if you isolate revenue, production costs, and corporate costs, you get a positive number. Would you call that a green quarter? The major constraint to exploration will be rig availability, not cashflow IMO. While we wait for rigs, the cash piles up, especially if we can lift Walyering from 24Tj to 40Tj. We have drilled one well by June, another two in July. I am expecting one more before Christmas, W8 per the paperwork. $10M fresh expense vs circa $40M of revenue.
Ann: Terms agreed for $153m Development Funding Package, page-175
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