Yes you are.
NO doubts that this quarterly is an improvement on the last one, but what you have to consider is that with the current cash balance you have to take in consideration that there are take or pay receipts of about $5.09 million dollars. Now is that money paid in advance whereby we will have to supply that gas when required or not.?? JUST ASKING as I can't see anything there to clarify this very important issue.
Another thing which I am a bit confused about it, is where it shows that we are buying gas. Does it mean that we are paying someone the likes of MB for their share of the gas.?? If not MB, who is the recipient of that money.?? See what follow:
""(c) production and gas purchases (8,327)"".
And then don't forget that with those $19 million or so in the Bank at the end of the quarter, there is an amount of $2.750 million dollars which forms part of the $7.5 million we borrowed not so long ago. As to why we needed to borrow that kind of money when we were in full production and making money form the sales of O&G, that I will never know.
In closing, I can remember where I was a called lunatic, nevertheless can these posters clarify that issue to us all.
IMHO, borrowing money when we have heaps of cash in the Bank and when we are in production generating a solid income on an ongoing basis to me doesn't make any sense. Unless of course there is a "Real method in someone's madness".
I proved that there was one with that madness when we were being told that we had to sell to MB or face extinction and/or going broke and even see the end of the company, so why can't it happen again.??
Cheers
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