It was actually slightly better than I was expecting but the problem remains with the Western Flank which was down 12% quarter on quarter.
Revenue was up due to the higher oil price and selling additional reserves above production levels.
This quarter the realised oil price will likely be lower than last quarter and they won't get the boost from the previous surplus production of 0.48MMboe (6.44MMboe - 5.96MMboe) which was sold last quarter.
Even with that reasonable result the cash still dropped by $28M quarter on quarter.
This is going to be the ongoing problem as they will need to keep spending large amounts of CAPEX to maintain production levels and this will prevent them from generating that much surplus cash (if any).
The other problem they have is market sentiment and with BHP indicating that they are considering exiting their O&G business due to environment factors the whole O&G sector is looking risky right now.
Ann: Quarterly report for the period ended 30 June 2021, page-7
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