premature to use PE until several quarters steady state achieved, I don’t see any tax or consideration of accumulated losses to offset. Big assumption that free cash will be used to pay down debt, likely better to refinance and use cashflow for exploration or stage 2. I wouldn’t be against a further cap raise to pay down some debt if SP gets back toward fair value. Also your PE’s need to be on annualised earnings so appear out by a factor of four. Your costs seem much higher than last quarters guidance too.
Ann: Shipping and Operations Update, page-82
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