Ann: Company Update, page-124

EDIT: My quote function didn't work. This is for monark,

I am not sure where you get the $15-25m capex as reported by management. I am interested to know where you heard or saw this, so I can work out why it's different to their statement that they will need $25-35m for capex to maintain current production levels in an announcement a few months ago.

If this was in the webinar, were they perhaps talking about capex remaining for the final two quarters of the calendar year? That would make sense to me, given they already spent about $11m for the Q1 and likely nil or small amount for Q2 (I estimate).

I also want to know how you figure earnings are $10m per quarter. Didn't they announce this quarter given the current price of oil their cash from operations is $7.5m?

So I calculate using $7.5m pq annualised so $30m, and the midpoint of $25-35m for maintenance capex = $0 net earnings.

Thanks