A combination of increased production from Jingemia and...

A combination of increased production from Jingemia and improving oil price is good news. around 600-660 barrels a month at the low to mid 50s USD is a welcome revenue stream - Even if it is 600 at 53 USD is $31,800 USD (around 43,000 AUD) a month.

However, in the long term it is hard to see how we can fund the seismic and 20% of EP386 with the limited capital we have. Depending on how RCMA go raising money to drill more at Jingemia we may need to chip in for that as well.

However, is it possible that EP386 and any cost at Jingemia can be delayed. Will $860,000 and the revenue from Jingemia (est around $400,000) get us to 4Q CY 2019, when results are expected? Hard to say without knowing the costs of the seismic, which I note the Joint Venture has approved so I presume we are only paying our 25% working interest share. I for one have no idea how much 3D Seismic surverys cost.

Would the company hold out on a raise to that point in the hope the price recovers on the back of the seismic and dilution will be much less? Will the company look to realise the value of some of its other assets before hand and are they already doing so? One would assume that could be too much time to be operating with so little capital, but I suppose only time will tell. Surely a raise at this price would be a last option.