Management costs are in the annual report, but you have to keep in mind that includes the wages and salaries of the Black Mesa crew in Oklahoma as right now, Black Mesa is 100% consolidated in the BRK accounts.
The last 3 cap raised not been spent on corporate costs, but the Orion project, Jewell and Rangers wells and associated lease costs. The income generated by the Bullard, Henry Federal and the STACK wells outside the old STACK JV has been sufficient to cover corporate costs for the last 3 years.
David took a large pay cut ( temporary) in 2020 when oil went negative , and Black Mesa cut all consultants and their contracted geologist at that time to cut costs. When they were acquiring the Orion projects during that crazy period, Lee Francis was driving hundreds of KM's around the Oklahoma country side looking for development opportunities,a job which is typically done by a consultant .
As I said earlier, I understand and share the frustration regarding the share price, but I'm sorry, stating that company executives should be "forgoing their payments and allowing it to be put into the cash-flow to move things along quicker and show stake holders that they care and are willing to do everything possible to expedite matters" is a ludicrous statement at this time considering what they have achieved operationally over the last year, and what they are doing now. I have never seen an Aussie E&P company achieve so much so fast in the field , essentially from scratch, as what these guys and the Oklahoma team have in 2021 and so far in 2022...... they have busted their guts, created significant and building cashflow ( you guys will be blown away by the Sept quarter, and your heads will friggen explode with delight when the Dec quarter numbers come out) .... the only thing that hasn't happened is the share price response to the ground work laid down, and that is a market response, not a something you seriously can say is within company control.
As for further cap raises, BRK will be throwing off excess capital as they continue with the Sycamore drilling program over the next 12 months, and if they sell the Woodford PUDS which it may look to return to investors one way or another.... and "consolidation" which is a dirty word to some, well, IMO the only reason why BRK would look to consolidate would be after they have achieved their goals of monetising the reserves in the 3 DSU's. They would consolidate if they wanted to achieve a share price over $1, which would make it possible for US funds to invest as many have a minimum share price level they are allowed to buy stock. But that is just my speculation and not something the company has ever articulated. As BRK have significant cashflow it wouldn't be a consolidation in the manner you mention, just to get the share price up to be able to rise capital like may junior explores do when they don't have any cashflow.
If one wants to vent at the current share price, get angry at the market. If the management were lazy, incompetent or the projects were failing , then I would be first in line, castigating David and Gracjan, and @TheProfessional , @peto2810 and even @chilledpain would push me aside to get the first kick in. But here and now, it is rather silly IMO to be venting at management that the share price is not moving up, especially as they are excelling operationally and kicking goals out of the park.... that would be like DP deriding himself ( as a shareholder and even more so once he converts his oppies in the next 6 weeks) after achieving these significant milestones , and blaming himself that the market hasn't rewarded the company.
I am glad to hear you you have still invested along the way.
Cheers
Dan
BRK Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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