Had hoped for better, but this is solid enough and I’m happy. we’re clearly not going to repeat $9/mmbtu for gas from last quarter, but I though wouldn’t be as large a drop.
Macquarie loan balance down $2.3m to $11.5m
$11m cash which means by now they have more cash on hand than the loan balance
no capex and large reductions no only in dev but the run rate of other open costs. Big ticks here from me
would now likely be on track to make likely $7.5m free cash from ops for Sep quarter
PANR value $15m at least
most importantly…. No wild and crazy adventures announced!
Can’t see many downsides here. Still believe this is worth at least $100m MC even allowing for oil/gas retracing a little (which a don’t think will happen)
bargain at 1 cent
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3
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