Gutted/Gotcha,Just looked at the last QR, they had a lot of...

Gutted/Gotcha,

Just looked at the last QR, they had a lot of expl/dev expenditure projected for the Dec Q and off the top of my head it looked like cash might be pretty close to zip. Can't put out a QR like that without having announced a plan.

On a +ve note it looks to me like if they do no more expensive 3D, drill less and don't build anymore roads they will have reached the cashflow +ve point even with current poo, so any raising might be the last baring any M&A activity. Looks to me like they mostly just need to slow things down and tighten their belts.

Any reserves increase might even justify a higher sp, and some icey interest.

EL