Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-216

OK, did some work on my views of cashflow, I have projected where we might sit as at 30/9/24. I am not going to publish a breakdown as I have had to guess some costs, will refine further once March quarterly is out. I have put revenue at around $50M for CY24 YTD as at 30/9/24 due to PGP downstream/bottlenecking constraints. That is, essentially leaving production at 24Tj/day to meet contractual obligations, so some potential for upside. If all known potential capex was expended in full by 30/9/24, I project our cash would sit around $52M as at 30/9/24, not too bad, but...

The Macquarie facilities worry me in terms of what direction they will take. On Tranche A,B, and C, we met the initial $6.7M principal reduction as per contract, and we will be paying a further $3.3M principal per quarter until expiry, 30/6/25. For reasons known only to the BOD, it seems we never drew down on Tranche D to fund SE2 and SE3 drills, and it expires on 31/12/24. It appears to be redundant. In hindsight, good we paid cash instead. So, at some point we will either (a) renegotiate with Macquarie, or (b) we become debt free. Debt free in approx 12 months time sounds OK but it's not the way the gas acceleration strategy was meant to work. No doubt W7 success is going to be critical to future discussions with Macquarie.

@ftroop, I think your interpretation of the stated cash position is far more accurate. Give the P&I requirements on Tranche A, B, and C, and with just 9 months left on Tranche D, it is a particular type of spin to add that $40M to "cash available". Also, I think the $6M differential is Rabobank. As at 31/12/23, Rabobank balance $6M plus MAQ balance $19.6M = Total debt of $25.6M

JMO.