Stumpy have you accounted for the residual $1.75M prepayment they need to repay this quarter in your numbers ? Also SM#71 being down for two weeks will have a $1M revenue impact this quarter.
51 days into the drill i think you are being generous that 25+ days are only going to cost $2M ($80k day). I think the well will end up ~$12M.
I think you are being a bit generous with the cash position and undercooking well costs. I have cash at $6M with well costs of ~$12M
I think its clear any follow up drilling for G#3/G#4 will be put on ice for the moment with lower expected revenue (-$1M), higher drilling costs (+$5M) and stabilised production weeks away. The company will have to put this matter to rest in the next update.
BYE Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held
