I suspect that the market didn't like the Net Debt/Cash at the end of quarter/year.
Went backward to the tune of usd$2.5m - Year End usd$0.5 versus usd$3m Mar Q
However, in the quarterly they stated that they received $4.9m after year end.
This would have made Net Debt/Cash Change for the quarter of usd$2.4m (-2.5+4.9)
They more than likely paid out the outgoing CEO (1 year salary - termination; accrued leave; etc) which could be around usd$1.5m.
PNG investigation (lawyer's picnic/banquet) - maybe another usd$1.5m
They are reducing costs including PNG, so could be some redundancies, lease terminations, say usd$0.5m
So upto another usd$3.5m in one-off costs.
So underlying increase in cash would have been usd$2.4 + usd$3,5 = usd$5.9m call it usd$5m.
Oil price has improved, and costs have been reduced (admin as well as produciton).
Production should improve going forward, maybe not in this quarter, but certainly beyond that.
Net Cash should increase by around $6m less maybe $1m for new China wells.
China wells should have a very short payback and then add the the free cashflow.
All good going forward, just suffering from the PNG fallout in the last quarter.
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