Ann: June 2017 Quarterly Report, page-12

I think Manora should be looked at as the cash generate to underwrite the next move . They are looking at cash flow generating assets and may be able to purchase these with a bulk of debt but if for example they can monetise the WA gas assets for anything above 5 m then they could buy a sizeable asset with a combination of debt , equity and cash . Although equity dilution is likely at some point I think if it occurs after monetisation of gas assets it can occur at a much higher price . Complete debt funding is possible but I would prefer a little less leverage even if it means some dilution . At 26m market cap they are 4 m net cash, closet five ones adds the 800k still to come so it's cheap. Moreover a lot of value can be added by some exploration success near manora. Even a 2 m recoverable oil pool would add 2c a share to the SP in value