Yep, that's my understanding PJ,
From memory they have made the "no debt" statement for quite some time in presso's.
The $11mil spend for this qrt also immediately drew my attention- up by $3mil-$4mil from previous qrtrs. What the additional spend is allocated for is not clear or quite so logical (referencing to Whisky's earlier post). It could be for upcoming seismic, or perhaps "farm-in" but I don't believe it's an upfront "deposit" for the upcoming drill program. Those costs will be finalised at end of program (or half-way through). As stated in an earlier post, my understanding is that the JV's generally need to deliver "bank guarantees" for upcoming drill program costs (otherwise there might be some "interest" going to waste). But in this instance we are talking about an actual additional 3-4 mil spend this quarter, compared to previous 2 qrtrs.
Could it be fees allocated for a CR, anticipated to take place round about the first or second appraisal well. (maybe someone can advise on the fees structures for CR by the likes of BP). Any event - anyone's guess and all speculation but, quite intentionally, there is a noticeable increase in the spend which has been "inked" in..
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