At No-one is watching O’Clock (5 PM on the Friday before a Bank Holiday weekend) GXG listed US Oil & Gas (USOP) served up its interims and an operational update. Once again CEO little Brian McDonnell shows that he is a true comic genius. I take my hat off to Brian, he never fails to have me in stiches.
Let’s start with the numbers. Admin costs have been scaled back and wee Brian boasts at the top about how the cash position at March 31 was $925,244 (excluding a VAT rebate due of $29,490). You rather guess that the wee man hopes that no-one checked out the balance sheet. As that shows trade and other payables of $314,878. Even in USOP la la land you have to pay the bills at some stage – free cash was in fact just over $600,000.
Brian says:
The Company has adequate finance to fund current operations (see below). Further funds will be required for drilling and development of the Hot Creek Valley field.
In other words the company cannot afford to drill a well.