Ann: SM71 F2 & F4 Operations Update and SM69 E2 Production Update, page-12

Gee whiz, you lot are trying hard today.

I see very minimal risk in BYE netting less than $6m per quarter at this stage - even with SM58 decline. Excluding repayment of pre-payments and exploration and eval, they netted 3.5m last quarter (despite being offline for a sixth of the period); with E69 adding circa $5m on top of that. That's 8.5m. It's clear that SM58 is declining, but that should be largely offset by resumption of full production.

With that cash flow, current cash at bank and industry standard payment terms they should easily cover the cost of this current well and be in a rinse and repeat situation for their forward plan - especially noting that the next drill is some way off. Nothing wrong with the strategy if you understand it, and its risk profile.