Ann: DJ Carmichael Updates Research on Triangle Energy, page-42

$0.04, assuming nil value for Xanadu and CH would require GAS to drop 50% to 16c.

I'm looking for 1,300 bopd in Q1. Assuming US$60 should generate $5m in receipts, so ~$300k cash after expected outflows. Same production again in Q2-4 should see ~$2m cash quarter on quarter after expected outflows are reduced subtracting recent repairs and arbitration costs.

Subtracting $2.3m for repayments leaves $4m for exploration and evaluation over the next 12mths. 3D costs to fall in Q2. Drilling likely not until Q4. CH works spreadout over Q2-Q4.

Cash flow looks alright from where I'm looking.