I'd imagine the 'oil and gas properties' represents one off expenditure relating to getting the Vali wells online. Take those amounts off on an ongoing basis and the cashflow is comfortably positive. My concern relates to the water production in Vali-2. The volume of this was vague in the last announcement, which I didn't love...noting of course that it was very early days.
Ann: Two Wells Online as Vali-3 Commences Gas Production, page-37
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