The report said 15.5 million pounds in cash, so that's $24.8m.
It's pretty obvious we've paid for something to decrease the bank balance a little (which of course was wholly expected). Contrast the start of March presentation (http://www.rangeresources.com.au/fileadmin/user_upload/Presentations/4th_March_Web_version.pdf) with the one we got yesterday.
In the one at the start of March we had $18.7m. Since then we've drawndown 7.25 million pounds ($11.6m). Add those figures together and you get $30.3m. Unless Landau is now paid $5.5m a month, we've obviously had to make a payment for something which explains the absence of that money.
I'd guess it's the fee paid to Edeco to start the mobilisation for Georgia (I'd imagine they'd want some costs paying in advance), but obviously could be Trinidad related or something else.
The final drawdown will still be taking place, so that wouldn't have been cash on the balance sheet at the time of the presentation.
The figure does also not include the cash from the 5c options that will obviously be converted before the years end. Once you add those into the mix and the final drawdown money you get to the figure I mentioned a couple of days ago.
I realise we have natural operating costs each year of $8m or so, but this will be paid for by Texas revenues now that the flowrates are up as per the last announcement we recieved concerning the Texas project.
RRS Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
