I think he means to maintain current cash balance - but would also be keen to see the calcs.
The more I think about it and go back and read previous announcements, I think the company will announce something out of left-field after the 5th well is drilled - JV or something similar. These guys are actually pretty cluey - evidenced by Raven sale.
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Ann: Capitola Oil Project Operations Update, page-44
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