Ann: September 2023 Quarterly Report, page-3

Very strong cash generation as expected. US$181m cash plus another US$131m receivables payable in October and US$150m undrawn facilities provides some US$460m for acquisitions / M&A & capital management.

Quarterly revenue over US$200m in Q323 at US$81/bbl oil. This likely to be 10-15% higher in Q423 with higher oil prices >$90/bbl, so cash balance will continue to grow by over US$120m by year end, depending on timing of tax payments. Another US$80m in deferred Bauna consideration due in Q124 will be the last large payment with only total US$50 due after that over FY25 & FY26.

Full marks to management