Cash is cash, you cannot include debt owed by JV partner.
On the balance sheet, you can show the Sonogol debt provided you have a reasonable expectation that it will be collected.
Let me put the question in another form for some of you.
For Sonogol to 'owe' MAY $22.7m that isn't just expenditure from the last quarter is it. Its not even the debt from the previous quarter to that.
The current well is 30% MAY, 70% Sonogol.
Sonogol have paid $5.30m this last quarter so how old is the rest of this debt?
My concern for May is that they are paying 100% of week to week costs then ending up with a large debt owed to them by Sonogol that doesn't seem to being paid in a timely fashion. Sonogol should be forward funding the JV not paying part or none in arrears.
If this doesn't worry you also as a May shareholder then I can only wish you well with your other projects.
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