It is all quite somber and the outlook which is presented...

It is all quite somber and the outlook which is presented appears very muted.

Expenses running at around $70m p.a. Income was $53m. They need to up it to revenue of $70m plus as I imagine most upside would flow directly to the bottom line with not too much additional operational cost.

I recall in a presentation in the last year Keith John had said that "in next couple of years, PDP investment could go from highs of $80m to $100m, $120m $150m". That's a big lift from where they sit now.

The finance is an issue not just from an interest perspective but also in it appearing to limit the purchase of PDP's.

The narrative in the financial report is cautious and suggesting an uncertain outlook because of the economy, covid and the company's position.

CEO remuneration is high considering the company position. A significant proportion is options etc but still, the remuneration for FY20 was $1.5m and for FY21 $4.2m.

I am hoping like heck that the refinancing is attractive and provides a bit more headroom as well.

There is a lot of work and catching up to do.