cash

I've been wondering where NWE is going to get the cash to drill ep413. They have not stated any costs on this. They have stated it is going to be drilled at the same time as Redhill south. I've done some back of the hand calcs for the next 6months assuming drilling is in q4. As you can see I believe based on success at TP15/ep413, more funds would be required and another cap raising would be in the works 1stqtr 2011. Still leaves me wondering about funds for EP413, does the announcement imply NWE are getting free carried? Any insights or corrections gladly welcomed.

Here are my numbers:
Costs for next 6months (dec2010)
admin costs to December $800k
TP15 drilling costs $3m
Other exploration/production costs $200k
(UK, jingemia, North Erregulla)
EP413 ?
Total estimated outflows $4m

Inflows for next 6months (dec2010)
SPP $2975k
BPRL reimbursment $500k
VicPet Jingemia $204k
(refund for delayed settlement)
Jingemia (full yr est$650k) $100k
Total estimated outflows $3779k

cash in hand 30th June $1031k
cash balance 31Dec2010 $810k

Most likely outflows for drilling, etc would flow into q1 so above is not strictly correct.