$10.3m in cash is not a bad result. I was thinking they were burning through more cash than that. No further payments in this qtr for seismic aquisitions, maintaining or increasing current production levels, and a strengthening oil price should see them hold this net cash level and not go down the path of cap raising.
I also think we have seen a bottom in the sp however, it still may track sideways for a while. For me, Phoenix could be the sleeping giant in this.
Ann: CVN Quarterly Report , page-8
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