Ann: Debt Refinancing and Drilling Program Update, page-83

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boysy1

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13/05/21

16:35

Post #: 53157308
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Originally posted by stumpytrunks ↑

Good that you've put some numbers out there. The only major hole I can see is in the estimated cash position for Q3 and Q4. You've applied row 15 into perpetuity, whereas a $825k figure should be applied to Q3k, and $0 to Q4. This should result in Q3 balance being approximately $3.7m and Q4 balance being approximately $9m.

Factor in a one month lag in receipts meaning that figures are effectively $3m underquoted for any time period; and likely 60+ day terms on drilling costs (where circa $2-3m of net income would accrue) and you effectively have a circa $5-6m addition of genuine liquidity on top of the revised $3.7m/$9m figures.

The point does remain that they will be battling to drill purely from cashflow, but a lot will come down to the payment terms of any drilling operation and the costs of drilling in an environment where a lot of drilling crews are idle. I'd want them to have the credit facility locked away prior to drilling in case they need to sidetrack.

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Stumpy i have checked my figures and i can confirm i have not applied the $825k repayment figure into perpetuity i have applied this to the May/June/July/August figures (2 months of Q2 and 2 months of Q3).

Big call calling delayed payments genuine liquidity as we head into the GOM hurricane season (June-November).

BYE Price at posting: 12.0¢ Sentiment: None Disclosure: Not Held
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Ann: Debt Refinancing and Drilling Program Update, page-83

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