US$25M in cash as of 23 April 2015 and cash coming in at more than US$5M a month.
There was a an increase from US$20M in cash as at the end of March quarter to US$25M in cash on 23 April. US$5M cash flow for 23 days, at an oil price averaging below US$60/bbl. That does not include payment for the Tap carry as NGP/H have already defaulted during this period.
US$13M net due to NGPH and Mubadala will be paid when they are due without a cap raising.
Net revenue recorded for the quarter includes less than US$1M payment from NGP/H for the Tap carry, highly irrelevant compared to the US$16M figure recorded.
Net debt slightly increased because of last capex for Manora which is now completed (plus other write-offs).
TAP Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
