Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Not much to be seen here although there was more detail on number of production/reinjection wells for Dorado etc so they are starting to develop the detail which is progress albeit slow.

FIRB approval for CPC was noted as slow but expected Q3

With $95m in the bank and things just ticking over (no mention of drilling Pavo South or anywhere else) higher interest rates will generate about $4m pa on invested cash. Staff and admin costs are about $1.4m pa so there's a surplus of say $2.6m to put towards preliminaries ("exploration and evaluation") for Dorado/Pavo.

I'm surprised there was no mention of drilling Pavo South which has a high COS and would enhance the overall field development. Maybe this will be started when the river of cash starts gushing from Dorado and Pavo North.

FID in 2024 will add a bucket of cash which will encourage lenders who are already interested.