Amerisur Resources Share Discussion Threads

[foiledagain] 21/5/2019 18:05

found it £7,512,000

Would not though prevent the rest of it being used.

Restricted cash
Restricted cash and cash equivalents comprises cash and cash equivalents pledged to secure letters of credit and to settle asset retirement obligations. Letters of credit currently secured by cash relate to work commitment guarantees contained in exploration contracts. Restrictions will lapse when work obligations are satisfied pursuant to the exploration contract or an asset retirement obligation is settled. The long-term portion of restricted cash and cash equivalents is included in other long-term assets on the Group’s balance sheet.

[foiledagain] 21/5/2019 17:40

mentioned where please?

Thank you for your assistance

[charlieeee] 21/5/2019 17:30

FA

Restricted cash

mentioned on page 3
missed out the figure in brackets page 31
fully disclosed on page 64

note 25 on page 91 discusses its purposes

Lucy: I thought you were an accountant? So firstly, yes and secondly is a matter of opinion and mine just happens to differ from yours.

[foiledagain] 21/5/2019 14:56

I can find nothing that suggests Amerisur cash is restricted. I know certain countries restrict oil production earnings, but I don't believe Colombia is one of them.

Happy to be corrected Charlie

[lucyp00p] 21/5/2019 14:19

JW is on record as saying once we have 3 operational wells on CPO5, the rolling program is self financing, so that's about 8 million - then we only have 7k capacity thru pipeline so space for maybe 2 more drills there. Oxy will also use pipeline for production if and when that takes off.So we have about $35 million for contingencies. Allocating $5 million to buy back shares which are at least 35% under valued is a no brainer....if only the brain dead chairman had the balls to act.

[99barracuda] 21/5/2019 14:18

Sheesh headfullofpoop you’re boring

[foiledagain] 21/5/2019 13:33

I can't see where the cash is restricted? Please show the restriction.

It does not seem to have stopped the board dipping in to this cash?

The cash needs to be used for drilling: Its a pity it isn't then? how many drills have Amerisur undertaken this year so far?

How many did they project last year?

How many did they do?

But how much did they pay themselves for that??

How much LTIP awards did they get for such underwhelming share price performance?

[lucyp00p] 21/5/2019 13:07

Firstly, no on every count, but heh, don't let reality encroach into your dissertation.

[davwal] 21/5/2019 11:55

They must be at TD at P26 around now so result could be announced this week. Unless JW forgets...

[charlieeee] 21/5/2019 11:45

Firstly, part of the cash balance is restricted and secondly, we could be so vulnerable if ONGC "went large".

The cash needs to be used for drilling: we are an E & P company.

In reality, the unrestricted cash is not that large, given the envisaged drilling program and one has to be hoped that OXY will really put AMER under the cosh. ONGC are, of course already required to get off their rear ends and fulfill their commitments, drilling and seismics, so it could be a busy period. (It should be mentioned that ONGC transferred commitments from some of their other blocks, so more than originally scheduled to be done).

Additional experience hands on the ground needed: JW cannot be doing deals, drilling investor relationships etc etc and hence, I suspect the dropped balls (this recent Plat "offensive" should have followed hard on the heels of the "N" sands, but there was the OXY deal to wrap up and that was certainly of more importance long term).

Jam: always tomorrow.

“The rule is, jam tomorrow and jam yesterday —but never jam today.”

“It must come sometimes to 'jam today,'” Alice objected.

“No, it ca'n't,” said the Queen. “It's jam every other day: today isn't any other day, you know”

[foiledagain] 21/5/2019 09:41

The philanthropic gestures are great....but its time for shareholders to take some of the jam as the Board have been receiving theirs for quite some time.

[al101uk] 21/5/2019 09:37

"We have had a $40+ million kitty in hand for as long as I remember and could use a fraction of it to defuse Rex Harbour, but we don't. They might as well put the cash in a big hole and forget about it."

So true, invest it, use it strategically or give it back to shareholders. If I wanted to stick money in a bank I'd have done it directly rather than through Amerisur.

[lucyp00p] 21/5/2019 09:35

I've been saying this ad nauseam for weeks but what can the company do? Frankly, a more honest and proactive news flow might stimulate more interest and negate the constant tactical price cutting but if he wants to play his games, the board needs to be creative. JW opines the share price does not reflect fair value, and yet has no strategic use for the cash pile right now. G C has even said 2018 AGM) that the company wanted to facilitate RH's sell down in a managed way but he declined the offer. So we have the money and the intent and the mandate to mop up his sales, but strangely, no inclination to step in. I'm not sure there is a message to the market here, but if we don't think the price is low enough to initiate a buy back, why should anyone else?

[yasrub] 21/5/2019 09:27

With reference to Put-8 GTE seemed pretty excited about it suggesting two drill ready prospects - I assume they might be a bit miffed. You would imagine GTE will be watching closely - note they have/are raising some funds currently no idea if any relevance.

[wskill] 21/5/2019 09:20

The great thing is that now with ONGC and in the fullness of time OXY drilling we are no longer relying on AMER only for updates, we can expect much more newsflow which looks good for us shareholders.

I would like to see us drilling the prospect on Put -8 we have valued at $38m after picking up the other 50%,some very good prospects must have been seen on the first appraisal to expend this sort of cash.

[foiledagain] 21/5/2019 09:13

Lucy

The so what? Obviously even with 3% or under (and the Board are in a position where they could know exactly how many shares he owns, and not just a percentage) he can wreak havoc with the share price, and someone has. Notice the end of day trades or the start trades often enough to tip the balance. Don't forget R would know every trick in the book being a founder of a company well used to all sorts of trading techniques.

As for the rest of your post after the so what: AGREE and I'd add a bit more.

Still have to wonder at the article about Michinoko voting against reelection and still believe it was a ruse.

[fadilz] 21/5/2019 09:06

We had production updates on 17th of Oct, 22 Jan, 26 Mar, and 14th May. On the 3rd party point, their commitment was TO BUILD TOWARDS 2k DURING H2.

What's the problem?

[lucyp00p] 21/5/2019 09:01

Do I know you? Do I care what you think? Not at all. If you are unhappy with my opinions, you can filter them but you can't stop me from having them. As for my personal finances and strategy you are as clueless about that as everything else. I don't filter you because its handy to get a perspective from inside the asylum.

[the drewster] 21/5/2019 08:43

7 days ago, 1550ft to TD.

"The company recently spud the Platanillo-26 infill well targeting a potentially undrained area of the Platanillo field identified on seismic. The well is drilling ahead at 7,800ft with a target depth of 9,350ft."

[foiledagain] 21/5/2019 08:01

My opinion is the BoD know there is still a seller, albeit heavily depleted.

Comments on this board about the seller suggest without naming who that Rex is likely to be still offloading

[kaos3] 21/5/2019 04:31

Lucy my friend is right imo. Photos were staged to placate investors. Trucks were too shiny, perfectly parked etc ...., no human activity around (like driver having a smoke around a fuel tank heh heh - that photo would be real and convincing - you amateurs lol).

The problem is the attitude - they feel the need to stage

[kaos3] 21/5/2019 04:26

quid - thank you for your reasonable, fair and measured answer. very different particles only can form a perfect whole. I respect that.