how much left in the kitty, page-9

Auto,

The MOS holding was neither here nor there with me. Being relatively small on a much more liquid market I might have accepted it as nearly cash equivalent. The IPM holding is much different in a market much less liquid and where cash (real cash) is king. Big chunks of script are not king.

You can use "cash equivalent" along with the coeboys in fairyland, but I will use "cash" only in the current environment.

As to Hammamet, it can hardly be prudent to spend such a large sum on such a small stake, in such a modest target, which even if successful would require such a large subsequent investment from COE in a debt market which may require predominantly equity funding.

To suggest COE could farm down would be naive though, as COE is farming in, presumably (given the COE share cost est) on quite a high promote. No one is going to come in for the Fuschia prospect on matching terms, let alone better. Maybe COE could renege? more likely firmly committed, in which cash those funds are only barely still cash. Perhaps we should be talking only of "uncommitted cash" in this new uncharted era. Our perspective certainly needs to adjust to the times we are in.

EL