shell spudded palta-1, page-19

Capital raising talk is premature i think.

Q3 CF statement should be out within a few weeks but going off the Q2 one we should have over $10m in the bank.

30 June 2012: $16.683m
Q3 Estimated Outflows: -$7.34.m
Q3 Estimated Inflows: $1.000m (Historically this is about $1.25m)
30 Sep 2012 Estimated Cash Balance: $10.343m

Also keeping in mind that Q3 would include the one off costs for Davenport-1 (it finished drilling mid/late Q2 so these invoices would only have been paid in Q3). Such a high outflow for Q4 would not be expected due to reduced activity.

Going off this we should have Bigham-1 flow rates and Palta-1 results before we see the next cap raising, which by my calculations shouldn't be until at least Q1.13.