinance can still support this thing...I just cannot see it, let alone see what they are seeing besides a great tax right off for them at an International level????
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Read MD&A People before you get a hard on ( sorry for my rudeness Ladies). !
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Management has prepared projected cash flow information for the period ending 12 months from the date of the approval of these financial statements.
The revenue from the Company’s production is estimated to be $19.7 million with a Brent assumption of 105 $/bbl. (sure and Santa needs cookies every Xmas!)The operating outflows including the drilling Budget of a new well on Ezzaouia as above mentioned amounts to $19.4 million.
The forecast shows headroom throughout the period with low point of $0.3 million in May just before a first lifting proceed scheduled in June 2014.
Nevertheless a material fall in the oil price or prolonged curtailment of production risks could compromise the ability of the Company to meet its obligations as they fall due. (You don't say...darn I am really and I mean really surprise to hear this from Candax...really !)
The Company also has a contractual obligation to repay to its major shareholder debt service of $4.0 million in February 2015 which would result based on cash flow forecast of the Company in a negative cash position of $1.5 million.
Prior to such time, t he Company will look for other funding opportunities or capital restructuring. (LOL!, so we take it from 1 Billion shares to what 2 Billion...LOL! useless Mgmt d ick just as bad as the former not realising they can't do dic k to enhance value unless they poke holes in a new property but yet what do they do ......sink money in the same useless holes....but hey - we at least have 150 years worth of experience compare to the 100 before , mind you our expertises that comes in and goes as quickly as it got in ...leaving only the clueless behind, worth 5 years of frustration for them also !)
On this basis, management considers it appropriate to prepare the financial statements on the going concern basis.
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Yip overall I guess one could consider they are going a good job.....ONE...the second one would slap you across the head !
Hellllllllllllllooooooooooooooooooooo...anybody home ?