Davy, I’ve been trying to reconcile our cash position also and I don’t think it’s as good as your estimates. Section 5.4 of this announcement says we spent US$6m on seismic from a cash position of AUD$9m at June 30. From the last quarterly we had $7m and spent $1m on exploration and evaluation. That seems to say we had very little left in the kitty before this raise which may be why it was done before the next quarterly is due.
This raise plus Cluff back costs plus 50% of options exercised and I think we may be around $12m.
Ann: SPP Offer and Issue of SPP Prospectus, page-117
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