OANDO ENERGY RESOURCES INC WTS T.OER.W

OER Six Month Financials

[Greenchips]

Now posted to SEDAR, they are actually the financials for the Oando Upstream business for the six moths just before the RTO happened.

First half revs were $71 million, net profit $9.0 million.

Cash flow was approx $23 million but that is after financing charges of $14 million and most of that will disappear as the Upstream came with only $60 million in term debt plus $25 million cash.

 

However, there will also be public company expenses so let's say adjusted cash flow of $30 million which is approx
.28 per share.

 

Production reported at 4,336 BOPD.

 

Substantial company!

[marty81]

What about short term liabilities?  Forgetting those?  There is a $200 million working capital deficit!  A lot of it is owed to parent company Oando.  

[Greenchips]

Not correct, where did you get that idea?

[marty81]

What are the current liabilities? What are the current assets?  What is the working capital position?  

[Greenchips]

The Q3 financials have not been released yet and they will be the first showing the newly combined company. However, the plan was to have the Upstream assets vended to Exile with no debt owing to the parent, $60 million in cash and $60 million in term debt owing to a Nigerian bank, effectively the new entity would have no net debt. Since the transaction was delayed, one would assume perhaps half

[marty81]

Good.  Saw that the net payables/receivables were not transferred at the end of the MD&A.   I am long this company.  I am also a long suffering Equator Exploration shareholder.  OML 122 and OPL 321 and OPL 323 have all been under dispute.  However, there could be successful resolution in the coming 6 months  to a year.  Those assets are potentially very