Cara who would farm in to SM#58 when the first two wells produce 11/mmcf & 200 BOPD (noting initial expectations were for 40mmcf and 4000 bopd from these wells ). 25% of original Gas and 5% of oil expectation.
I have them netting around ~$12k post costs per day , PHA fee and repayment of the $3.5M prepayment over 4 months. Cash position will look very sick in Q3 and not much better in Q4 based on current production - caveat this assumes production from SM#58 does not deteriorate further ......
Not sure more debt will help with a field which is performing substantially below expectations, if they cannot agree with the funder the spectre of another CR appears all but a gone conclusion.
The balance sheet is looking very sick feel free to critique the numbers - shooting the messenger isn't going to fix the cashflow and balance sheet crunch coming however ....
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|
| 1 | | | | | | |
|---|
| 2 | Current production | Production | Price | Daily | 90 day Q | |
|---|
| 3 | | 1244 | | | | |
|---|
| 4 | Oil Hedged | 600 | 56 | $33,600 | $3,024,000 | |
|---|
| 5 | Oil Non Hedged | 644 | 65 | $41,860 | $3,767,400 | |
|---|
| 6 | Gas | 10175 | 2.9 | $29,508 | $2,655,675 | |
|---|
| 7 | | | | $104,968 | $9,447,075 | |
|---|
| 8 | | | | | | |
|---|
| 9 | Production Costs | | | $18,611.11 | $1,675,000 | From Q1 |
|---|
| 10 | Staff Costs | | | $7,911.11 | $712,000 | From Q1 |
|---|
| 11 | Admin Corp Costs | | | $4,566.67 | $411,000 | From Q1 |
|---|
| 12 | Interest Cost | | | $8,433.33 | $759,000 | From Q1 |
|---|
| 13 | PHA cost $20/Barrel | | | $24,880.00 | $2,239,200 | Based current production |
|---|
| 14 | Repayment $3.5M prepayment over 4 months (m/J/J/A) | | $29,166.67 | $2,625,000 | Based on repayment over 4 months | |
|---|
| 15 | | | | | | |
|---|
| 16 | Net Daily | | | $11,399 | | |
|---|
| 17 | Net Quarterly | | | | $1,025,875 | |
|---|
| 18 | | | | | | |
|---|
| 19 | Cash 1Q 2021 | | | | $3,237,000.00 | |
|---|
| 20 | Less SM#58 CAPEX owing as per 1Q report | | | | ($3,400,000.00) | |
|---|
| 21 | | | | | | |
|---|
| 22 | | | | | | |
|---|
| 23 | | | | | | |
|---|
| 24 | Debt 31/03/2021 | | | | $20,350,000 | |
|---|
| 25 | Less repayments through Q2 | | | | $2,239,200.00 | |
|---|
| 26 | Estimated Debt Q2 | | | | $18,110,800 | |
|---|
| 27 | | | | | | |
|---|
| 28 | Cash Q2 | | | | $862,875.00 | |
|---|
| 29 | Debt Q2 | | | | $18,110,800 | |
|---|
| 30 | Estimated net debt Q2 | | | | $17,247,925.00 | |
|---|
| 31 | | | | | | |
|---|
| 32 | Estimated Cash position Q3 | | | | $1,888,750.00 | |
|---|
| 33 | Estimated Cash position Q4 | | | | $5,539,625.00 | |
|---|
