88E Charts, page-182

Right, in all seriousness now, just laying in the bath having a beer watching the Broncos vs Roosters, then all of a sudden all things finances and Farm-out related came into my head.

Maybe because the Broncos are getting pumped.

I've been through the Annual Reports for the last 4 years, Capital Raising's have produced,

Bear in mind the Annual Report covers the previous reporting season.

2015 CR total $22,669,260
2016 CR total $34,503,405
2017 CR total $16,553,501
2018 CR total $37,593,384

In the last 4 years a total of $111,319,550 has been raised.

On average that equates to $27,829,887.50 per year.

Based on the current cash position, probably around ~$12-13 mill.

The current amount available under the 7.1/7.1A facility of just under 1 bill shares, at the current share price less discount, would probably only raise ~$10-12 mill.

Clearly this will not cover any Icewine conventional drills next season, which will probably cost ~$30-40 mill, without a Farm-out.

Our best chance is to get a Farminee to cover the previous seismic cost of ~$7 mill and a commitment to drill Charlie and Bravo with us retaining 25% or 550 mmbls of the 2.2 bbls.

Off the back of this deal and potentially a higher share price potentially revisit the HRZ. I am however not confident the HRZ at this location is any good. With both Baker Hughes and the USGS providing analysis, it doesn't bode well, is my thought.

Anyway, let's keep the chat open. Who cares about sport anyway, lucky Roosters are my other team


Cheers