September Quarter, page-50

yeap,

but having read above, the outflow now released shows 9 with developmenet spend of 32 - if in Q4 development spend is 20 as forecast one can assume we will meet the task of cashflow neutral to slightly positive.

for 2019 the forecast capex between 130 to 150 and should come in just over the halfwaypoint.

You cant reduce debt until you are cashflow positive but what I had highlighted months ago was that the Dimmitt sale benefits are basically lost because the oil price just couldnt hold in 2019 but i still optimistic once china us trade war over plus we need to c positive signs in Europe and rest of world for that matter to give a more rosy demand picture.

demand is key here but going back to the first sentence all other things being equal if they hold development expense to 20m and oil doesnt go to much lower from here then should see cashflow nuetral.

the only other thing is at beginning of year i was looking at 17boepd then 15 looked realistic and now i would say we will end 2019 at 14 or thereabouts and that my friends is the key. This company at to make money on a constant basis needs 17boepd on a maintenance basis - to get to that level quickly need oil at 60$ or take a slower climb to get there if we are to keep cashflow nuetral - And importantly no bank is likely to extent that 420 debt ceiling so if dont make the hard decisions now it will be dilution or sale. I good with a sale but needs to be in right market conditions and now is definitely not the time.