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4.5¢ melbana energy limited

Ann: Quarterly Activities Summary Period Ended 31 December 2023, page-23

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chand

3,619 Posts.

841

23/01/24

11:33

Post #: 72018271
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Originally posted by rivermore ↑

Cash is cash, you cannot include debt owed by JV partner.

On the balance sheet, you can show the Sonogol debt provided you have a reasonable expectation that it will be collected.

Let me put the question in another form for some of you.

For Sonogol to 'owe' MAY $22.7m that isn't just expenditure from the last quarter is it. Its not even the debt from the previous quarter to that.

The current well is 30% MAY, 70% Sonogol.

Sonogol have paid $5.30m this last quarter so how old is the rest of this debt?

My concern for May is that they are paying 100% of week to week costs then ending up with a large debt owed to them by Sonogol that doesn't seem to being paid in a timely fashion. Sonogol should be forward funding the JV not paying part or none in arrears.

If this doesn't worry you also as a May shareholder then I can only wish you well with your other projects.

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Unless you are a privy to the Actual contract between May and Sonogol - you won't know the payment terms (is it upfront or after the expenditure sone? Is payment terms 3 months 6 months etc etc).

May is paying in advance for next few months while Sonogol is paying in arrears a few months.

MAY Price at posting: 7.1¢ Sentiment: Buy Disclosure: Held
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Last 4.5¢		Change 0.000(0.00%)		Mkt cap ! $151.6M

Open	High	Low	Value	Volume
4.6¢	4.7¢	4.4¢	$494.2K	10.86M

Buyers (Bids)

No.	Vol.	Price($)
2	714056	4.5¢

Sellers (Offers)

Price($)	Vol.	No.
4.7¢	462413	7

View Market Depth

No.	Vol.	Price($)
2	714056	0.045
5	822725	0.044
3	397333	0.043
4	214305	0.042
8	362320	0.041

Price($)	Vol.	No.
0.047	442413	6
0.048	748255	2
0.049	3011075	5
0.050	1841898	5
0.052	461161	2

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