Boysy,
Imho people are exagerating CUE's debt position.
At 31 Dec CUE had 30% of the USD 20mm Maari facility yet to use, and an USD 8/bbl 2P debt facility on a project on the verge of production is hardly onerous imho.
It also had A$13 mm in cash and a budget spend of A$14mm this Q.
With Maari starting to delivery cash in the June Q looks to me like any requirement will be pretty minimal. Hard to know how well Oyong oil revenue matchs off against Oyong gas CAPEX therefore they might need a little, but surely less than 10% of mc, and then provided Maari is flowing well, my bet is some short term debt, or if equity then on a more attractive "Maari delivering" basis.
HZN is in a completely different league debt wise, and does not have the Oyong and PNG oil prdn to offset some of the CAPEX outflow.
EL
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Price($) | Vol. | No. |
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11 | 743925 | 0.100 |
2 | 203 | 0.098 |
1 | 103000 | 0.097 |
1 | 18000 | 0.096 |
Price($) | Vol. | No. |
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0.120 | 220500 | 3 |
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0.130 | 350000 | 1 |
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