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5.3¢ melbana energy limited

Anyway you cut is this still seems a lot cheaper than drilling...

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mwatts

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23/01/24

11:23

Post #: 72017926
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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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Anyway you cut is this still seems a lot cheaper than drilling in Zimbabwe.

MAY Price at posting: 7.1¢ Sentiment: Hold Disclosure: Held
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Last 5.3¢		Change 0.002(3.92%)		Mkt cap ! $178.6M

Open	High	Low	Value	Volume
5.1¢	5.4¢	5.1¢	$264.3K	5.006M

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No.	Vol.	Price($)
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Price($)	Vol.	No.
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No.	Vol.	Price($)
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10	2124288	0.051
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5	850000	0.049
3	364000	0.047

Price($)	Vol.	No.
0.053	362491	2
0.054	995398	7
0.055	813275	7
0.056	284320	3
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