Excellent news . Explains debt extension.
here is how I think it plays out
cash was 53 m USD with May cash receipts
approx 10 m USD left for 8E ( could be one or 2 m USD lower )
approx 10-12 m for this work over program
cash circa 39m USD after slowing for above
luly cash flow 8m USD
august 11m USD
sept 19m USD ( some workers completed during august and maari lifting )
so totally cash pull ( rough numbers 77m USD
minus tax and other stuff ( 15 m USD )
minus 8 m for Maari abandonment
so approx 55 m USD to play with for August Capital management
assuming they want to retain some cash 10 m USD with debt facility increasing liquidity to 30 m then I think we could see Upto 20% off market buy back of issued capital or a 3c distribution of some sort or combination of above
Ann: Commencement of WZ6-12 Workover and Drilling Programme, page-2
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