cash and cash equivalents increased 1.1 M meaning
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Posted On: 08/14/2022 12:32:08 AM
cash and cash equivalents increased 1.1 M meaning fundraising stayed ahead of expenses but at usual low pps of last 3 years,w OS increasing:
Common stock, par value $.01; Authorized: 800,000,000 shares at June 30, 2022: Issued and outstanding: 473,777,378 and 364,322,883 shares at June 30, 2022 and December 31, 2021, respectively
Total assets increased to 69,891 a/o 6-30 from 63,431 as of dec 31, meaning the differnce was capitalized expenses- what expenses they are allowed to incorporate as assets in connection w the drilling
and no impairment charges-which would be a reduction of assets comonly associated w a failed project
so implies project is fullsteam ahead as does :
Zion spudded its MJ-02 exploratory well on January 6, 2021. On November 23, 2021, Zion announced via a press release that it completed drilling the MJ-02 well to a total depth of 5,531 meters (~18,141 feet) with a 6 inch open hole at that depth.
A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs were acquired in December 2021, as a result of which we identified an encouraging zone of interest. Extensive well testing operations are continuing for the MJ-02 well.
remember all statements are as of the close of period june 30 except items after june 30 which would have a significant bearing on the stated june 30 financial statements-
A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs were acquired in December 2021, as a result of which we identified an encouraging zone of interest. Extensive well testing operations are continuing for the MJ-02 well.[p.36]
Our oil and gas properties represent an investment in unproved properties. These costs are excluded from the amortized cost pool until proved reserves are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine if impairment has occurred. The amount of any impairment is charged to expense since a reserve base has not yet been established. A further impairment requiring a charge to expense may be indicated through evaluation of drilling results, relinquishing drilling rights or other information.
During the three and six months ended June 30, 2022, and 2021, respectively, the Company did not record any post-impairment charges.
The total net book value of our unproved oil and gas properties under the full cost method is $53,250,000 and $46,950,000 at June 30, 2022 and at December 31, 2021, respectively.[p41]
Common stock, par value $.01; Authorized: 800,000,000 shares at June 30, 2022: Issued and outstanding: 473,777,378 and 364,322,883 shares at June 30, 2022 and December 31, 2021, respectively
Total assets increased to 69,891 a/o 6-30 from 63,431 as of dec 31, meaning the differnce was capitalized expenses- what expenses they are allowed to incorporate as assets in connection w the drilling
and no impairment charges-which would be a reduction of assets comonly associated w a failed project
so implies project is fullsteam ahead as does :
Zion spudded its MJ-02 exploratory well on January 6, 2021. On November 23, 2021, Zion announced via a press release that it completed drilling the MJ-02 well to a total depth of 5,531 meters (~18,141 feet) with a 6 inch open hole at that depth.
A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs were acquired in December 2021, as a result of which we identified an encouraging zone of interest. Extensive well testing operations are continuing for the MJ-02 well.
remember all statements are as of the close of period june 30 except items after june 30 which would have a significant bearing on the stated june 30 financial statements-
A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs were acquired in December 2021, as a result of which we identified an encouraging zone of interest. Extensive well testing operations are continuing for the MJ-02 well.[p.36]
Our oil and gas properties represent an investment in unproved properties. These costs are excluded from the amortized cost pool until proved reserves are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine if impairment has occurred. The amount of any impairment is charged to expense since a reserve base has not yet been established. A further impairment requiring a charge to expense may be indicated through evaluation of drilling results, relinquishing drilling rights or other information.
During the three and six months ended June 30, 2022, and 2021, respectively, the Company did not record any post-impairment charges.
The total net book value of our unproved oil and gas properties under the full cost method is $53,250,000 and $46,950,000 at June 30, 2022 and at December 31, 2021, respectively.[p41]
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