Ann: Significant amounts of Oil & Gas evident in Magellan 1 well-AKK.AX, page-64

Curious how you come to this conclusion that you state as fact?

"Fact: AKK will have less than $300k in Jan 2017"

From my quick interpretation of the quarterly it appears that the cash burn excluding exploration and evaluation is roughly $300k/Q.

The exploration budget next quarter wouldn't be anywhere near as high unless they opt to keep drilling which indicates the success case.

Back in the presentation a few months ago the company quoted US$500k p.a G&A, and US$500k per well. Looks like they are tracking reasonably well to budget (bit over G&A).

With cash of around 1.4m left at the end of the reporting period and 300k/Q burn they should be fine until well past January, obviously if they decide to further the drilling program due to economic production then they will need $$ earlier.

PS the oil column and draw down estimates I agree sound like an odd way to describe things, wonder if we will get a first day production figure in the next few days...