Day 51 with the rig ... Drilling including testing was scheduled to take 23 days @ ~5.6M cost
BYE had $4M cash 30/06/21 - i suspect they may have $6M cash end September with around $17M debt.
BYE netting about $25-30k day at the moment post production/admin/debt repayment/repayment of prepayment etc before any exploration or development costs less whatever the rig is costing.
Well looks to be on track to cost double the initial dry hole estimate $5.6M cost.
immediate near term questions :
- What is the actual cost of the well - how is this intended to be repaid
-Will crimson or some other funder come to the party
- What repayment/hedging requirements will the funded impose - further hedging/PHA requirements
- Debt appears as though it may be required to pay for the current well overspend and associated costs.
- Back pre covid 1000bopd equated to +$6M funding as per original ann below.
- How long can they delay repayment of well costs
- Reserves report will make for interesting reading
https://www.asx.com.au/asxpdf/20191106/pdf/44b9sxgbbj6qhq.pdfFrom Initial November 2019 Crimson announcement
View attachment 3627782
